Theragenics (FRA:THX) Net-Net Working Capital : €0.60 (As of Jun. 2013)

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What is Theragenics 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.

Theragenics's Net-Net Working Capital for the quarter that ended in Jun. 2013 was €0.60.

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

FRA:THX's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Medical Devices & Instruments industry.
Industry Median: 6.155
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Theragenics Net-Net Working Capital Historical Data

The historical data trend for Theragenics'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.

Theragenics Net-Net Working Capital Chart

Theragenics Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Net-Net Working Capital

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0.28

0.40

0.44

0.58

0.49

Theragenics Quarterly Data
	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13
Net-Net Working Capital	Get a 7-Day Free Trial															0.52	0.48	0.52	0.58	0.60

Competitive Comparison of Theragenics's Net-Net Working Capital

For the Medical Devices subindustry, Theragenics'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.

Theragenics's Price-to-Net-Net-Working-Capital Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Theragenics's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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

Theragenics Net-Net Working Capital Calculation

Theragenics's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2012 is calculated as

	Net-Net Working Capital		(A: Dec. 2012 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(26.6	+	0.75 * 6.817	+	0.5 * 11.721	-	21.944
-	0	-	0)	/	32.173
=	0.49

Theragenics's Net-Net Working Capital (NNWC) per share for the quarter that ended in Jun. 2013 is calculated as

	Net-Net Working Capital		(Q: Jun. 2013 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(28.176	+	0.75 * 7.795	+	0.5 * 11.342	-	22.17
-	0	-	0)	/	29.277
=	0.60

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.

Theragenics (FRA:THX) 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.

Theragenics Net-Net Working Capital Related Terms

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Theragenics (FRA:THX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Theragenics Corporation (FRA:THX) » Definitions » Net-Net Working Capital

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Address

Website

http://www.theragenics.com

Theragenics Corporation is a Delaware Corporation formed in 1981. It is a medical device company serving the surgical products and cancer treatment markets, operate in two business segments; the surgical products segment and the brachytherapy seed segment. The Company's surgical products business manufactures markets and sells disposable devices utilized in certain surgical procedures. Its brachytherapy seed business manufactures markets and sells radioactive 'seeds' utilized in the treatment of early stage prostate cancer. Its surgical products business was built through the acquisitions of CP Medical Corp. in May 2005, Galt Medical Corporation in August 2006, and NeedleTech Products, Inc. in July 2008. The Company manufactures almost 3,500 products in this business as part of three broad product platforms; wound closure, vascular access and specialty needles. It serves a number of markets and applications, including, among other areas, interventional cardiology, interventional radiology, vascular surgery, orthopedics, plastic surgery, dental surgery, urology, veterinary medicine, pain management, endoscopy, and spinal surgery. With the exception of veterinary sutures, its surgical products hold relatively small market shares. Its products include both finished goods and components. The Company's products are sold mainly to original equipment manufacturers and to a network of distributors. The Company's facilities and operations are subject to extensive environmental, nuclear, regulatory and occupational health and safety laws at the federal, state and local levels. It is also subject to similar foreign laws and regulations under certain circumstances when its products are distributed outside of the United States.

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