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Okayama Paper Industries CoTSE:3892 -1.93%74 Net Current Asset Value is 円1,330.22 as of Feb. 2026, which is 100% below its 10-year median of 0.98. GuruFocus rates TSE:3892 with a GF Score™ of 74/100 and a GF Value™ of 円1,422.31 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 126 Forest Products companies, Okayama Paper Industries Co ranks better than 78.57% on this metric.
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).
Okayama Paper Industries Co's net current asset value per share for the quarter that ended in Feb. 2026 was 円1,330.22.
The historical rank and industry rank for Okayama Paper Industries Co's Net Current Asset Value or its related term are showing as below:
TSE:3892'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 0.75 Med: 0.98 Max: 1.34
Current: 1.19
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Okayama Paper Industries Co was 1.34. The lowest was 0.75. And the median was 0.98.
TSE:3892's Price-to-Net-Current-Asset-Value is ranked better than 78.57% of 126
companies
in the Forest Products industry
Industry Median: 3.09
vs TSE:3892: 1.19
Okayama Paper Industries Co (TSE:3892) 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.
Okayama Paper Industries Co Net Current Asset Value Related Terms
Okayama Paper Industries Co 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.
Okayama Paper Industries Co Net Current Asset Value Chart
Okayama Paper Industries Co Net Current Asset Value Competitor Comparison
For the Paper & Paper Products subindustry, Okayama Paper Industries 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.
Okayama Paper Industries Co Price-to-Net-Current-Asset-Value vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Okayama Paper Industries Co's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Okayama Paper Industries 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1,330.22 mean?
Okayama Paper Industries Co (TSE:3892) has a Net Current Asset Value of 円1,330.22 as of Feb. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Okayama Paper Industries Co and its competitors. This is 135637% above median its historical median of 0.98. Over the past decade, Okayama Paper Industries Co's Net Current Asset Value has ranged from 0.75 to 1.34. According to the industry distribution chart, Okayama Paper Industries Co ranks #27 out of 126 companies in the Forest Products industry, placing it in the top 21.4%.
Is Okayama Paper Industries Co's Net Current Asset Value too high?
Okayama Paper Industries Co's current Net Current Asset Value of 円1,330.22 is 135637% above median its 10-year median of 0.98. Over the past 10 years, this metric has ranged from a low of 0.75 to a high of 1.34. Based on the distribution chart, Okayama Paper Industries Co ranks #27 out of 126 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers. Overall, Okayama Paper Industries Co has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Okayama Paper Industries Co's Net Current Asset Value compare to competitors?
According to the Forest Products industry distribution chart, Okayama Paper Industries Co ranks #27 out of 126 companies for Net Current Asset Value. This places Okayama Paper Industries Co in the top 21% of its industry — outperforming the majority of peers. The industry median Net Current Asset Value is 3.09. Historically, Okayama Paper Industries Co's own Net Current Asset Value has ranged from 0.75 to 1.34 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 Forest Products company?
The median Net Current Asset Value among Forest Products companies is 3.09, based on 126 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 Okayama Paper Industries Co and its competitors. For the Forest Products industry, the median Net Current Asset Value is 3.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Okayama Paper Industries Co's current Net Current Asset Value is 円1,330.22, which is 135637% above median its own 10-year median of 0.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Okayama Paper Industries Co stock overvalued right now?
Based on GuruFocus' analysis, Okayama Paper Industries Co (TSE:3892) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,422.31, compared to a current price of 円1,630.00 — trading 14.6% above its estimated fair value. The current Net Current Asset Value is 円1,330.22, which is 135637% above median its 10-year median of 0.98. Okayama Paper Industries Co's overall GF Score™ is 74/100 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 Okayama Paper Industries Co (TSE:3892), the current Net Current Asset Value is 円1,330.22 as of Feb. 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 Okayama Paper Industries Co (TSE:3892) Overvalued in 2026?
Based on GuruFocus' analysis, Okayama Paper Industries Co stock appears to be overvalued.
The current stock price of 円1,630.00 is trading 14.6% above its estimated GF Value™ of 円1,422.31.
GuruFocus considers Okayama Paper Industries Co to be Modestly Overvalued.
Key valuation signals for TSE:3892:
Net Current Asset Value: 円1,330.22 (135637% above median its 10-year median of 0.98)
GF Value™: 円1,422.31 vs. price of 円1,630.00 (14.6% above fair value)
No single metric tells the full story. See the TSE:3892 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Okayama Paper Industries Co Ltd is engaged in manufacturing and sales of SMIC raw paper, paper tube base paper, flat sheet. It is in a packaging material field as a manufacturer of cardboard and decorative corrugated cardboard made of core paper and paper tube base paper. It offers products such as base papers, containerboard, stencil paper tubes, paper tube base papers, and cardboard plates.
74GF Score
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