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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.
Quest Diagnostics's Net-Net Working Capital for the quarter that ended in Mar. 2024 was $-53.75.
The industry rank for Quest Diagnostics's Net-Net Working Capital or its related term are showing as below:
The historical data trend for Quest Diagnostics'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.
Quest Diagnostics Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Net-Net Working Capital | Get a 7-Day Free Trial | -38.73 | -36.52 | -42.96 | -50.78 | -54.08 |
Quest Diagnostics Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Net-Net Working Capital | Get a 7-Day Free Trial | -49.46 | -53.85 | -52.33 | -54.08 | -53.75 |
For the Diagnostics & Research subindustry, Quest Diagnostics'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 Medical Diagnostics & Research industry and Healthcare sector, Quest Diagnostics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Quest Diagnostics's Price-to-Net-Net-Working-Capital falls into.
Quest Diagnostics'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 ) | ||||||
= | (Cash, Cash Equivalents, Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||
= | (686 | + | 0.75 * 1210 | + | 0.5 * 190 | - | 7604 |
- | 0 | - | 111) | / | 111.435 | ||
= | -54.08 |
Quest Diagnostics's Net-Net Working Capital (NNWC) per share for the quarter that ended in Mar. 2024 is calculated as
Net-Net Working Capital | (Q: Mar. 2024 ) | ||||||
= | (Cash, Cash Equivalents, Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||
= | (474 | + | 0.75 * 1322 | + | 0.5 * 181 | - | 7408 |
- | 0 | - | 114) | / | 111 | ||
= | -53.75 |
* 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.
Quest Diagnostics (NYSE:DGX) 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 Quest Diagnostics's Net-Net Working Capital provided by GuruFocus.com. Please click on the following links to see related term pages.
Luis Diaz | director | C/O JOUNCE THERAPEUTICS, INC., 780 MEMORIAL DRIVE, CAMBRIDGE MA 02138 |
Michael E Prevoznik | officer: Corp VP, Legal & Compliance | C/O QUEST DIAGNOSTICS, 500 PLAZA DRIVE, SECAUCUS NJ 07094 |
Catherine T. Doherty | officer: SVP, Physician Services Bus. | C/O QUEST DIAGNOSTICS, 500 PLAZA DRIVE, SECAUCUS NJ 07094 |
Timothy M Ring | director | C/O C.R BARD INC, 730 CENTRAL AVE, MURRAY HILL NJ 07974 |
Mark E Delaney | officer: SVP & Chief Commercial Officer | 500 PLAZA DRIVE, C/O QUEST DIAGNOSTICS INC, SECAUCUS NJ 07094 |
Mark A Gardner | officer: SVP of Molecular Gen & Oncol | 500 PLAZA DRIVE, C/O QUEST DIAGNOSTICS INC, SECAUCUS NJ 07094 |
Patrick Plewman | officer: SVP for Diagnostic Services | 500 PLAZA DRIVE, C/O QUEST DIAGNOSTICS INC, SECAUCUS NJ 07094 |
Karthik Kuppusamy | officer: SVP, Clinical Solutions | 500 PLAZA DRIVE, C/O QUEST DIAGNOSTICS INC, SECAUCUS NJ 07094 |
Michael J Deppe | officer: VP, Corp. Controller & CAO | 500 PLAZA DRIVE, C/O QUEST DIAGNOSTICS, SECAUCUS NJ 07094 |
Samer Abdul Samad | officer: Executive Vice President & CFO | 5200 ILLUMINA WAY, SAN DIEGO CA 92122 |
Stephen H Rusckowski | director, officer: President and CEO | C/O QUEST DIAGNOSTICS, 500 PLAZA DRIVE, SECAUCUS NJ 07094 |
Tracey Doi | director | C/O QUEST DIAGNOSTICS, 500 PLAZA DRIVE, SECAUCUS NJ 07094 |
Gail R Wilensky | director | C/O QUEST DIAGNOSTICS, 500 PLAZA DRIVE, SECAUCUS NJ 07094 |
Mark Guinan | officer: Senior Vice President & CFO | C/O QUEST DIAGNOSTICS, 500 PLAZA DRIVE, SECAUCUS NJ 07094 |
Daniel Stanzione | director | C/O QUEST DIAGNOSTICS, 500 PLAZA DRIVE, SECAUCUS NJ 07094 |
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