Ray Sigorta AS (IST:RAYSG) Scaled Net Operating Assets: -0.40 (As of Mar. 2026)


IST:RAYSG Ray Sigorta AS IST:RAYSG
54 GF Score
Price ₺177.60
GF Value ₺621.52
Valuation Significantly Undervalued
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What is Ray Sigorta AS Scaled Net Operating Assets?

Ray Sigorta AS IST:RAYSG -3.38% 54 Scaled Net Operating Assets is -0.40 as of Mar. 2026. GuruFocus rates IST:RAYSG with a GF Score™ of 54/100 and a GF Value™ of ₺621.52 (Significantly Undervalued).

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Ray Sigorta AS's operating assets for the quarter that ended in Mar. 2026 was ₺16,341 Mil. Ray Sigorta AS's operating liabilities for the quarter that ended in Mar. 2026 was ₺32,905 Mil. Ray Sigorta AS's Total Assets for the quarter that ended in Dec. 2025 was ₺41,037 Mil. Therefore, Ray Sigorta AS's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was -0.40.

IST:RAYSG
54GF Score
Ray Sigorta AS IST:RAYSG
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Ray Sigorta AS 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.

Ray Sigorta AS'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 )
=(17344.745-32557.385)/25623.099
=-0.59

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=41036.601 - 23691.856
=17344.745

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=32581.349 - 16.356 - 7.608
=32557.385

Ray Sigorta AS'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 )
=(16341.033-32905.058)/41036.601
=-0.40

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=42295.378 - 25954.345
=16341.033

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=32928.054 - 14.821 - 8.175
=32905.058

* 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 -0.40 mean?
Ray Sigorta AS (IST:RAYSG) has a Scaled Net Operating Assets of -0.40 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 Ray Sigorta AS and its competitors.
Is Ray Sigorta AS's Scaled Net Operating Assets too high?
Ray Sigorta AS's current Scaled Net Operating Assets is -0.40. Overall, Ray Sigorta AS has a GF Score™ of 54/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ray Sigorta AS's Scaled Net Operating Assets compare to BRK.A and AIG?
Ray Sigorta AS's Scaled Net Operating Assets of -0.40 can be compared against companies in the Insurance 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 Insurance company?
A good Scaled Net Operating Assets depends on the Insurance 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 Ray Sigorta AS and its competitors. Ray Sigorta AS's current Scaled Net Operating Assets is -0.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ray Sigorta AS stock overvalued right now?
Based on GuruFocus' analysis, Ray Sigorta AS (IST:RAYSG) is currently considered Significantly Undervalued. The stock's GF Value™ is ₺621.52, compared to a current price of ₺177.60 — trading 71.4% below its estimated fair value. The current Scaled Net Operating Assets is -0.40. Ray Sigorta AS's overall GF Score™ is 54/100. 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 Ray Sigorta AS (IST:RAYSG), the current Scaled Net Operating Assets is -0.40 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 Ray Sigorta AS (IST:RAYSG) Overvalued in 2026?

Based on GuruFocus' analysis, Ray Sigorta AS stock appears to be undervalued. The current stock price of ₺177.60 is trading 71.4% below its estimated GF Value™ of ₺621.52. GuruFocus considers Ray Sigorta AS to be Significantly Undervalued.

Key valuation signals for IST:RAYSG:

  • Scaled Net Operating Assets: -0.40
  • GF Value™: ₺621.52 vs. price of ₺177.60 (71.4% below fair value)
  • GF Score™: 54/100

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

Ray Sigorta AS Business Description

Address Haydar Aliyev Caddesi No.28, Cumhuriyet Mahallesi, Tarabya, Istanbul, TUR, 34457
Ray Sigorta AS is a Turkey-based insurance company. It offers motor, household and health insurances. The motor insurance covers accidents such as the collision of the car with other motor or no-motor vehicles used on the road or railroad. Its household insurance secures house and goods against many risks such as fire, robbery, earthquake, and floods. The health insurance product consists of emergency health insurance, complementary health insurance, health insurance for foreigners and travel health insurance. Additionally, it also provides contracted health institutions and contracted auto services.
54GF Score

Get the complete analysis for IST:RAYSG

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

₺177.60
Price
₺621.52
GF Value