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).
The historical rank and industry rank for Natural Alternatives International's Net Current Asset Value or its related term are showing as below:
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Natural Alternatives International was 6.23. The lowest was 1.38. And the median was 1.97.
NAII's Price-to-Net-Current-Asset-Value is not ranked *
in the Consumer Packaged Goods industry.
Industry Median: 4.185 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Natural Alternatives International (NAS:NAII) 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.
Natural Alternatives International Net Current Asset Value Related Terms
Natural Alternatives International 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.
Natural Alternatives International Net Current Asset Value Chart
NAII vs LIMX, FAMI, WYGC: Net Current Asset Value Comparison
For the Packaged Foods subindustry, Natural Alternatives International'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.
Natural Alternatives International Price-to-Net-Current-Asset-Value vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Natural Alternatives International's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Natural Alternatives International'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 $-4.43 mean?
Natural Alternatives International (NAII) has a Net Current Asset Value of $-4.43 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 Natural Alternatives International and its competitors. Over the past decade, Natural Alternatives International's Net Current Asset Value has ranged from 1.38 to 6.23. According to the industry distribution chart, Natural Alternatives International ranks #999999 out of 1050 companies in the Consumer Packaged Goods industry.
Is Natural Alternatives International's Net Current Asset Value too high?
Natural Alternatives International's current Net Current Asset Value is $-4.43. Over the past 10 years, this metric has ranged from a low of 1.38 to a high of 6.23. Based on the distribution chart, Natural Alternatives International ranks #999999 out of 1050 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Natural Alternatives International has a GF Score™ of 49/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Natural Alternatives International's Net Current Asset Value compare to LIMX and FAMI?
According to the Consumer Packaged Goods industry distribution chart, Natural Alternatives International ranks #999999 out of 1050 companies for Net Current Asset Value. This places Natural Alternatives International in the lower half of its industry. The industry median Net Current Asset Value is 4.19. Historically, Natural Alternatives International's own Net Current Asset Value has ranged from 1.38 to 6.23 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 Consumer Packaged Goods company?
The median Net Current Asset Value among Consumer Packaged Goods companies is 4.19, based on 1,050 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 Natural Alternatives International and its competitors. For the Consumer Packaged Goods industry, the median Net Current Asset Value is 4.19 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Natural Alternatives International's current Net Current Asset Value is $-4.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Natural Alternatives International stock overvalued right now?
Based on GuruFocus' analysis, Natural Alternatives International (NAII) is currently considered Possible Value Trap. The stock's GF Value™ is $5.31, compared to a current price of $2.40 — trading 54.9% below its estimated fair value. The current Net Current Asset Value is $-4.43. Natural Alternatives International's overall GF Score™ is 49/100 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 Natural Alternatives International (NAII), the current Net Current Asset Value is $-4.43 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 Natural Alternatives International (NAII) Overvalued in 2026?
Based on GuruFocus' analysis, Natural Alternatives International stock appears to be undervalued.
The current stock price of $2.40 is trading 54.9% below its estimated GF Value™ of $5.31.
GuruFocus considers Natural Alternatives International to be Possible Value Trap.
Key valuation signals for NAII:
Net Current Asset Value: $-4.43
GF Value™: $5.31 vs. price of $2.40 (54.9% below fair value)
No single metric tells the full story. See the NAII stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Natural Alternatives International Business Description
Natural Alternatives International Inc is engaged in formulating, manufacturing, and marketing nutritional supplements. It offers vitamins, minerals, herbs, and other supplements, as well as other healthcare products, to customers within the United States and internationally. Its business activity is operated through Private-Label Contract Manufacturing and Patent & Trademark Licensing segments. The company derives the majority of revenue from Private-Label Contract Manufacturing, which is engaged in providing manufacturing services to companies that market and distribute nutritional supplements and other healthcare products, whereas the Patent and Trademark Licensing segment includes royalty income from its license and supply agreements associated with the sale.
49GF Score
Get the complete analysis for NAII
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