Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Friends SpAMIL:AMI 9 Net Current Asset Value is €1.09 as of Dec. 2025, which is 100% below its 10-year median of 1.17. GuruFocus rates MIL:AMI with a GF Score™ of 9/100. Among 540 Media - Diversified companies, Friends SpA ranks better than 74.44% 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).
Friends SpA's net current asset value per share for the quarter that ended in Dec. 2025 was €1.09.
The historical rank and industry rank for Friends SpA's Net Current Asset Value or its related term are showing as below:
MIL:AMI'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.17 Med: 1.17 Max: 1.46
Current: 1.45
During the past 2 years, the highest Price-to-Net-Current-Asset-Value Ratio of Friends SpA was 1.46. The lowest was 1.17. And the median was 1.17.
MIL:AMI's Price-to-Net-Current-Asset-Value is ranked better than 74.44% of 540
companies
in the Media - Diversified industry
Industry Median: 2.915
vs MIL:AMI: 1.45
Friends SpA (MIL:AMI) 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.
Friends SpA Net Current Asset Value Related Terms
Friends SpA Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Friends SpA'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.
Friends SpA Net Current Asset Value Chart
Friends SpA Annual Data
Trend
Dec24
Dec25
Net Current Asset Value
0.00
1.09
Friends SpA Semi-Annual Data
Dec24
Jun25
Dec25
Net Current Asset Value
0.00
0.00
1.09
MIL:AMI vs NFLX, DIS, WBD: Net Current Asset Value Comparison
For the Entertainment subindustry, Friends SpA'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.
Friends SpA Price-to-Net-Current-Asset-Value vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Friends SpA's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Friends SpA'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 €1.09 mean?
Friends SpA (MIL:AMI) has a Net Current Asset Value of €1.09 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 Friends SpA and its competitors. This is near median its historical median of 1.17. Over the past decade, Friends SpA's Net Current Asset Value has ranged from 1.17 to 1.46. According to the industry distribution chart, Friends SpA ranks #138 out of 540 companies in the Media - Diversified industry, placing it in the top 25.6%.
Is Friends SpA's Net Current Asset Value too high?
Friends SpA's current Net Current Asset Value of €1.09 is near median its 10-year median of 1.17. Over the past 10 years, this metric has ranged from a low of 1.17 to a high of 1.46. Based on the distribution chart, Friends SpA ranks #138 out of 540 companies in the Media - Diversified industry, which is above the industry midpoint. Overall, Friends SpA has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Friends SpA's Net Current Asset Value compare to NFLX and DIS?
According to the Media - Diversified industry distribution chart, Friends SpA ranks #138 out of 540 companies for Net Current Asset Value. This puts Friends SpA in the upper half of its industry. The industry median Net Current Asset Value is 2.92. Historically, Friends SpA's own Net Current Asset Value has ranged from 1.17 to 1.46 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 Media - Diversified company?
The median Net Current Asset Value among Media - Diversified companies is 2.92, based on 540 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 Friends SpA and its competitors. For the Media - Diversified industry, the median Net Current Asset Value is 2.92 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Friends SpA's current Net Current Asset Value is €1.09, which is near median its own 10-year median of 1.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Friends SpA stock overvalued right now?
Friends SpA (MIL:AMI) has a current Net Current Asset Value of €1.09. The current Net Current Asset Value is €1.09, which is near median its 10-year median of 1.17. Friends SpA's overall GF Score™ is 9/100. 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 Friends SpA (MIL:AMI), the current Net Current Asset Value is €1.09 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.
Friends SpA operates in the live music and events sector. It handles various activities, including concerts, sponsorships, events, television productions, and multimedia. The company is currently organized into several divisions, each specialized and dedicated to different business sectors, pursuing corporate objectives and actively collaborating with each other, combining people and skills: Direction and Management, Concerts, Events & TV, Production, Management, Artist Management, Creative Division, Ticketing, Promotion & Digital Marketing.
9GF Score
Get the complete analysis for MIL:AMI
Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MIL:AMI has been successfully added to your 
