Starlux Airlines Co (TPE:2646) Scaled Net Operating Assets: 0.54 (As of Dec. 2025)


TPE:2646 Starlux Airlines Co Ltd TPE:2646
47 GF Score
Price NT$21.30
GF Value NT$31.75
Valuation Possible Value Trap
! 9 Warning Signs
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What is Starlux Airlines Co Scaled Net Operating Assets?

Starlux Airlines Co TPE:2646 +1.19% 47 Scaled Net Operating Assets is 0.54 as of Dec. 2025. GuruFocus rates TPE:2646 with a GF Score™ of 47/100 and a GF Value™ of NT$31.75 (Possible Value Trap). The stock has 9 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.

Starlux Airlines Co's operating assets for the quarter that ended in Dec. 2025 was NT$120,641 Mil. Starlux Airlines Co's operating liabilities for the quarter that ended in Dec. 2025 was NT$49,741 Mil. Starlux Airlines Co's Total Assets for the quarter that ended in Sep. 2025 was NT$130,482 Mil. Therefore, Starlux Airlines Co's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.54.


Starlux Airlines Co Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Starlux Airlines Co'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.

Starlux Airlines Co Scaled Net Operating Assets Chart

Starlux Airlines Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial 1.20 1.76 0.54 0.68 0.60

Starlux Airlines Co Quarterly Data
Dec19 Dec20 Dec21 Jun22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 0.54 0.52 0.58 0.57 0.54

TPE:2646 vs DAL, UAL, LUV: Scaled Net Operating Assets Comparison

For the Airlines subindustry, Starlux Airlines Co'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.


Starlux Airlines Co Scaled Net Operating Assets vs Transportation Industry

For the Transportation industry and Industrials sector, Starlux Airlines Co's Scaled Net Operating Assets distribution charts can be found below:

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


TPE:2646
47GF Score
Starlux Airlines Co Ltd TPE:2646
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Starlux Airlines Co 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.

Starlux Airlines Co'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 )
=(120641.397-49741.284)/119064.801
=0.60

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=137297.56 - 16656.163
=120641.397

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=105901.272 - 54339.027 - 1820.961
=49741.284

Starlux Airlines Co'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: Sep. 2025 )
=(120641.397-49741.284)/130482.372
=0.54

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=137297.56 - 16656.163
=120641.397

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=105901.272 - 54339.027 - 1820.961
=49741.284

* 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 0.54 mean?
Starlux Airlines Co (TPE:2646) has a Scaled Net Operating Assets of 0.54 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 Starlux Airlines Co and its competitors.
Is Starlux Airlines Co's Scaled Net Operating Assets too high?
Starlux Airlines Co's current Scaled Net Operating Assets is 0.54. Overall, Starlux Airlines Co has a GF Score™ of 47/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Starlux Airlines Co's Scaled Net Operating Assets compare to DAL and UAL?
Starlux Airlines Co's Scaled Net Operating Assets of 0.54 can be compared against companies in the Transportation 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 Transportation company?
A good Scaled Net Operating Assets depends on the Transportation 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 Starlux Airlines Co and its competitors. Starlux Airlines Co's current Scaled Net Operating Assets is 0.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Starlux Airlines Co stock overvalued right now?
Based on GuruFocus' analysis, Starlux Airlines Co (TPE:2646) is currently considered Possible Value Trap. The stock's GF Value™ is NT$31.75, compared to a current price of NT$21.30 — trading 32.9% below its estimated fair value. The current Scaled Net Operating Assets is 0.54. Starlux Airlines Co's overall GF Score™ is 47/100 with 9 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 Starlux Airlines Co (TPE:2646), the current Scaled Net Operating Assets is 0.54 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.

Is Starlux Airlines Co (TPE:2646) Overvalued in 2026?

Based on GuruFocus' analysis, Starlux Airlines Co stock appears to be undervalued. The current stock price of NT$21.30 is trading 32.9% below its estimated GF Value™ of NT$31.75. GuruFocus considers Starlux Airlines Co to be Possible Value Trap.

Key valuation signals for TPE:2646:

  • Scaled Net Operating Assets: 0.54
  • GF Value™: NT$31.75 vs. price of NT$21.30 (32.9% below fair value)
  • GF Score™: 47/100 with 9 warning signs

No single metric tells the full story. See the TPE:2646 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Starlux Airlines Co Business Description

Address Zhongxiao E. Road, Section 4, No. 525, 11th Floor, Xinyi District, Taipei, TWN, 11470
Starlux Airlines Co Ltd is an airline company that offers airline services. The company provides civil air transportation, civil aviation personnel training, and other services. It offers flights to more than ten Northeast Asia, Southeast Asia, and Macau destinations. Geographically, the company generates maximum revenue from Taiwan, and the rest from Asia (excluding Taiwan), North America, and other regions.
47GF 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.

NT$21.30
Price
NT$31.75
GF Value