What is the NAV per share?
Enter what a fund owns, what it owes and how many shares investors hold. The calculator gives the fund's net asset value (NAV), its NAV per share and, if you type the share's market price, how far that price is above or below the NAV.
- NAV per share
- $10.00
With $90,000,000.00 of net assets over 9,000,000 shares, the NAV per share is $10.00.
- Net asset value (NAV)
- $90,000,000.00
NAV per share: $10.00. With $90,000,000.00 of net assets over 9,000,000 shares, the NAV per share is $10.00.
The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use
How to calculate
Computes the net asset value (NAV) of a fund and its NAV per share from total assets, total liabilities and shares outstanding, with the premium or discount of a market price.
Example with the default inputs (Total assets $100,000,000.00, Total liabilities $10,000,000.00, Shares outstanding 9,000,000): With $90,000,000.00 of net assets over 9,000,000 shares, the NAV per share is $10.00.
Method: NAV = total assets − total liabilities; NAV per share = NAV ÷ shares outstanding; premium or discount = (market price − NAV per share) ÷ NAV per share × 100.
- Assets are at their current market value (fair value where there is no market price), as funds value them.
- Liabilities include fees and expenses the fund has accrued but not yet paid.
- Arithmetic is exact on the typed decimals; money rounds once to the cent and percents to 2 decimals, halves up.
Worked examples
Each example is checked against the calculator on every build.
- Total assets $100,000,000.00, Total liabilities $10,000,000.00, Shares outstanding 10,000,000 gives Net asset value (NAV) $90,000,000.00, NAV per share $9.00.Source: U.S. Securities and Exchange Commission, Investor.gov glossary, "Net Asset Value" (NAV = total assets − total liabilities; $100 million of assets and $10 million of liabilities give a $90 million NAV; a $100 million NAV over 10,000,000 shares is $10 a share). https://www.investor.gov/introduction-investing/investing-basics/glossary/net-asset-value
- Total assets $100,000,000.00, Total liabilities $0.00, Shares outstanding 10,000,000 gives Net asset value (NAV) $100,000,000.00, NAV per share $10.00.Source: U.S. Securities and Exchange Commission, Investor.gov glossary, "Net Asset Value" (NAV = total assets − total liabilities; $100 million of assets and $10 million of liabilities give a $90 million NAV; a $100 million NAV over 10,000,000 shares is $10 a share). https://www.investor.gov/introduction-investing/investing-basics/glossary/net-asset-value: $10 a share
- Total assets $51,250,000.00, Total liabilities $1,250,000.00, Shares outstanding 2,000,000, Market price per share (optional) $24.50 gives Net asset value (NAV) $50,000,000.00, NAV per share $25.00, Premium (+) or discount (−) to NAV -2%.Source: 17 CFR 270.6c-11(a)(1), "Premium or discount": the market price minus the NAV per share, as a percentage of the NAV per share. https://www.law.cornell.edu/cfr/text/17/270.6c-11
- Total assets $40,500.00, Total liabilities $0.00, Shares outstanding 4,000, Market price per share (optional) $10.53 gives NAV per share $10.13, Premium (+) or discount (−) to NAV 4%.Source: U.S. Securities and Exchange Commission, Investor.gov glossary, "Net Asset Value" (NAV = total assets − total liabilities; $100 million of assets and $10 million of liabilities give a $90 million NAV; a $100 million NAV over 10,000,000 shares is $10 a share). https://www.investor.gov/introduction-investing/investing-basics/glossary/net-asset-value; 17 CFR 270.6c-11(a)(1), "Premium or discount": the market price minus the NAV per share, as a percentage of the NAV per share. https://www.law.cornell.edu/cfr/text/17/270.6c-11
How it works
With the total assets A, the total liabilities L and the shares outstanding S:
- Net asset value NAV = A − L
- NAV per share = NAV ÷ S
- Premium or discount = (P − NAV per share) ÷ NAV per share × 100, for a market price P per share
A positive premium means the shares trade above the NAV per share; a negative one is a discount.
Rules:
- Assets, liabilities and the price are from $0 to $1 quadrillion. The shares are more than 0, up to 1 quadrillion, and may include fractions of a share.
- Liabilities above assets give no answer, because the NAV would be below $0.
- A NAV of exactly $0 gives a NAV per share of $0 and no premium or discount, since there is nothing to divide by.
- The market price is optional. Without it, the page shows no premium or discount.
- The arithmetic is exact on the decimals you type. Money shows to the cent and the premium or discount to 2 decimals, with halves rounded up (away from 0).
- A result too large for a 64-bit floating-point number gives no answer and a message. So does a result that is not $0 but too close to $0 for one (about 2.5 × 10⁻³²⁴ or less), such as a NAV of $2.1 × 10⁻³²² − $2.08 × 10⁻³²² = $2 × 10⁻³²⁴, so no output is ever a silent $0.
Assumptions
- Assets are at current market value, or fair value where there is no market price, as funds value them.
- Liabilities include fees and expenses the fund has accrued but not yet paid.
- Sales loads, purchase fees and redemption fees are not part of the NAV.
Worked examples by hand
Investor.gov fund. Assets of $100,000,000 and liabilities of $10,000,000 give NAV = $90,000,000. With 10,000,000 shares, the NAV per share is 90,000,000 ÷ 10,000,000 = $9.00. With no liabilities, the NAV is $100,000,000 and the NAV per share is $10.00, as on Investor.gov.
An ETF at a discount. Assets of $51,250,000 and liabilities of $1,250,000 give NAV = $50,000,000. Over 2,000,000 shares, the NAV per share is $25.00. At a market price of $24.50: (24.50 − 25.00) ÷ 25.00 × 100 = −2.00%, a 2% discount.
A half cent. Assets of $40,500, no liabilities and 4,000 shares give 40,500 ÷ 4,000 = $10.125, shown as $10.13. A price of $10.53 is (10.53 − 10.125) ÷ 10.125 × 100 = 4.00% above the NAV.
Other questions people ask
What is NAV?
NAV, or net asset value, is what a fund is worth to its shareholders: the value of everything it owns minus everything it owes. A fund with $100 million of securities and other assets and $10 million of liabilities has a NAV of $90 million.
How do I calculate NAV per share?
Subtract total liabilities from total assets to get the NAV, then divide by the number of shares outstanding. A fund with a NAV of $100 million and 10,000,000 shares has a NAV of $10 a share.
How often is NAV calculated?
Mutual funds and unit investment trusts generally must work out their NAV at least once every business day, usually after the major U.S. stock exchanges close. Closed-end funds are not held to that rule.
What price do I pay for a mutual fund share?
About the NAV per share, plus any fee the fund charges when you buy, such as a sales load. When you sell, you get about the NAV per share at that time, minus any fee the fund takes then.
What is a premium or discount to NAV?
ETF and closed-end fund shares trade on an exchange, so their price can differ from the NAV per share. The premium or discount is the price minus the NAV per share, as a percent of the NAV per share. A $24.50 price on a $25.00 NAV is a 2% discount.
Is a fund with a low NAV per share cheaper?
No. The NAV per share only says how the fund’s net assets are split among its shares. $1,000 buys more shares of a $10 fund than of a $50 fund, but in both cases you own $1,000 of the fund’s net assets before fees.