JEF (Jefferies Financial Group) Scaled Net Operating Assets: 0.32 (As of Feb. 2026)


JEF Jefferies Financial Group Inc JEF
86 GF Score
Price $49.10
GF Value $57.93
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Jefferies Financial Group Scaled Net Operating Assets?

Jefferies Financial Group JEF -6.72% 86 Scaled Net Operating Assets is 0.32 as of Feb. 2026. GuruFocus rates JEF with a GF Score™ of 86/100 and a GF Value™ of $57.93 (Modestly Undervalued). The stock has 4 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.

Jefferies Financial Group's operating assets for the quarter that ended in Feb. 2026 was $62,417 Mil. Jefferies Financial Group's operating liabilities for the quarter that ended in Feb. 2026 was $37,846 Mil. Jefferies Financial Group's Total Assets for the quarter that ended in Nov. 2025 was $76,012 Mil. Therefore, Jefferies Financial Group's scaled net operating assets (SNOA) for the quarter that ended in Feb. 2026 was 0.32.


Jefferies Financial Group Scaled Net Operating Assets Historical Data

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The historical data trend for Jefferies Financial Group'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.

Jefferies Financial Group Scaled Net Operating Assets Chart

Jefferies Financial Group Annual Data
Trend Dec15 Dec16 Dec17 Nov19 Nov20 Nov21 Nov22 Nov23 Nov24 Nov25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.21 0.26 0.34 0.32 0.32

Jefferies Financial Group Quarterly Data
Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26 May26
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 0.31 0.34 0.29 0.32 0.00

JEF vs HLI, SF, SNEX: Scaled Net Operating Assets Comparison

For the Capital Markets subindustry, Jefferies Financial Group'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.


Jefferies Financial Group Scaled Net Operating Assets vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Jefferies Financial Group's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Jefferies Financial Group's Scaled Net Operating Assets falls into.


JEF
86GF Score
Jefferies Financial Group Inc JEF
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Jefferies Financial Group 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.

Jefferies Financial Group's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Nov. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Nov. 2025 )
=(Operating Assets (A: Nov. 2025 )-Operating Liabilities (A: Nov. 2025 ))/Total Assets (A: Nov. 2024 )
=(61968.458-41612.123)/64360.309
=0.32

where

Operating Assets(A: Nov. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=76012.347 - 14043.889
=61968.458

Operating Liabilities(A: Nov. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=65369.738 - 21990.409 - 1767.206
=41612.123

Jefferies Financial Group's Scaled Net Operating Assets (SNOA) for the quarter that ended in Feb. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Feb. 2026 )
=(Operating Assets (Q: Feb. 2026 )-Operating Liabilities (Q: Feb. 2026 ))/Total Assets (Q: Nov. 2025 )
=(62417.325-37845.591)/76012.347
=0.32

where

Operating Assets(Q: Feb. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=74380.49 - 11963.165
=62417.325

Operating Liabilities(Q: Feb. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=63718.356 - 23955.273 - 1917.492
=37845.591

* 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 0.32 mean?
Jefferies Financial Group (JEF) has a Scaled Net Operating Assets of 0.32 as of Feb. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Jefferies Financial Group and its competitors.
Is Jefferies Financial Group's Scaled Net Operating Assets too high?
Jefferies Financial Group's current Scaled Net Operating Assets is 0.32. Overall, Jefferies Financial Group has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Jefferies Financial Group's Scaled Net Operating Assets compare to HLI and SF?
Jefferies Financial Group's Scaled Net Operating Assets of 0.32 can be compared against companies in the Capital Markets 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 Capital Markets company?
A good Scaled Net Operating Assets depends on the Capital Markets 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 Jefferies Financial Group and its competitors. Jefferies Financial Group's current Scaled Net Operating Assets is 0.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jefferies Financial Group stock overvalued right now?
Based on GuruFocus' analysis, Jefferies Financial Group (JEF) is currently considered Modestly Undervalued. The stock's GF Value™ is $57.93, compared to a current price of $49.10 — trading 15.2% below its estimated fair value. The current Scaled Net Operating Assets is 0.32. Jefferies Financial Group's overall GF Score™ is 86/100 with 4 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 Jefferies Financial Group (JEF), the current Scaled Net Operating Assets is 0.32 as of Feb. 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 Jefferies Financial Group (JEF) Overvalued in 2026?

Based on GuruFocus' analysis, Jefferies Financial Group stock appears to be undervalued. The current stock price of $49.10 is trading 15.2% below its estimated GF Value™ of $57.93. GuruFocus considers Jefferies Financial Group to be Modestly Undervalued.

Key valuation signals for JEF:

  • Scaled Net Operating Assets: 0.32
  • GF Value™: $57.93 vs. price of $49.10 (15.2% below fair value)
  • GF Score™: 86/100 with 4 warning signs

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


Jefferies Financial Group Business Description

Other Exchanges LN3:Germany
Address 520 Madison Avenue, New York, NY, USA, 10022
Jefferies Financial Group is a full-service investment banking and capital markets firm that was founded in 1962. After nearly 30 years of focusing on institutional trading services, it entered the investment banking industry in the early 1990s, which ultimately grew into the core business. In 2013, Jefferies merged with Leucadia, a manufacturing-focused holding company. Since merging, Jefferies became the core of the combined business as the bulk of the legacy portfolio was sold off and the parent company was renamed to match the subsidiary. Within the investment banking landscape, Jefferies predominately serves the North American middle market and has captured considerable market share over the past decade.
86GF 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.

$49.10
Price
$57.93
GF Value