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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).
ISX:ULTJ'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 3.03 Med: 6.08 Max: 14.01
Current: 3.11
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of PT Ultrajaya Milk Industry & Trading Co Tbk was 14.01. The lowest was 3.03. And the median was 6.08.
ISX:ULTJ's Price-to-Net-Current-Asset-Value is ranked better than 76.56% of 64
companies
in the Beverages - Non-Alcoholic industry
Industry Median: 6.65
vs ISX:ULTJ: 3.11
PT Ultrajaya Milk Industry & Trading Co Tbk (ISX:ULTJ) 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.
PT Ultrajaya Milk Industry & Trading Co Tbk Net Current Asset Value Related Terms
PT Ultrajaya Milk Industry & Trading Co Tbk Net Current Asset Value Historical Data
* 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.
PT Ultrajaya Milk Industry & Trading Co Tbk Net Current Asset Value Chart
PT Ultrajaya Milk Industry & Trading Co Tbk Annual Data
ISX:ULTJ vs KO, PEP, MNST: Net Current Asset Value Comparison
For the Beverages - Non-Alcoholic subindustry, PT Ultrajaya Milk Industry & Trading Co Tbk'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.
PT Ultrajaya Milk Industry & Trading Co Tbk Price-to-Net-Current-Asset-Value vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, PT Ultrajaya Milk Industry & Trading Co Tbk's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where PT Ultrajaya Milk Industry & Trading Co Tbk'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 Rp451.88 mean?
PT Ultrajaya Milk Industry & Trading Co Tbk (ISX:ULTJ) has a Net Current Asset Value of Rp451.88 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 PT Ultrajaya Milk Industry & Trading Co Tbk and its competitors. This is 7332% above median its historical median of 6.08. Over the past decade, PT Ultrajaya Milk Industry & Trading Co Tbk's Net Current Asset Value has ranged from 3.03 to 14.01. According to the industry distribution chart, PT Ultrajaya Milk Industry & Trading Co Tbk ranks #15 out of 64 companies in the Beverages - Non-Alcoholic industry, placing it in the top 23.4%.
Is PT Ultrajaya Milk Industry & Trading Co Tbk's Net Current Asset Value too high?
PT Ultrajaya Milk Industry & Trading Co Tbk's current Net Current Asset Value of Rp451.88 is 7332% above median its 10-year median of 6.08. Over the past 10 years, this metric has ranged from a low of 3.03 to a high of 14.01. Based on the distribution chart, PT Ultrajaya Milk Industry & Trading Co Tbk ranks #15 out of 64 companies in the Beverages - Non-Alcoholic industry, which is in the top quartile — a strong position relative to peers. Overall, PT Ultrajaya Milk Industry & Trading Co Tbk has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Ultrajaya Milk Industry & Trading Co Tbk's Net Current Asset Value compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, PT Ultrajaya Milk Industry & Trading Co Tbk ranks #15 out of 64 companies for Net Current Asset Value. This places PT Ultrajaya Milk Industry & Trading Co Tbk in the top 23% of its industry — outperforming the majority of peers. The industry median Net Current Asset Value is 6.65. Historically, PT Ultrajaya Milk Industry & Trading Co Tbk's own Net Current Asset Value has ranged from 3.03 to 14.01 over the past decade. 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 Beverages - Non-Alcoholic company?
The median Net Current Asset Value among Beverages - Non-Alcoholic companies is 6.65, based on 64 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 PT Ultrajaya Milk Industry & Trading Co Tbk and its competitors. For the Beverages - Non-Alcoholic industry, the median Net Current Asset Value is 6.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PT Ultrajaya Milk Industry & Trading Co Tbk's current Net Current Asset Value is Rp451.88, which is 7332% above median its own 10-year median of 6.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Ultrajaya Milk Industry & Trading Co Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Ultrajaya Milk Industry & Trading Co Tbk (ISX:ULTJ) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp1,886.26, compared to a current price of Rp1,405.00 — trading 25.5% below its estimated fair value. The current Net Current Asset Value is Rp451.88, which is 7332% above median its 10-year median of 6.08. PT Ultrajaya Milk Industry & Trading Co Tbk's overall GF Score™ is 91/100 with 3 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 PT Ultrajaya Milk Industry & Trading Co Tbk (ISX:ULTJ), the current Net Current Asset Value is Rp451.88 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 PT Ultrajaya Milk Industry & Trading Co Tbk (ISX:ULTJ) Overvalued in 2026?
Based on GuruFocus' analysis, PT Ultrajaya Milk Industry & Trading Co Tbk stock appears to be undervalued.
The current stock price of Rp1,405.00 is trading 25.5% below its estimated GF Value™ of Rp1,886.26.
GuruFocus considers PT Ultrajaya Milk Industry & Trading Co Tbk to be Modestly Undervalued.
Key valuation signals for ISX:ULTJ:
Net Current Asset Value: Rp451.88 (7332% above median its 10-year median of 6.08)
GF Value™: Rp1,886.26 vs. price of Rp1,405.00 (25.5% below fair value)
No single metric tells the full story. See the ISX:ULTJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Ultrajaya Milk Industry & Trading Co Tbk Business Description
PT Ultrajaya Milk Industry & Trading Co Tbk is in the business of producing dairy products, beverages, and healthy drink products with ultra-high temperature technology and aseptic packaging. Its products are Freshmilk, Tea drink, Health drinks, Sweetened condensed creamer, and others. The company operates in two operating segments: Beverages and Food. It derives the majority of its revenues from the Beverages segment.
91GF Score
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Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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