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

The US net-net universe tends to expand when small-caps fall out of favour. Rising interest rates compressed valuations from 2022–2024, and cash-heavy technology and biotech small-caps are the classic place net-nets appear. This guide explains where to look and what qualifies; the table below is an illustrative example of the sector types and figures such a screen surfaces, not a live snapshot of specific companies.

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.