Guide › Why mNAV differs from site to site

Why mNAV differs from site to site

Last updated 2026-11-07

One site says 0.8×, another 1.1×, the company's own site 1.2× — for the same company on the same day. Nobody is necessarily wrong: four choices change the number. Line them up before comparing and most of the gap disappears.

① The formula — debt included? which share count?

This is the biggest difference. Simple mNAV divides market cap alone by coin value; headline mNAV adds debt and preferred and subtracts cash; company style also uses fully diluted shares. For Strategy (MSTR) right now that is simple 0.84×, headline 1.08×, company style 1.13×. Most tracker sites call the simple figure "mNAV"; company websites publish the diluted version. See What is mNAV? and dilution.

② Share count — which shares were counted?

Multiple share classes: Strategy has class A and B; some companies use an Up-C structure with exchangeable units. Counting only the listed class A shrinks market cap and lowers mNAV. This site sums all classes.
Before and after reverse splits: using the pre-split count for a company that did a 1-for-40 reverse split puts mNAV off by 40×.
Pre-funded warrants: warrants with a near-zero exercise price are effectively shares and must be included for market cap to match.

③ Holdings date — when was the figure disclosed?

Some companies report weekly, others only quarterly. If one site uses last quarter's holdings and another uses this week's, the numbers differ. This site attaches a date and source link to every input and marks anything older than 30 days in orange. Cash and debt behave the same way — they jump when a quarterly report lands.

④ Price timing and currency

Intraday price or yesterday's close, which exchange's coin price and how many minutes old — a few percent either way. For non-US companies the exchange rate enters too. This site refreshes coin prices every 5 minutes, stock prices every 5 minutes during market hours and every 30 after, and prints the timestamps in the footer. UK stocks are quoted in pence, which is a classic 100× trap.

Checklist when comparing

Check whether the other site's mNAV includes debt (usually in its methodology page or column tooltip). If it is simple mNAV, compare with the first rung of the ladder here.
Check whether it uses fully diluted shares. Company websites match the third rung.
Compare the as-of dates of holdings and share count.
If still different, look at share classes, reverse splits and warrants. The notes in the inputs table here spell out that treatment.

This is why the site shows all three values: whichever site you compare against, one rung uses the same definition. Exact formulas are on the Method page.

Not investment advice · numbers in this article are live