First Brothers Co (TSE:3454) Scaled Net Operating Assets: 0.85 (As of May. 2026)

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TSE:3454 First Brothers Co Ltd TSE:3454
65 GF Score
Price 円1,277.00
GF Value 円1,541.44
Valuation Modestly Undervalued
! 4 Warning Signs
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What is First Brothers Co Scaled Net Operating Assets?

First Brothers Co TSE:3454 +0.08% 65 Scaled Net Operating Assets is 0.85 as of May. 2026. GuruFocus rates TSE:3454 with a GF Score™ of 65/100 and a GF Value™ of 円1,541.44 (Modestly Undervalued). 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.

First Brothers Co's operating assets for the quarter that ended in May. 2026 was 円80,408 Mil. First Brothers Co's operating liabilities for the quarter that ended in May. 2026 was 円6,078 Mil. First Brothers Co's Total Assets for the quarter that ended in Feb. 2026 was 円87,190 Mil. Therefore, First Brothers Co's scaled net operating assets (SNOA) for the quarter that ended in May. 2026 was 0.85.


First Brothers Co Scaled Net Operating Assets Historical Data

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The historical data trend for First Brothers 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.

First Brothers Co Scaled Net Operating Assets Chart

First Brothers Co Annual Data
Trend Nov16 Nov17 Nov18 Nov19 Nov20 Nov21 Nov22 Nov23 Nov24 Nov25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.85 0.89 0.85 0.87 0.85

First Brothers Co Quarterly Data
Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Nov24 May25 Aug25 Nov25 Feb26 May26
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 0.89 0.87 0.86 0.88 0.85

TSE:3454 vs BLK, BX, KKR: Scaled Net Operating Assets Comparison

For the Asset Management subindustry, First Brothers 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.


First Brothers Co Scaled Net Operating Assets vs Asset Management Industry

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

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


TSE:3454
65GF Score
First Brothers Co Ltd TSE:3454
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

First Brothers 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.

First Brothers Co's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Nov. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Nov. 2025 )
=(Operating Assets (A: Nov. 2025 )-Operating Liabilities (A: Nov. 2025 ))/Total Assets (A: Nov. 2024 )
=(82438.934-7095.784)/89141.585
=0.85

where

Operating Assets(A: Nov. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=89832.918 - 7393.984
=82438.934

Operating Liabilities(A: Nov. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=63580.089 - 53604.189 - 2880.116
=7095.784

First Brothers Co's Scaled Net Operating Assets (SNOA) for the quarter that ended in May. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: May. 2026 )
=(Operating Assets (Q: May. 2026 )-Operating Liabilities (Q: May. 2026 ))/Total Assets (Q: Feb. 2026 )
=(80408.134-6077.782)/87189.581
=0.85

where

Operating Assets(Q: May. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=88333.83 - 7925.696
=80408.134

Operating Liabilities(Q: May. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=60124.813 - 51211.314 - 2835.717
=6077.782

* 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 0.85 mean?
First Brothers Co (TSE:3454) has a Scaled Net Operating Assets of 0.85 as of May. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on First Brothers Co and its competitors.
Is First Brothers Co's Scaled Net Operating Assets too high?
First Brothers Co's current Scaled Net Operating Assets is 0.85. Overall, First Brothers Co has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does First Brothers Co's Scaled Net Operating Assets compare to BLK and BX?
First Brothers Co's Scaled Net Operating Assets of 0.85 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 First Brothers Co and its competitors. First Brothers Co's current Scaled Net Operating Assets is 0.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Brothers Co stock overvalued right now?
Based on GuruFocus' analysis, First Brothers Co (TSE:3454) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,541.44, compared to a current price of 円1,277.00 — trading 17.2% below its estimated fair value. The current Scaled Net Operating Assets is 0.85. First Brothers Co's overall GF Score™ is 65/100 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 First Brothers Co (TSE:3454), the current Scaled Net Operating Assets is 0.85 as of May. 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 First Brothers Co (TSE:3454) Overvalued in 2026?

Based on GuruFocus' analysis, First Brothers Co stock appears to be undervalued. The current stock price of 円1,277.00 is trading 17.2% below its estimated GF Value™ of 円1,541.44. GuruFocus considers First Brothers Co to be Modestly Undervalued.

Key valuation signals for TSE:3454:

  • Scaled Net Operating Assets: 0.85
  • GF Value™: 円1,541.44 vs. price of 円1,277.00 (17.2% below fair value)
  • GF Score™: 65/100 with 4 warning signs

No single metric tells the full story. See the TSE:3454 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


First Brothers Co Business Description

Address 2-4-1 Marunouchi, 25th Floor, Marunouchi Building, Chiyoda-ku, Tokyo, JPN, 100-6325
First Brothers Co Ltd engages in the investment management business. It operates through the Investment Management, Investment Banking, and Facility Management divisions. The Investment Management division invests in real estate or real estate trust beneficiary rights by performing asset management in a private fund format. The Investment Banking division provides various advisory services for real estate and other investments. The Facility Management operates accommodation facilities to provide hospitality services from a medium-to long-term perspective.
65GF Score

Get the complete analysis for TSE:3454

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

円1,277.00
Price
円1,541.44
GF Value