TCTZF (Tencent Holdings) Scaled Net Operating Assets: 0.58 (As of Mar. 2026)


TCTZF Tencent Holdings Ltd TCTZF
80 GF Score
Price $57.50
GF Value $69.97
Valuation Modestly Undervalued
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What is Tencent Holdings Scaled Net Operating Assets?

Tencent Holdings TCTZF +4.45% 80 Scaled Net Operating Assets is 0.58 as of Mar. 2026. GuruFocus rates TCTZF with a GF Score™ of 80/100 and a GF Value™ of $69.97 (Modestly Undervalued).

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

Tencent Holdings's operating assets for the quarter that ended in Mar. 2026 was $230,394 Mil. Tencent Holdings's operating liabilities for the quarter that ended in Mar. 2026 was $63,007 Mil. Tencent Holdings's Total Assets for the quarter that ended in Dec. 2025 was $289,497 Mil. Therefore, Tencent Holdings's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.58.

Tencent Holdings Scaled Net Operating Assets Historical Data

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The historical data trend for Tencent Holdings'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.

Tencent Holdings Scaled Net Operating Assets Chart

Tencent Holdings 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 0.72 0.48 0.54 0.67 0.71

Tencent Holdings 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 0.65 0.65 0.62 0.60 0.58

TCTZF vs GOOGL, META, SPOT: Scaled Net Operating Assets Comparison

For the Internet Content & Information subindustry, Tencent Holdings'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.

Tencent Holdings Scaled Net Operating Assets vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Tencent Holdings's Scaled Net Operating Assets distribution charts can be found below:

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


TCTZF
80GF Score
Tencent Holdings Ltd TCTZF
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Tencent Holdings 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.

Tencent Holdings'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 )
=(228906.321-55588.653)/244618.649
=0.71

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=289497.104 - 60590.783
=228906.321

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=113289.556 - 49388.488 - 8312.415
=55588.653

Tencent Holdings'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 )
=(230393.639-63007.21)/289497.104
=0.58

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=297643.679 - 67250.04
=230393.639

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=121844.285 - 50101.566 - 8735.509
=63007.21

* 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 0.58 mean?
Tencent Holdings (TCTZF) has a Scaled Net Operating Assets of 0.58 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 Tencent Holdings and its competitors.
Is Tencent Holdings' Scaled Net Operating Assets too high?
Tencent Holdings' current Scaled Net Operating Assets is 0.58. Overall, Tencent Holdings has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tencent Holdings' Scaled Net Operating Assets compare to GOOGL and META?
Tencent Holdings' Scaled Net Operating Assets of 0.58 can be compared against companies in the Interactive Media 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 Interactive Media company?
A good Scaled Net Operating Assets depends on the Interactive Media 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 Tencent Holdings and its competitors. Tencent Holdings's current Scaled Net Operating Assets is 0.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tencent Holdings stock overvalued right now?
Based on GuruFocus' analysis, Tencent Holdings (TCTZF) is currently considered Modestly Undervalued. The stock's GF Value™ is $69.97, compared to a current price of $57.50 — trading 17.8% below its estimated fair value. The current Scaled Net Operating Assets is 0.58. Tencent Holdings' overall GF Score™ is 80/100. 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 Tencent Holdings (TCTZF), the current Scaled Net Operating Assets is 0.58 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 Tencent Holdings (TCTZF) Overvalued in 2026?

Based on GuruFocus' analysis, Tencent Holdings stock appears to be undervalued. The current stock price of $57.50 is trading 17.8% below its estimated GF Value™ of $69.97. GuruFocus considers Tencent Holdings to be Modestly Undervalued.

Key valuation signals for TCTZF:

  • Scaled Net Operating Assets: 0.58
  • GF Value™: $69.97 vs. price of $57.50 (17.8% below fair value)
  • GF Score™: 80/100

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

Tencent Holdings Business Description

Address No. 33 Haitian 2nd Road, Tencent Binhai Towers, Nanshan District, Shenzhen, CHN, 518054
Tencent is the world's largest game publisher, with top-grossing mobile hits like Honor of Kings and Peacekeeper Elite and a steady pipeline of new titles. It also operates WeChat-China's super-app with roughly 1.3 billion users-embedded in daily life for messaging, short video, mini programs, payments, and shopping. Beyond its own platforms, Tencent is a prolific strategic investor, holding stakes in leading internet companies such as PDD, Kuaishou, and Xiaohongshu.
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$57.50
Price
$69.97
GF Value