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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.
CNA Financial's Net-Net Working Capital for the quarter that ended in Dec. 2023 was $-19.35.
The industry rank for CNA Financial's Net-Net Working Capital or its related term are showing as below:
The historical data trend for CNA Financial'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.
CNA Financial Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Net-Net Working Capital | Get a 7-Day Free Trial | -152.25 | -161.00 | -165.82 | -22.47 | -19.35 |
CNA Financial Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Net-Net Working Capital | Get a 7-Day Free Trial | -22.47 | -22.79 | -163.48 | -160.06 | -19.35 |
For the Insurance - Property & Casualty subindustry, CNA Financial'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 Insurance industry and Financial Services sector, CNA Financial's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where CNA Financial's Price-to-Net-Net-Working-Capital falls into.
CNA Financial's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2023 is calculated as
Net-Net Working Capital | (A: Dec. 2023 ) | ||||||||
= | (Balance Sheet Cash And Cash Equivalents | + | Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||||
= | (345 | + | 42590 | + | 0.75 * 8854 | + | 0.5 * 0 | - | 54818 |
- | 0 | - | 0) | / | 270.881 | ||||
= | -19.35 |
CNA Financial's Net-Net Working Capital (NNWC) per share for the quarter that ended in Dec. 2023 is calculated as
Net-Net Working Capital | (Q: Dec. 2023 ) | ||||||||
= | (Balance Sheet Cash And Cash Equivalents | + | Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||||
= | (345 | + | 42590 | + | 0.75 * 8854 | + | 0.5 * 0 | - | 54818 |
- | 0 | - | 0) | / | 270.881 | ||||
= | -19.35 |
* 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.
CNA Financial (NYSE:CNA) 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 CNA Financial's Net-Net Working Capital provided by GuruFocus.com. Please click on the following links to see related term pages.
Douglas Worman | officer: EVP & Chief Underwriting Off | 151 N. FRANKLIN, CHICAGO IL 60606 |
Susan Ann Stone | officer: EVP & General Counsel | 151 N. FRANKLIN ST., CHICAGO IL 60606 |
Loews Corp | 10 percent owner | 9 WEST 57TH STREET, NEW YORK NY 10019-2714 |
Jane Elizabeth Possell | officer: EVP & CIO | 151 N. FRANKLIN ST., CHICAGO IL 60606 |
Mark Steven James | officer: EVP, Chief Risk & Rein Off | 151 N. FRANKLIN STREET, CHICAGO IL 60606 |
Daniel Paul Franzetti | officer: EVP, Claims | 151 N. FRANKLIN ST., CHICAGO IL 60606 |
Michael A Bless | director | C/O ROCKWELL INTERNATIONAL INC, 777 E. WISCONSIN AVE #1400, MILWAUKEE WI 53202 |
Scott R Lindquist | officer: EVP & CFO | 151 N. FRANKLIN STREET, CHICAGO IL 60606 |
Amy Marie Smith | officer: SVP & CAO | 151 N. FRANKLIN STREET, CHICAGO IL 60606 |
Elizabeth Ann Aguinaga | officer: EVP, Chief HR Officer | 151 N. FRANKLIN, CHICAGO IL 60606 |
Gary Haase | officer: EVP & COO | 151 N. FRANKLIN ST., CHICAGO IL 60606 |
Dino Robusto | director, officer: Chairman & CEO | 151 N. FRANKLIN, CHICAGO IL 60606 |
Jalil Rehman | officer: Pres. & CEO for UK and Europe | 20 FENCHURCH STREET, LONDON X0 EC3M 3BY |
Nick Creatura | officer: President & CEO for Canada | 66 WELLINGTON STREET WEST, SUITE 3700, TORONTO A6 M5K 1J5 |
Robert Joseph Hopper | officer: EVP, Actuary | 151 N. FRANKLIN ST., CHICAGO IL 60606 |
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