The Why How Do Co (TSE:3823) Scaled Net Operating Assets: 0.32 (As of Feb. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TSE:3823 The Why How Do Co Inc TSE:3823
43 GF Score
Price 円31.00
GF Value 円67.18
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is The Why How Do Co Scaled Net Operating Assets?

The Why How Do Co TSE:3823 43 Scaled Net Operating Assets is 0.32 as of Feb. 2026. GuruFocus rates TSE:3823 with a GF Score™ of 43/100 and a GF Value™ of 円67.18 (Possible Value Trap). 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.

The Why How Do Co's operating assets for the quarter that ended in Feb. 2026 was 円2,045 Mil. The Why How Do Co's operating liabilities for the quarter that ended in Feb. 2026 was 円783 Mil. The Why How Do Co's Total Assets for the quarter that ended in Nov. 2025 was 円3,980 Mil. Therefore, The Why How Do Co's scaled net operating assets (SNOA) for the quarter that ended in Feb. 2026 was 0.32.


The Why How Do Co Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for The Why How Do 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.

The Why How Do Co Scaled Net Operating Assets Chart

The Why How Do Co Annual Data
Trend Aug15 Aug16 Aug17 Aug18 Aug19 Aug20 Aug21 Aug22 Aug23 Aug24
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.39 0.33 0.30 0.38 0.47

The Why How Do Co Quarterly Data
Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Feb25 May25 Aug25 Nov25 Feb26
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 0.57 0.30 0.28 0.53 0.32

TSE:3823 vs QH, SHOP, UBER: Scaled Net Operating Assets Comparison

For the Software - Application subindustry, The Why How Do 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.


The Why How Do Co Scaled Net Operating Assets vs Software Industry

For the Software industry and Technology sector, The Why How Do Co's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where The Why How Do Co's Scaled Net Operating Assets falls into.


TSE:3823
43GF Score
The Why How Do Co Inc TSE:3823
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

The Why How Do 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.

The Why How Do Co's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Aug. 2024 is calculated as

Scaled Net Operating Assets (SNOA)(A: Aug. 2024 )
=(Operating Assets (A: Aug. 2024 )-Operating Liabilities (A: Aug. 2024 ))/Total Assets (A: Aug. 2023 )
=(938.346-296.588)/1353.949
=0.47

where

Operating Assets(A: Aug. 2024 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=1534.03 - 595.684
=938.346

Operating Liabilities(A: Aug. 2024 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=757.414 - 415.058 - 45.768
=296.588

The Why How Do Co's Scaled Net Operating Assets (SNOA) for the quarter that ended in Feb. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Feb. 2026 )
=(Operating Assets (Q: Feb. 2026 )-Operating Liabilities (Q: Feb. 2026 ))/Total Assets (Q: Nov. 2025 )
=(2044.927-783.427)/3980.355
=0.32

where

Operating Assets(Q: Feb. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=3345.155 - 1300.228
=2044.927

Operating Liabilities(Q: Feb. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1927.831 - 875.805 - 268.599
=783.427

* 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 0.32 mean?
The Why How Do Co (TSE:3823) has a Scaled Net Operating Assets of 0.32 as of Feb. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on The Why How Do Co and its competitors.
Is The Why How Do Co's Scaled Net Operating Assets too high?
The Why How Do Co's current Scaled Net Operating Assets is 0.32. Overall, The Why How Do Co has a GF Score™ of 43/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does The Why How Do Co's Scaled Net Operating Assets compare to QH and SHOP?
The Why How Do Co's Scaled Net Operating Assets of 0.32 can be compared against companies in the Software 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 Software company?
A good Scaled Net Operating Assets depends on the Software 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 The Why How Do Co and its competitors. The Why How Do Co's current Scaled Net Operating Assets is 0.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Why How Do Co stock overvalued right now?
Based on GuruFocus' analysis, The Why How Do Co (TSE:3823) is currently considered Possible Value Trap. The stock's GF Value™ is 円67.18, compared to a current price of 円31.00 — trading 53.9% below its estimated fair value. The current Scaled Net Operating Assets is 0.32. The Why How Do Co's overall GF Score™ is 43/100 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 The Why How Do Co (TSE:3823), the current Scaled Net Operating Assets is 0.32 as of Feb. 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 The Why How Do Co (TSE:3823) Overvalued in 2026?

Based on GuruFocus' analysis, The Why How Do Co stock appears to be undervalued. The current stock price of 円31.00 is trading 53.9% below its estimated GF Value™ of 円67.18. GuruFocus considers The Why How Do Co to be Possible Value Trap.

Key valuation signals for TSE:3823:

  • Scaled Net Operating Assets: 0.32
  • GF Value™: 円67.18 vs. price of 円31.00 (53.9% below fair value)
  • GF Score™: 43/100 with 6 warning signs

No single metric tells the full story. See the TSE:3823 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


The Why How Do Co Business Description

Address 22 Aizumi-cho, Daisan Yamada Building, Shinjuku-ku, Tokyo, JPN, 160-0005
The Why How Do Co Inc formerly Acrodea Inc is a software company. It is mainly engaged in the development of platform services for smartphones and IoT related solutions. In addition, the company provides social game and application related development and services.
43GF Score

Get the complete analysis for TSE:3823

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

円31.00
Price
円67.18
GF Value