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Net operating assets (NOA) are a business's operating assets minus its operating liabilities.[1] NOA is calculated by reformatting the balance sheet so that operating activities are separated from financing activities. This is done so that the operating performance of the business can be isolated and valued independently of the financing performance. Management is usually not responsible for creating value through financing activities unless the company is in the finance industry, therefore reformatting the balance sheet allows investors to value just the operating activities and hence get a more accurate valuation of the company. One school of thought is that there is no such security as an operating liability. All liabilities are a form of invested capital, and are discretionary, so the concept of net operating assets has no basis because operating assets are not discretionary.
NOA are mathematically equivalent to the invested capital (IC), which represents the funds invested into the company that demand a financial return in the form of dividends (equity) or interests (other short and long-term debts, excluding operating liabilities such as Accounts Payable).
^Zhang, Yinglei (2006). "Net Operating Assets as a Predictor of Industry Stock Returns". SSRN Electronic Journal. doi:10.2139/ssrn.900264. ISSN 1556-5068.
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