Net operating assets definition and usage. Net operating assets are those assets of a business directly related to its operations, minus all liabilities directly related to its operations. Stated differently, net operating assets are: + The total assets of a company. - All liabilities. - All financial assets. + All financial liabilities. = Net operating assets. This second definition shows that all finance-related items are to be extracted from assets and liabilities. A financial asset is one that generates interest income, while a financial liability generates interest expense.