Alpha HPA (ASX:A4N) Operating Income: A$-46.60 Mil (TTM As of Dec. 2025)

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ASX:A4N Alpha HPA Ltd ASX:A4N
27 GF Score
Price A$0.52
! 3 Warning Signs
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What is Alpha HPA Operating Income?

Alpha HPA ASX:A4N -3.74% 27 Operating Income is A$-46.60 Mil as of Dec. 2025. GuruFocus rates ASX:A4N with a GF Score™ of 27/100. The stock has 3 warning signs investors should review.

Alpha HPA's Operating Income for the six months ended in Dec. 2025 was A$-24.54 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was A$-46.60 Mil.

Warning Sign:

Alpha HPA Ltd has never been profitable in the past 3 years. It lost money every year.

Operating Margin % is calculated as Operating Income divided by its Revenue. Alpha HPA's Operating Income for the six months ended in Dec. 2025 was A$-24.54 Mil. Alpha HPA's Revenue for the six months ended in Dec. 2025 was A$0.26 Mil. Therefore, Alpha HPA's Operating Margin % for the quarter that ended in Dec. 2025 was -9,296.97%.

Alpha HPA's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Alpha HPA's annualized ROC % for the quarter that ended in Dec. 2025 was -23.93%. Alpha HPA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -27.33%.


Alpha HPA  (ASX:A4N) Operating Income Explanation

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

Alpha HPA'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 )
=-49.088 * ( 1 - 0% )/( (179.261 + 231.023)/ 2 )
=-49.088/205.142
=-23.93 %

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))
=283.371 - 20.379 - ( 102.036 - max(0, 50.566 - 134.297+102.036))
=179.261

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:

Alpha HPA'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 )
=-44.674/( ( (125.504 + max(-28.233, 0)) + (201.403 + max(-9.728, 0)) )/ 2 )
=-44.674/( ( 125.504 + 201.403 )/ 2 )
=-44.674/163.4535
=-27.33 %

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)
=(0 + 4.336 + 13.914) - (20.379 + 0 + 26.104)
=-28.233

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(9.267 + 4.56 + 23.699) - (39.537 + 0 + 7.717)
=-9.728

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 %:

Alpha HPA'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 )
=-24.544/0.264
=-9,296.97 %

* 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.


Alpha HPA Operating Income Related Terms


Alpha HPA Operating Income Historical Data

* Premium members only.

The historical data trend for Alpha HPA'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.

Alpha HPA Operating Income Chart

Alpha HPA Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -17.16 -14.38 -17.69 -29.79 -43.55

Alpha HPA Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -12.68 -17.12 -21.49 -22.06 -24.54
ASX:A4N
27GF Score
Alpha HPA Ltd ASX:A4N
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Alpha HPA 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 A$-46.60 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 Operating Income →
What does a Operating Income of A$-46.60 Mil mean?
Alpha HPA (ASX:A4N) has a Operating Income of A$-46.60 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Alpha HPA and its competitors.
Is Alpha HPA's Operating Income too high?
Alpha HPA's current Operating Income is A$-46.60 Mil. Overall, Alpha HPA has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.
How does Alpha HPA's Operating Income compare to AA and CENX?
Alpha HPA's Operating Income of A$-46.60 Mil can be compared against companies in the Metals & Mining 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 Metals & Mining company?
A good Operating Income depends on the Metals & Mining 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 Alpha HPA and its competitors. Alpha HPA's current Operating Income is A$-46.60 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alpha HPA stock overvalued right now?
Alpha HPA (ASX:A4N) has a current Operating Income of A$-46.60 Mil. The current Operating Income is A$-46.60 Mil. Alpha HPA's overall GF Score™ is 27/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Alpha HPA (ASX:A4N), the current Operating Income is A$-46.60 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.

Alpha HPA Business Description

Other Exchanges 3AU:Germany
Address 66 Hunter Street, Level 2, Sydney, NSW, AUS, 2000
Alpha HPA Ltd is an Australian metals and technology company. It is engaged in producing ultra-high purity alumina (HPA) and related aluminium materials through its proprietary solvent extraction (SX) and refining technology. The group's product offerings include a range of ultra-high purity aluminium oxides, hydroxides, and nitrates suitable for various high technology industries, including technical ceramics, LED lighting, synthetic sapphire, semiconductors, specialty catalysts, Direct Lithium Extraction (DLE) technology, and lithium-ion battery markets, among others. It has two reportable segments being the development of the HPA First Project, which generates maximum revenue, and the Alpha Sapphire Project.
27GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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