of culled females in a breed-to-wean swine operation using replacement gilt net present value analysis. J Swine Health Prod. 2003;11(2):69-74. Summary A net present value (NPV) analysis was used to determine the number of parities a sow must remain in the breeding herd of a breed-to-wean operation before the initial investment in her is profitable, and to evaluate the sensitivity of NPV to produc-tion, price received, and gilt replacement price. On the basis of 1996–2000 average production levels, segregated early weaning (SEW) pig price, production costs, and equity information, a replacement gilt must remain in the breeding herd for three parities before reaching a positive NPV. Sows having a longer productive herd life, when SEW price is at profitable levels, pro-duce a higher NPV, and thus are more profitable investments than females which remain in the herd for shorter periods of time.