Excess cash is $6/shr. That still gives them 2/1 current ratio. They will earn $1.70 this year so $12.25/$1.70 is 7x. The cash flow multiple is 5.7 with $.44 of depreciation. This is the cheapest stock on any exchange. They are great managers. An acquisition could add $.70 to earnings and $.90 to cash flow. Every time this stock ticks down, I add to it for my clients.