FSGCY (First Gen) Scaled Net Operating Assets: 0.78 (As of Mar. 2026)


FSGCY First Gen Corp FSGCY
56 GF Score
Price $5.35
GF Value $2.05
Valuation Significantly Overvalued
! 9 Warning Signs
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What is First Gen Scaled Net Operating Assets?

First Gen FSGCY 56 Scaled Net Operating Assets is 0.78 as of Mar. 2026. GuruFocus rates FSGCY with a GF Score™ of 56/100 and a GF Value™ of $2.05 (Significantly Overvalued). The stock has 9 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 Gen's operating assets for the quarter that ended in Mar. 2026 was $6,072.4 Mil. First Gen's operating liabilities for the quarter that ended in Mar. 2026 was $1,222.1 Mil. First Gen's Total Assets for the quarter that ended in Dec. 2025 was $6,249.5 Mil. Therefore, First Gen's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.78.


First Gen Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for First Gen'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 Gen Scaled Net Operating Assets Chart

First Gen Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.72 0.73 0.75 0.86 0.71

First Gen Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.76 0.77 0.76 0.70 0.78

First Gen Scaled Net Operating Assets Competitor Comparison

For the Utilities - Renewable subindustry, First Gen'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 Gen Scaled Net Operating Assets vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, First Gen's Scaled Net Operating Assets distribution charts can be found below:

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


FSGCY
56GF Score
First Gen Corp FSGCY
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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First Gen 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 Gen'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 )
=(5030.403-554.979)/6289.188
=0.71

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6249.534 - 1219.131
=5030.403

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2537.862 - 1742.234 - 240.649
=554.979

First Gen's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(6072.391-1222.128)/6249.534
=0.78

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6783.118 - 710.727
=6072.391

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2978.971 - 1514.425 - 242.418
=1222.128

* 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 0.78 mean?
First Gen (FSGCY) has a Scaled Net Operating Assets of 0.78 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on First Gen and its competitors.
Is First Gen's Scaled Net Operating Assets too high?
First Gen's current Scaled Net Operating Assets is 0.78. Overall, First Gen has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Gen's Scaled Net Operating Assets compare to competitors?
First Gen's Scaled Net Operating Assets of 0.78 can be compared against companies in the Utilities - Independent Power Producers 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 Utilities - Independent Power Producers company?
A good Scaled Net Operating Assets depends on the Utilities - Independent Power Producers 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 Gen and its competitors. First Gen's current Scaled Net Operating Assets is 0.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Gen stock overvalued right now?
Based on GuruFocus' analysis, First Gen (FSGCY) is currently considered Significantly Overvalued. The stock's GF Value™ is $2.05, compared to a current price of $5.35 — trading 161% above its estimated fair value. The current Scaled Net Operating Assets is 0.78. First Gen's overall GF Score™ is 56/100 with 9 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 Gen (FSGCY), the current Scaled Net Operating Assets is 0.78 as of Mar. 2026. 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 First Gen (FSGCY) Overvalued in 2026?

Based on GuruFocus' analysis, First Gen stock appears to be overvalued. The current stock price of $5.35 is trading 161% above its estimated GF Value™ of $2.05. GuruFocus considers First Gen to be Significantly Overvalued.

Key valuation signals for FSGCY:

  • Scaled Net Operating Assets: 0.78
  • GF Value™: $2.05 vs. price of $5.35 (161% above fair value)
  • GF Score™: 56/100 with 9 warning signs

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


First Gen Business Description

Other Exchanges FGEN:Philippines
Address Ortigas Avenue, 6th Floor, Rockwell Business Center, Tower 3, Pasig, PHL, 1604
First Gen Corp is an independent electric utility company operating in the Philippines. First Gen develops, finances, builds, bids for, and operate power generation projects. The company generates a amount of Filipino energy needs through its portfolio of natural gas, wind, solar, hydro, and geothermal power plants located in the country. Majority of the power generated by First Gen is produced through natural gas and geothermal fuel sources. It operates in six segments: FGPC, FGP, EDC and Subsidiaries, FGEN LNG, FNPC, and Prime Meridian. The company only operates in Philippines.
56GF 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.

$5.35
Price
$2.05
GF Value