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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).
Heiwa Real Estate REIT's net current asset value per share for the quarter that ended in May. 2026 was 円-96,202.62.
The historical rank and industry rank for Heiwa Real Estate REIT's Net Current Asset Value or its related term are showing as below:
TSE:8966's Price-to-Net-Current-Asset-Value is not ranked *
in the REITs industry.
Industry Median: 7.7 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Heiwa Real Estate REIT (TSE:8966) 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.
Heiwa Real Estate REIT Net Current Asset Value Related Terms
Heiwa Real Estate REIT Net Current Asset Value Historical Data
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The historical data trend for Heiwa Real Estate REIT'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.
Heiwa Real Estate REIT Net Current Asset Value Chart
TSE:8966 vs VICI, WPC: Net Current Asset Value Comparison
For the REIT - Diversified subindustry, Heiwa Real Estate REIT'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.
Heiwa Real Estate REIT Price-to-Net-Current-Asset-Value vs REITs Industry
For the REITs industry and Real Estate sector, Heiwa Real Estate REIT's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Heiwa Real Estate REIT'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-96,202.62 mean?
Heiwa Real Estate REIT (TSE:8966) has a Net Current Asset Value of 円-96,202.62 as of May. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Heiwa Real Estate REIT and its competitors. According to the industry distribution chart, Heiwa Real Estate REIT ranks #999999 out of 105 companies in the REITs industry.
Is Heiwa Real Estate REIT's Net Current Asset Value too high?
Heiwa Real Estate REIT's current Net Current Asset Value is 円-96,202.62. Based on the distribution chart, Heiwa Real Estate REIT ranks #999999 out of 105 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Heiwa Real Estate REIT has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Heiwa Real Estate REIT's Net Current Asset Value compare to VICI and WPC?
According to the REITs industry distribution chart, Heiwa Real Estate REIT ranks #999999 out of 105 companies for Net Current Asset Value. This places Heiwa Real Estate REIT in the lower half of its industry. The industry median Net Current Asset Value is 7.70. 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 REITs company?
The median Net Current Asset Value among REITs companies is 7.70, based on 105 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 Heiwa Real Estate REIT and its competitors. For the REITs industry, the median Net Current Asset Value is 7.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heiwa Real Estate REIT's current Net Current Asset Value is 円-96,202.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heiwa Real Estate REIT stock overvalued right now?
Based on GuruFocus' analysis, Heiwa Real Estate REIT (TSE:8966) is currently considered Modestly Undervalued. The stock's GF Value™ is 円156,415.41, compared to a current price of 円134,400.00 — trading 14.1% below its estimated fair value. The current Net Current Asset Value is 円-96,202.62. Heiwa Real Estate REIT's overall GF Score™ is 73/100 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 Heiwa Real Estate REIT (TSE:8966), the current Net Current Asset Value is 円-96,202.62 as of May. 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 Heiwa Real Estate REIT (TSE:8966) Overvalued in 2026?
Based on GuruFocus' analysis, Heiwa Real Estate REIT stock appears to be undervalued.
The current stock price of 円134,400.00 is trading 14.1% below its estimated GF Value™ of 円156,415.41.
GuruFocus considers Heiwa Real Estate REIT to be Modestly Undervalued.
Key valuation signals for TSE:8966:
Net Current Asset Value: 円-96,202.62
GF Value™: 円156,415.41 vs. price of 円134,400.00 (14.1% below fair value)
No single metric tells the full story. See the TSE:8966 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heiwa Real Estate REIT Inc is a real estate company that invests in office buildings and residential buildings located in the Tokyo Metropolitan Area and other cities across Japan. The company leases its buildings for rental revenue and renovates its properties. The tenants include both individuals and businesses from various industries such as wholesale and retail, manufacturing, and information and technology services.
73GF Score
Get the complete analysis for TSE:8966
Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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