Ever thought about how some mega-cap companies actually have negative net worth? Take Papa John's—yes, the pizza chain—with a $1.18B market cap while sitting on negative $430 million in net assets. Their balance sheet shows $880M in assets but $1.3B in liabilities. That's a price-to-book ratio of -2.80, basically trading at a massive discount to actual book value. Meanwhile, their P/E ratio sits at 31.4, which tells you the market's pricing in some serious growth expectations despite the underwater balance sheet. It raises an interesting question: how many billion-dollar companies out there are structurally insolvent on paper? This is the kind of market dynamic worth tracking when evaluating where capital really flows.