Bega Cheese (ASX:BGA) Operating Income: A$-6 Mil (TTM As of Dec. 2025)

What is Bega Cheese Operating Income?

Bega Cheese ASX:BGA -0.17% 72 Operating Income is A$-6 Mil as of Dec. 2025. GuruFocus rates ASX:BGA with a GF Score™ of 72/100 and a GF Value™ of A$4.84 (Modestly Overvalued). The stock has 6 warning signs investors should review.

Bega Cheese's Operating Income for the six months ended in Dec. 2025 was A$70 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was A$-6 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Bega Cheese's Operating Income for the six months ended in Dec. 2025 was A$70 Mil. Bega Cheese's Revenue for the six months ended in Dec. 2025 was A$1,871 Mil. Therefore, Bega Cheese's Operating Margin % for the quarter that ended in Dec. 2025 was 3.75%.

Bega Cheese'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. Bega Cheese's annualized ROC % for the quarter that ended in Dec. 2025 was 6.89%. Bega Cheese's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 18.13%.

Bega Cheese (ASX:BGA) Operating Income Explanation

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

Bega Cheese'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 )
=	140.4 * ( 1 - 25.08% )	/	( (1471.6	+	1582.4)	/ 2 )
=	105.18768	/	1527
=	6.89 %

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	))
=	2040.7	-	455	-	( 120.9	-	max(0, 615.4	-	729.5	+	120.9	))
=	1471.6

	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	))
=	2186.8	-	529.2	-	( 75.2	-	max(0, 688.5	-	883.4	+	75.2	))
=	1582.4

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:

Bega Cheese'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 )
=	158	/	( ( (806.3 + max(-12, 0))	+	(797.5 + max(139, 0)) )	/	2 )
=	158	/	( ( 806.3	+	936.5 )	/	2 )
=	158	/	871.4
=	18.13 %

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)
=	(172.5	+	366.3	+	45.5)	-	(455	+	0.2	+	141.1)
=	-12

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(343.2	+	447.5	+	17.5)	-	(529.2	+	12.1	+	127.9)
=	139

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 %:

Bega Cheese'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 )
	=	70.2	/	1871.3
	=	3.75 %

* 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.

Bega Cheese Operating Income Related Terms

Bega Cheese Operating Income Historical Data

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The historical data trend for Bega Cheese's Operating Income can be seen below:

Bega Cheese Operating Income Chart

Bega Cheese Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Operating Income

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67.60

-22.20

-82.70

-36.20

-21.70

Bega Cheese 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															-24.10	-12.10	54.40	-76.10	70.20

72GF Score

Bega Cheese Ltd ASX:BGA

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Bega Cheese 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$-6 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of A$-6 Mil mean?

Bega Cheese (ASX:BGA) has a Operating Income of A$-6 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Bega Cheese and its competitors.

Is Bega Cheese's Operating Income too high?

Bega Cheese's current Operating Income is A$-6 Mil. Overall, Bega Cheese has a GF Score™ of 72/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Bega Cheese's Operating Income compare to KHC and GIS?

Bega Cheese's Operating Income of A$-6 Mil can be compared against companies in the Consumer Packaged Goods 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 Consumer Packaged Goods company?

A good Operating Income depends on the Consumer Packaged Goods 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 Bega Cheese and its competitors. Bega Cheese's current Operating Income is A$-6 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Bega Cheese stock overvalued right now?

Based on GuruFocus' analysis, Bega Cheese (ASX:BGA) is currently considered Modestly Overvalued. The stock's GF Value™ is A$4.84, compared to a current price of A$5.99 — trading 23.8% above its estimated fair value. The current Operating Income is A$-6 Mil. Bega Cheese's overall GF Score™ is 72/100 with 6 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 Bega Cheese (ASX:BGA), the current Operating Income is A$-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 Bega Cheese (ASX:BGA) Overvalued in 2026?

Based on GuruFocus' analysis, Bega Cheese stock appears to be overvalued. The current stock price of A$5.99 is trading 23.8% above its estimated GF Value™ of A$4.84. GuruFocus considers Bega Cheese to be Modestly Overvalued.

Key valuation signals for ASX:BGA:

Operating Income: A$-6 Mil
GF Value™: A$4.84 vs. price of A$5.99 (23.8% above fair value)
GF Score™: 72/100 with 6 warning signs

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

Bega Cheese Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies ASX:CBO ASX:RIC ASX:SHV ASX:BXNDA ASX:CLV ASX:SEA ASX:SPG ASX:BUB ASX:BIO ASX:MBH XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 NSE:NESTLEIND SHSE:603288 KHC SHSE:600887 GIS SZSE:300999

Other Exchanges BGCHY:USA B6G:Germany

Address 23 Ridge Street, Bega, NSW, AUS, 2550

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

Bega Group is an Australia-based dairy processor and food manufacturer of well-known brands including Bega Cheese and Vegemite. Bega operates two segments: The branded segment produces consumer packaged goods primarily sold through the supermarket and foodservice channels, while the bulk segment produces commodity dairy ingredients primarily sold through the business-to-business channel.

72GF Score

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

A$5.99

Price

A$4.84

GF Value

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