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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Argan's Net-Net Working Capital for the quarter that ended in Jan. 2024 was $11.00.
The industry rank for Argan's Net-Net Working Capital or its related term are showing as below:
The historical data trend for Argan's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Argan Annual Data | |||||||||||||||||||||
Trend | Jan15 | Jan16 | Jan17 | Jan18 | Jan19 | Jan20 | Jan21 | Jan22 | Jan23 | Jan24 | |||||||||||
Net-Net Working Capital | Get a 7-Day Free Trial | 13.27 | 12.50 | 15.33 | 11.93 | 11.00 |
Argan Quarterly Data | ||||||||||||||||||||
Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | Jan24 | |
Net-Net Working Capital | Get a 7-Day Free Trial | 11.93 | 12.28 | 12.40 | 12.18 | 11.00 |
For the Engineering & Construction subindustry, Argan's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Construction industry and Industrials sector, Argan's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Argan's Price-to-Net-Net-Working-Capital falls into.
Argan's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Jan. 2024 is calculated as
Net-Net Working Capital | (A: Jan. 2024 ) | ||||||
= | (Cash, Cash Equivalents, Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||
= | (412.405 | + | 0.75 * 47.326 | + | 0.5 * 9.985 | - | 307.29 |
- | 0 | - | 0) | / | 13.2425 | ||
= | 11.00 |
Argan's Net-Net Working Capital (NNWC) per share for the quarter that ended in Jan. 2024 is calculated as
Net-Net Working Capital | (Q: Jan. 2024 ) | ||||||
= | (Cash, Cash Equivalents, Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||
= | (412.405 | + | 0.75 * 47.326 | + | 0.5 * 9.985 | - | 307.29 |
- | 0 | - | 0) | / | 13.2425 | ||
= | 11.00 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
Argan (NYSE:AGX) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Thank you for viewing the detailed overview of Argan's Net-Net Working Capital provided by GuruFocus.com. Please click on the following links to see related term pages.
Cynthia Flanders | director, officer: SVP & CFO | 10006 WILDWOOD ROAD, KENSINGTON MD 20895 |
Jeffrey John Ronald Jr. | director | 55 GRANDVIEW CIRCLE, MANHASSET NY 11030 |
Griffin William F Jr | director, officer: VC/CEO of Gemma Power Systems | C/O GEMMA POWER SYSTEMS, LLC, 769 HEBRON AVENUE, GLASTONBURY CT 06033 |
Mitchell W G Champion | director | NETWORK SOLUTIONS, INC., 3009 RIVER LANE, NEW BERN NC 28562 |
David Hibbert Watson | officer: SVP and CFO | C/O ARGAN, INC., ONE CHURCH STREET, SUITE 201, ROCKVILLE MD 20850 |
Richard H Deily | officer: Vice President | C/O ARGAN, INC., ONE CHURCH STREET, SUITE 201, ROCKVILLE MD 20850 |
Peter W Getsinger | director | 35 SNOW?S POINT, EDGARTOWN MA 02539 |
James W Quinn | director | PUROFLOW INCORPORATED, ONE CHURCH STREET SUITE 302, ROCKVILLE MD 20850 |
Trebilcock Terrance Colin | officer: Co-President, Gemma Power Sys. | 64 SADDLE RIDGE ROAD, GLASTONBURY CT 06033 |
Collins Charles Edwin Iv | officer: Co-President, Gemma Power Sys. | 68 HICKORY DRIVE, SOUTH GLASTONBURY CT 06073 |
Mano S Koilpillai | director | 7380 IRA SEARS ROAD, ADAMSTOWN MD 21710 |
James E Quinn | director | C/O TIFFANY & CO LEGAL DEPT, 727 FIFTH AVE, NEW YORK NY 10022 |
Henry A Crumpton | director | 2101 WILSON BLVD., SUITE 500, ARLINGTON VA 20005 |
William F. Leimkuhler | director | 43 SALEM STRAITS RD, DARIEN CT 06820 |
Rainer H Bosselmann | director, officer: Chairman of the Board and CEO | PUROFLOW INCORPORATED, ONE CHURCH STREET SUITE 302, ROCKVILLE MD 20850 |
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