The Price to Net Cash ratio is calculated by dividing the Market Capitalisation by Total Cash (i.e. Cash and Short Term Investments) minus Total Debt as at the latest balance sheet. It will be positive if the company has Net Cash, and blank if Total Debt exceeds Total Cash. A value of less than 1 means that Net Cash exceeds the Market Capitalisation, i.e. this is a negative Entreprise Value company.
As with all of our TTM ratios, this will be based on the latest financial statements (interim or annual) but it's always important to be aware of any post-balance sheet events that may have reduced the cash balance, eg. an acquisition or a buyback. The market may be pricing in something that has not been captured by the snapshot given in the latest financial statements.
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