Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.
Michelin's operating assets for the quarter that ended in Dec. 2025 was MXN654,573 Mil. Michelin's operating liabilities for the quarter that ended in Dec. 2025 was MXN217,882 Mil. Michelin's Total Assets for the quarter that ended in Jun. 2025 was MXN772,149 Mil. Therefore, Michelin's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.57.
Michelin Scaled Net Operating Assets Related Terms
Michelin Scaled Net Operating Assets Historical Data
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The historical data trend for Michelin'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.
MEX:ML vs ORLY, AZO: Scaled Net Operating Assets Comparison
For the Auto Parts subindustry, Michelin'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.
Michelin Scaled Net Operating Assets vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Michelin's Scaled Net Operating Assets distribution charts can be found below:
* The bar in red indicates where Michelin's Scaled Net Operating Assets falls into.
* 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 0.57 mean?
Michelin (MEX:ML) has a Scaled Net Operating Assets of 0.57 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 Michelin and its competitors.
Is Michelin's Scaled Net Operating Assets too high?
Michelin's current Scaled Net Operating Assets is 0.57. Overall, Michelin has a GF Score™ of 84/100, reflecting its overall financial health beyond just this single metric.
How does Michelin's Scaled Net Operating Assets compare to ORLY and AZO?
Michelin's Scaled Net Operating Assets of 0.57 can be compared against companies in the Vehicles & Parts 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 Vehicles & Parts company?
A good Scaled Net Operating Assets depends on the Vehicles & Parts 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 Michelin and its competitors. Michelin's current Scaled Net Operating Assets is 0.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Michelin stock overvalued right now?
Michelin (MEX:ML) has a current Scaled Net Operating Assets of 0.57. The stock's GF Value™ is MXN652.58, compared to a current price of MXN733.29 — trading 12.4% above its estimated fair value. The current Scaled Net Operating Assets is 0.57. Michelin's overall GF Score™ is 84/100 with 6 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 Michelin (MEX:ML), the current Scaled Net Operating Assets is 0.57 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 Michelin (MEX:ML) Overvalued in 2026?
Based on GuruFocus' analysis, Michelin stock appears to be overvalued.
The current stock price of MXN733.29 is trading 12.4% above its estimated GF Value™ of MXN652.58.
Key valuation signals for MEX:ML:
Scaled Net Operating Assets: 0.57
GF Value™: MXN652.58 vs. price of MXN733.29 (12.4% above fair value)
No single metric tells the full story. See the MEX:ML stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Michelin manufactures tires for passenger vehicles. The company also makes tires for all types of commercial vehicles as well as bicycle, motorcycle, earthmover, aviation, and agricultural tires. Its operations are organized into three operating segments namely Automotive and two-wheel; Road transportation; and Specialty businesses. The company generates maximum revenue from Automotive segments. The Specialty businesses include the Mining, Beyond-road, Two-wheel and Aircraft tire activities, as well as the High-Tech Materials activities. The Services & Solutions businesses are included for the majority part in the Road transportation and related distribution segment.
84GF Score
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