Net operating assets change rate (ΔNOA/TA)
factor.formula
Net operating assets change rate formula:
Net operating assets calculation formula (details):
Net operating assets calculation formula (simplified):
Formula parameter explanation:
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Net operating assets in the most recent reporting period (period t). It reflects the total net assets used by the company's operating activities in the current reporting period.
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Net operating assets in the same period of the previous year (period t-1). Used as a comparison benchmark to measure changes in net operating assets.
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Total assets for the most recent reporting period (period t). Used to normalize changes in net operating assets, eliminating the impact of differences in company size and making companies of different sizes comparable.
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Total shareholders' equity, including equity attributable to the parent company and minority interests. Represents the equity of the company's owners in the company.
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Total financial liabilities, such as short-term loans, long-term loans, etc. This section is the financing obtained by the enterprise from financial institutions.
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Total financial assets, such as trading financial assets, available-for-sale financial assets, etc. This section is the financial investment held by the enterprise.
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Operating assets mainly refer to assets used in the daily operating activities of an enterprise, such as inventory, accounts receivable, fixed assets, etc.
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Operating liabilities mainly refer to liabilities generated in the daily operating activities of an enterprise, such as accounts payable and advances received.
factor.explanation
An increase in the rate of change of net operating assets (ΔNOA/TA) may mean an increase in the company's investment in operating assets or a decrease in operating liabilities, or it may be caused by a decrease in asset turnover. An excessively high rate of change of net operating assets often indicates that the company may have adopted an aggressive expansion strategy or is facing the risk of declining operating efficiency, which may lead to a decline in future profitability. Therefore, this indicator is generally considered to be a factor that is negatively correlated with future stock returns. Investors can use this factor to identify companies that may face earnings risks or are overvalued.