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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).
Japan Process Development Co's net current asset value per share for the quarter that ended in May. 2026 was 円1,028.46.
The historical rank and industry rank for Japan Process Development Co's Net Current Asset Value or its related term are showing as below:
TSE:9651'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.13 Med: 1.52 Max: 2.06
Current: 1.98
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Japan Process Development Co was 2.06. The lowest was 1.13. And the median was 1.52.
TSE:9651's Price-to-Net-Current-Asset-Value is ranked better than 83.16% of 1758
companies
in the Software industry
Industry Median: 5.175
vs TSE:9651: 1.98
Japan Process Development Co (TSE:9651) 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.
Japan Process Development Co Net Current Asset Value Related Terms
Japan Process Development 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.
Japan Process Development Co Net Current Asset Value Chart
TSE:9651 vs QH, SHOP, UBER: Net Current Asset Value Comparison
For the Software - Application subindustry, Japan Process Development 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.
Japan Process Development Co Price-to-Net-Current-Asset-Value vs Software Industry
For the Software industry and Technology sector, Japan Process Development Co's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Japan Process Development 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1,028.46 mean?
Japan Process Development Co (TSE:9651) has a Net Current Asset Value of 円1,028.46 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 Japan Process Development Co and its competitors. According to the industry distribution chart, Japan Process Development Co ranks #296 out of 1758 companies in the Software industry, placing it in the top 16.8%.
Is Japan Process Development Co's Net Current Asset Value too high?
Japan Process Development Co's current Net Current Asset Value is 円1,028.46. Based on the distribution chart, Japan Process Development Co ranks #296 out of 1758 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Japan Process Development Co has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Japan Process Development Co's Net Current Asset Value compare to QH and SHOP?
According to the Software industry distribution chart, Japan Process Development Co ranks #296 out of 1758 companies for Net Current Asset Value. This places Japan Process Development Co in the top 17% of its industry — outperforming the majority of peers. The industry median Net Current Asset Value is 5.18. 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 Software company?
The median Net Current Asset Value among Software companies is 5.18, based on 1,758 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 Japan Process Development Co and its competitors. For the Software industry, the median Net Current Asset Value is 5.18 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Process Development Co's current Net Current Asset Value is 円1,028.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Process Development Co stock overvalued right now?
Based on GuruFocus' analysis, Japan Process Development Co (TSE:9651) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,766.46, compared to a current price of 円2,039.00 — trading 15.4% above its estimated fair value. The current Net Current Asset Value is 円1,028.46. Japan Process Development Co's overall GF Score™ is 83/100 with 2 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 Japan Process Development Co (TSE:9651), the current Net Current Asset Value is 円1,028.46 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 Japan Process Development Co (TSE:9651) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Process Development Co stock appears to be overvalued.
The current stock price of 円2,039.00 is trading 15.4% above its estimated GF Value™ of 円1,766.46.
GuruFocus considers Japan Process Development Co to be Modestly Overvalued.
Key valuation signals for TSE:9651:
Net Current Asset Value: 円1,028.46
GF Value™: 円1,766.46 vs. price of 円2,039.00 (15.4% above fair value)
No single metric tells the full story. See the TSE:9651 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Japan Process Development Co Ltd is a Japan based system integration and software development company. It is involved in the control system business, automotive system business, specific information system business, embedded systems business, IT service business and others.
83GF Score
Get the complete analysis for TSE:9651
Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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