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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).
Ningbo Construction Co's net current asset value per share for the quarter that ended in Mar. 2026 was ¥-4.20.
The historical rank and industry rank for Ningbo Construction Co'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 Ningbo Construction Co was 46.11. The lowest was 3.31. And the median was 6.48.
SHSE:601789's Price-to-Net-Current-Asset-Value is not ranked *
in the Construction industry.
Industry Median: 3.19 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Ningbo Construction Co (SHSE:601789) 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.
Ningbo Construction Co Net Current Asset Value Related Terms
Ningbo Construction Co Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Ningbo Construction Co'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.
Ningbo Construction Co Net Current Asset Value Chart
SHSE:601789 vs PWR, FIX, EME: Net Current Asset Value Comparison
For the Engineering & Construction subindustry, Ningbo Construction Co'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.
Ningbo Construction Co Price-to-Net-Current-Asset-Value vs Construction Industry
For the Construction industry and Industrials sector, Ningbo Construction Co's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Ningbo Construction Co'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 ¥-4.20 mean?
Ningbo Construction Co (SHSE:601789) has a Net Current Asset Value of ¥-4.20 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 Ningbo Construction Co and its competitors. Over the past decade, Ningbo Construction Co's Net Current Asset Value has ranged from 3.31 to 46.11. According to the industry distribution chart, Ningbo Construction Co ranks #999999 out of 1066 companies in the Construction industry.
Is Ningbo Construction Co's Net Current Asset Value too high?
Ningbo Construction Co's current Net Current Asset Value is ¥-4.20. Over the past 10 years, this metric has ranged from a low of 3.31 to a high of 46.11. Based on the distribution chart, Ningbo Construction Co ranks #999999 out of 1066 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Ningbo Construction Co has a GF Score™ of 55/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ningbo Construction Co's Net Current Asset Value compare to PWR and FIX?
According to the Construction industry distribution chart, Ningbo Construction Co ranks #999999 out of 1066 companies for Net Current Asset Value. This places Ningbo Construction Co in the lower half of its industry. The industry median Net Current Asset Value is 3.19. Historically, Ningbo Construction Co's own Net Current Asset Value has ranged from 3.31 to 46.11 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 Construction company?
The median Net Current Asset Value among Construction companies is 3.19, based on 1,066 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 Ningbo Construction Co and its competitors. For the Construction industry, the median Net Current Asset Value is 3.19 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ningbo Construction Co's current Net Current Asset Value is ¥-4.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ningbo Construction Co stock overvalued right now?
Based on GuruFocus' analysis, Ningbo Construction Co (SHSE:601789) is currently considered Fairly Valued. The stock's GF Value™ is ¥4.50, compared to a current price of ¥4.33 — trading 3.8% below its estimated fair value. The current Net Current Asset Value is ¥-4.20. Ningbo Construction Co's overall GF Score™ is 55/100 with 8 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 Ningbo Construction Co (SHSE:601789), the current Net Current Asset Value is ¥-4.20 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 Ningbo Construction Co (SHSE:601789) Overvalued in 2026?
Based on GuruFocus' analysis, Ningbo Construction Co stock appears to be undervalued.
The current stock price of ¥4.33 is trading 3.8% below its estimated GF Value™ of ¥4.50.
GuruFocus considers Ningbo Construction Co to be Fairly Valued.
Key valuation signals for SHSE:601789:
Net Current Asset Value: ¥-4.20
GF Value™: ¥4.50 vs. price of ¥4.33 (3.8% below fair value)
No single metric tells the full story. See the SHSE:601789 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ningbo Construction Co Ltd is a China-based construction company. It is engaged in the housing construction and general construction business. In addition, the company is also involved in the operation of civil engineering, engineering design, municipal garden, equipment installation and equipment leasing. Its business scope covers engineering survey, architectural design, housing construction and municipal general contracting, rail transit, mechanical and electrical equipment installation, decoration and decoration, steel structure, commercial concrete and prefabricated components. The business segments of the company are the Survey and design section, General contracting sector, and Industrial building sector.
55GF Score
Get the complete analysis for SHSE:601789
Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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