No-par stock is stock issued with no par or face value.

No-par stocks have "no par value" printed on their certificates.

Some U.S. states do not allow corporations incorporated in the state to issue no-par stock.

In modern practice, par value is an antiquated concept and no-par stock is increasingly common.

No-par stocks often require the board of directors of a company to determine a stated value when issuing no-par stock to replace the par-determined capital amounts.

Instead of par value, some U.S. states allow no-par stocks to have a stated value, set by the board of directors of the corporation, which serves the same purpose as par value in setting the minimum legal capital that the corporation must have after paying any dividends or buying back its stock.