Next (NXGPF) Scaled Net Operating Assets: 0.66 (As of Jan. 2026)


NXGPF Next PLC NXGPF
85 GF Score
Price $197.60
GF Value $166.27
Valuation Modestly Overvalued
! 2 Warning Signs
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What is Next Scaled Net Operating Assets?

Next NXGPF 85 Scaled Net Operating Assets is 0.66 as of Jan. 2026. GuruFocus rates NXGPF with a GF Score™ of 85/100 and a GF Value™ of $166.27 (Modestly Overvalued). 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.

Next's operating assets for the quarter that ended in Jan. 2026 was $6,521 Mil. Next's operating liabilities for the quarter that ended in Jan. 2026 was $1,794 Mil. Next's Total Assets for the quarter that ended in Jul. 2025 was $7,133 Mil. Therefore, Next's scaled net operating assets (SNOA) for the quarter that ended in Jan. 2026 was 0.66.

Next Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Next'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.

Next Scaled Net Operating Assets Chart

Next Annual Data
Trend Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.70 0.68 0.88 0.71 0.79

Next Semi-Annual Data
Jul16 Jan17 Jul17 Jan18 Jul18 Jan19 Jul19 Jan20 Jul20 Jan21 Jul21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
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 0.83 0.68 0.69 0.76 0.66

NXGPF vs TJX, ROST, BURL: Scaled Net Operating Assets Comparison

For the Apparel Retail subindustry, Next'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.

Next Scaled Net Operating Assets vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Next's Scaled Net Operating Assets distribution charts can be found below:

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


NXGPF
85GF Score
Next PLC NXGPF
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Next 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.

Next's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Jan. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(A: Jan. 2026 )
=(Operating Assets (A: Jan. 2026 )-Operating Liabilities (A: Jan. 2026 ))/Total Assets (A: Jan. 2025 )
=(6521.11-1794.452)/6022.868
=0.78

where

Operating Assets(A: Jan. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6651.286 - 130.176
=6521.11

Operating Liabilities(A: Jan. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=4241.949 - 1937.348 - 510.149
=1794.452

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

Scaled Net Operating Assets (SNOA)(Q: Jan. 2026 )
=(Operating Assets (Q: Jan. 2026 )-Operating Liabilities (Q: Jan. 2026 ))/Total Assets (Q: Jul. 2025 )
=(6521.11-1794.452)/7133.198
=0.66

where

Operating Assets(Q: Jan. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6651.286 - 130.176
=6521.11

Operating Liabilities(Q: Jan. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=4241.949 - 1937.348 - 510.149
=1794.452

* 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 0.66 mean?
Next (NXGPF) has a Scaled Net Operating Assets of 0.66 as of Jan. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Next and its competitors.
Is Next's Scaled Net Operating Assets too high?
Next's current Scaled Net Operating Assets is 0.66. Overall, Next has a GF Score™ of 85/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Next's Scaled Net Operating Assets compare to TJX and ROST?
Next's Scaled Net Operating Assets of 0.66 can be compared against companies in the Retail - Cyclical 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 Retail - Cyclical company?
A good Scaled Net Operating Assets depends on the Retail - Cyclical 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 Next and its competitors. Next's current Scaled Net Operating Assets is 0.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Next stock overvalued right now?
Based on GuruFocus' analysis, Next (NXGPF) is currently considered Modestly Overvalued. The stock's GF Value™ is $166.27, compared to a current price of $197.60 — trading 18.8% above its estimated fair value. The current Scaled Net Operating Assets is 0.66. Next's overall GF Score™ is 85/100 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 Next (NXGPF), the current Scaled Net Operating Assets is 0.66 as of Jan. 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 Next (NXGPF) Overvalued in 2026?

Based on GuruFocus' analysis, Next stock appears to be overvalued. The current stock price of $197.60 is trading 18.8% above its estimated GF Value™ of $166.27. GuruFocus considers Next to be Modestly Overvalued.

Key valuation signals for NXGPF:

  • Scaled Net Operating Assets: 0.66
  • GF Value™: $166.27 vs. price of $197.60 (18.8% above fair value)
  • GF Score™: 85/100 with 2 warning signs

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

Next Business Description

Address Desford Road, Enderby, Leicester, GBR, LE19 4AT
Next PLC operates as a retailer, specializing in the sale of clothing, footwear, accessories, and home products. A portion of the company's product offerings comprises items bearing the Next brand. Additionally, the majority of the company's remaining sales occur through retail stores located outside the United Kingdom, which it franchises. The company's segments encompass NEXT Online, NEXT Finance, NEXT Retail, and Other Business Activities. A substantial portion of the company's revenue is derived from customers within the United Kingdom; however, its presence extends to regions such as the Rest of Europe, the Middle East, Asia, and the Rest of the World.
85GF Score

Get the complete analysis for NXGPF

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

$197.60
Price
$166.27
GF Value