Space Exploration Technologies (TSX:SPCX) Scaled Net Operating Assets: 0.68 (As of Dec. 2025)


TSX:SPCX Space Exploration Technologies Corp TSX:SPCX
15 GF Score
Price C$25.90
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What is Space Exploration Technologies Scaled Net Operating Assets?

Space Exploration Technologies TSX:SPCX -1.15% 15 Scaled Net Operating Assets is 0.68 as of Dec. 2025. GuruFocus rates TSX:SPCX with a GF Score™ of 15/100. The stock has 2 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.

Space Exploration Technologies's operating assets for the quarter that ended in Dec. 2025 was C$92,884 Mil. Space Exploration Technologies's operating liabilities for the quarter that ended in Dec. 2025 was C$37,848 Mil. Space Exploration Technologies's Total Assets for the quarter that ended in Dec. 2024 was C$81,296 Mil. Therefore, Space Exploration Technologies's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.68.

Space Exploration Technologies Scaled Net Operating Assets Historical Data

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The historical data trend for Space Exploration Technologies'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.

Space Exploration Technologies Scaled Net Operating Assets Chart

Space Exploration Technologies Annual Data
Trend Dec23 Dec24 Dec25
Scaled Net Operating Assets
0.00 0.00 0.68

Space Exploration Technologies Semi-Annual Data
Dec23 Dec24 Dec25
Scaled Net Operating Assets 0.00 0.00 0.68

TSX:SPCX vs : Scaled Net Operating Assets Comparison

For the Aerospace & Defense subindustry, Space Exploration Technologies'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.

Space Exploration Technologies Scaled Net Operating Assets vs Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, Space Exploration Technologies's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Space Exploration Technologies's Scaled Net Operating Assets falls into.


TSX:SPCX
15GF Score
Space Exploration Technologies Corp TSX:SPCX
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Space Exploration Technologies 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.

Space Exploration Technologies'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 )
=(92884.494-37847.962)/81296.231
=0.68

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=127022.981 - 34138.487
=92884.494

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=70015.143 - 30304.856 - 1862.325
=37847.962

Space Exploration Technologies'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: Dec. 2024 )
=(92884.494-37847.962)/81296.231
=0.68

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=127022.981 - 34138.487
=92884.494

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=70015.143 - 30304.856 - 1862.325
=37847.962

* 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 0.68 mean?
Space Exploration Technologies (TSX:SPCX) has a Scaled Net Operating Assets of 0.68 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 Space Exploration Technologies and its competitors.
Is Space Exploration Technologies' Scaled Net Operating Assets too high?
Space Exploration Technologies' current Scaled Net Operating Assets is 0.68. Overall, Space Exploration Technologies has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Space Exploration Technologies' Scaled Net Operating Assets compare to ?
Space Exploration Technologies' Scaled Net Operating Assets of 0.68 can be compared against companies in the Aerospace & Defense 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 Aerospace & Defense company?
A good Scaled Net Operating Assets depends on the Aerospace & Defense 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 Space Exploration Technologies and its competitors. Space Exploration Technologies's current Scaled Net Operating Assets is 0.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Space Exploration Technologies stock overvalued right now?
Space Exploration Technologies (TSX:SPCX) has a current Scaled Net Operating Assets of 0.68. The current Scaled Net Operating Assets is 0.68. Space Exploration Technologies' overall GF Score™ is 15/100 with 2 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 Space Exploration Technologies (TSX:SPCX), the current Scaled Net Operating Assets is 0.68 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.

Space Exploration Technologies Business Description

Comparable Companies
Address 1 Rocket Road, Starbase, TX, USA, 78521
Founded in 2002 and commonly known as SpaceX, the Space Exploration Technologies Corporation designs, manufactures, and operates a family of reusable rockets to launch various payloads into Earth orbit for government and commercial customers. Starting in 2019, the company began launching a constellation of its own communication satellites to provide mobile broadband and wireless services under the Starlink brand. In early 2026, the company acquired xAI from its founder, Elon Musk, which operates a large language artificial intelligence model named Grok, a gigawatt-scale data center called Colossus, and the social media network X.
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