Metalpha Technology HoldingMATH +0.71%42 Net Current Asset Value is $0.84 as of Sep. 2025, which is 58% below its 10-year median of 2.02. GuruFocus rates MATH with a GF Scoreâ„¢ of 42/100 and a GF Valueâ„¢ of $2.30 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 502 Capital Markets companies, Metalpha Technology Holding ranks better than 77.89% 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).
Metalpha Technology Holding's net current asset value per share for the quarter that ended in Sep. 2025 was $0.84.
The historical rank and industry rank for Metalpha Technology Holding's Net Current Asset Value or its related term are showing as below:
MATH'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.18 Med: 2.02 Max: 4.69
Current: 1.18
During the past 11 years, the highest Price-to-Net-Current-Asset-Value Ratio of Metalpha Technology Holding was 4.69. The lowest was 1.18. And the median was 2.02.
MATH's Price-to-Net-Current-Asset-Value is ranked better than 77.89% of 502
companies
in the Capital Markets industry
Industry Median: 2.83
vs MATH: 1.18
Metalpha Technology Holding (NAS:MATH) 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 GrahamÂ’s 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.
Metalpha Technology Holding Net Current Asset Value Related Terms
Metalpha Technology Holding 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.
Metalpha Technology Holding Net Current Asset Value Chart
MATH vs HGBL, GSIW, PLUT: Net Current Asset Value Comparison
For the Capital Markets subindustry, Metalpha Technology Holding'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.
Metalpha Technology Holding Price-to-Net-Current-Asset-Value vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Metalpha Technology Holding's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Metalpha Technology Holding'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 $0.84 mean?
Metalpha Technology Holding (MATH) has a Net Current Asset Value of $0.84 as of Sep. 2025. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Metalpha Technology Holding and its competitors. This is 58% below median its historical median of 2.02. Over the past decade, Metalpha Technology Holding's Net Current Asset Value has ranged from 1.18 to 4.69. According to the industry distribution chart, Metalpha Technology Holding ranks #111 out of 502 companies in the Capital Markets industry, placing it in the top 22.1%.
Is Metalpha Technology Holding's Net Current Asset Value too high?
Metalpha Technology Holding's current Net Current Asset Value of $0.84 is 58% below median its 10-year median of 2.02. Over the past 10 years, this metric has ranged from a low of 1.18 to a high of 4.69. The Capital Markets industry median Net Current Asset Value is 2.83. Metalpha Technology Holding's value of $0.84 is 70.3% below this industry median. Based on the distribution chart, Metalpha Technology Holding ranks #111 out of 502 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Metalpha Technology Holding has a GF Score™ of 42/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Metalpha Technology Holding's Net Current Asset Value compare to HGBL and GSIW?
According to the Capital Markets industry distribution chart, Metalpha Technology Holding ranks #111 out of 502 companies for Net Current Asset Value. This places Metalpha Technology Holding in the top 22% of its industry — outperforming the majority of peers. The industry median Net Current Asset Value is 2.83. Metalpha Technology Holding's value of $0.84 is 70.3% below this benchmark. Historically, Metalpha Technology Holding's own Net Current Asset Value has ranged from 1.18 to 4.69 over the past decade. While the company's 10-year median is 2.02 vs. the industry median of 2.83, Metalpha Technology Holding has consistently been below 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 Capital Markets company?
The median Net Current Asset Value among Capital Markets companies is 2.83, based on 502 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. Metalpha Technology Holding's current Net Current Asset Value of $0.84 is 70.3% below 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 Metalpha Technology Holding and its competitors. For the Capital Markets industry, the median Net Current Asset Value is 2.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Metalpha Technology Holding's current Net Current Asset Value is $0.84, which is 58% below median its own 10-year median of 2.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Metalpha Technology Holding stock overvalued right now?
Based on GuruFocus' analysis, Metalpha Technology Holding (MATH) is currently considered Possible Value Trap. The stock's GF Value™ is $2.30, compared to a current price of $0.99 — trading 56.9% below its estimated fair value. The current Net Current Asset Value is $0.84, which is 58% below median its 10-year median of 2.02 and 70.3% below the Capital Markets industry median of 2.83. Metalpha Technology Holding's overall GF Score™ is 42/100 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 Metalpha Technology Holding (MATH), the current Net Current Asset Value is $0.84 as of Sep. 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 Metalpha Technology Holding (MATH) Overvalued in 2026?
Based on GuruFocus' analysis, Metalpha Technology Holding stock appears to be undervalued.
The current stock price of $0.99 is trading 56.9% below its estimated GF Value™ of $2.30.
GuruFocus considers Metalpha Technology Holding to be Possible Value Trap.
Key valuation signals for MATH:
Net Current Asset Value: $0.84 (58% below median its 10-year median of 2.02)
GF Value™: $2.30 vs. price of $0.99 (56.9% below fair value)
Industry Position: 70.3% below the Capital Markets median (#111 of 502)
No single metric tells the full story. See the MATH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Metalpha Technology Holding Ltd is a digital asset focused wealth management company. The company predominantly generates revenue from the execution of cryptocurrency-related transactions, which includes the issuance of derivative products to over-the-counter (OTC) clients and its proprietary trading activities. It has partnered with a crypto exchange to provide crypto derivative market-making services for its clients, facilitating the trading of crypto derivative products. In addition, the company also engages in providing traditional financial derivative products, and asset management services. It operates in a single segment which is the trading of proprietary digital assets and derivative contracts, and generates majority of its revenue from Hong Kong.
42GF Score
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