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ICDI (Independence Contract Drilling) Net-Net Working Capital : $-12.77 (As of Sep. 2024)


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What is Independence Contract Drilling 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.

Independence Contract Drilling's Net-Net Working Capital for the quarter that ended in Sep. 2024 was $-12.77.

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

ICDI's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 5.73
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Independence Contract Drilling Net-Net Working Capital Historical Data

The historical data trend for Independence Contract Drilling'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.

Independence Contract Drilling Net-Net Working Capital Chart

Independence Contract Drilling Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Net-Net Working Capital
Get a 7-Day Free Trial Premium Member Only Premium Member Only -39.92 -23.62 -17.68 -13.15 -12.68

Independence Contract Drilling Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Net-Net Working Capital Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -12.25 -12.68 -12.04 -12.37 -12.77

Competitive Comparison of Independence Contract Drilling's Net-Net Working Capital

For the Oil & Gas Drilling subindustry, Independence Contract Drilling'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.


Independence Contract Drilling's Price-to-Net-Net-Working-Capital Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Independence Contract Drilling's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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


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Independence Contract Drilling Net-Net Working Capital Calculation

Independence Contract Drilling'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)
=(5.565+0.75 * 31.695+0.5 * 1.557-213.098
-0-0)/14.426
=-12.68

Independence Contract Drilling's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2024 is calculated as

Net-Net Working Capital(Q: Sep. 2024 )
=(Cash, Cash Equivalents, Marketable Securities+0.75 * Accounts Receivable+0.5 * Total Inventories-Total Liabilities
-Preferred Stock-Minority Interest)/Shares Outstanding (EOP)
=(6.077+0.75 * 21.276+0.5 * 1.589-216.785
-0-0)/15.187
=-12.77

* 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.


Independence Contract Drilling  (OTCPK:ICDI) 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.


Independence Contract Drilling Net-Net Working Capital Related Terms

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Independence Contract Drilling Business Description

Traded in Other Exchanges
N/A
Address
20475 State Highway 249, Suite 300, Houston, TX, USA, 77070
Independence Contract Drilling Inc is engaged in providing land-based contract drilling services for oil and natural gas producers. The company constructs its own and operates a premium land rig fleet. It develops and assembles its ShaleDriller series rig which is used for the development of oil and gas properties. The company's customers for contract drilling services in the United States include oil and natural gas companies, independent oil and natural gas companies, as well as various small to mid-sized publicly traded and privately held oil and gas companies.
Executives
Brian Berman director 20475 STATE HIGHWAY 249, SUITE 300, HOUSTON TX 77070
Msd Capital L P 10 percent owner 1 VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017-5407
Msd Credit Opportunity Master Fund, L.p. director, 10 percent owner ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017
Msd Pcof Partners Lxxiii, Llc director, 10 percent owner ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017
Msd Private Credit Opportunity (non-eci) Fund, Llc director, 10 percent owner ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017
Michael S Dell 10 percent owner C/O DELL INC., ONE DELL WAY, ROUND ROCK TX 78682-2244
Msd Energy Investments, L.p. 10 percent owner ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017
Msd Partners, L.p. director, 10 percent owner ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017
William Monroe 10 percent owner C/O HIGIER ALLEN & LAUTIN, P.C., 2711 N. HASKELL AVE., SUITE 2400, DALLAS TX 75204
James Minmier director 777 N.W. 63RD ST., OKLAHOMA CITY OK 73116
Daniel F Mcnease director 2800 POST OAK BLVD, STE 5450, HOUSTON TX 77056-6127
Barrett Robert J. Iv director 20475 STATE HIGHWAY 249, SUITE 300, HOUSTON TX 77070
Vincent J Cebula director 1301 AVENUE OF THE AMERICAS, 34 TH FLOOR, NEW YORK NY 10019
Christopher Gleysteen director ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017
Scott A. Keller officer: SVP - SALES AND MARKETING 20475 SH 249, SUITE 300, HOUSTON TX 77070