PennantPark Floating Rate Capital (HAM:22P) Scaled Net Operating Assets: 0.91 (As of Jun. 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.

HAM:22P PennantPark Floating Rate Capital Ltd HAM:22P
50 GF Score
Price €6.28
GF Value €5.13
Valuation Modestly Overvalued
! 7 Warning Signs
View Full Analysis

What is PennantPark Floating Rate Capital Scaled Net Operating Assets?

PennantPark Floating Rate Capital HAM:22P +1.62% 50 Scaled Net Operating Assets is 0.91 as of Jun. 2026. GuruFocus rates HAM:22P with a GF Score™ of 50/100 and a GF Value™ of €5.13 (Modestly Overvalued). The stock has 7 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.

PennantPark Floating Rate Capital's operating assets for the quarter that ended in Jun. 2026 was €2,199.54 Mil. PennantPark Floating Rate Capital's operating liabilities for the quarter that ended in Jun. 2026 was €37.06 Mil. PennantPark Floating Rate Capital's Total Assets for the quarter that ended in Mar. 2026 was €2,376.97 Mil. Therefore, PennantPark Floating Rate Capital's scaled net operating assets (SNOA) for the quarter that ended in Jun. 2026 was 0.91.

HAM:22P
50GF Score
PennantPark Floating Rate Capital Ltd HAM:22P
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PennantPark Floating Rate Capital 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.

PennantPark Floating Rate Capital's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Sep. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Sep. 2025 )
=(Operating Assets (A: Sep. 2025 )-Operating Liabilities (A: Sep. 2025 ))/Total Assets (A: Sep. 2024 )
=(2377.926-53.161)/1900.069
=1.22

where

Operating Assets(A: Sep. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=2482.456 - 104.53
=2377.926

Operating Liabilities(A: Sep. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1566.969 - 1513.808 - 0
=53.161

PennantPark Floating Rate Capital's Scaled Net Operating Assets (SNOA) for the quarter that ended in Jun. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Jun. 2026 )
=(Operating Assets (Q: Jun. 2026 )-Operating Liabilities (Q: Jun. 2026 ))/Total Assets (Q: Mar. 2026 )
=(2199.542-37.06)/2376.965
=0.91

where

Operating Assets(Q: Jun. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=2287.043 - 87.501
=2199.542

Operating Liabilities(Q: Jun. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1403.741 - 1366.681 - 0
=37.06

* 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 0.91 mean?
PennantPark Floating Rate Capital (HAM:22P) has a Scaled Net Operating Assets of 0.91 as of Jun. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on PennantPark Floating Rate Capital and its competitors.
Is PennantPark Floating Rate Capital's Scaled Net Operating Assets too high?
PennantPark Floating Rate Capital's current Scaled Net Operating Assets is 0.91. Overall, PennantPark Floating Rate Capital has a GF Score™ of 50/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PennantPark Floating Rate Capital's Scaled Net Operating Assets compare to OIO and DLY?
PennantPark Floating Rate Capital's Scaled Net Operating Assets of 0.91 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 PennantPark Floating Rate Capital and its competitors. PennantPark Floating Rate Capital's current Scaled Net Operating Assets is 0.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PennantPark Floating Rate Capital stock overvalued right now?
Based on GuruFocus' analysis, PennantPark Floating Rate Capital (HAM:22P) is currently considered Modestly Overvalued. The stock's GF Value™ is €5.13, compared to a current price of €6.28 — trading 22.4% above its estimated fair value. The current Scaled Net Operating Assets is 0.91. PennantPark Floating Rate Capital's overall GF Score™ is 50/100 with 7 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 PennantPark Floating Rate Capital (HAM:22P), the current Scaled Net Operating Assets is 0.91 as of Jun. 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 PennantPark Floating Rate Capital (HAM:22P) Overvalued in 2026?

Based on GuruFocus' analysis, PennantPark Floating Rate Capital stock appears to be overvalued. The current stock price of €6.28 is trading 22.4% above its estimated GF Value™ of €5.13. GuruFocus considers PennantPark Floating Rate Capital to be Modestly Overvalued.

Key valuation signals for HAM:22P:

  • Scaled Net Operating Assets: 0.91
  • GF Value™: €5.13 vs. price of €6.28 (22.4% above fair value)
  • GF Score™: 50/100 with 7 warning signs

No single metric tells the full story. See the HAM:22P stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

PennantPark Floating Rate Capital Business Description

Other Exchanges PFLT:USA0KH0:UK22P:Germany
Address 1691 Michigan Avenue, Miami Beach, FL, USA, 33139
PennantPark Floating Rate Capital Ltd is a closed-end, externally managed, non-diversified investment company. Its investment objectives are to generate both current income and capital appreciation by investing in Floating Rate Loans and other investments made to U.S. middle-market companies. The company believes that Floating Rate Loans to U.S. middle-market companies offer attractive risk-reward to investors due to the limited amount of capital available for such companies and the potential for rising interest rates. The company generates revenue in the form of interest income on the debt securities and dividends.
50GF Score

Get the complete analysis for HAM:22P

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

€6.28
Price
€5.13
GF Value