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).
Steel Partners Holdings LP's net current asset value per share for the quarter that ended in Sep. 2025 was $14.13.
The historical rank and industry rank for Steel Partners Holdings LP's Net Current Asset Value or its related term are showing as below:
SPLP'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 2.99 Med: 11.54 Max: 20.08
Current: 3.54
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Steel Partners Holdings LP was 20.08. The lowest was 2.99. And the median was 11.54.
SPLP's Price-to-Net-Current-Asset-Value is not ranked
in the Conglomerates industry.
Industry Median: 4.065
vs SPLP: 3.54
Steel Partners Holdings LP (OTCPK:SPLP) 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.
Steel Partners Holdings LP Net Current Asset Value Related Terms
Steel Partners Holdings LP 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.
Steel Partners Holdings LP Net Current Asset Value Chart
SPLP vs MATW, DLX, FIP: Net Current Asset Value Comparison
For the Conglomerates subindustry, Steel Partners Holdings LP'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.
Steel Partners Holdings LP Price-to-Net-Current-Asset-Value vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Steel Partners Holdings LP's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Steel Partners Holdings LP'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 $14.13 mean?
Steel Partners Holdings LP (SPLP) has a Net Current Asset Value of $14.13 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 Steel Partners Holdings LP and its competitors. This is 22% above median its historical median of 11.54. Over the past decade, Steel Partners Holdings LP's Net Current Asset Value has ranged from 2.99 to 20.08.
Is Steel Partners Holdings LP's Net Current Asset Value too high?
Steel Partners Holdings LP's current Net Current Asset Value of $14.13 is 22% above median its 10-year median of 11.54. Over the past 10 years, this metric has ranged from a low of 2.99 to a high of 20.08. The Conglomerates industry median Net Current Asset Value is 4.07. Steel Partners Holdings LP's value of $14.13 is 247.6% above this industry median. Overall, Steel Partners Holdings LP has a GF Scoreâ„¢ of 66/100, reflecting its overall financial health beyond just this single metric.
How does Steel Partners Holdings LP's Net Current Asset Value compare to MATW and DLX?
Steel Partners Holdings LP's Net Current Asset Value of $14.13 can be compared against companies in the Conglomerates industry. The industry median Net Current Asset Value is 4.07. Steel Partners Holdings LP's value of $14.13 is 247.6% above this benchmark. Historically, Steel Partners Holdings LP's own Net Current Asset Value has ranged from 2.99 to 20.08 over the past decade. While the company's 10-year median is 11.54 vs. the industry median of 4.07, Steel Partners Holdings LP has consistently been above 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 Conglomerates company?
The median Net Current Asset Value among Conglomerates companies is 4.07, based on 218 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. Steel Partners Holdings LP's current Net Current Asset Value of $14.13 is 247.6% above 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 Steel Partners Holdings LP and its competitors. For the Conglomerates industry, the median Net Current Asset Value is 4.07 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Steel Partners Holdings LP's current Net Current Asset Value is $14.13, which is 22% above median its own 10-year median of 11.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steel Partners Holdings LP stock overvalued right now?
Steel Partners Holdings LP (SPLP) has a current Net Current Asset Value of $14.13. The stock's GF Value™ is $51.26, compared to a current price of $50.00 — trading 2.5% below its estimated fair value. The current Net Current Asset Value is $14.13, which is 22% above median its 10-year median of 11.54 and 247.6% above the Conglomerates industry median of 4.07. Steel Partners Holdings LP's overall GF Score™ is 66/100 with 4 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 Steel Partners Holdings LP (SPLP), the current Net Current Asset Value is $14.13 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 Steel Partners Holdings LP (SPLP) Overvalued in 2026?
Based on GuruFocus' analysis, Steel Partners Holdings LP stock appears to be undervalued.
The current stock price of $50.00 is trading 2.5% below its estimated GF Value™ of $51.26.
Key valuation signals for SPLP:
Net Current Asset Value: $14.13 (22% above median its 10-year median of 11.54)
GF Value™: $51.26 vs. price of $50.00 (2.5% below fair value)
Industry Position: 247.6% above the Conglomerates median
No single metric tells the full story. See the SPLP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Steel Partners Holdings LP operates in industrial products, energy, defense, supply chain management and logistics, banking, and youth sports industries. Its segments include the Diversified Industrial segment comprised of manufacturers of engineered niche industrial products, joining materials, tubing, building materials, performance materials etc; the Energy segment provides drilling and production services to the oil and gas industry and owns a youth sports business; the Financial Services segment consists of the operations of WebBank, a Utah chartered industrial bank, which engages in full range of banking activities; The Supply Chain segment consists of end-to-end world-wide supply; and Corporate and Other consists of equity method and other investments, and cash and cash equivalents.
66GF Score
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