Santam (NAM:SNM) Scaled Net Operating Assets: 0.21 (As of Dec. 2025)


NAM:SNM Santam Ltd NAM:SNM
80 GF Score
Price R390.45
GF Value R468.04
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Santam Scaled Net Operating Assets?

Santam NAM:SNM +0.17% 80 Scaled Net Operating Assets is 0.21 as of Dec. 2025. GuruFocus rates NAM:SNM with a GF Score™ of 80/100 and a GF Value™ of R468.04 (Modestly Undervalued). The stock has 2 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.

Santam's operating assets for the quarter that ended in Dec. 2025 was R76,309 Mil. Santam's operating liabilities for the quarter that ended in Dec. 2025 was R60,681 Mil. Santam's Total Assets for the quarter that ended in Jun. 2025 was R76,041 Mil. Therefore, Santam's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.21.

NAM:SNM
80GF Score
Santam Ltd NAM:SNM
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Santam 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.

Santam'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 )
=(76309-60681)/73439
=0.21

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=82392 - 6083
=76309

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=65813 - 5132 - 0
=60681

Santam'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 )
=(76309-60681)/76041
=0.21

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=82392 - 6083
=76309

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=65813 - 5132 - 0
=60681

* 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 0.21 mean?
Santam (NAM:SNM) has a Scaled Net Operating Assets of 0.21 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 Santam and its competitors.
Is Santam's Scaled Net Operating Assets too high?
Santam's current Scaled Net Operating Assets is 0.21. Overall, Santam has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Santam's Scaled Net Operating Assets compare to FNF and AXS?
Santam's Scaled Net Operating Assets of 0.21 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 Santam and its competitors. Santam's current Scaled Net Operating Assets is 0.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Santam stock overvalued right now?
Based on GuruFocus' analysis, Santam (NAM:SNM) is currently considered Modestly Undervalued. The stock's GF Value™ is R468.04, compared to a current price of R390.45 — trading 16.6% below its estimated fair value. The current Scaled Net Operating Assets is 0.21. Santam's overall GF Score™ is 80/100 with 2 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 Santam (NAM:SNM), the current Scaled Net Operating Assets is 0.21 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 Santam (NAM:SNM) Overvalued in 2026?

Based on GuruFocus' analysis, Santam stock appears to be undervalued. The current stock price of R390.45 is trading 16.6% below its estimated GF Value™ of R468.04. GuruFocus considers Santam to be Modestly Undervalued.

Key valuation signals for NAM:SNM:

  • Scaled Net Operating Assets: 0.21
  • GF Value™: R468.04 vs. price of R390.45 (16.6% below fair value)
  • GF Score™: 80/100 with 2 warning signs

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

Santam Business Description

Other Exchanges SNT:South Africa
Address 1 Sportica Crescent, PO Box: 3881, Tyger Valley, Bellville, Cape Town, ZAF, 7530
Santam Ltd is a South African general insurance group. The company offers a range of policies against eventualities such as property damage, motor accidents, loss of income, crop losses, and catastrophe events, as well as reinsurance. The company helps mitigate risk to protect and grow financial well-being, and clients' insured losses are paid out of invested premiums.
80GF Score

Get the complete analysis for NAM:SNM

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

R390.45
Price
R468.04
GF Value