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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).
Analogue Holdings's net current asset value per share for the quarter that ended in Dec. 2025 was HK$0.63.
The historical rank and industry rank for Analogue Holdings's Net Current Asset Value or its related term are showing as below:
HKSE:01977'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.03 Med: 1.78 Max: 3.36
Current: 1.19
During the past 10 years, the highest Price-to-Net-Current-Asset-Value Ratio of Analogue Holdings was 3.36. The lowest was 1.03. And the median was 1.78.
HKSE:01977's Price-to-Net-Current-Asset-Value is ranked better than 84.35% of 1080
companies
in the Construction industry
Industry Median: 3.34
vs HKSE:01977: 1.19
Analogue Holdings (HKSE:01977) 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.
Analogue Holdings Net Current Asset Value Related Terms
Analogue Holdings Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Analogue Holdings'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.
HKSE:01977 vs PWR, FIX, EME: Net Current Asset Value Comparison
For the Engineering & Construction subindustry, Analogue Holdings'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.
Analogue Holdings Price-to-Net-Current-Asset-Value vs Construction Industry
For the Construction industry and Industrials sector, Analogue Holdings's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Analogue Holdings'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 HK$0.63 mean?
Analogue Holdings (HKSE:01977) has a Net Current Asset Value of HK$0.63 as of Dec. 2025. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Analogue Holdings and its competitors. According to the industry distribution chart, Analogue Holdings ranks #169 out of 1080 companies in the Construction industry, placing it in the top 15.6%.
Is Analogue Holdings' Net Current Asset Value too high?
Analogue Holdings' current Net Current Asset Value is HK$0.63. Based on the distribution chart, Analogue Holdings ranks #169 out of 1080 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Analogue Holdings has a GF Score™ of 62/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Analogue Holdings' Net Current Asset Value compare to PWR and FIX?
According to the Construction industry distribution chart, Analogue Holdings ranks #169 out of 1080 companies for Net Current Asset Value. This places Analogue Holdings in the top 16% of its industry — outperforming the majority of peers. The industry median Net Current Asset Value is 3.34. 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 Construction company?
The median Net Current Asset Value among Construction companies is 3.34, based on 1,080 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. 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 Analogue Holdings and its competitors. For the Construction industry, the median Net Current Asset Value is 3.34 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Analogue Holdings's current Net Current Asset Value is HK$0.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Analogue Holdings stock overvalued right now?
Based on GuruFocus' analysis, Analogue Holdings (HKSE:01977) is currently considered Fairly Valued. The stock's GF Value™ is HK$0.95, compared to a current price of HK$0.93 — trading 2.1% below its estimated fair value. The current Net Current Asset Value is HK$0.63. Analogue Holdings' overall GF Score™ is 62/100 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 Analogue Holdings (HKSE:01977), the current Net Current Asset Value is HK$0.63 as of Dec. 2025. 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 Analogue Holdings (HKSE:01977) Overvalued in 2026?
Based on GuruFocus' analysis, Analogue Holdings stock appears to be undervalued.
The current stock price of HK$0.93 is trading 2.1% below its estimated GF Value™ of HK$0.95.
GuruFocus considers Analogue Holdings to be Fairly Valued.
Key valuation signals for HKSE:01977:
Net Current Asset Value: HK$0.63
GF Value™: HK$0.95 vs. price of HK$0.93 (2.1% below fair value)
No single metric tells the full story. See the HKSE:01977 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Analogue Holdings Ltd is engaged in the provision of electrical and mechanical engineering building services, including the design, installation, testing and commissioning, and maintenance of heating, ventilation & air-conditioning systems, fire service systems, plumbing and drainage systems & electrical and extra low voltage system; total solutions for the design, construction, operation and maintenance of environmental engineering systems for treatment of sewage, water, solid waste, sludge & gas; ICBT for design, installation and servicing of a wide range of intelligent systems, information and communications technology, and Lifts and escalators for design, supply and installation of a wide range of lifts and escalators. Geographically, it generates majority of revenue from Hong Kong.
62GF Score
Get the complete analysis for HKSE:01977
Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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