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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).
TSE:7952'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.29 Med: 2.05 Max: 15.93
Current: 1.75
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Kawai Musical Instruments Manufacturing Co was 15.93. The lowest was 1.29. And the median was 2.05.
TSE:7952's Price-to-Net-Current-Asset-Value is ranked better than 80.26% of 309
companies
in the Travel & Leisure industry
Industry Median: 4
vs TSE:7952: 1.75
Kawai Musical Instruments Manufacturing Co (TSE:7952) 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.
Kawai Musical Instruments Manufacturing Co Net Current Asset Value Related Terms
Kawai Musical Instruments Manufacturing 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.
Kawai Musical Instruments Manufacturing Co Net Current Asset Value Chart
Kawai Musical Instruments Manufacturing Co Annual Data
TSE:7952 vs AS, HAS, LTH: Net Current Asset Value Comparison
For the Leisure subindustry, Kawai Musical Instruments Manufacturing 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.
Kawai Musical Instruments Manufacturing Co Price-to-Net-Current-Asset-Value vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Kawai Musical Instruments Manufacturing Co's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Kawai Musical Instruments Manufacturing 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1,882.12 mean?
Kawai Musical Instruments Manufacturing Co (TSE:7952) has a Net Current Asset Value of 円1,882.12 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 Kawai Musical Instruments Manufacturing Co and its competitors. This is 91711% above median its historical median of 2.05. Over the past decade, Kawai Musical Instruments Manufacturing Co's Net Current Asset Value has ranged from 1.29 to 15.93. According to the industry distribution chart, Kawai Musical Instruments Manufacturing Co ranks #61 out of 309 companies in the Travel & Leisure industry, placing it in the top 19.7%.
Is Kawai Musical Instruments Manufacturing Co's Net Current Asset Value too high?
Kawai Musical Instruments Manufacturing Co's current Net Current Asset Value of 円1,882.12 is 91711% above median its 10-year median of 2.05. Over the past 10 years, this metric has ranged from a low of 1.29 to a high of 15.93. Based on the distribution chart, Kawai Musical Instruments Manufacturing Co ranks #61 out of 309 companies in the Travel & Leisure industry, which is in the top quartile — a strong position relative to peers. Overall, Kawai Musical Instruments Manufacturing Co has a GF Score™ of 59/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kawai Musical Instruments Manufacturing Co's Net Current Asset Value compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Kawai Musical Instruments Manufacturing Co ranks #61 out of 309 companies for Net Current Asset Value. This places Kawai Musical Instruments Manufacturing Co in the top 20% of its industry — outperforming the majority of peers. The industry median Net Current Asset Value is 4.00. Historically, Kawai Musical Instruments Manufacturing Co's own Net Current Asset Value has ranged from 1.29 to 15.93 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 Travel & Leisure company?
The median Net Current Asset Value among Travel & Leisure companies is 4.00, based on 309 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 Kawai Musical Instruments Manufacturing Co and its competitors. For the Travel & Leisure industry, the median Net Current Asset Value is 4.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kawai Musical Instruments Manufacturing Co's current Net Current Asset Value is 円1,882.12, which is 91711% above median its own 10-year median of 2.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kawai Musical Instruments Manufacturing Co stock overvalued right now?
Based on GuruFocus' analysis, Kawai Musical Instruments Manufacturing Co (TSE:7952) is currently considered Modestly Overvalued. The stock's GF Value™ is 円2,726.67, compared to a current price of 円3,300.00 — trading 21% above its estimated fair value. The current Net Current Asset Value is 円1,882.12, which is 91711% above median its 10-year median of 2.05. Kawai Musical Instruments Manufacturing Co's overall GF Score™ is 59/100 with 12 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 Kawai Musical Instruments Manufacturing Co (TSE:7952), the current Net Current Asset Value is 円1,882.12 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 Kawai Musical Instruments Manufacturing Co (TSE:7952) Overvalued in 2026?
Based on GuruFocus' analysis, Kawai Musical Instruments Manufacturing Co stock appears to be overvalued.
The current stock price of 円3,300.00 is trading 21% above its estimated GF Value™ of 円2,726.67.
GuruFocus considers Kawai Musical Instruments Manufacturing Co to be Modestly Overvalued.
Key valuation signals for TSE:7952:
Net Current Asset Value: 円1,882.12 (91711% above median its 10-year median of 2.05)
GF Value™: 円2,726.67 vs. price of 円3,300.00 (21% above fair value)
No single metric tells the full story. See the TSE:7952 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kawai Musical Instruments Manufacturing Co Business Description
Kawai Musical Instruments Manufacturing Co Ltd is a Japan-based musical instrument manufacturer. The company is mainly engaged in manufacturing and sales of musical instruments, precision metals, wood products, and electronic devices. Products offered by the company include grand pianos, upright pianos, digital pianos, hybrid pianos, and anytime pianos. It sells its products under the brand name Philosophy, Legacy, Artists, Competitions, and Institutions. Kawai has world-wide sales networks, it distributes its products in Europe, America, Asia and Oceania, Africa and the Middle East. The company is also engaged in the development and sales of software and operations of music schools, and gymnastics schools.
59GF Score
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