Substrate Artificial Inteligence (XMAD:SAI) EBIT: €-6.11 Mil (TTM As of Dec. 2025)


What is Substrate Artificial Inteligence EBIT?

Substrate Artificial Inteligence XMAD:SAI +0.80% EBIT is €-6.11 Mil as of Dec. 2025. The stock has 7 warning signs investors should review.

Substrate Artificial Inteligence's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2025 was €-7.04 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was €-6.11 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Substrate Artificial Inteligence's annualized ROC % for the quarter that ended in Dec. 2025 was 2.47%. Substrate Artificial Inteligence's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -1,424.49%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Substrate Artificial Inteligence's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -21.64%.

Substrate Artificial Inteligence  (XMAD:SAI) EBIT Explanation

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

Substrate Artificial Inteligence's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=1.596 * ( 1 - 4.66% )/( (64.504 + 58.522)/ 2 )
=1.5216264/61.513
=2.47 %

where

Invested Capital(Q: Jun. 2025 )
=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))
=69.083 - 10.143 - ( 2.352 - max(0, 18.109 - 12.545+2.352))
=64.504

Invested Capital(Q: Dec. 2025 )
=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))
=65.926 - 11.076 - ( 1.532 - max(0, 17.006 - 13.334+1.532))
=58.522

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

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

Substrate Artificial Inteligence's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-14.074/( ( (1.102 + max(-9.184, 0)) + (0.874 + max(-5.237, 0)) )/ 2 )
=-14.074/( ( 1.102 + 0.874 )/ 2 )
=-14.074/0.988
=-1,424.49 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(6.187 + 0.995 + 0.233) - (10.143 + 0 + 6.456)
=-9.184

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(8.173 + 1.769 + 0.075999999999999) - (11.076 + 0 + 4.179)
=-5.237

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Substrate Artificial Inteligence's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=-6.107/28.220
=-21.64 %

* 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.

Substrate Artificial Inteligence EBIT Related Terms

Substrate Artificial Inteligence EBIT Historical Data

* Premium members only.

The historical data trend for Substrate Artificial Inteligence's EBIT 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.

Substrate Artificial Inteligence EBIT Chart

Substrate Artificial Inteligence Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
-1.88 -15.49 -7.54 9.45 -6.11

Substrate Artificial Inteligence Semi-Annual Data
Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only -6.48 1.35 8.10 0.93 -7.04

XMAD:SAI vs MSFT, ORCL, PLTR: EBIT Comparison

For the Software - Infrastructure subindustry, Substrate Artificial Inteligence's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Substrate Artificial Inteligence EV-to-EBIT vs Software Industry

For the Software industry and Technology sector, Substrate Artificial Inteligence's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Substrate Artificial Inteligence's EV-to-EBIT falls into.


Substrate Artificial Inteligence EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was €-6.11 Mil.

* 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.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of €-6.11 Mil mean?
Substrate Artificial Inteligence (XMAD:SAI) has a EBIT of €-6.11 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Substrate Artificial Inteligence.
Is Substrate Artificial Inteligence's EBIT too high?
Substrate Artificial Inteligence's current EBIT is €-6.11 Mil.
How does Substrate Artificial Inteligence's EBIT compare to MSFT and ORCL?
Substrate Artificial Inteligence's EBIT of €-6.11 Mil can be compared against companies in the Software industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Software company?
A good EBIT depends on the Software industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Substrate Artificial Inteligence. Substrate Artificial Inteligence's current EBIT is €-6.11 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Substrate Artificial Inteligence stock overvalued right now?
Based on GuruFocus' analysis, Substrate Artificial Inteligence (XMAD:SAI) is currently considered Possible Value Trap. The stock's GF Value™ is €0.20, compared to a current price of €0.03 — trading 87.4% below its estimated fair value. The current EBIT is €-6.11 Mil. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Substrate Artificial Inteligence (XMAD:SAI), the current EBIT is €-6.11 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Substrate Artificial Inteligence Business Description

Address C/ Maria de Molina, 41, Office 503, Madrid, ESP, 28006
Substrate Artificial Inteligence SA is an Artificial Intelligence company in Spain. Its software is applied in agritech, energy, industry, fintech, human resources, or health sectors. Its technology is easy to implement and allows it to address all the problems faced by companies in the digitization and streamlining of their processes, optimizing decision-making and generating great cost savings.