Once you strip out the extras, what's Yahoo worth?

Marissa Mayer's moment

Yahoo had a market capitalization $40 billion at the market close Tuesday, but its latest balance sheet shows investors are not giving much value to the company's actual operating business.

Yahoo reported $50.39 billion in cash and equivalents, short- and long-term marketable securities, property and equipment and equity investments (categories which include its stakes in Alibaba and Yahoo Japan).

Based on the company's Sept. 30 share count, all of those assets were worth $50.01 per share—and Yahoo's stock closed at $40.17 Tuesday.

In other words, investors think the actual operating entity is worth -$9.84 per share—and that does not count the company's sizable $4.86 billion in goodwill. If the goodwill were deducted, the company's operations would be worth -$14.66 per share.

To be sure, Yahoo retains plenty of value. At one point last month, Yahoo's stake in Alibaba represented more than 80 percent of its market capitalization, yet the stock has been mostly resilient even after selling some of that holding.

Cash & equivalents$10,345,285,000
Short-term securities$848,558,000
Long-term securities$1,056,992,000
Property & equipment$1,483,797,000
Investment in Alibaba Group$34,079,787,000
Equity investments$2,575,274,000
Yahoo closing price$40.17
Shares outstanding1007693000
Core Yahoo (share price less assets/share)-$9.84
Goodwill per share$4.82
Core Yahoo less assets and goodwill-$14.66