FTCO (Fortitude Gold) Scaled Net Operating Assets: 0.87 (As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FTCO Fortitude Gold Corp FTCO
54 GF Score
Price $4.75
GF Value $1.28
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Fortitude Gold Scaled Net Operating Assets?

Fortitude Gold FTCO +0.02% 54 Scaled Net Operating Assets is 0.87 as of Mar. 2026. GuruFocus rates FTCO with a GF Score™ of 54/100 and a GF Value™ of $1.28 (Significantly Overvalued). The stock has 6 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.

Fortitude Gold's operating assets for the quarter that ended in Mar. 2026 was $132.41 Mil. Fortitude Gold's operating liabilities for the quarter that ended in Mar. 2026 was $14.05 Mil. Fortitude Gold's Total Assets for the quarter that ended in Dec. 2025 was $136.19 Mil. Therefore, Fortitude Gold's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.87.


Fortitude Gold Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Fortitude Gold'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.

Fortitude Gold Scaled Net Operating Assets Chart

Fortitude Gold Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial 0.64 0.61 0.54 0.59 0.95

Fortitude Gold 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 0.68 0.72 0.94 0.85 0.87

FTCO vs BSAI, PZG, NAMM: Scaled Net Operating Assets Comparison

For the Gold subindustry, Fortitude Gold'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.


Fortitude Gold Scaled Net Operating Assets vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Fortitude Gold's Scaled Net Operating Assets distribution charts can be found below:

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


FTCO
54GF Score
Fortitude Gold Corp FTCO
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fortitude Gold 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.

Fortitude Gold'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 )
=(128.193-12.721)/122.105
=0.95

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=136.185 - 7.992
=128.193

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=31.811 - 11.882 - 7.208
=12.721

Fortitude Gold'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 )
=(132.409-14.047)/136.185
=0.87

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=145.958 - 13.549
=132.409

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=31.441 - 10.174 - 7.22
=14.047

* 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 0.87 mean?
Fortitude Gold (FTCO) has a Scaled Net Operating Assets of 0.87 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 Fortitude Gold and its competitors.
Is Fortitude Gold's Scaled Net Operating Assets too high?
Fortitude Gold's current Scaled Net Operating Assets is 0.87. Overall, Fortitude Gold has a GF Score™ of 54/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fortitude Gold's Scaled Net Operating Assets compare to BSAI and PZG?
Fortitude Gold's Scaled Net Operating Assets of 0.87 can be compared against companies in the Metals & Mining 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 Metals & Mining company?
A good Scaled Net Operating Assets depends on the Metals & Mining 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 Fortitude Gold and its competitors. Fortitude Gold's current Scaled Net Operating Assets is 0.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fortitude Gold stock overvalued right now?
Based on GuruFocus' analysis, Fortitude Gold (FTCO) is currently considered Significantly Overvalued. The stock's GF Value™ is $1.28, compared to a current price of $4.75 — trading 271.3% above its estimated fair value. The current Scaled Net Operating Assets is 0.87. Fortitude Gold's overall GF Score™ is 54/100 with 6 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 Fortitude Gold (FTCO), the current Scaled Net Operating Assets is 0.87 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 Fortitude Gold (FTCO) Overvalued in 2026?

Based on GuruFocus' analysis, Fortitude Gold stock appears to be overvalued. The current stock price of $4.75 is trading 271.3% above its estimated GF Value™ of $1.28. GuruFocus considers Fortitude Gold to be Significantly Overvalued.

Key valuation signals for FTCO:

  • Scaled Net Operating Assets: 0.87
  • GF Value™: $1.28 vs. price of $4.75 (271.3% above fair value)
  • GF Score™: 54/100 with 6 warning signs

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


Fortitude Gold Business Description

Address 723 South Cascade Avenue, Colorado Springs, CO, USA, 80903
Fortitude Gold Corp is a mineral exploration and evaluation company. It mainly explores gold and silver. The company has one reportable operating segment, mining operations, which produces gold for sale to its customers. It is focused on developing the Isabella Pearl project, Golden Mile property, East Camp Douglas property, Mina Gold property, and County Line property.
54GF Score

Get the complete analysis for FTCO

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

$4.75
Price
$1.28
GF Value