TRC (TRR) Net-Net Working Capital : $-6.23 (As of Mar. 2017)

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What is TRC 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.

TRC's Net-Net Working Capital for the quarter that ended in Mar. 2017 was $-6.23.

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

TRR's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Construction industry.
Industry Median: 5.47
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

TRC Net-Net Working Capital Historical Data

The historical data trend for TRC'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.

TRC Net-Net Working Capital Chart

TRC Annual Data

Trend

Jun07

Jun08

Jun09

Jun10

Jun11

Jun12

Jun13

Jun14

Jun15

Jun16

Net-Net Working Capital

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-5.35

-3.26

-3.10

-3.60

-7.52

TRC Quarterly Data
	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17
Net-Net Working Capital	Get a 7-Day Free Trial															-7.50	-7.52	-7.43	-5.41	-6.23

Competitive Comparison of TRC's Net-Net Working Capital

For the Engineering & Construction subindustry, TRC'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.

TRC's Price-to-Net-Net-Working-Capital Distribution in the Construction Industry

For the Construction industry and Industrials sector, TRC's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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

TRC Net-Net Working Capital Calculation

TRC's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Jun. 2016 is calculated as

	Net-Net Working Capital		(A: Jun. 2016 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(24.763	+	0.75 * 90.194	+	0.5 * 0	-	325.663
-	0	-	0.552)	/	31.0836
=	-7.52

TRC's Net-Net Working Capital (NNWC) per share for the quarter that ended in Mar. 2017 is calculated as

	Net-Net Working Capital		(Q: Mar. 2017 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(12.074	+	0.75 * 191.222	+	0.5 * 0	-	351.848
-	0	-	0.621)	/	31.62
=	-6.23

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.

TRC (NYSE:TRR) 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.

TRC Net-Net Working Capital Related Terms

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TRC (TRR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » TRC Companies Inc (NYSE:TRR) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.trcsolutions.com

TRC Companies Inc was incorporated in 1969. The Company is a national engineering, consulting and construction management firm that provides integrated services to the environmental, energy, and infrastructure markets in the United States. A range of commercial and governmental clients depend on it to design solutions to their toughest business challenges. Its multidisciplinary project teams help its clients implement complex projects from initial concept to delivery and commissioning, maintain and operate their facilities in compliance with regulatory standards and manage their assets through decommissioning, demolition, restoration and disposition. The Company's business segments are Energy, Environmental, and Infrastructure. The Energy segment is strategically positioned to serve key areas within the energy market which is currently investing in modernization, expansion, enhancement and replacement of outdated facilities. The Environmental segment provides services to its clients including air quality modeling, air emissions testing and monitoring, cultural and natural resource management, permitting of energy facilities and remediation of contaminated sites. The Infrastructure segment offers a variety of services to its infrastructure clients mainly related to: rehabilitation of overburdened and deteriorating infrastructure systems; design, construction engineering inspection and construction management associated with new infrastructure projects; and management of risks related to security of public and private facilities. It competes with both the large international firms and the small niche or geographically focused firms. The Company's business is subjected to various rules and regulations at the federal, state and local government levels.

Executives

Dennis E Welch	director	C/O TRC COMPANIES, INC., 21 GRIFFIN ROAD NORTH, WINDSOR CT 06095
John A Carrig	director	ONE WILLIAMS CENTER, SUITE 3800, TULSA OK 74172
Keith Trent	director	2244 WALNUT GROVE AVENUE, ROSEMEAD CA 91770
Stephen M Duff	director	1 ROCKEFELLER PLAZA, 31ST FL, NEW YORK NY 10020
Kathleen M Shanahan	director	24301 WALDEN CENTER DRIVE, BONITA SPRINGS FL 34134
Stephanie C Hildebrandt	director	9807 KATY FREEWAY, STE 100, HOUSTON TX 77024
Friedrich Km Bohm	director
Peter R Kellogg	10 percent owner	48 WALL STREET, C/O IAT REINSURANCE CO LTD, NEW YORK NY 10005
Carl Jr Paschetag	officer: Chief Financial Officer	61 MORTON RD, SWAPMSCOTT MA 01907
Edward G Jepsen	director	C/O AMPHENOL CORPORATION, 358 HALL AVENUE, WALLINGFORD CT 06492
Clark Estates Inc	10 percent owner	ONE ROCKEFELLER PLAZA, 31ST FLOOR, NEW YORK NY 10020
John W Hohener	officer: Senior Vice Pres. and CFO	MICROSEMI CORPORATION, ONE ENTERPRISE, ALISO VIEJO CA 92656