Northcoders Group (LSE:CODE) Scaled Net Operating Assets: 0.24 (As of Dec. 2025)


LSE:CODE Northcoders Group PLC LSE:CODE
39 GF Score
Price £0.26
GF Value £0.97
Valuation Possible Value Trap
! 7 Warning Signs
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What is Northcoders Group Scaled Net Operating Assets?

Northcoders Group LSE:CODE 39 Scaled Net Operating Assets is 0.24 as of Dec. 2025. GuruFocus rates LSE:CODE with a GF Score™ of 39/100 and a GF Value™ of £0.97 (Possible Value Trap). 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.

Northcoders Group's operating assets for the quarter that ended in Dec. 2025 was £2.48 Mil. Northcoders Group's operating liabilities for the quarter that ended in Dec. 2025 was £0.57 Mil. Northcoders Group's Total Assets for the quarter that ended in Jun. 2025 was £7.80 Mil. Therefore, Northcoders Group's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.24.

Northcoders Group Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Northcoders 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.

Northcoders Group Scaled Net Operating Assets Chart

Northcoders Group Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial 1.23 0.83 0.59 0.65 0.27

Northcoders Group Semi-Annual Data
Dec18 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 0.51 0.63 0.67 0.67 0.24

LSE:CODE vs EDU, TAL, GHC: Scaled Net Operating Assets Comparison

For the Education & Training Services subindustry, Northcoders 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.

Northcoders Group Scaled Net Operating Assets vs Education Industry

For the Education industry and Consumer Defensive sector, Northcoders Group's Scaled Net Operating Assets distribution charts can be found below:

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


LSE:CODE
39GF Score
Northcoders Group PLC LSE:CODE
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Northcoders 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.

Northcoders Group'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 )
=(2.476-0.574)/6.987
=0.27

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=4.1 - 1.624
=2.476

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1.777 - 0.805 - 0.398
=0.574

Northcoders Group'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 )
=(2.476-0.574)/7.804
=0.24

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=4.1 - 1.624
=2.476

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1.777 - 0.805 - 0.398
=0.574

* 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 0.24 mean?
Northcoders Group (LSE:CODE) has a Scaled Net Operating Assets of 0.24 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 Northcoders Group and its competitors.
Is Northcoders Group's Scaled Net Operating Assets too high?
Northcoders Group's current Scaled Net Operating Assets is 0.24. Overall, Northcoders Group has a GF Score™ of 39/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Northcoders Group's Scaled Net Operating Assets compare to EDU and TAL?
Northcoders Group's Scaled Net Operating Assets of 0.24 can be compared against companies in the Education 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 Education company?
A good Scaled Net Operating Assets depends on the Education 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 Northcoders Group and its competitors. Northcoders Group's current Scaled Net Operating Assets is 0.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northcoders Group stock overvalued right now?
Based on GuruFocus' analysis, Northcoders Group (LSE:CODE) is currently considered Possible Value Trap. The stock's GF Value™ is £0.97, compared to a current price of £0.26 — trading 73.7% below its estimated fair value. The current Scaled Net Operating Assets is 0.24. Northcoders Group's overall GF Score™ is 39/100 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 Northcoders Group (LSE:CODE), the current Scaled Net Operating Assets is 0.24 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 Northcoders Group (LSE:CODE) Overvalued in 2026?

Based on GuruFocus' analysis, Northcoders Group stock appears to be undervalued. The current stock price of £0.26 is trading 73.7% below its estimated GF Value™ of £0.97. GuruFocus considers Northcoders Group to be Possible Value Trap.

Key valuation signals for LSE:CODE:

  • Scaled Net Operating Assets: 0.24
  • GF Value™: £0.97 vs. price of £0.26 (73.7% below fair value)
  • GF Score™: 39/100 with 7 warning signs

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

Northcoders Group Business Description

Other Exchanges 5BN:Germany
Address No.1, Spinningfields, Cubo, Manchester, GBR, M3 3EB
Northcoders Group PLC is an independent provider of training programs for software coding. It offers a range of training and software development solutions to individual and corporate customers. Its offering includes bootcamp training courses, government-funded apprenticeships, bespoke training courses, and software development solutions.
39GF 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.

£0.26
Price
£0.97
GF Value