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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).
TOIN's net current asset value per share for the quarter that ended in Sep. 2025 was 円-147.12.
The historical rank and industry rank for TOIN's Net Current Asset Value or its related term are showing as below:
TSE:7923's Price-to-Net-Current-Asset-Value is not ranked *
in the Packaging & Containers industry.
Industry Median: 3.41 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
TOIN (TSE:7923) 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.
TOIN Net Current Asset Value Related Terms
TOIN Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for TOIN'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:7923 vs SW, PKG, IP: Net Current Asset Value Comparison
For the Packaging & Containers subindustry, TOIN'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.
TOIN Price-to-Net-Current-Asset-Value vs Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, TOIN's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where TOIN'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-147.12 mean?
TOIN (TSE:7923) has a Net Current Asset Value of 円-147.12 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 TOIN and its competitors.
Is TOIN's Net Current Asset Value too high?
TOIN's current Net Current Asset Value is 円-147.12. Overall, TOIN has a GF Score™ of 50/100, reflecting its overall financial health beyond just this single metric.
How does TOIN's Net Current Asset Value compare to SW and PKG?
TOIN's Net Current Asset Value of 円-147.12 can be compared against companies in the Packaging & Containers industry. The industry median Net Current Asset Value is 3.41. 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 Packaging & Containers company?
The median Net Current Asset Value among Packaging & Containers companies is 3.41, based on 221 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 TOIN and its competitors. For the Packaging & Containers industry, the median Net Current Asset Value is 3.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TOIN's current Net Current Asset Value is 円-147.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TOIN stock overvalued right now?
TOIN (TSE:7923) has a current Net Current Asset Value of 円-147.12. The stock's GF Value™ is 円719.30, compared to a current price of 円1,178.00 — trading 63.8% above its estimated fair value. The current Net Current Asset Value is 円-147.12. TOIN's overall GF Score™ is 50/100 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 TOIN (TSE:7923), the current Net Current Asset Value is 円-147.12 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 TOIN (TSE:7923) Overvalued in 2026?
Based on GuruFocus' analysis, TOIN stock appears to be overvalued.
The current stock price of 円1,178.00 is trading 63.8% above its estimated GF Value™ of 円719.30.
Key valuation signals for TSE:7923:
Net Current Asset Value: 円-147.12
GF Value™: 円719.30 vs. price of 円1,178.00 (63.8% above fair value)
No single metric tells the full story. See the TSE:7923 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TOIN Corp is engaged in manufacturing of paper containers like food, confectionary, cosmetics, pharmaceuticals, and resin packages. The company is also engaged in the manufacture and sale of labels, contract packaging of quasi-drugs, and food, and precision coating contract work for electronic equipment components such as functional films, and is working to expand its business in a diversified manner based on printing technology.
50GF Score
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