Ultimate Games (WAR:ULG) Scaled Net Operating Assets: 0.66 (As of Sep. 2025)

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WAR:ULG Ultimate Games SA WAR:ULG
90 GF Score
Price zł15.10
GF Value zł16.87
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Ultimate Games Scaled Net Operating Assets?

Ultimate Games WAR:ULG +2.03% 90 Scaled Net Operating Assets is 0.66 as of Sep. 2025. GuruFocus rates WAR:ULG with a GF Score™ of 90/100 and a GF Value™ of zł16.87 (Modestly Undervalued). The stock has 5 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.

Ultimate Games's operating assets for the quarter that ended in Sep. 2025 was zł25.66 Mil. Ultimate Games's operating liabilities for the quarter that ended in Sep. 2025 was zł3.49 Mil. Ultimate Games's Total Assets for the quarter that ended in Jun. 2025 was zł33.46 Mil. Therefore, Ultimate Games's scaled net operating assets (SNOA) for the quarter that ended in Sep. 2025 was 0.66.


Ultimate Games Scaled Net Operating Assets Historical Data

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The historical data trend for Ultimate Games'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.

Ultimate Games Scaled Net Operating Assets Chart

Ultimate Games Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Scaled Net Operating Assets
Get a 7-Day Free Trial 2.98 0.55 0.37 0.41 0.68

Ultimate Games Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25
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 0.63 0.69 0.69 0.62 0.66

WAR:ULG vs NTES, EA, TTWO: Scaled Net Operating Assets Comparison

For the Electronic Gaming & Multimedia subindustry, Ultimate Games'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.


Ultimate Games Scaled Net Operating Assets vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Ultimate Games's Scaled Net Operating Assets distribution charts can be found below:

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


WAR:ULG
90GF Score
Ultimate Games SA WAR:ULG
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Ultimate Games 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.

Ultimate Games's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2024 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2024 )
=(Operating Assets (A: Dec. 2024 )-Operating Liabilities (A: Dec. 2024 ))/Total Assets (A: Dec. 2023 )
=(22.701-3.394)/28.372
=0.68

where

Operating Assets(A: Dec. 2024 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=29.205 - 6.504
=22.701

Operating Liabilities(A: Dec. 2024 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=3.394 - 0 - 0
=3.394

Ultimate Games's Scaled Net Operating Assets (SNOA) for the quarter that ended in Sep. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Sep. 2025 )
=(Operating Assets (Q: Sep. 2025 )-Operating Liabilities (Q: Sep. 2025 ))/Total Assets (Q: Jun. 2025 )
=(25.661-3.491)/33.456
=0.66

where

Operating Assets(Q: Sep. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=33.715 - 8.054
=25.661

Operating Liabilities(Q: Sep. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=3.491 - 0 - 0
=3.491

* 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?
Ultimate Games (WAR:ULG) has a Scaled Net Operating Assets of 0.66 as of Sep. 2025. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Ultimate Games and its competitors.
Is Ultimate Games' Scaled Net Operating Assets too high?
Ultimate Games' current Scaled Net Operating Assets is 0.66. Overall, Ultimate Games has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ultimate Games' Scaled Net Operating Assets compare to NTES and EA?
Ultimate Games' Scaled Net Operating Assets of 0.66 can be compared against companies in the Interactive Media 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 Interactive Media company?
A good Scaled Net Operating Assets depends on the Interactive Media 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 Ultimate Games and its competitors. Ultimate Games'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 Ultimate Games stock overvalued right now?
Based on GuruFocus' analysis, Ultimate Games (WAR:ULG) is currently considered Modestly Undervalued. The stock's GF Value™ is zł16.87, compared to a current price of zł15.10 — trading 10.5% below its estimated fair value. The current Scaled Net Operating Assets is 0.66. Ultimate Games' overall GF Score™ is 90/100 with 5 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 Ultimate Games (WAR:ULG), the current Scaled Net Operating Assets is 0.66 as of Sep. 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 Ultimate Games (WAR:ULG) Overvalued in 2026?

Based on GuruFocus' analysis, Ultimate Games stock appears to be undervalued. The current stock price of zł15.10 is trading 10.5% below its estimated GF Value™ of zł16.87. GuruFocus considers Ultimate Games to be Modestly Undervalued.

Key valuation signals for WAR:ULG:

  • Scaled Net Operating Assets: 0.66
  • GF Value™: zł16.87 vs. price of zł15.10 (10.5% below fair value)
  • GF Score™: 90/100 with 5 warning signs

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


Ultimate Games Business Description

Address ul. Marszalkowska 87/102, Warsaw, POL, 00-683
Ultimate Games SA is a Polish company that operates in the video games market. It is engaged in the production and distribution of games for desktops, mobile devices, and consoles. It develops games on fishing, hunting, and hobby including Ultimate fishing simulator, Pro 2018 Fishing, Priest, Bouncy BOB, Darkest hunters, Earthworms, and The Worst Day Ever.
90GF Score

Get the complete analysis for WAR:ULG

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

zł15.10
Price
zł16.87
GF Value