CVR Refining LP (CVR Refining LP) Net-Net Working Capital : $-2.24 (As of Sep. 2018)

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What is CVR Refining LP Net-Net Working Capital?

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.

CVR Refining LP's Net-Net Working Capital for the quarter that ended in Sep. 2018 was $-2.24.

The industry rank for CVR Refining LP's Net-Net Working Capital or its related term are showing as below:

CVRR's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Oil & Gas industry.
Industry Median: 5.03
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

CVR Refining LP Net-Net Working Capital Historical Data

The historical data trend for CVR Refining LP'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.

* Premium members only.

CVR Refining LP Net-Net Working Capital Chart

CVR Refining LP Annual Data

Trend

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Net-Net Working Capital

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-2.09

-2.39

-3.57

-3.20

-3.77

CVR Refining LP Quarterly Data
	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18
Net-Net Working Capital	Get a 7-Day Free Trial															-1.94	-3.77	-3.76	-2.88	-2.24

Competitive Comparison of CVR Refining LP's Net-Net Working Capital

For the Oil & Gas Refining & Marketing subindustry, CVR Refining LP'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.

CVR Refining LP's Price-to-Net-Net-Working-Capital Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, CVR Refining LP's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where CVR Refining LP's Price-to-Net-Net-Working-Capital falls into.

CVR Refining LP Net-Net Working Capital Calculation

CVR Refining LP's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2017 is calculated as

	Net-Net Working Capital		(A: Dec. 2017 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(173.8	+	0.75 * 168.9	+	0.5 * 331.2	-	1023.1
-	0	-	0)	/	147.6
=	-3.77

CVR Refining LP's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2018 is calculated as

	Net-Net Working Capital		(Q: Sep. 2018 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(398	+	0.75 * 194	+	0.5 * 370	-	1059
-	0	-	0)	/	147.6
=	-2.24

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.

CVR Refining LP (NYSE:CVRR) 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.

CVR Refining LP Net-Net Working Capital Related Terms

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CVR Refining LP (CVR Refining LP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » CVR Refining LP (NYSE:CVRR) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.cvrrefining.com

CVR Refining LP operates as an independent petroleum refiner and marketer of transportation fuels in the United States. It owns and operates a complex full coking medium-sour crude oil refinery in Coffeyville, Kansas. The company also controls and operates logistics assets, including owned and leased pipelines; owned crude oil transports; a network of crude oil gathering tank farms; and owned and leased crude oil storage capacity, as well as combined refined products and feedstocks storage capacity. In addition, it owns pipeline system that transports crude oil from its Broome Station facility to its Coffeyville refinery.

Executives

Carl C Icahn	10 percent owner	C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH-1, SUNNY ISLES BEACH FL 33160
Janice T Develasco	officer: VP-Env., Health, Safety & Sec.	2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
Andrew Langham	director	C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH, SUNNY ISLES FL 33160
David Lynn Landreth	officer: EVP & Chief Commercial Officer	2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
Matthew W. Bley	officer: CAO and Corp. Controller	2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
Melissa M Buhrig	officer: EVP, General Counsel & Sec.	C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
Tracy Dawn Jackson	officer: EVP and CFO	19100 RIDGEWOOD PARKWAY, SAN ANTONIO TX 78259
Mark A Pytosh	officer: EVP - Corporate Services	C/O CVR PARTNERS, LP, 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
Hunter Clark Gary	director	C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH, SUNNY ISLES FL 33160
Jon R Whitney	director
Susan M. Ball	officer: EVP, CFO and Treasurer	13131 DAIRY ASHFORD, SUITE 600, SUGAR LAND TX 77478
John R. Walter	officer: EVP, General Counsel & Sec.	C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
Martin J Power	officer: Chief Commercial Officer	C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
David L Lamp	officer: CEO and President	C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
Robert W Haugen	officer: EVP, Refining Operations	C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479