Straumann Holding AG (XSWX:STMN) Operating Income : CHF411 Mil (TTM As of Dec. 2023)

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What is Straumann Holding AG Operating Income?

Straumann Holding AG's Operating Income for the six months ended in Dec. 2023 was CHF114 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was CHF411 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Straumann Holding AG's Operating Income for the six months ended in Dec. 2023 was CHF114 Mil. Straumann Holding AG's Revenue for the six months ended in Dec. 2023 was CHF1,195 Mil. Therefore, Straumann Holding AG's Operating Margin % for the quarter that ended in Dec. 2023 was 9.57%.

Warning Sign:

Straumann Holding AG operating margin has been in a 5-year decline. The average rate of decline per year is -2.9%.

Straumann Holding AG's 5-Year average Growth Rate for Operating Margin % was -2.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Straumann Holding AG's annualized ROC % for the quarter that ended in Dec. 2023 was 4.43%. Straumann Holding AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 7.48%.

Straumann Holding AG Operating Income Historical Data

The historical data trend for Straumann Holding AG'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.

Straumann Holding AG Operating Income Chart

Straumann Holding AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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374.33

151.68

536.51

535.35

410.97

Straumann Holding AG 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															260.28	323.90	211.46	296.59	114.39

Straumann Holding AG 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 CHF411 Mil.

Straumann Holding AG (XSWX:STMN) Operating Income Explanation

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

Straumann Holding AG'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 )
=	228.774 * ( 1 - 54.74% )	/	( (2173.718	+	2504.141)	/ 2 )
=	103.5431124	/	2338.9295
=	4.43 %

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	))
=	3425.199	-	645.324	-	( 606.157	-	max(0, 956.043	-	1588.459	+	606.157	))
=	2173.718

	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	))
=	3321.979	-	404.301	-	( 413.537	-	max(0, 714.177	-	1390.277	+	413.537	))
=	2504.141

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:

Straumann Holding AG'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 )
=	63.192	/	( ( (684.114 + max(26.259, 0))	+	(708.396 + max(271.954, 0)) )	/	2 )
=	63.192	/	( ( 710.373	+	980.35 )	/	2 )
=	63.192	/	845.3615
=	7.48 %

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)
=	(594.01	+	359.819	+	28.473)	-	(645.324	+	0	+	310.719)
=	26.259

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(466.491	+	366.912	+	123.785)	-	(404.301	+	0	+	280.933)
=	271.954

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 %:

Straumann Holding AG'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 )
	=	114.387	/	1194.931
	=	9.57 %

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.

Straumann Holding AG Operating Income Related Terms

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Straumann Holding AG (XSWX:STMN) Business Description

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GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Straumann Holding AG (XSWX:STMN) » Definitions » Operating Income

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SAUHY:USA SAUHF:USA STMNz:UK 0QMV:UK

Address

Peter Merian-Weg 12, Basel, CHE, 4002

Website

https://www.straumann-group.com

Straumann is a global leader in tooth replacement and orthodontics solutions. Its line of products includes dental implants, abutments, clear aligners, biomaterials, and computer-aided design/computer-aided manufacturing equipment. The company's core products are dental implants, and it holds roughly 30% of the global implant dentistry market, which is estimated to be worth roughly CHF 5.4 billion. Originally a pure premium implant player, Straumann entered the value market in 2012 with its acquisition of Neodent. Straumann now accounts for almost half of the global premium market and around 15% of the value market. While its premium product catalog is marketed under Straumann, its value brands include Neodent, Anthogyr, and Medentika as well as other local and regional brands.

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