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Net cash per share is calculated as Cash and Cash Equivalents minus Total Liabilities and then divided by Shares Outstanding. Dillard's Inc's net cash per share for the quarter that ended in Oct. 2015 was $-67.09.
In the calculation of a companys net cash, assets other than cash and short term investments are considered to be worth nothing. But the company has to pay its debt and other liabilities in full. This is an extremely conservative way of valuation. Most companies have negative net cash. But sometimes a companys price may be lower than its net-cash.
Dillard's Inc's Net Cash Per Share for the fiscal year that ended in Jan. 2015 is calculated as
|Net Cash Per Share (A: Jan. 2015 )||=||(Cash and Cash Equivalents||-||Total Liabilities)||/||Shares Outstanding|
Dillard's Inc's Net Cash Per Share for the quarter that ended in Oct. 2015 is calculated as
|Net Cash Per Share (Q: Oct. 2015 )||=||(Cash and Cash Equivalents||-||Total Liabilities)||/||Shares Outstanding|
Ben Graham invested in situations where the companys stock price was lower than its net-cash. He assigned some value to the companys other current asset. The value is called Net Current Asset Value (NCAV). 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.
Dillard's Inc Annual Data
Dillard's Inc Quarterly Data