FHYDF (First Hydrogen) Scaled Net Operating Assets: -1.89 (As of Dec. 2025)

What is First Hydrogen Scaled Net Operating Assets?

First Hydrogen FHYDF 27 Scaled Net Operating Assets is -1.89 as of Dec. 2025. GuruFocus rates FHYDF with a GF Score™ of 27/100. The stock has 3 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.

First Hydrogen's operating assets for the quarter that ended in Dec. 2025 was $0.79 Mil. First Hydrogen's operating liabilities for the quarter that ended in Dec. 2025 was $2.45 Mil. First Hydrogen's Total Assets for the quarter that ended in Sep. 2025 was $0.87 Mil. Therefore, First Hydrogen's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was -1.89.

First Hydrogen Scaled Net Operating Assets Related Terms

First Hydrogen Scaled Net Operating Assets Historical Data

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The historical data trend for First Hydrogen'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.

First Hydrogen Scaled Net Operating Assets Chart

First Hydrogen Annual Data

Trend

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Scaled Net Operating Assets

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-0.96

-0.09

0.13

0.00

-0.88

First Hydrogen Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Scaled Net Operating Assets	Get a 7-Day Free Trial															-0.83	-1.06	-1.37	-1.65	-1.89

FHYDF vs TSLA, GM, F: Scaled Net Operating Assets Comparison

For the Auto Manufacturers subindustry, First Hydrogen'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.

First Hydrogen Scaled Net Operating Assets vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, First Hydrogen's Scaled Net Operating Assets distribution charts can be found below:

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

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First Hydrogen Corp FHYDF

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First Hydrogen 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.

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

	Scaled Net Operating Assets (SNOA)		(A: Mar. 2025 )
=	(Operating Assets (A: Mar. 2025 )	-	Operating Liabilities (A: Mar. 2025 ))	/	Total Assets (A: Mar. 2024 )
=	(1.263	-	2.66)	/	1.591
=	-0.88

where

	Operating Assets		(A: Mar. 2025 )
=	Total Assets	-	Cash, Cash Equivalents, Marketable Securities
=	1.271	-	0.008
=	1.263

	Operating Liabilities		(A: Mar. 2025 )
=	Total Liabilities	-	Long-Term Debt & Capital Lease Obligation	-	Short-Term Debt & Capital Lease Obligation
=	5.226	-	0.349	-	2.217
=	2.66

First Hydrogen'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: Sep. 2025 )
=	(0.793	-	2.445)	/	0.873
=	-1.89

where

	Operating Assets		(Q: Dec. 2025 )
=	Total Assets	-	Cash, Cash Equivalents, Marketable Securities
=	0.813	-	0.02
=	0.793

	Operating Liabilities		(Q: Dec. 2025 )
=	Total Liabilities	-	Long-Term Debt & Capital Lease Obligation	-	Short-Term Debt & Capital Lease Obligation
=	4.89	-	1.472	-	0.973
=	2.445

Frequently Asked Questions Learn more about Scaled Net Operating Assets →

What does a Scaled Net Operating Assets of -1.89 mean?

First Hydrogen (FHYDF) has a Scaled Net Operating Assets of -1.89 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 First Hydrogen and its competitors.

Is First Hydrogen's Scaled Net Operating Assets too high?

First Hydrogen's current Scaled Net Operating Assets is -1.89. Overall, First Hydrogen has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.

How does First Hydrogen's Scaled Net Operating Assets compare to TSLA and GM?

First Hydrogen's Scaled Net Operating Assets of -1.89 can be compared against companies in the Vehicles & Parts 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 Vehicles & Parts company?

A good Scaled Net Operating Assets depends on the Vehicles & Parts 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 First Hydrogen and its competitors. First Hydrogen's current Scaled Net Operating Assets is -1.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is First Hydrogen stock overvalued right now?

First Hydrogen (FHYDF) has a current Scaled Net Operating Assets of -1.89. The current Scaled Net Operating Assets is -1.89. First Hydrogen's overall GF Score™ is 27/100 with 3 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 First Hydrogen (FHYDF), the current Scaled Net Operating Assets is -1.89 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.

First Hydrogen Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies TSX:WPRT TSX:SFI TSXV:HC TSXV:SSA XCNQ:ATHR TSLA TSE:7203 SZSE:002594 XKRX:005380 GM F MIL:RACE XTER:MBG XTER:VOW3 XTER:BMW XTER:P911 SZSE:000338 XKRX:000270 NSE:MARUTI NSE:M&M

Other Exchanges FIT:Germany FHYD:Canada

Address 1100 Melville Street, Suite 1540, Vancouver, BC, CAN, V6E4A6

Website https://www.firsthydrogen.com

First Hydrogen Corp is a Vancouver Canada and London UK-based company focused on zero-emission vehicles, green hydrogen production, and distribution and supercritical carbon dioxide extractor systems in in UK, EU, and North America. Geographically the company operates in the UK and Canada.

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