SPLP (Steel Partners Holdings LP) Scaled Net Operating Assets: 0.27 (As of Sep. 2025)


SPLP Steel Partners Holdings LP SPLP
66 GF Score
Price $50.00
GF Value $51.26
! 4 Warning Signs
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What is Steel Partners Holdings LP Scaled Net Operating Assets?

Steel Partners Holdings LP SPLP -0.20% 66 Scaled Net Operating Assets is 0.27 as of Sep. 2025. GuruFocus rates SPLP with a GF Score™ of 66/100 and a GF Value™ of $51.26. The stock has 4 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.

Steel Partners Holdings LP's operating assets for the quarter that ended in Sep. 2025 was $3,396 Mil. Steel Partners Holdings LP's operating liabilities for the quarter that ended in Sep. 2025 was $2,416 Mil. Steel Partners Holdings LP's Total Assets for the quarter that ended in Jun. 2025 was $3,646 Mil. Therefore, Steel Partners Holdings LP's scaled net operating assets (SNOA) for the quarter that ended in Sep. 2025 was 0.27.


Steel Partners Holdings LP Scaled Net Operating Assets Historical Data

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The historical data trend for Steel Partners Holdings LP'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.

Steel Partners Holdings LP Scaled Net Operating Assets Chart

Steel Partners Holdings LP Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.22 0.25 0.31 0.22 0.24

Steel Partners Holdings LP Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25
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 0.24 0.26 0.28 0.30 0.27

SPLP vs MATW, DLX, FIP: Scaled Net Operating Assets Comparison

For the Conglomerates subindustry, Steel Partners Holdings LP'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.


Steel Partners Holdings LP Scaled Net Operating Assets vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Steel Partners Holdings LP's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Steel Partners Holdings LP's Scaled Net Operating Assets falls into.


SPLP
66GF Score
Steel Partners Holdings LP SPLP
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Steel Partners Holdings LP 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.

Steel Partners Holdings LP's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2024 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2024 )
=(Operating Assets (A: Dec. 2024 )-Operating Liabilities (A: Dec. 2024 ))/Total Assets (A: Dec. 2023 )
=(3175.825-2232.489)/3990.44
=0.24

where

Operating Assets(A: Dec. 2024 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=3580.267 - 404.442
=3175.825

Operating Liabilities(A: Dec. 2024 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2406.843 - 174.354 - 0
=2232.489

Steel Partners Holdings LP's Scaled Net Operating Assets (SNOA) for the quarter that ended in Sep. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Sep. 2025 )
=(Operating Assets (Q: Sep. 2025 )-Operating Liabilities (Q: Sep. 2025 ))/Total Assets (Q: Jun. 2025 )
=(3396.135-2415.668)/3646.324
=0.27

where

Operating Assets(Q: Sep. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=3856.603 - 460.468
=3396.135

Operating Liabilities(Q: Sep. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2534.927 - 119.259 - 0
=2415.668

* 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 0.27 mean?
Steel Partners Holdings LP (SPLP) has a Scaled Net Operating Assets of 0.27 as of Sep. 2025. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Steel Partners Holdings LP and its competitors.
Is Steel Partners Holdings LP's Scaled Net Operating Assets too high?
Steel Partners Holdings LP's current Scaled Net Operating Assets is 0.27. Overall, Steel Partners Holdings LP has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.
How does Steel Partners Holdings LP's Scaled Net Operating Assets compare to MATW and DLX?
Steel Partners Holdings LP's Scaled Net Operating Assets of 0.27 can be compared against companies in the Conglomerates 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 Conglomerates company?
A good Scaled Net Operating Assets depends on the Conglomerates 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 Steel Partners Holdings LP and its competitors. Steel Partners Holdings LP's current Scaled Net Operating Assets is 0.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steel Partners Holdings LP stock overvalued right now?
Steel Partners Holdings LP (SPLP) has a current Scaled Net Operating Assets of 0.27. The stock's GF Value™ is $51.26, compared to a current price of $50.00 — trading 2.5% below its estimated fair value. The current Scaled Net Operating Assets is 0.27. Steel Partners Holdings LP's overall GF Score™ is 66/100 with 4 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 Steel Partners Holdings LP (SPLP), the current Scaled Net Operating Assets is 0.27 as of Sep. 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 Steel Partners Holdings LP (SPLP) Overvalued in 2026?

Based on GuruFocus' analysis, Steel Partners Holdings LP stock appears to be undervalued. The current stock price of $50.00 is trading 2.5% below its estimated GF Value™ of $51.26.

Key valuation signals for SPLP:

  • Scaled Net Operating Assets: 0.27
  • GF Value™: $51.26 vs. price of $50.00 (2.5% below fair value)
  • GF Score™: 66/100 with 4 warning signs

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


Steel Partners Holdings LP Business Description

Other Exchanges SPLPP.PFD:USA
Address 590 Madison Avenue, 32nd Floor, New York, NY, USA, 10022
Steel Partners Holdings LP operates in industrial products, energy, defense, supply chain management and logistics, banking, and youth sports industries. Its segments include the Diversified Industrial segment comprised of manufacturers of engineered niche industrial products, joining materials, tubing, building materials, performance materials etc; the Energy segment provides drilling and production services to the oil and gas industry and owns a youth sports business; the Financial Services segment consists of the operations of WebBank, a Utah chartered industrial bank, which engages in full range of banking activities; The Supply Chain segment consists of end-to-end world-wide supply; and Corporate and Other consists of equity method and other investments, and cash and cash equivalents.
66GF 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.

$50.00
Price
$51.26
GF Value