Net operating assets

Net operating assets (NOA) is a measure of a company's ability to finance its operations without borrowing money or taking money from investors. It is the total of a company's assets (things a company owns) minus its liabilities (what it owes to others). The higher a company's NOA, the better the company is at managing its money and generating profits without taking on more debt. NOA is an important measure of a company's financial health.