Net operating assets is a commonly used measure for calculating the return on assets. It is calculated by subtracting operating liabilities from operating assets. The equation is: NOA = operating assets ' operating liabilities. Operating activities are those processes that occur on a daily basis and involve running day-to-day operations. This includes asset transactions as well as liability transactions. For instance, buying inventory is an operating asset transaction; however, paying for the inventory with credit is an operating liability transaction.
Obtain the annual report. You can usually request that an annual report be sent to you for free by the investor relations department of the company you are calculating net operating assets for. You also may be able to download it from the company's website.
Find the balance sheet. The balance sheet has all the information you need to make this calculation. You need the current assets, current liabilities and noncurrent liabilities.
Subtract current assets from current liabilities. This is your value for net current assets.
Add noncurrent assets to net current assets, then subtract noncurrent liabilities to get net operating assets. This is also equivalent to the net financial obligations.