4 UK Net-Net Stocks Trading Below NCAV in 2026
Four LSE and AIM stocks currently trading below Graham's net-net trigger. All ISA and SIPP eligible.
Benjamin Graham's most powerful strategy is buying stocks below their Net Current Asset Value (NCAV). Our UK screener currently identifies three qualifying stocks on the LSE and AIM market — all ISA and SIPP eligible.
Understanding NCAV: The Graham Formula
Net Current Asset Value = Current Assets minus Total Liabilities (all liabilities, not just current ones). The formula strips out fixed assets entirely, valuing the company only on liquid assets. When a stock trades below this conservative measure, you are buying the business for less than its liquidation value even in a fire sale. Graham called this a "margin of safety" — the discount provides a buffer against being wrong about the fundamentals.
Academic validation is extensive. A 2010 study by Tobias Carlisle and colleagues found UK net-net portfolios returned 31.2% annually over a 10-year period vs 20.5% for the FTSE index. That 10.7 percentage point annual outperformance, compounded over a decade, produces dramatically different outcomes.
The Three UK Net-Nets (2026)
Prices and scores change daily — check the live screener for current figures.
UK's largest personalised vitamin subscription with 300K+ subscribers. Achieved profitability in FY2024 — a rare combination for a net-net. Subscription model provides recurring revenue visibility. View live NCAV data on the VTL.L stock page.
Antimicrobial technology company with a proprietary platform used across healthcare and consumer hygiene. Asset-heavy balance sheet relative to market cap creates the net-net discount. View live NCAV data on the BYIT.L stock page.
Global sustainability and environmental consultancy with offices across 40 countries. Professional services firm whose receivables and liquid assets underpin a net-net valuation. View live NCAV data on the SLR.L stock page.
How to Use This
Net-nets work best as a basket — buy 10-20 positions and hold for 12 months. The edge comes from diversification, not individual picks. Rebalance annually: sell positions that have risen above NCAV, reinvest in new qualifying names from the screener.
Sources: Company accounts (LSE, AIM filings), DipBuster screener (2026). This is not investment advice. Net-net strategies involve significant risk — companies identified may have deteriorating fundamentals or balance sheet issues not captured in snapshot data. Always do your own due diligence.
Disclaimer: Not financial advice. DipBuster is an information platform. Always do your own research before investing.