Fox (NAS:FOX) Net-Net Working Capital

: $-6.87 (As of Sep. 2022)

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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.

Fox's net-net working capital per share for the quarter that ended in Sep. 2022 was $-6.87.

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

Fox Net-Net Working Capital Historical Data

The historical data trend for Fox'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.

Fox Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Net-Net Working Capital

1.51

-6.91

-8.54

-7.00

-6.64

Fox Quarterly Data
	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22
Net-Net Working Capital																-7.20	-8.08	-7.23	-6.64	-6.87

Competitive Comparison

For the Entertainment subindustry, Fox's Net-Net Working Capital, along with its competitors' market caps and 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.

Annual Data Quarterly Data

Fox Net-Net Working Capital Distribution

For the Media - Diversified industry and Communication Services sector, Fox's Net-Net Working Capital distribution charts can be found below:

* The bar in red indicates where Fox's Net-Net Working Capital falls in comparison to its industry or sector. The grey bar indicates the Net-Net Working Capital's extreme value range as defined by GuruFocus.

Fox Net-Net Working Capital Calculation

Fox's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Jun. 2022 is calculated as

	Net-Net Working Capital Per Share		(A: Jun. 2022 )
=	(Cash And Cash Equivalents^**	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(5200	+	0.75 * 2128	+	0.5 * 791	-	10810
-	0	-	36)	/	550.619
=	-6.64

Fox's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2022 is calculated as

	Net-Net Working Capital Per Share		(Q: Sep. 2022 )
=	(Cash And Cash Equivalents^**	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(4950	+	0.75 * 2268	+	0.5 * 1020	-	10839
-	0	-	64)	/	544.37
=	-6.87

** Note that the Cash And Cash Equivalents here include cash, cash equivalents and short-term investments.

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.

Fox (NAS:FOX) 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. GuruFocus also publishes a monthly Net-Net newsletter.

Fox Net-Net Working Capital Related Terms

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Fox (NAS:FOX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Fox Corp (NAS:FOX) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

FOXA:USA FO5:Germany

Address

1211 Avenue of the Americas, New York, NY, USA, 10036

Website

https://www.foxcorporation.com

Fox represents the assets not sold to Disney by the predecessor firm, Twenty First Century Fox. The remaining assets include Fox News, the FOX broadcast network, FS1 and FS2, Fox Business, Big Ten Network, 28 owned and operated local television stations of which 17 are affiliated with the Fox Network, and the Fox Studios lot. The Murdoch family continues to control the successor firm, which represents a large-scale bet on the value of live sports and news in the U.S. market.

Executives

Roland A Hernandez	director	300 NORTH SAN RAFAEL AVE, PASADENA CA 91105
Lachlan K Murdoch	director, officer: Executive Chairman, CEO	C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Keith Rupert Murdoch	director, officer: Chairman	C/O FOX CORPORATION, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036
John Nallen	officer: Chief Operating Officer	C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Jacques A Nasser	director
Chase Carey	director	C/O NEWS AMERICA INCORPORATED, 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Viet D Dinh	officer: Chief Legal and Policy Officer	GEORGETOWN UNIVERSITY LAW CENTER, 600 NEW JERSEY AVENUE NW, WASHINGTON DC 20001
Steven Tomsic	officer: Chief Financial Officer	1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Paul D Ryan	director	1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Anne Dias	director	1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Cruden Financial Services Llc	10 percent owner	C/O MCDONALD CARANO WILSON LLP, 100 LIBERTY STREET, RENO NV 89501
Murdoch Family Trust	10 percent owner	C/O MCDONALD CARANO WILSON LLP, 100 LIBERTY STREET, RENO NV 89501
Twenty-first Century Fox, Inc.	10 percent owner	1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036