Source: Reproduces the NCAV criterion from Benjamin Graham, Security Analysis (1934)
Stocks where NCAV (current assets minus total liabilities) exceeds market cap — cheap even after valuing all fixed assets at zero. Graham's original bar was to buy at no more than 2/3 of NCAV (a ratio of 1.5+), but that level is extremely rare, so this screen starts at a ratio of 1.0 to cast a wider net (raise the 1 to 1.5 in the conditions to return to the original standard). Chronic loss-makers and the Altman Z distress zone are excluded to mechanically filter out names that are merely cheap and dying.
Free, no login. The button opens the screener with the above conditions applied.
Data comes from annual securities reports disclosed on EDINET (Japan FSA), via EDINET DB. Price-related values are as of each company's fiscal year-end (back-calculated from the disclosed trailing PER), not live quotes. Coverage: all TSE-listed companies, with names added progressively.
A classic value strategy: buy at a market cap no more than 2/3 of NCAV (current assets minus total liabilities), i.e. a ratio of 1.5+. The most conservative bar there is — cheap even after valuing fixed assets at zero. (Source: Benjamin Graham, Security Analysis (1934))
Number of the last 5 fiscal years (0-5) in which net income was negative. 3+ flags chronic losses. A quick check that a seemingly-cheap stock isn't a habitual underperformer, and also a building block of the Graham-style defensive investor criteria (no losses in the last 5 years). (Source: This tool's core design)
A bankruptcy prediction model (the original 1968 formula) that weights and combines working capital, retained earnings, operating income, market cap, and revenue. 3.0+ is the "safe" zone, below 1.8 is the "distress" zone. Used here to mechanically filter out the "cheap but dying" companies that net-cash-style screening tends to surface. (Source: Altman (1968))
The definition used by Kabu1000, a leading Japanese net-net investor. Checks whether market cap is exceeded by highly liquid assets (cash & deposits + notes/accounts receivable + securities + investment securities - allowance for doubtful accounts, with inventory valued at zero) minus total liabilities — a stricter bar than Graham's NCAV. The index (market cap / liquid assets) qualifies below 1.0 (the author's rules of thumb: below 0.66 is "very cheap", below 0.5 is "dirt cheap"). (Source: Kabu1000, Onisoku Kabushiki Toshi ("Lightning-Fast Stock Investing") and other works)
Cash & deposits + notes/accounts receivable + securities + investment securities - allowance for doubtful accounts. Inventory is valued at zero on the grounds that it's not readily convertible to cash. Used as (part of) the denominator of the Kabu1000-style net-net index. (Source: Kabu1000, Onisoku Kabushiki Toshi ("Lightning-Fast Stock Investing") and other works)