Friedman IndustriesFRD -4.33%72 Net Current Asset Value is $10.08 as of Mar. 2026, which is 706% above its 10-year median of 1.25. GuruFocus rates FRD with a GF Score™ of 72/100 and a GF Value™ of $22.25 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 368 Steel companies, Friedman Industries ranks worse than 54.08% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Friedman Industries's net current asset value per share for the quarter that ended in Mar. 2026 was $10.08.
The historical rank and industry rank for Friedman Industries's Net Current Asset Value or its related term are showing as below:
FRD'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 0.57 Med: 1.25 Max: 3.34
Current: 3.34
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Friedman Industries was 3.34. The lowest was 0.57. And the median was 1.25.
FRD's Price-to-Net-Current-Asset-Value is ranked worse than 54.08% of 368
companies
in the Steel industry
Industry Median: 2.965
vs FRD: 3.34
Friedman Industries (NAS:FRD) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Friedman Industries Net Current Asset Value Related Terms
Friedman Industries Net Current Asset Value Historical Data
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The historical data trend for Friedman Industries's Net Current Asset Value can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRD vs INHD, MSB, LUD: Net Current Asset Value Comparison
For the Steel subindustry, Friedman Industries's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Friedman Industries Price-to-Net-Current-Asset-Value vs Steel Industry
For the Steel industry and Basic Materials sector, Friedman Industries's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Friedman Industries's Price-to-Net-Current-Asset-Value falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Net Current Asset Value of $10.08 mean?
Friedman Industries (FRD) has a Net Current Asset Value of $10.08 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Friedman Industries and its competitors. This is 706% above median its historical median of 1.25. Over the past decade, Friedman Industries' Net Current Asset Value has ranged from 0.57 to 3.34. According to the industry distribution chart, Friedman Industries ranks #199 out of 368 companies in the Steel industry, placing it in the top 54.1%.
Is Friedman Industries' Net Current Asset Value too high?
Friedman Industries' current Net Current Asset Value of $10.08 is 706% above median its 10-year median of 1.25. Over the past 10 years, this metric has ranged from a low of 0.57 to a high of 3.34. The Steel industry median Net Current Asset Value is 2.97. Friedman Industries' value of $10.08 is 240% above this industry median. Based on the distribution chart, Friedman Industries ranks #199 out of 368 companies in the Steel industry, which is below the industry midpoint. Overall, Friedman Industries has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Friedman Industries' Net Current Asset Value compare to INHD and MSB?
According to the Steel industry distribution chart, Friedman Industries ranks #199 out of 368 companies for Net Current Asset Value. This places Friedman Industries in the lower half of its industry. The industry median Net Current Asset Value is 2.97. Friedman Industries' value of $10.08 is 240% above this benchmark. Historically, Friedman Industries' own Net Current Asset Value has ranged from 0.57 to 3.34 over the past decade. While the company's 10-year median is 1.25 vs. the industry median of 2.97, Friedman Industries has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Steel company?
The median Net Current Asset Value among Steel companies is 2.97, based on 368 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Friedman Industries's current Net Current Asset Value of $10.08 is 240% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Friedman Industries and its competitors. For the Steel industry, the median Net Current Asset Value is 2.97 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Friedman Industries's current Net Current Asset Value is $10.08, which is 706% above median its own 10-year median of 1.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Friedman Industries stock overvalued right now?
Based on GuruFocus' analysis, Friedman Industries (FRD) is currently considered Significantly Overvalued. The stock's GF Value™ is $22.25, compared to a current price of $33.62 — trading 51.1% above its estimated fair value. The current Net Current Asset Value is $10.08, which is 706% above median its 10-year median of 1.25 and 240% above the Steel industry median of 2.97. Friedman Industries' overall GF Score™ is 72/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For Friedman Industries (FRD), the current Net Current Asset Value is $10.08 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Friedman Industries (FRD) Overvalued in 2026?
Based on GuruFocus' analysis, Friedman Industries stock appears to be overvalued.
The current stock price of $33.62 is trading 51.1% above its estimated GF Value™ of $22.25.
GuruFocus considers Friedman Industries to be Significantly Overvalued.
Key valuation signals for FRD:
Net Current Asset Value: $10.08 (706% above median its 10-year median of 1.25)
GF Value™: $22.25 vs. price of $33.62 (51.1% above fair value)
Industry Position: 240% above the Steel median (#199 of 368)
No single metric tells the full story. See the FRD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Friedman Industries Inc is a manufacturer and processor of metals and operates in two reportable segments: flat-roll products and tubular products. The flat-roll product segment consists of flat-roll processing facilities located in Hickman, Arkansas; Decatur, Alabama; Miami, Florida; East Chicago, Indiana; Granite City, Illinois and Sinton, Texas and a flat-roll distribution facility located in Orlando, Florida. The tubular product segment consists of the Company's Texas Tubular Products division (TTP) located in Lone Star, Texas. TTP operates two electric resistance welded pipe mills with a combined outside diameter (OD). Its products are flat-roll products and tubular products.
72GF Score
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