Net tangible value is one of the less important factors that I look at. I like dividends but not to the exclusion of all other factors. ROI, cash flow, stability and consistancy of earnings, debt, ect. are all in the mix. The importance of net tangible value varies widely depending on the type of industry being considered. Most companies paying a very high dividend also have a very high risk factor. They also tend to show low stock price appreciation over time. ACAS is a good example.