Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

Friday, December 28, 2018
Now Showing: Controls & Procedures

Thursday, December 27, 2018
A Reminder on Non-GAAP Reporting Rules

Monday, December 17, 2018
Researching PG&E’s Wildfire Risk

Wednesday, December 12, 2018
Tracking Brexit Disclosures

Thursday, December 6, 2018
Campbell Soup: Looking Behind the Label

Sunday, December 2, 2018
SEC Comment Letters: The Amazon Example

Wednesday, November 28, 2018
Measuring Big Pharma’s Chemical Dependency

Monday, November 26, 2018
Analysts, Can You Relate? A True Story

Monday, November 19, 2018
Digging Up Historical Trend Data: Quest Example

Sunday, November 11, 2018
Cost of Revenue, SG&A: Q3 Update

Monday, November 5, 2018
Lease Accounting: FedEx vs. UPS

Saturday, November 3, 2018
New Email Alerting Powers

Wednesday, October 31, 2018
PTC and Two Tales of Revenue

Tuesday, October 30, 2018
10-K/Q Section Text Change Detection

Sunday, October 28, 2018
Finding Purchase Price Allocation

Sunday, October 21, 2018
Charting Netflix Growth in Three Ways

Wednesday, October 17, 2018
Interesting Data on Interest Income

Thursday, October 11, 2018
The Decline of Sears in Three Charts

Archive  |  Search:
Yahoo is worth Nothing!! (nope)
Wednesday, July 22, 2015

So there is something that I am missing. This is a dead company right? There’s no value there at all. Clearly zero value - right?


There are roughly 975 million shares outstanding and the market price for shares is roughly $40. So, Yahoo has a market value of roughly $38 billion dollars.

The balance sheet indicates that there are assets of roughly $39 billion which are related to cash and cash equivalents, Short and Long Term investments and stakes in Ali Baba and Yahoo Japan. So that means that if Yahoo were to sell their assets they could come up with much of the cash to buy their firm from the shareholders.

Last night’s earnings release said that they had roughly the same dollars in the investments, cash and equity stakes that are displayed in the 10-Q in the balance sheet link above.

We also took a quick swipe at the non-financial firms in the S&P 500 to see who else had such a large investment portfolio. Below is a list of the top 10 firms with their available for sale securities from their filings at the end of the first quarter of 2015. We will update the table for the second quarter once all filings are in for the second quarter.

The best part about all of this is that it can be done by anyone by using Calcbench

Firm Available For Sale Securities (USD Billion)
Apple Inc 193.5
Microsoft Corp 107.4
Cisco Systems, Inc. 50.5
Yahoo Inc 37.75
Amgen Inc 26.7
Qualcomm Inc/DE 22.2
Merck & Co., Inc. 20.95
Automatic Data Processing Inc 20.5
Intel Corp 13.3
Gilead Sciences Inc 11.8

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