Stepchange Holdings (ASX:STH) Scaled Net Operating Assets: 0.54 (As of Dec. 2025)


ASX:STH Stepchange Holdings Ltd ASX:STH
24 GF Score
Price A$0.13
! 1 Warning Sign
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What is Stepchange Holdings Scaled Net Operating Assets?

Stepchange Holdings ASX:STH -1.92% 24 Scaled Net Operating Assets is 0.54 as of Dec. 2025. GuruFocus rates ASX:STH with a GF Score™ of 24/100. The stock has 1 warning sign investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Stepchange Holdings's operating assets for the quarter that ended in Dec. 2025 was A$27.34 Mil. Stepchange Holdings's operating liabilities for the quarter that ended in Dec. 2025 was A$10.46 Mil. Stepchange Holdings's Total Assets for the quarter that ended in Dec. 2024 was A$31.12 Mil. Therefore, Stepchange Holdings's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.54.

Stepchange Holdings Scaled Net Operating Assets Historical Data

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The historical data trend for Stepchange Holdings's Scaled Net Operating Assets can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Stepchange Holdings Scaled Net Operating Assets Chart

Stepchange Holdings Annual Data
Trend Jun22 Jun23
Scaled Net Operating Assets
0.28 0.13

Stepchange Holdings Semi-Annual Data
Jun22 Jun23 Dec23 Jun24 Dec24 Dec25
Scaled Net Operating Assets Get a 7-Day Free Trial 0.13 0.00 0.00 2.80 0.54

ASX:STH vs CRM, SHOP, UBER: Scaled Net Operating Assets Comparison

For the Software - Application subindustry, Stepchange Holdings's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Stepchange Holdings Scaled Net Operating Assets vs Software Industry

For the Software industry and Technology sector, Stepchange Holdings's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Stepchange Holdings's Scaled Net Operating Assets falls into.


ASX:STH
24GF Score
Stepchange Holdings Ltd ASX:STH
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Stepchange Holdings Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Stepchange Holdings's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Jun. 2023 is calculated as

Scaled Net Operating Assets (SNOA)(A: Jun. 2023 )
=(Operating Assets (A: Jun. 2023 )-Operating Liabilities (A: Jun. 2023 ))/Total Assets (A: Jun. 2022 )
=(5.537-4.828)/5.341
=0.13

where

Operating Assets(A: Jun. 2023 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6.847 - 1.31
=5.537

Operating Liabilities(A: Jun. 2023 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=5.056 - 0.158 - 0.07
=4.828

Stepchange Holdings's Scaled Net Operating Assets (SNOA) for the quarter that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Dec. 2025 )
=(Operating Assets (Q: Dec. 2025 )-Operating Liabilities (Q: Dec. 2025 ))/Total Assets (Q: Dec. 2024 )
=(27.337-10.457)/31.116
=0.54

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=32.92 - 5.583
=27.337

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=10.487 - 0 - 0.03
=10.457

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.54 mean?
Stepchange Holdings (ASX:STH) has a Scaled Net Operating Assets of 0.54 as of Dec. 2025. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Stepchange Holdings and its competitors.
Is Stepchange Holdings' Scaled Net Operating Assets too high?
Stepchange Holdings' current Scaled Net Operating Assets is 0.54. Overall, Stepchange Holdings has a GF Score™ of 24/100, reflecting its overall financial health beyond just this single metric.
How does Stepchange Holdings' Scaled Net Operating Assets compare to CRM and SHOP?
Stepchange Holdings' Scaled Net Operating Assets of 0.54 can be compared against companies in the Software industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Software company?
A good Scaled Net Operating Assets depends on the Software industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Stepchange Holdings and its competitors. Stepchange Holdings's current Scaled Net Operating Assets is 0.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Stepchange Holdings stock overvalued right now?
Stepchange Holdings (ASX:STH) has a current Scaled Net Operating Assets of 0.54. The current Scaled Net Operating Assets is 0.54. Stepchange Holdings' overall GF Score™ is 24/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Stepchange Holdings (ASX:STH), the current Scaled Net Operating Assets is 0.54 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Stepchange Holdings Business Description

Address c/- MPH Lawyers, 580 Hay Street, Suite 183, Level 6, Perth, WA, AUS, 6000
Stepchange Holdings Ltd is engaged in providing software services. It delivers end-to-end SAP ERP and digital transformation service. Its services include: Strategic Alignment and Execution; Program and Project Management; Change Management; and Business Analysis.
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