Zenith Bank (NSA:ZENITH) Scaled Net Operating Assets: -0.17 (As of Mar. 2026)


NSA:ZENITH Zenith Bank PLC NSA:ZENITH
84 GF Score
Price ₦114.95
GF Value ₦60.17
Valuation Significantly Overvalued
! 1 Warning Sign
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What is Zenith Bank Scaled Net Operating Assets?

Zenith Bank NSA:ZENITH -0.04% 84 Scaled Net Operating Assets is -0.17 as of Mar. 2026. GuruFocus rates NSA:ZENITH with a GF Score™ of 84/100 and a GF Value™ of ₦60.17 (Significantly Overvalued). The stock has 1 warning sign investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Zenith Bank's operating assets for the quarter that ended in Mar. 2026 was ₦21,107,072 Mil. Zenith Bank's operating liabilities for the quarter that ended in Mar. 2026 was ₦26,330,047 Mil. Zenith Bank's Total Assets for the quarter that ended in Dec. 2025 was ₦31,458,051 Mil. Therefore, Zenith Bank's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was -0.17.

NSA:ZENITH
84GF Score
Zenith Bank PLC NSA:ZENITH
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Zenith Bank 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.

Zenith Bank'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 )
=(21650534-25922398)/29957525
=-0.14

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=31458051 - 9807517
=21650534

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=26533845 - 611447 - 0
=25922398

Zenith Bank's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(21107072-26330047)/31458051
=-0.17

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=32012207 - 10905135
=21107072

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=26845954 - 515907 - 0
=26330047

* 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 -0.17 mean?
Zenith Bank (NSA:ZENITH) has a Scaled Net Operating Assets of -0.17 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Zenith Bank and its competitors.
Is Zenith Bank's Scaled Net Operating Assets too high?
Zenith Bank's current Scaled Net Operating Assets is -0.17. Overall, Zenith Bank has a GF Score™ of 84/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Zenith Bank's Scaled Net Operating Assets compare to competitors?
Zenith Bank's Scaled Net Operating Assets of -0.17 can be compared against companies in the Banks 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 Banks company?
A good Scaled Net Operating Assets depends on the Banks 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 Zenith Bank and its competitors. Zenith Bank's current Scaled Net Operating Assets is -0.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zenith Bank stock overvalued right now?
Based on GuruFocus' analysis, Zenith Bank (NSA:ZENITH) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦60.17, compared to a current price of ₦114.95 — trading 91% above its estimated fair value. The current Scaled Net Operating Assets is -0.17. Zenith Bank's overall GF Score™ is 84/100 with 1 warning sign 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 Zenith Bank (NSA:ZENITH), the current Scaled Net Operating Assets is -0.17 as of Mar. 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 Zenith Bank (NSA:ZENITH) Overvalued in 2026?

Based on GuruFocus' analysis, Zenith Bank stock appears to be overvalued. The current stock price of ₦114.95 is trading 91% above its estimated GF Value™ of ₦60.17. GuruFocus considers Zenith Bank to be Significantly Overvalued.

Key valuation signals for NSA:ZENITH:

  • Scaled Net Operating Assets: -0.17
  • GF Value™: ₦60.17 vs. price of ₦114.95 (91% above fair value)
  • GF Score™: 84/100 with 1 warning sign

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

Zenith Bank Business Description

Address Plot 84/87, Ajose Adeogun Street, Zenith Heights, Victoria Island, Lagos, NGA
Zenith Bank PLC is a Nigeria- based company. Its core business is the provision of banking and other financial services to corporate and individual customers. The bank provides services such as granting of loans and advances, corporate finance and money market activities. It also provides banking and pension custodial services to a diverse group of corporations, financial institutions, investment funds, governments and individuals; provision of investment advisory, financial planning services and investment product offerings; providing brokerage services, financing services and securities lending services to institutional clients, including mutual funds, pension funds and to high-net-worth individuals. Revenue generated by bank consists of interest income, fees and commission received.
84GF 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.

₦114.95
Price
₦60.17
GF Value