AXA (AXAHF) Scaled Net Operating Assets: -0.33 (As of Dec. 2025)


AXAHF AXA SA AXAHF
66 GF Score
Price $48.62
GF Value $43.65
Valuation Modestly Overvalued
! 5 Warning Signs
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What is AXA Scaled Net Operating Assets?

AXA AXAHF -1.58% 66 Scaled Net Operating Assets is -0.33 as of Dec. 2025. GuruFocus rates AXAHF with a GF Score™ of 66/100 and a GF Value™ of $43.65 (Modestly Overvalued). The stock has 5 warning signs investors should review.

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

AXA's operating assets for the quarter that ended in Dec. 2025 was $369,542 Mil. AXA's operating liabilities for the quarter that ended in Dec. 2025 was $615,328 Mil. AXA's Total Assets for the quarter that ended in Jun. 2025 was $744,602 Mil. Therefore, AXA's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was -0.33.

AXAHF
66GF Score
AXA SA AXAHF
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AXA 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.

AXA's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(718138.174-615327.869)/684567.539
=0.15

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=744190.867 - 26052.693
=718138.174

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=686161.593 - 70833.724 - 0
=615327.869

AXA'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: Jun. 2025 )
=(369542.155-615327.869)/744602.076
=-0.33

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=744190.867 - 374648.712
=369542.155

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=686161.593 - 70833.724 - 0
=615327.869

* 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 -0.33 mean?
AXA (AXAHF) has a Scaled Net Operating Assets of -0.33 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 AXA and its competitors.
Is AXA's Scaled Net Operating Assets too high?
AXA's current Scaled Net Operating Assets is -0.33. Overall, AXA has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does AXA's Scaled Net Operating Assets compare to BRK.A and AIG?
AXA's Scaled Net Operating Assets of -0.33 can be compared against companies in the Insurance 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 an Insurance company?
A good Scaled Net Operating Assets depends on the Insurance 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 AXA and its competitors. AXA's current Scaled Net Operating Assets is -0.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AXA stock overvalued right now?
Based on GuruFocus' analysis, AXA (AXAHF) is currently considered Modestly Overvalued. The stock's GF Value™ is $43.65, compared to a current price of $48.62 — trading 11.4% above its estimated fair value. The current Scaled Net Operating Assets is -0.33. AXA's overall GF Score™ is 66/100 with 5 warning signs 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 AXA (AXAHF), the current Scaled Net Operating Assets is -0.33 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.

Is AXA (AXAHF) Overvalued in 2026?

Based on GuruFocus' analysis, AXA stock appears to be overvalued. The current stock price of $48.62 is trading 11.4% above its estimated GF Value™ of $43.65. GuruFocus considers AXA to be Modestly Overvalued.

Key valuation signals for AXAHF:

  • Scaled Net Operating Assets: -0.33
  • GF Value™: $43.65 vs. price of $48.62 (11.4% above fair value)
  • GF Score™: 66/100 with 5 warning signs

No single metric tells the full story. See the AXAHF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

AXA Business Description

Address 25, Avenue Matignon, Paris, FRA, 75008
AXA's origins date back to Ancienne Mutuelle, one of the few insurers that remained after the creation of the French social security system. With the threat of nationalization, a merger took place between Drouot and AXA, which was then still known as Mutuelles Unies in 1982, and later Présence. Ten years later, AXA acquired North American life insurer Equitable Holdings. This was a time of expansion as AXA also bought the French insurer UAP. As markets crashed at the turn of the millennium, AXA decided to refocus its business and exited its stake in US investment bank Donaldson, Lufkin & Jenrette. A few years later, the business expanded again with the acquisition of Swiss insurer Winterthur. AXA has reshaped its portfolio to technical risks.
66GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$48.62
Price
$43.65
GF Value