# What is the NAV per share?

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.

- Page: https://www.acalculator.org/finance/nav-calculator
- JSON spec: https://www.acalculator.org/finance/nav-calculator.json
- Version: 4ad551e84d1f

## Default answer

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.

## Inputs

| Key | Label | Description |
| --- | --- | --- |
| assets | Total assets | The value of everything the fund owns: its securities at market value, cash and other assets. |
| liabilities | Total liabilities | What the fund owes: accrued fees and expenses, amounts payable and any borrowing. |
| shares | Shares outstanding | How many shares of the fund investors hold. Fractions of a share count. |
| price | Market price per share (optional) | For an ETF or a closed-end fund, the price a share trades at, to compare with the NAV per share. |

## Outputs

| Key | Label | Description |
| --- | --- | --- |
| navPerShare | NAV per share | Net asset value ÷ shares outstanding, to the cent. |
| nav | Net asset value (NAV) | Total assets minus total liabilities. |
| premium | Premium (+) or discount (−) to NAV | (Market price − NAV per share) ÷ NAV per share × 100. Negative for a discount. |

## Method

NAV = total assets − total liabilities; NAV per share = NAV ÷ shares outstanding; premium or discount = (market price − NAV per share) ÷ NAV per share × 100.

## Assumptions

- 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

1. assets = $100,000,000.00, liabilities = $10,000,000.00, shares = 10,000,000 gives nav = $90,000,000.00, navPerShare = $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.
2. assets = $100,000,000.00, liabilities = $0.00, shares = 10,000,000 gives nav = $100,000,000.00, navPerShare = $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.
3. assets = $51,250,000.00, liabilities = $1,250,000.00, shares = 2,000,000, price = $24.50 gives nav = $50,000,000.00, navPerShare = $25.00, premium = -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.
4. assets = $40,500.00, liabilities = $0.00, shares = 4,000, price = $10.53 gives navPerShare = $10.13, premium = 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.

## FAQ

### 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.

## Sources

- U.S. Securities and Exchange Commission, Investor.gov glossary, "Net Asset Value": NAV is total assets minus total liabilities, per share NAV is NAV divided by shares outstanding, and mutual funds and UITs generally must calculate NAV at least once every business day. https://www.investor.gov/introduction-investing/investing-basics/glossary/net-asset-value (retrieved 2026-10-18, read in a browser)
- FINRA, "Mutual Funds": a fund adds up the value of its holdings, subtracts its fees and expenses and divides by the shares investors hold, once a day after the markets close. https://www.finra.org/investors/investing/investment-products/mutual-funds (retrieved 2026-10-18)
- 17 CFR 270.6c-11(a)(1), Exchange-traded funds, definition of "premium or discount": the market price minus the current NAV per share, as a percentage of the NAV per share. https://www.law.cornell.edu/cfr/text/17/270.6c-11 (retrieved 2026-10-18)