6 US Net-Net Stocks Below NCAV Right Now (March 2026)

The US net-net universe is the largest it has been since 2020. Rising interest rates compressed valuations across the board from 2022–2024, and a cohort of small-cap companies — particularly cash-heavy technology and biotech names — have emerged trading below their net current asset value. We've identified six with strong DipBuster Scores.

Why Now?

Three catalysts have converged. First, the Russell 2000 has lagged the S&P 500 by 22 percentage points since 2021, creating a pool of statistically cheap small-caps. Second, cash balances built up during the 2020–2021 stimulus era have persisted on many balance sheets even as prices fell. Third, institutional money flows have been overwhelmingly concentrated in the Magnificent Seven — leaving the long tail of small-cap America relatively unanalysed and mispriced.

The US vs UK Net-Net Difference

UK net-nets historically outperform US ones on a raw return basis, partly because AIM and the smaller LSE companies are even less well-covered than US small-caps. But US net-nets offer superior liquidity, better disclosure (SEC filings are exceptionally detailed), and a larger universe. A portfolio combining both markets captures the best of both worlds.

These are illustrative examples from the DipBuster screener. Not investment advice. Always verify NCAV from the most recent balance sheet before investing.