The value of the cash assets (cash and cash equivalents) alone applicable to a given security issue, after deducting all prior liabilities. Ordinarily stated at so much per share or per $1,000 bond. The cash asset value of a stock is sometimes stated without deducting liabilities from the cash assets. This should be termed the “gross cash asset value,” and it is a useful calculation only when the other assets exceed all prior liabilities. In the latter case it may be called the “free-cash” asset value.