Net tangible assets refer to a company's physical assets less its liabilities. (moneysmart.gov.au)
I believe that once we identify a wonderful business (simple, leadershiip position in a stable industry, demonstrable growth runway, high returns on capital, operating leverage, unusually high returns on net tangible assets (secret sauce), abundant FCF, conservative balance sheet, and a shareholder friendly management with a good capital allocation track record), we need to hold on to it, CHD is a perfect example. (wexboy.wordpress.com)
Gold - Oil Co., by contrast, has $ 18 million in net tangible assets supporting its operations. (dailyreckoning.com)