In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Cynosure's net current asset value per share for the quarter that ended in Dec. 2016 was $8.76.
The historical rank and industry rank for Cynosure's Net Current Asset Value or its related term are showing as below:
CYNO's Price-to-Net-Current-Asset-Value is not ranked *
in the Medical Devices & Instruments industry.
Industry Median: 4.94 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Cynosure Net Current Asset Value Historical Data
The historical data trend for Cynosure's Net Current Asset Value 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.
Competitive Comparison of Cynosure's Net Current Asset Value
For the Medical Devices subindustry, Cynosure's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value 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.
Cynosure's Price-to-Net-Current-Asset-Value Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Cynosure's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Cynosure's Price-to-Net-Current-Asset-Value falls into.
Cynosure Net Current Asset Value Calculation
Cynosure's Net Current Asset Value (NCAV) per share for the fiscal year that ended in Dec. 2016 is calculated as
* 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.
Cynosure (NAS:CYNO) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. 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.
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 Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Cynosure Net Current Asset Value Related Terms
Thank you for viewing the detailed overview of Cynosure's Net Current Asset Value provided by GuruFocus.com. Please click on the following links to see related term pages.
Cynosure Inc was incorporated in July 1991. The Company develops and markets aesthetic treatment systems that enable plastic surgeons, dermatologists and other medical practitioners to perform non-invasive and minimally invasive procedures to remove hair, treat vascular and benign pigmented lesions, remove multi-colored tattoos, revitalize the skin, liquefy and remove unwanted fat through laser lipolysis, reduce cellulite, clear nails infected by toe fungus and ablate sweat glands. It has also developed an aesthetic treatment product for the home use market. The Company sells its products through a direct sales force in North America, France, Spain, the United Kingdom, Germany, Australia, Korea, China, Japan and Mexico and through international distributors in approximately 120 other countries. Its product portfolio is composed of various energy sources including Alexandrite, diode, Nd:YAG, picosecond, pulse dye, and Q-switched lasers and intense pulsed light. It offers single energy source systems as well as workstations that incorporate two or more different types of lasers or pulsed light technologies. It offers multiple technologies and system alternatives at various price points depending mainly on the number and type of energy sources included in the system. Its products are designed to be easily upgradeable to add additional energy sources and handpieces, which provide its customers with technological flexibility as it expand their practices. The Company's latest innovations are SmartLipo system and PicoSure system. The Company's flagship products include Elite, Affirm/SmartSkin, Cynergy, Accolade. The Company sells its aesthetic treatment systems to the traditional physician customer base of dermatologists and plastic surgeons as well as to non-traditional physician customers who are providing aesthetic services using laser and light-based technology. Non-traditional physician customers can include primary care physicians, obstetricians and gynecologists. As of December 31, 2013, the Company owns over 60 United States patents, as well as many United States pending applications and foreign patents and pending applications. It is also joint owners with El.En. of certain patents and pending applications. The Company competes with Cutera, Solta Medical, Syneron Medical, ZELTIQ Aesthetics, Alma Lasers among others. Its products are medical devices subject to extensive and rigorous regulation by the U.S. Food and Drug Administration, or FDA, as well as other regulatory bodies.
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