The Stock That Trades Below Its Own Bank Account

A Century-Old Brand, Zero Debt, and a Price Tag That Doesn't Add Up

Imagine a company whose stock you can buy for $14.74 a share, and embedded within that share price is roughly $10.08 in cold, hard cash and liquid investments with zero debt anywhere on the balance sheet. Add to that the fact that the business itself has been consistently profitable, runs at over 27% gross margins, and manufactures the equipment that literally paves America’s roads.

That’s the reality of today’s deep dive in a nutshell.

This is the kind of company that value investors dream about finding. The enterprise value of approximately $68 million for a business generating $14 million in annual operating income is a gap that logic and time tend to close. You are buying the operating business at roughly 4.9x operating income while the balance sheet hands you $147.7 million in liquid assets with no debt offsetting them. The brands are irreplaceable. The margins are industry-leading. The industry is structurally necessary.