Step Co (TSE:9795) Scaled Net Operating Assets: 0.66 (As of Mar. 2026)


TSE:9795 Step Co Ltd TSE:9795
74 GF Score
Price 円2,262.00
GF Value 円2,362.47
Valuation Fairly Valued
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What is Step Co Scaled Net Operating Assets?

Step Co TSE:9795 74 Scaled Net Operating Assets is 0.66 as of Mar. 2026. GuruFocus rates TSE:9795 with a GF Score™ of 74/100 and a GF Value™ of 円2,362.47 (Fairly Valued).

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

Step Co's operating assets for the quarter that ended in Mar. 2026 was 円23,032 Mil. Step Co's operating liabilities for the quarter that ended in Mar. 2026 was 円2,773 Mil. Step Co's Total Assets for the quarter that ended in Sep. 2025 was 円30,571 Mil. Therefore, Step Co's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.66.


Step Co Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Step 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.

Step Co Scaled Net Operating Assets Chart

Step Co Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.61 0.59 0.60 0.59 0.67

Step Co Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 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 0.59 0.58 0.59 0.66 0.66

TSE:9795 vs EDU, TAL, LAUR: Scaled Net Operating Assets Comparison

For the Education & Training Services subindustry, Step 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.


Step Co Scaled Net Operating Assets vs Education Industry

For the Education industry and Consumer Defensive sector, Step Co's Scaled Net Operating Assets distribution charts can be found below:

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


TSE:9795
74GF Score
Step Co Ltd TSE:9795
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Step 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.

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

Scaled Net Operating Assets (SNOA)(A: Sep. 2025 )
=(Operating Assets (A: Sep. 2025 )-Operating Liabilities (A: Sep. 2025 ))/Total Assets (A: Sep. 2024 )
=(22726.735-3006.19)/29260.273
=0.67

where

Operating Assets(A: Sep. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=30571.07 - 7844.335
=22726.735

Operating Liabilities(A: Sep. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=3148.437 - 53.949 - 88.298
=3006.19

Step Co'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: Sep. 2025 )
=(23031.574-2772.786)/30571.07
=0.66

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=30618.416 - 7586.842
=23031.574

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=2875.306 - 35.94 - 66.58
=2772.786

* 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 0.66 mean?
Step Co (TSE:9795) has a Scaled Net Operating Assets of 0.66 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 Step Co and its competitors.
Is Step Co's Scaled Net Operating Assets too high?
Step Co's current Scaled Net Operating Assets is 0.66. Overall, Step Co has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Step Co's Scaled Net Operating Assets compare to EDU and TAL?
Step Co's Scaled Net Operating Assets of 0.66 can be compared against companies in the Education 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 Education company?
A good Scaled Net Operating Assets depends on the Education 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 Step Co and its competitors. Step Co's current Scaled Net Operating Assets is 0.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Step Co stock overvalued right now?
Based on GuruFocus' analysis, Step Co (TSE:9795) is currently considered Fairly Valued. The stock's GF Value™ is 円2,362.47, compared to a current price of 円2,262.00 — trading 4.3% below its estimated fair value. The current Scaled Net Operating Assets is 0.66. Step Co's overall GF Score™ is 74/100. 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 Step Co (TSE:9795), the current Scaled Net Operating Assets is 0.66 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 Step Co (TSE:9795) Overvalued in 2026?

Based on GuruFocus' analysis, Step Co stock appears to be undervalued. The current stock price of 円2,262.00 is trading 4.3% below its estimated GF Value™ of 円2,362.47. GuruFocus considers Step Co to be Fairly Valued.

Key valuation signals for TSE:9795:

  • Scaled Net Operating Assets: 0.66
  • GF Value™: 円2,362.47 vs. price of 円2,262.00 (4.3% below fair value)
  • GF Score™: 74/100

No single metric tells the full story. See the TSE:9795 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Step Co Business Description

Address Fujisawa 602, Kanagawa Prefecture, Fujisawa, JPN, 251-0052
Step Co Ltd is a Japan-based company engaged in the operation of private preparatory schools. The company operates cram schools and after-school care facilities, and produces and edits educational materials, as well as prints and binds books. The company is engaged in providing high school entrance exam preparation courses, Teaching Materials Research Division produces manuscripts and original plates for teaching materials, academic programs, physical education, and shogi (Japanese chess), and other activities.
74GF Score

Get the complete analysis for TSE:9795

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

円2,262.00
Price
円2,362.47
GF Value