Australian Ethical Investment (ASX:AEF) Operating Income: A$32.6 Mil (TTM As of Dec. 2025)

What is Australian Ethical Investment Operating Income?

Australian Ethical Investment ASX:AEF +1.14% 98 Operating Income is A$32.6 Mil as of Dec. 2025. GuruFocus rates ASX:AEF with a GF Score™ of 98/100 and a GF Value™ of A$6.38 (Possible Value Trap). The stock has 2 warning signs investors should review.

Australian Ethical Investment's Operating Income for the six months ended in Dec. 2025 was A$19.8 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was A$32.6 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Australian Ethical Investment's Operating Income for the six months ended in Dec. 2025 was A$19.8 Mil. Australian Ethical Investment's Revenue for the six months ended in Dec. 2025 was A$64.9 Mil. Therefore, Australian Ethical Investment's Operating Margin % for the quarter that ended in Dec. 2025 was 30.45%.

Warning Sign:

Australian Ethical Investment Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -1.9%.

Australian Ethical Investment's 5-Year average Growth Rate for Operating Margin % was -1.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Australian Ethical Investment's annualized ROC % for the quarter that ended in Dec. 2025 was 100.46%. Australian Ethical Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 1,394.30%.

Australian Ethical Investment (ASX:AEF) Operating Income Explanation

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

Australian Ethical Investment'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 )
=	39.536 * ( 1 - 29.73% )	/	( (31.843	+	23.465)	/ 2 )
=	27.7819472	/	27.654
=	100.46 %

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	))
=	69.732	-	11.335	-	( 38.842	-	max(0, 26.535	-	53.089	+	38.842	))
=	31.843

	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	))
=	69.904	-	12.448	-	( 39.925	-	max(0, 21.217	-	55.208	+	39.925	))
=	23.465

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:

Australian Ethical Investment'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 )
=	38.392	/	( ( (2.974 + max(-11.634, 0))	+	(2.533 + max(-5.252, 0)) )	/	2 )
=	38.392	/	( ( 2.974	+	2.533 )	/	2 )
=	38.392	/	2.7535
=	1,394.30 %

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)
=	(12.413	+	0	+	1.834)	-	(11.335	+	3.066	+	11.48)
=	-11.634

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(13.676	+	0	+	1.607)	-	(12.448	+	0.326	+	7.761)
=	-5.252

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 %:

Australian Ethical Investment'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 )
	=	19.768	/	64.917
	=	30.45 %

* 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.

Australian Ethical Investment Operating Income Related Terms

Australian Ethical Investment Operating Income Historical Data

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The historical data trend for Australian Ethical Investment's Operating Income can be seen below:

Australian Ethical Investment Operating Income Chart

Australian Ethical Investment Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Operating Income

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15.10

14.01

13.26

22.26

29.34

Australian Ethical Investment 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															11.72	10.54	16.55	12.79	19.77

98GF Score

Australian Ethical Investment Ltd ASX:AEF

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Australian Ethical Investment 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$32.6 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of A$32.6 Mil mean?

Australian Ethical Investment (ASX:AEF) has a Operating Income of A$32.6 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Australian Ethical Investment and its competitors.

Is Australian Ethical Investment's Operating Income too high?

Australian Ethical Investment's current Operating Income is A$32.6 Mil. Overall, Australian Ethical Investment has a GF Score™ of 98/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Australian Ethical Investment's Operating Income compare to BLK and BX?

Australian Ethical Investment's Operating Income of A$32.6 Mil can be compared against companies in the Asset Management 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 an Asset Management company?

A good Operating Income depends on the Asset Management 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 Australian Ethical Investment and its competitors. Australian Ethical Investment's current Operating Income is A$32.6 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Australian Ethical Investment stock overvalued right now?

Based on GuruFocus' analysis, Australian Ethical Investment (ASX:AEF) is currently considered Possible Value Trap. The stock's GF Value™ is A$6.38, compared to a current price of A$4.45 — trading 30.3% below its estimated fair value. The current Operating Income is A$32.6 Mil. Australian Ethical Investment's overall GF Score™ is 98/100 with 2 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 Australian Ethical Investment (ASX:AEF), the current Operating Income is A$32.6 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 Australian Ethical Investment (ASX:AEF) Overvalued in 2026?

Based on GuruFocus' analysis, Australian Ethical Investment stock appears to be undervalued. The current stock price of A$4.45 is trading 30.3% below its estimated GF Value™ of A$6.38. GuruFocus considers Australian Ethical Investment to be Possible Value Trap.

Key valuation signals for ASX:AEF:

Operating Income: A$32.6 Mil
GF Value™: A$6.38 vs. price of A$4.45 (30.3% below fair value)
GF Score™: 98/100 with 2 warning signs

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

Australian Ethical Investment Business Description

Industry Financial Services Asset Management

Comparable Companies ASX:OBL ASX:ALI ASX:PIC ASX:EQT ASX:WQG ASX:PE1 ASX:WMI ASX:MOT ASX:FGX ASX:WHF BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT AMP LSE:III

Other Exchanges 1OP:Germany

Address 130 Pitt Street, Level 8, Sydney, NSW, AUS, 2000

Website https://www.australianethical.com.au

Australian Ethical Investment Ltd is an Australian-based company engaged in the operating segment of Funds Management. The company is involved in acting as the responsible entity for a range of public offer ethically managed investment schemes and acting as the Trustee of the Australian Ethical Retail Superannuation Fund (Super Fund). The various products offered by the company are Super, Managed funds, ETFs, Insurance, and Pension.

98GF Score

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

A$4.45

Price

A$6.38

GF Value

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