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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).
Nippon Rietec Co's net current asset value per share for the quarter that ended in Mar. 2026 was 円1,076.18.
The historical rank and industry rank for Nippon Rietec Co's Net Current Asset Value or its related term are showing as below:
TSE:1938'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.14 Med: 2.15 Max: 2.77
Current: 2.52
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Nippon Rietec Co was 2.77. The lowest was 1.14. And the median was 2.15.
TSE:1938's Price-to-Net-Current-Asset-Value is ranked better than 61.6% of 1073
companies
in the Construction industry
Industry Median: 3.4
vs TSE:1938: 2.52
Nippon Rietec Co (TSE:1938) 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.
Nippon Rietec Co Net Current Asset Value Related Terms
Nippon Rietec Co Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Nippon Rietec 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.
TSE:1938 vs PWR, FIX, EME: Net Current Asset Value Comparison
For the Engineering & Construction subindustry, Nippon Rietec 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.
Nippon Rietec Co Price-to-Net-Current-Asset-Value vs Construction Industry
For the Construction industry and Industrials sector, Nippon Rietec Co's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Nippon Rietec 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 円1,076.18 mean?
Nippon Rietec Co (TSE:1938) has a Net Current Asset Value of 円1,076.18 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 Nippon Rietec Co and its competitors. According to the industry distribution chart, Nippon Rietec Co ranks #412 out of 1073 companies in the Construction industry, placing it in the top 38.4%.
Is Nippon Rietec Co's Net Current Asset Value too high?
Nippon Rietec Co's current Net Current Asset Value is 円1,076.18. Based on the distribution chart, Nippon Rietec Co ranks #412 out of 1073 companies in the Construction industry, which is above the industry midpoint. Overall, Nippon Rietec Co has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nippon Rietec Co's Net Current Asset Value compare to PWR and FIX?
According to the Construction industry distribution chart, Nippon Rietec Co ranks #412 out of 1073 companies for Net Current Asset Value. This puts Nippon Rietec Co in the upper half of its industry. The industry median Net Current Asset Value is 3.40. 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 3.40, based on 1,073 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 Nippon Rietec Co and its competitors. For the Construction industry, the median Net Current Asset Value is 3.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nippon Rietec Co's current Net Current Asset Value is 円1,076.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Rietec Co stock overvalued right now?
Based on GuruFocus' analysis, Nippon Rietec Co (TSE:1938) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,870.81, compared to a current price of 円2,536.00 — trading 35.6% above its estimated fair value. The current Net Current Asset Value is 円1,076.18. Nippon Rietec Co's overall GF Score™ is 73/100 with 1 warning sign 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 Nippon Rietec Co (TSE:1938), the current Net Current Asset Value is 円1,076.18 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 Nippon Rietec Co (TSE:1938) Overvalued in 2026?
Based on GuruFocus' analysis, Nippon Rietec Co stock appears to be overvalued.
The current stock price of 円2,536.00 is trading 35.6% above its estimated GF Value™ of 円1,870.81.
GuruFocus considers Nippon Rietec Co to be Significantly Overvalued.
Key valuation signals for TSE:1938:
Net Current Asset Value: 円1,076.18
GF Value™: 円1,870.81 vs. price of 円2,536.00 (35.6% above fair value)
No single metric tells the full story. See the TSE:1938 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nippon Rietec Co Ltd manufactures and sales electrical equipment for various divisions. The company operates in four business divisions including Railway electrical equipment construction, Road equipment, Indoor and outdoor electrical equipment construction and Transmission line construction. Its product offering includes signal equipment, train line equipment, power generation equipment, electric power equipment, distribution line equipment, telecommunication equipment, road information control system, road signs, sound insulation walls, road lighting equipment, aircraft lighting equipment, disaster prevention equipment construction, sanitation equipment construction, machinery equipment facility construction, civil engineering work, and waterproofing construction.
73GF Score
Get the complete analysis for TSE:1938
Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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