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).
Olympic Steel's net current asset value per share for the quarter that ended in Sep. 2025 was $9.27.
The historical rank and industry rank for Olympic Steel's Net Current Asset Value or its related term are showing as below:
ZEUS'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 0.9 Med: 2.55 Max: 5.47
Current: 5.16
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Olympic Steel was 5.47. The lowest was 0.90. And the median was 2.55.
ZEUS's Price-to-Net-Current-Asset-Value is not ranked
in the Steel industry.
Industry Median: 2.99
vs ZEUS: 5.16
Olympic Steel (NAS:ZEUS) 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.
Olympic Steel Net Current Asset Value Related Terms
Olympic Steel Net Current Asset Value Historical Data
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The historical data trend for Olympic Steel'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.
ZEUS vs MSB, NWPX, MTUS: Net Current Asset Value Comparison
For the Steel subindustry, Olympic Steel'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.
Olympic Steel Price-to-Net-Current-Asset-Value vs Steel Industry
For the Steel industry and Basic Materials sector, Olympic Steel's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Olympic Steel'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 $9.27 mean?
Olympic Steel (ZEUS) has a Net Current Asset Value of $9.27 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 Olympic Steel and its competitors. This is 264% above median its historical median of 2.55. Over the past decade, Olympic Steel's Net Current Asset Value has ranged from 0.90 to 5.47.
Is Olympic Steel's Net Current Asset Value too high?
Olympic Steel's current Net Current Asset Value of $9.27 is 264% above median its 10-year median of 2.55. Over the past 10 years, this metric has ranged from a low of 0.90 to a high of 5.47. The Steel industry median Net Current Asset Value is 2.99. Olympic Steel's value of $9.27 is 210% above this industry median. Overall, Olympic Steel has a GF Score™ of 58/100, reflecting its overall financial health beyond just this single metric.
How does Olympic Steel's Net Current Asset Value compare to MSB and NWPX?
Olympic Steel's Net Current Asset Value of $9.27 can be compared against companies in the Steel industry. The industry median Net Current Asset Value is 2.99. Olympic Steel's value of $9.27 is 210% above this benchmark. Historically, Olympic Steel's own Net Current Asset Value has ranged from 0.90 to 5.47 over the past decade. While the company's 10-year median is 2.55 vs. the industry median of 2.99, Olympic Steel has consistently been above the industry average. 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 Steel company?
The median Net Current Asset Value among Steel companies is 2.99, based on 367 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. Olympic Steel's current Net Current Asset Value of $9.27 is 210% above the industry median. 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 Olympic Steel and its competitors. For the Steel industry, the median Net Current Asset Value is 2.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Olympic Steel's current Net Current Asset Value is $9.27, which is 264% above median its own 10-year median of 2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Olympic Steel stock overvalued right now?
Olympic Steel (ZEUS) has a current Net Current Asset Value of $9.27. The stock's GF Value™ is $36.41, compared to a current price of $47.86 — trading 31.4% above its estimated fair value. The current Net Current Asset Value is $9.27, which is 264% above median its 10-year median of 2.55 and 210% above the Steel industry median of 2.99. Olympic Steel's overall GF Score™ is 58/100 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 Olympic Steel (ZEUS), the current Net Current Asset Value is $9.27 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 Olympic Steel (ZEUS) Overvalued in 2026?
Based on GuruFocus' analysis, Olympic Steel stock appears to be overvalued.
The current stock price of $47.86 is trading 31.4% above its estimated GF Value™ of $36.41.
Key valuation signals for ZEUS:
Net Current Asset Value: $9.27 (264% above median its 10-year median of 2.55)
GF Value™: $36.41 vs. price of $47.86 (31.4% above fair value)
No single metric tells the full story. See the ZEUS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Olympic Steel Inc provides metals processing and distribution services in the United States. The company operates in three reportable segments; specialty metals flat products, carbon flat products, and tubular and pipe products. It specializes in the processing and distribution of large volumes of carbon, aluminum, and stainless steel flat-rolled sheet, coils, plates, bars, and fabricated parts. The group serves various industries such as industrial machinery and equipment manufacturers, automobile manufacturers and suppliers, and transportation equipment manufacturers. The company generates majority of the revenue from carbon flat products.
58GF Score
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