Pandora A/S (Pandora A/S) Operating Income : $1,023 Mil (TTM As of Dec. 2023)

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What is Pandora A/S Operating Income?

Pandora A/S's Operating Income for the three months ended in Dec. 2023 was $538 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $1,023 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Pandora A/S's Operating Income for the three months ended in Dec. 2023 was $538 Mil. Pandora A/S's Revenue for the three months ended in Dec. 2023 was $1,583 Mil. Therefore, Pandora A/S's Operating Margin % for the quarter that ended in Dec. 2023 was 33.96%.

Good Sign:

Pandora A/S operating margin is expanding. Margin expansion is usually a good sign.

Pandora A/S's 5-Year average Growth Rate for Operating Margin % was 3.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Pandora A/S's annualized ROC % for the quarter that ended in Dec. 2023 was 62.11%. Pandora A/S's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 204.03%.

Pandora A/S Operating Income Historical Data

The historical data trend for Pandora A/S'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.

Pandora A/S Operating Income Chart

Pandora A/S Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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569.40

438.89

887.10

960.15

1,029.88

Pandora A/S Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															456.51	180.66	173.02	131.66	537.54

Pandora A/S 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 quarterly data reported by the company within the most recent 12 months, which was $1,023 Mil.

Pandora A/S (OTCPK:PNDZF) Operating Income Explanation

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

Pandora A/S'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: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	2150.172 * ( 1 - 24.36% )	/	( (2561.644	+	2675.426)	/ 2 )
=	1626.3901008	/	2618.535
=	62.11 %

where

	Invested Capital		(Q: Sep. 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	))
=	3309.53	-	659.015	-	( 121.356	-	max(0, 1018.79	-	1107.661	+	121.356	))
=	2561.644

	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	))
=	3481.887	-	814.508	-	( 204.395	-	max(0, 1178.235	-	1170.188	+	204.395	))
=	2675.426

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

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

Pandora A/S'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: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1934.22	/	( ( (871.818 + max(69.551, 0))	+	(954.673 + max(-135.483, 0)) )	/	2 )
=	1934.22	/	( ( 941.369	+	954.673 )	/	2 )
=	1934.22	/	948.021
=	204.03 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(133.234	+	690.356	+	37.924)	-	(659.015	+	0	+	132.948)
=	69.551

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(196.348	+	609.528	+	27.653)	-	(814.508	+	0	+	154.504)
=	-135.483

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

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

Pandora A/S'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 )
	=	537.543	/	1583.075
	=	33.96 %

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.

Pandora A/S Operating Income Related Terms

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Pandora A/S (Pandora A/S) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Pandora A/S (OTCPK:PNDZF) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

PANDY:USA PNDORc:UK 0NQC:UK PNDORA:Denmark 3P7:Germany

Address

Havneholmen 17-19, Copenhagen, DNK, DK-1561

Website

https://www.pandoragroup.com

Pandora is a premium jewelry brand and the market leader in the charm bracelet category. The company was established in the 1980s in Denmark and since then has expanded globally. Pandora has over 2,500 concept stores globally (1,600 owned and operated, and the remainder run by its franchise partners) as well as multibrand locations and stores-in-stores. Pandora owned retail accounts for 51% of sales, own online channels for 21% and wholesale for the remainder. Charms and bracelets account for almost three fourths of its sales. The firm produces mostly internally in two jewelry-crafting facilities in Thailand.