Semiconductor Manufacturing International (SHSE:688981) Scaled Net Operating Assets: 0.71 (As of Mar. 2026)


SHSE:688981 Semiconductor Manufacturing International Corp SHSE:688981
77 GF Score
Price ¥148.76
GF Value ¥70.03
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Semiconductor Manufacturing International Scaled Net Operating Assets?

Semiconductor Manufacturing International SHSE:688981 -5.16% 77 Scaled Net Operating Assets is 0.71 as of Mar. 2026. GuruFocus rates SHSE:688981 with a GF Score™ of 77/100 and a GF Value™ of ¥70.03 (Significantly Overvalued). The stock has 6 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.

Semiconductor Manufacturing International's operating assets for the quarter that ended in Mar. 2026 was ¥294,192 Mil. Semiconductor Manufacturing International's operating liabilities for the quarter that ended in Mar. 2026 was ¥32,190 Mil. Semiconductor Manufacturing International's Total Assets for the quarter that ended in Dec. 2025 was ¥368,157 Mil. Therefore, Semiconductor Manufacturing International's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.71.


Semiconductor Manufacturing International Scaled Net Operating Assets Historical Data

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The historical data trend for Semiconductor Manufacturing International'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.

Semiconductor Manufacturing International Scaled Net Operating Assets Chart

Semiconductor Manufacturing International Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.61 0.77 0.74 0.70 0.73

Semiconductor Manufacturing International Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 0.71 0.72 0.71 0.74 0.71

SHSE:688981 vs NVDA, AVGO, MU: Scaled Net Operating Assets Comparison

For the Semiconductors subindustry, Semiconductor Manufacturing International'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.


Semiconductor Manufacturing International Scaled Net Operating Assets vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Semiconductor Manufacturing International's Scaled Net Operating Assets distribution charts can be found below:

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


SHSE:688981
77GF Score
Semiconductor Manufacturing International Corp SHSE:688981
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Semiconductor Manufacturing International 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.

Semiconductor Manufacturing International'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 )
=(294880.126-32783.307)/357928.298
=0.73

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=368157.276 - 73277.15
=294880.126

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=121500.729 - 70401.087 - 18316.335
=32783.307

Semiconductor Manufacturing International'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 )
=(294191.88-32189.863)/368157.276
=0.71

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=378885.644 - 84693.764
=294191.88

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=132209.824 - 70314.024 - 29705.937
=32189.863

* 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 0.71 mean?
Semiconductor Manufacturing International (SHSE:688981) has a Scaled Net Operating Assets of 0.71 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 Semiconductor Manufacturing International and its competitors.
Is Semiconductor Manufacturing International's Scaled Net Operating Assets too high?
Semiconductor Manufacturing International's current Scaled Net Operating Assets is 0.71. Overall, Semiconductor Manufacturing International has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Semiconductor Manufacturing International's Scaled Net Operating Assets compare to NVDA and AVGO?
Semiconductor Manufacturing International's Scaled Net Operating Assets of 0.71 can be compared against companies in the Semiconductors 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 Semiconductors company?
A good Scaled Net Operating Assets depends on the Semiconductors 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 Semiconductor Manufacturing International and its competitors. Semiconductor Manufacturing International's current Scaled Net Operating Assets is 0.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Semiconductor Manufacturing International stock overvalued right now?
Based on GuruFocus' analysis, Semiconductor Manufacturing International (SHSE:688981) is currently considered Significantly Overvalued. The stock's GF Value™ is ¥70.03, compared to a current price of ¥148.76 — trading 112.4% above its estimated fair value. The current Scaled Net Operating Assets is 0.71. Semiconductor Manufacturing International's overall GF Score™ is 77/100 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 Semiconductor Manufacturing International (SHSE:688981), the current Scaled Net Operating Assets is 0.71 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 Semiconductor Manufacturing International (SHSE:688981) Overvalued in 2026?

Based on GuruFocus' analysis, Semiconductor Manufacturing International stock appears to be overvalued. The current stock price of ¥148.76 is trading 112.4% above its estimated GF Value™ of ¥70.03. GuruFocus considers Semiconductor Manufacturing International to be Significantly Overvalued.

Key valuation signals for SHSE:688981:

  • Scaled Net Operating Assets: 0.71
  • GF Value™: ¥70.03 vs. price of ¥148.76 (112.4% above fair value)
  • GF Score™: 77/100 with 6 warning signs

No single metric tells the full story. See the SHSE:688981 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Semiconductor Manufacturing International Business Description

Address No. 18 Zhangjiang Road, Pudong New Area, Shanghai, CHN, 201203
Founded in 2000, Semiconductor Manufacturing International Corporation is the largest foundry in China and the third-largest globally after TSMC and Samsung Electronics, overtaking GlobalFoundries and United Microelectronics in 2024. The company's headquarters and foundry are in Shanghai, with additional foundries in Beijing, Tianjin, and Shenzhen, and offices in the United States, Europe, Japan, Taiwan, and Hong Kong. Its products are used in artificial intelligence, data centers, automotive, consumer electronics, memory, and "Internet of Things" products. SMIC employs 19,952 people as of Dec. 31, 2025.
77GF Score

Get the complete analysis for SHSE:688981

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

¥148.76
Price
¥70.03
GF Value