ACDSF (CapitaLand Ascendas REIT) Operating Income: $749 Mil (TTM As of Dec. 2025)

What is CapitaLand Ascendas REIT Operating Income?

CapitaLand Ascendas REIT ACDSF 80 Operating Income is $749 Mil as of Dec. 2025. GuruFocus rates ACDSF with a GF Score™ of 80/100 and a GF Value™ of $1.83 (Fairly Valued). The stock has 9 warning signs investors should review.

CapitaLand Ascendas REIT's Operating Income for the six months ended in Dec. 2025 was $382 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $749 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. CapitaLand Ascendas REIT's Operating Income for the six months ended in Dec. 2025 was $382 Mil. CapitaLand Ascendas REIT's Revenue for the six months ended in Dec. 2025 was $607 Mil. Therefore, CapitaLand Ascendas REIT's Operating Margin % for the quarter that ended in Dec. 2025 was 62.82%.

Warning Sign:

CapitaLand Ascendas REIT operating margin has been in a 5-year decline. The average rate of decline per year is -1.8%.

CapitaLand Ascendas REIT's 5-Year average Growth Rate for Operating Margin % was -1.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. CapitaLand Ascendas REIT's annualized ROC % for the quarter that ended in Dec. 2025 was 4.47%. CapitaLand Ascendas REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 202.14%.

CapitaLand Ascendas REIT (OTCPK:ACDSF) Operating Income Explanation

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

CapitaLand Ascendas REIT'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 )
=	763.05 * ( 1 - 6.78% )	/	( (15332.936	+	16485.695)	/ 2 )
=	711.31521	/	15909.3155
=	4.47 %

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	))
=	14376.526	-	324.635	-	( 141.09	-	max(0, 1600.381	-	319.336	+	141.09	))
=	15332.936

	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	))
=	15336.165	-	406.472	-	( 162.272	-	max(0, 1855.136	-	299.134	+	162.272	))
=	16485.695

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:

CapitaLand Ascendas REIT'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 )
=	997.6	/	( ( (518.457 + max(-231.045, 0))	+	(468.564 + max(-425.685, 0)) )	/	2 )
=	997.6	/	( ( 518.457	+	468.564 )	/	2 )
=	997.6	/	493.5105
=	202.14 %

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)
=	(121.88	+	0	+	56.366)	-	(324.635	+	0	+	84.656)
=	-231.045

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(22.42	+	0	+	47.093)	-	(406.472	+	0	+	88.726)
=	-425.685

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. Operating Income is also linked to Operating Margin %:

CapitaLand Ascendas REIT's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	381.525	/	607.285
	=	62.82 %

* 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.

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.

CapitaLand Ascendas REIT Operating Income Related Terms

CapitaLand Ascendas REIT Operating Income Historical Data

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The historical data trend for CapitaLand Ascendas REIT's Operating Income can be seen below:

CapitaLand Ascendas REIT Operating Income Chart

CapitaLand Ascendas REIT Annual Data

Trend

Mar16

Mar17

Mar18

Mar19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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601.35

642.08

690.92

704.49

746.53

CapitaLand Ascendas REIT Semi-Annual Data
	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Operating Income	Get a 7-Day Free Trial															347.81	353.52	350.63	367.34	381.53

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CapitaLand Ascendas REIT ACDSF

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CapitaLand Ascendas REIT 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. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $749 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $749 Mil mean?

CapitaLand Ascendas REIT (ACDSF) has a Operating Income of $749 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on CapitaLand Ascendas REIT and its competitors.

Is CapitaLand Ascendas REIT's Operating Income too high?

CapitaLand Ascendas REIT's current Operating Income is $749 Mil. Overall, CapitaLand Ascendas REIT has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does CapitaLand Ascendas REIT's Operating Income compare to PLD and PSA?

CapitaLand Ascendas REIT's Operating Income of $749 Mil can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a REITs company?

A good Operating Income depends on the REITs industry context. However, Operating Income 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 Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on CapitaLand Ascendas REIT and its competitors. CapitaLand Ascendas REIT's current Operating Income is $749 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is CapitaLand Ascendas REIT stock overvalued right now?

Based on GuruFocus' analysis, CapitaLand Ascendas REIT (ACDSF) is currently considered Fairly Valued. The stock's GF Value™ is $1.83, compared to a current price of $1.92 — trading 5% above its estimated fair value. The current Operating Income is $749 Mil. CapitaLand Ascendas REIT's overall GF Score™ is 80/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For CapitaLand Ascendas REIT (ACDSF), the current Operating Income is $749 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.

Is CapitaLand Ascendas REIT (ACDSF) Overvalued in 2026?

Based on GuruFocus' analysis, CapitaLand Ascendas REIT stock appears to be overvalued. The current stock price of $1.92 is trading 5% above its estimated GF Value™ of $1.83. GuruFocus considers CapitaLand Ascendas REIT to be Fairly Valued.

Key valuation signals for ACDSF:

Operating Income: $749 Mil
GF Value™: $1.83 vs. price of $1.92 (5% above fair value)
GF Score™: 80/100 with 9 warning signs

No single metric tells the full story. See the ACDSF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CapitaLand Ascendas REIT Business Description

Industry Real Estate REITs

Comparable Companies SGX:M44U SGX:ME8U SGX:BUOU SGX:9A4U SGX:O5RU SGX:UIBU SGX:M1GU SGX:DHLU PLD PSA EXR LSE:SGRO EGP LINE CUBE FR REXR STAG MEX:FIBRAPL14 TRNO

Other Exchanges A17U:Singapore S3Z:Germany

Address 168 Robinson Road, No. 30-01 Capital Tower, Singapore, SGP, 068912

Website https://www.capitaland-ascendasreit.com

CapitaLand Ascendas REIT is a real estate investment trust focusing on the industrial and business space. As of Dec. 31, 2025, it held a SGD 18.2 billion portfolio of 222 properties across Singapore, Australia, Europe, and the US. The property types encompass business and science parks, high-specification industrial properties, data centers, light industrial properties, and logistics and distribution centers. The trust is externally managed by Ascendas Funds Management, a subsidiary of CapitaLand Investment, which owns a 17.5% stake in the trust.

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$1.92

Price

$1.83

GF Value

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