Gold Fields (Gold Fields) Operating Income : $1,467 Mil (TTM As of Dec. 2023)

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What is Gold Fields Operating Income?

Gold Fields's Operating Income for the six months ended in Dec. 2023 was $690 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $1,467 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Gold Fields's Operating Income for the six months ended in Dec. 2023 was $690 Mil. Gold Fields's Revenue for the six months ended in Dec. 2023 was $2,234 Mil. Therefore, Gold Fields's Operating Margin % for the quarter that ended in Dec. 2023 was 30.89%.

Good Sign:

Gold Fields Ltd operating margin is expanding. Margin expansion is usually a good sign.

Gold Fields's 5-Year average Growth Rate for Operating Margin % was 16.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Gold Fields's annualized ROC % for the quarter that ended in Dec. 2023 was 10.99%. Gold Fields's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 18.63%.

Gold Fields Operating Income Historical Data

The historical data trend for Gold Fields's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Gold Fields Operating Income Chart

Gold Fields Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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747.50

1,491.90

1,565.70

1,436.40

1,467.10

Gold Fields Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Operating Income	Get a 7-Day Free Trial															834.00	828.00	608.40	777.00	690.10

Gold Fields Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was $1,467 Mil.

Gold Fields (NYSE:GFI) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Gold Fields's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	1380.2 * ( 1 - 41.31% )	/	( (7657.8	+	7083.8)	/ 2 )
=	810.03938	/	7370.8
=	10.99 %

where

	Invested Capital		(Q: Jun. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	7847.3	-	0	-	( 650.5	-	max(0, 1568.6	-	1758.1	+	650.5	))
=	7657.8

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	8226.3	-	760.6	-	( 648.7	-	max(0, 1505.8	-	1887.7	+	648.7	))
=	7083.8

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Gold Fields's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	983	/	( ( (4829.8 + max(386.1, 0))	+	(5074.4 + max(263.2, 0)) )	/	2 )
=	983	/	( ( 5215.9	+	5337.6 )	/	2 )
=	983	/	5276.75
=	18.63 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	1107.6)	-	(0	+	0	+	721.5)
=	386.1

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(68.7	+	827.9	+	212.6)	-	(760.6	+	0	+	85.4)
=	263.2

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Gold Fields's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	690.1	/	2234.4
	=	30.89 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Gold Fields Operating Income Related Terms

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Gold Fields (Gold Fields) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Gold Fields Ltd (NYSE:GFI) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

GFI:South Africa GFIOF:USA EDGA:Germany EDG:Germany EDG:Germany EDGA:Germany EDG:Germany G1FI34:Brazil GFI:Argentina

Address

150 Helen Road, Sandown, Sandton, Johannesburg, GT, ZAF, 2196

Website

https://www.goldfields.com

Gold Fields Ltd is a producer of gold and is a holder of gold reserves and resources in South Africa, Ghana, Australia and Peru. In Peru, the company also produces copper. The company is primarily involved in underground and surface gold and surface copper mining and silver and related activities, including exploration, extraction, processing and smelting. It conducts underground and surface mining operations at St. Ives, underground-only operations at Agnew, Granny Smith and South Deep and surface-only open pit mining at Damang, Tarkwa and Cerro Corona. The company's revenues are derived from the sale of gold that it produces.