MERFF (Merafe Resources) Scaled Net Operating Assets: 0.56 (As of Dec. 2025)


MERFF Merafe Resources Ltd MERFF
64 GF Score
Price $0.22
GF Value $0.17
! 9 Warning Signs
View Full Analysis

What is Merafe Resources Scaled Net Operating Assets?

Merafe Resources MERFF 64 Scaled Net Operating Assets is 0.56 as of Dec. 2025. GuruFocus rates MERFF with a GF Score™ of 64/100 and a GF Value™ of $0.17. The stock has 9 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.

Merafe Resources's operating assets for the quarter that ended in Dec. 2025 was $267.7 Mil. Merafe Resources's operating liabilities for the quarter that ended in Dec. 2025 was $79.2 Mil. Merafe Resources's Total Assets for the quarter that ended in Jun. 2025 was $337.0 Mil. Therefore, Merafe Resources's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.56.

Merafe Resources Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Merafe Resources'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.

Merafe Resources Scaled Net Operating Assets Chart

Merafe Resources 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 0.86 0.59 0.59 0.47 0.56

Merafe Resources Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.56 0.56 0.46 0.63 0.56

Merafe Resources Scaled Net Operating Assets Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Merafe Resources'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.

Merafe Resources Scaled Net Operating Assets vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Merafe Resources's Scaled Net Operating Assets distribution charts can be found below:

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


MERFF
64GF Score
Merafe Resources Ltd MERFF
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Merafe Resources 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.

Merafe Resources'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 )
=(267.671-79.16)/337.152
=0.56

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=359.776 - 92.105
=267.671

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=79.44 - 0.2 - 0.08
=79.16

Merafe Resources'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 )
=(267.671-79.16)/337.027
=0.56

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=359.776 - 92.105
=267.671

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=79.44 - 0.2 - 0.08
=79.16

* 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 0.56 mean?
Merafe Resources (MERFF) has a Scaled Net Operating Assets of 0.56 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 Merafe Resources and its competitors.
Is Merafe Resources' Scaled Net Operating Assets too high?
Merafe Resources' current Scaled Net Operating Assets is 0.56. Overall, Merafe Resources has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.
How does Merafe Resources' Scaled Net Operating Assets compare to competitors?
Merafe Resources' Scaled Net Operating Assets of 0.56 can be compared against companies in the Metals & Mining 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 Metals & Mining company?
A good Scaled Net Operating Assets depends on the Metals & Mining 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 Merafe Resources and its competitors. Merafe Resources's current Scaled Net Operating Assets is 0.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merafe Resources stock overvalued right now?
Merafe Resources (MERFF) has a current Scaled Net Operating Assets of 0.56. The stock's GF Value™ is $0.17, compared to a current price of $0.22 — trading 28.1% above its estimated fair value. The current Scaled Net Operating Assets is 0.56. Merafe Resources' overall GF Score™ is 64/100 with 9 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 Merafe Resources (MERFF), the current Scaled Net Operating Assets is 0.56 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 Merafe Resources (MERFF) Overvalued in 2026?

Based on GuruFocus' analysis, Merafe Resources stock appears to be overvalued. The current stock price of $0.22 is trading 28.1% above its estimated GF Value™ of $0.17.

Key valuation signals for MERFF:

  • Scaled Net Operating Assets: 0.56
  • GF Value™: $0.17 vs. price of $0.22 (28.1% above fair value)
  • GF Score™: 64/100 with 9 warning signs

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

Merafe Resources Business Description

Other Exchanges MRF:South AfricaRZT:Germany
Address 35 Ballyclare Drive, Building B, 2nd Floor, Ballyoaks Office Park, Bryanston, Johannesburg, GT, ZAF, 2191
Merafe Resources Ltd through its wholly-owned subsidiary, Merafe Ferrochrome and Mining Proprietary Limited, participates in chrome mining and the beneficiation of chrome ore into ferrochrome. The Glencore-Merafe Chrome Venture (Venture) operates five ferrochrome smelters, twenty-two ferrochrome furnaces, and nine mines, situated in the North-West, Limpopo, and Mpumalanga provinces of South Africa. The company has operating mines namel Marikana West; and Kroondal Gemini. The Group has one reportable segment being the mining and beneficiation of chrome ore into ferrochrome and associated minerals. Geographically, it has its presence in Africa, Americas, Asia, China, Indonesia, Other Asia, and Europe.
64GF Score

Get the complete analysis for MERFF

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

$0.22
Price
$0.17
GF Value