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).
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Semiconductor Manufacturing International was 604.00. The lowest was 604.00. And the median was 604.00.
SHSE:688981's Price-to-Net-Current-Asset-Value is not ranked *
in the Semiconductors industry.
Industry Median: 9.615 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Semiconductor Manufacturing International (SHSE:688981) 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.
Semiconductor Manufacturing International Net Current Asset Value Related Terms
Semiconductor Manufacturing 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.
Semiconductor Manufacturing International Net Current Asset Value Chart
Semiconductor Manufacturing International Annual Data
SHSE:688981 vs NVDA, AVGO, MU: Net Current Asset Value Comparison
For the Semiconductors subindustry, Semiconductor Manufacturing 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.
Semiconductor Manufacturing International Price-to-Net-Current-Asset-Value vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Semiconductor Manufacturing International's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Semiconductor Manufacturing 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 ¥-13.37 mean?
Semiconductor Manufacturing International (SHSE:688981) has a Net Current Asset Value of ¥-13.37 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 Semiconductor Manufacturing International and its competitors. Over the past decade, Semiconductor Manufacturing International's Net Current Asset Value has ranged from 604.00 to 604.00. According to the industry distribution chart, Semiconductor Manufacturing International ranks #999999 out of 720 companies in the Semiconductors industry.
Is Semiconductor Manufacturing International's Net Current Asset Value too high?
Semiconductor Manufacturing International's current Net Current Asset Value is ¥-13.37. Over the past 10 years, this metric has ranged from a low of 604.00 to a high of 604.00. Based on the distribution chart, Semiconductor Manufacturing International ranks #999999 out of 720 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Semiconductor Manufacturing International has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Semiconductor Manufacturing International's Net Current Asset Value compare to NVDA and AVGO?
According to the Semiconductors industry distribution chart, Semiconductor Manufacturing International ranks #999999 out of 720 companies for Net Current Asset Value. This places Semiconductor Manufacturing International in the lower half of its industry. The industry median Net Current Asset Value is 9.62. Historically, Semiconductor Manufacturing International's own Net Current Asset Value has ranged from 604.00 to 604.00 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 Semiconductors company?
The median Net Current Asset Value among Semiconductors companies is 9.62, based on 720 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 Semiconductor Manufacturing International and its competitors. For the Semiconductors industry, the median Net Current Asset Value is 9.62 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Semiconductor Manufacturing International's current Net Current Asset Value is ¥-13.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Semiconductor Manufacturing International stock overvalued right now?
Based on GuruFocus' analysis, Semiconductor Manufacturing International (SHSE:688981) is currently considered Significantly Overvalued. The stock's GF Value™ is ¥64.54, compared to a current price of ¥154.48 — trading 139.4% above its estimated fair value. The current Net Current Asset Value is ¥-13.37. Semiconductor Manufacturing International's overall GF Score™ is 72/100 with 9 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 Semiconductor Manufacturing International (SHSE:688981), the current Net Current Asset Value is ¥-13.37 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 Semiconductor Manufacturing International (SHSE:688981) Overvalued in 2026?
Based on GuruFocus' analysis, Semiconductor Manufacturing International stock appears to be overvalued.
The current stock price of ¥154.48 is trading 139.4% above its estimated GF Value™ of ¥64.54.
GuruFocus considers Semiconductor Manufacturing International to be Significantly Overvalued.
Key valuation signals for SHSE:688981:
Net Current Asset Value: ¥-13.37
GF Value™: ¥64.54 vs. price of ¥154.48 (139.4% above fair value)
No single metric tells the full story. See the SHSE:688981 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Semiconductor Manufacturing International Business Description
Founded in 2000, Semiconductor Manufacturing International Corporation is the largest foundry in China and the third-largest globally after TSMC and Samsung Electronics, overtaking GlobalFoundries and United Microelectronics in 2024. The company's headquarters and foundry are in Shanghai, with additional foundries in Beijing, Tianjin, and Shenzhen, and offices in the United States, Europe, Japan, Taiwan, and Hong Kong. Its products are used in artificial intelligence, data centers, automotive, consumer electronics, memory, and "Internet of Things" products. SMIC employs 19,952 people as of Dec. 31, 2025.
72GF Score
Get the complete analysis for SHSE:688981
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