Deutsche Lufthansa AG (HAM:LHA) Scaled Net Operating Assets: 0.37 (As of Mar. 2026)


HAM:LHA Deutsche Lufthansa AG HAM:LHA
75 GF Score
Price €9.66
GF Value €7.84
Valuation Modestly Overvalued
! 8 Warning Signs
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What is Deutsche Lufthansa AG Scaled Net Operating Assets?

Deutsche Lufthansa AG HAM:LHA -0.92% 75 Scaled Net Operating Assets is 0.37 as of Mar. 2026. GuruFocus rates HAM:LHA with a GF Score™ of 75/100 and a GF Value™ of €7.84 (Modestly Overvalued). The stock has 8 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.

Deutsche Lufthansa AG's operating assets for the quarter that ended in Mar. 2026 was €42,999 Mil. Deutsche Lufthansa AG's operating liabilities for the quarter that ended in Mar. 2026 was €25,278 Mil. Deutsche Lufthansa AG's Total Assets for the quarter that ended in Dec. 2025 was €48,394 Mil. Therefore, Deutsche Lufthansa AG's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.37.

Deutsche Lufthansa AG Scaled Net Operating Assets Historical Data

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The historical data trend for Deutsche Lufthansa AG'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.

Deutsche Lufthansa AG Scaled Net Operating Assets Chart

Deutsche Lufthansa AG 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 0.34 0.36 0.36 0.38 0.39

Deutsche Lufthansa AG 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 0.34 0.33 0.34 0.37 0.37

HAM:LHA vs DAL, UAL, LUV: Scaled Net Operating Assets Comparison

For the Airlines subindustry, Deutsche Lufthansa AG'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.

Deutsche Lufthansa AG Scaled Net Operating Assets vs Transportation Industry

For the Transportation industry and Industrials sector, Deutsche Lufthansa AG's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Deutsche Lufthansa AG's Scaled Net Operating Assets falls into.


HAM:LHA
75GF Score
Deutsche Lufthansa AG HAM:LHA
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Deutsche Lufthansa AG 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.

Deutsche Lufthansa AG'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 )
=(40246-22129)/47052
=0.39

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=48394 - 8148
=40246

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=36683 - 12106 - 2448
=22129

Deutsche Lufthansa AG'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 )
=(42999-25278)/48394
=0.37

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=50696 - 7697
=42999

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=38298 - 11610 - 1410
=25278

* 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 0.37 mean?
Deutsche Lufthansa AG (HAM:LHA) has a Scaled Net Operating Assets of 0.37 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 Deutsche Lufthansa AG and its competitors.
Is Deutsche Lufthansa AG's Scaled Net Operating Assets too high?
Deutsche Lufthansa AG's current Scaled Net Operating Assets is 0.37. Overall, Deutsche Lufthansa AG has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Deutsche Lufthansa AG's Scaled Net Operating Assets compare to DAL and UAL?
Deutsche Lufthansa AG's Scaled Net Operating Assets of 0.37 can be compared against companies in the Transportation 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 Transportation company?
A good Scaled Net Operating Assets depends on the Transportation 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 Deutsche Lufthansa AG and its competitors. Deutsche Lufthansa AG's current Scaled Net Operating Assets is 0.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Deutsche Lufthansa AG stock overvalued right now?
Based on GuruFocus' analysis, Deutsche Lufthansa AG (HAM:LHA) is currently considered Modestly Overvalued. The stock's GF Value™ is €7.84, compared to a current price of €9.66 — trading 23.2% above its estimated fair value. The current Scaled Net Operating Assets is 0.37. Deutsche Lufthansa AG's overall GF Score™ is 75/100 with 8 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 Deutsche Lufthansa AG (HAM:LHA), the current Scaled Net Operating Assets is 0.37 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 Deutsche Lufthansa AG (HAM:LHA) Overvalued in 2026?

Based on GuruFocus' analysis, Deutsche Lufthansa AG stock appears to be overvalued. The current stock price of €9.66 is trading 23.2% above its estimated GF Value™ of €7.84. GuruFocus considers Deutsche Lufthansa AG to be Modestly Overvalued.

Key valuation signals for HAM:LHA:

  • Scaled Net Operating Assets: 0.37
  • GF Value™: €7.84 vs. price of €9.66 (23.2% above fair value)
  • GF Score™: 75/100 with 8 warning signs

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

Deutsche Lufthansa AG Business Description

Address Venloer Street 151-153, Cologne, NW, DEU, 50672
Lufthansa AG is a European airline group operating through three primary segments: passenger airlines, logistics (Lufthansa Cargo), and MRO (Lufthansa Technik). The passenger airlines segment includes Lufthansa German Airlines, SWISS, Austrian Airlines, Brussels Airlines, Eurowings, and the equity interest in SunExpress. As of 2025, Lufthansa also holds a 41% stake in ITA Airways, with strategic integration underway.
75GF 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.

€9.66
Price
€7.84
GF Value