GDL (GDL Fund) Scaled Net Operating Assets: 0.79 (As of Dec. 2025)


GDL GDL Fund GDL
61 GF Score
Price $8.47
GF Value $11.39
Valuation Modestly Undervalued
! 1 Warning Sign
View Full Analysis

What is GDL Fund Scaled Net Operating Assets?

GDL Fund GDL +0.06% 61 Scaled Net Operating Assets is 0.79 as of Dec. 2025. GuruFocus rates GDL with a GF Score™ of 61/100 and a GF Value™ of $11.39 (Modestly Undervalued). 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.

GDL Fund's operating assets for the quarter that ended in Dec. 2025 was $135.88 Mil. GDL Fund's operating liabilities for the quarter that ended in Dec. 2025 was $20.62 Mil. GDL Fund's Total Assets for the quarter that ended in Jun. 2025 was $145.89 Mil. Therefore, GDL Fund's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.79.

GDL
61GF Score
GDL Fund GDL
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

GDL Fund 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.

GDL Fund'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 )
=(135.878-20.622)/173.989
=0.66

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=136.315 - 0.437
=135.878

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=20.622 - 0 - 0
=20.622

GDL Fund'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 )
=(135.878-20.622)/145.886
=0.79

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=136.315 - 0.437
=135.878

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=20.622 - 0 - 0
=20.622

* 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 0.79 mean?
GDL Fund (GDL) has a Scaled Net Operating Assets of 0.79 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 GDL Fund and its competitors.
Is GDL Fund's Scaled Net Operating Assets too high?
GDL Fund's current Scaled Net Operating Assets is 0.79. Overall, GDL Fund has a GF Score™ of 61/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does GDL Fund's Scaled Net Operating Assets compare to BCIC and IAE?
GDL Fund's Scaled Net Operating Assets of 0.79 can be compared against companies in the Asset Management 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 Asset Management company?
A good Scaled Net Operating Assets depends on the Asset Management 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 GDL Fund and its competitors. GDL Fund's current Scaled Net Operating Assets is 0.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GDL Fund stock overvalued right now?
Based on GuruFocus' analysis, GDL Fund (GDL) is currently considered Modestly Undervalued. The stock's GF Value™ is $11.39, compared to a current price of $8.47 — trading 25.7% below its estimated fair value. The current Scaled Net Operating Assets is 0.79. GDL Fund's overall GF Score™ is 61/100 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 GDL Fund (GDL), the current Scaled Net Operating Assets is 0.79 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 GDL Fund (GDL) Overvalued in 2026?

Based on GuruFocus' analysis, GDL Fund stock appears to be undervalued. The current stock price of $8.47 is trading 25.7% below its estimated GF Value™ of $11.39. GuruFocus considers GDL Fund to be Modestly Undervalued.

Key valuation signals for GDL:

  • Scaled Net Operating Assets: 0.79
  • GF Value™: $11.39 vs. price of $8.47 (25.7% below fair value)
  • GF Score™: 61/100 with 1 warning sign

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

GDL Fund Business Description

Address One Corporate Center, Rye, NY, USA, 10580-1422
GDL Fund is a diversified closed-end management investment company. Its primary investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. The fund seeks to achieve its objective by investing in merger arbitrage transactions and, to a lesser extent, in corporate reorganizations involving stubs, spin-offs, and liquidations.
61GF Score

Get the complete analysis for GDL

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

$8.47
Price
$11.39
GF Value