The following commentary comes from an independent investor or market observer as part of TheStreet’s guest contributor program, which is separate from the company’s news coverage. The opinions expressed are those of the author and do not represent the views of TheStreet or its management.

SAN FRANCISCO (Stockerblog) -- Lots of cash is great, whether you are an individual or a company. One key statistic that value investors examine who look at value stocks is the cash per share. The cash per share is determined by taking all the cash on the company's book divided by all the shares that are outstanding. If the price of the stock is below the cash per share, and assuming the company has little or no debt, then it may be a great value investment.

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    There are plenty of stocks that sell below the cash per share, but you may want to avoid certain ones because they carry huge amounts of debt. A few airlines fall into that category, such as US Airways Group (LCC) and United Continental (UAL) -- both of which trade way below the cash per share but have debt in the billions.

    Fortunately, investors can still find stocks trading below cash with little or no debt. At WallStreetNewsNetwork.com, we've updated our list of stocks selling below cash, which also includes data on the forward price-to-earnings ratio, the market capitalization, the cash per share and the total debt.

    One example is the Livermore, Calif.-based FormFactor (FORM), which makes and markets precision and high performance advanced semiconductor wafer probe cards used for testing chips and other devices. The company should continue to benefit from the appetite for microprocessors. This debt-free stock has over $6.25 in cash per share yet closed at only $5.71, a 9% discount. The stock is also selling at a big discount to its book value of 7.48. The stock trades at 1.61 times sales. The company reported a net loss of 1.17 per share for the latest quarter but generated a 10% increase in revenues.

    Another example is Digital River (DRIV), a Minnesota-based outsourcer of e-commerce solutions, primarily online sales channel capability. The stock trades at 15.43 trading at a 13% discount to its cash per share of 17.79 and its book value of 17.74. The stock trades at 12.7 times forward earnings, and 1.51 times sales, with revenues rising 123%. The company does have some debt in the mount of $354 million.

    For a list of stocks trading below cash per share, which you can update and sort, go to WallStreetNewsNetwork.com.

    At the time of writing, author had no positions in stocks mentioned.
    Fred Fuld III, the publisher of stock and bond investing blog Stockerblog and founder of WallStreetNewsNetwork, has been in the financial services industry for over 20 years, working as an investment advisor, options market maker at the Pacific Stock Exchange, vice president of a San Francisco money management firm, university faculty member and wholesaler for the New Alternatives Fund (the first environmentally conscious mutual fund). He is the author of the books
    Investing in Brazil Stocks and The Green Light on Green Stocks.