PS (Pershing Square) Scaled Net Operating Assets: 1.54 (As of Dec. 2025)


PS Pershing Square Inc PS
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Price $31.54
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What is Pershing Square Scaled Net Operating Assets?

Pershing Square PS +6.48% 10 Scaled Net Operating Assets is 1.54 as of Dec. 2025. GuruFocus rates PS with a GF Score™ of 10/100. 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.

Pershing Square's operating assets for the quarter that ended in Dec. 2025 was $2,786.3 Mil. Pershing Square's operating liabilities for the quarter that ended in Dec. 2025 was $749.6 Mil. Pershing Square's Total Assets for the quarter that ended in Dec. 2024 was $1,318.8 Mil. Therefore, Pershing Square's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 1.54.

Pershing Square Scaled Net Operating Assets Historical Data

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The historical data trend for Pershing Square'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.

Pershing Square Scaled Net Operating Assets Chart

Pershing Square Annual Data
Trend Dec24 Dec25
Scaled Net Operating Assets
0.06 1.54

Pershing Square Semi-Annual Data
Dec24 Dec25
Scaled Net Operating Assets 0.06 1.54

PS vs BEN, CG, PSLV: Scaled Net Operating Assets Comparison

For the Asset Management subindustry, Pershing Square'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.

Pershing Square Scaled Net Operating Assets vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Pershing Square's Scaled Net Operating Assets distribution charts can be found below:

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


PS
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Pershing Square Inc PS
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Pershing Square 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.

Pershing Square'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 )
=(2786.306-749.59)/1318.793
=1.54

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=2793.126 - 6.82
=2786.306

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1025.147 - 275.557 - 0
=749.59

Pershing Square'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: Dec. 2024 )
=(2786.306-749.59)/1318.793
=1.54

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=2793.126 - 6.82
=2786.306

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1025.147 - 275.557 - 0
=749.59

* 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 1.54 mean?
Pershing Square (PS) has a Scaled Net Operating Assets of 1.54 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 Pershing Square and its competitors.
Is Pershing Square's Scaled Net Operating Assets too high?
Pershing Square's current Scaled Net Operating Assets is 1.54. Overall, Pershing Square has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does Pershing Square's Scaled Net Operating Assets compare to BEN and CG?
Pershing Square's Scaled Net Operating Assets of 1.54 can be compared against companies in the Asset Management 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 Asset Management company?
A good Scaled Net Operating Assets depends on the Asset Management 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 Pershing Square and its competitors. Pershing Square's current Scaled Net Operating Assets is 1.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pershing Square stock overvalued right now?
Pershing Square (PS) has a current Scaled Net Operating Assets of 1.54. The current Scaled Net Operating Assets is 1.54. Pershing Square's overall GF Score™ is 10/100 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 Pershing Square (PS), the current Scaled Net Operating Assets is 1.54 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.

Pershing Square Business Description

Address 787 Eleventh Avenue, 9th Floor, New York, NY, USA, 10019
Pershing Square Inc is a main alternative asset manager. It employs a disciplined, research-intensive approach to fundamental value investing to preserve and grow its permanent capital at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. The group generates all of its revenue from management fees and performance fees. It conductbusiness and generates all of its revenues in the United States.
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