Matrix Composites & Engineering (ASX:MCE) Operating Income: A$-15.39 Mil (TTM As of Dec. 2025)

What is Matrix Composites & Engineering Operating Income?

Matrix Composites & Engineering ASX:MCE 45 Operating Income is A$-15.39 Mil as of Dec. 2025. GuruFocus rates ASX:MCE with a GF Score™ of 45/100 and a GF Value™ of A$0.38 (Fairly Valued). The stock has 10 warning signs investors should review.

Matrix Composites & Engineering's Operating Income for the six months ended in Dec. 2025 was A$-10.83 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was A$-15.39 Mil.

Warning Sign:

Matrix Composites & Engineering Ltd had lost money in 67% of the time over the past 3quarters.

Operating Margin % is calculated as Operating Income divided by its Revenue. Matrix Composites & Engineering's Operating Income for the six months ended in Dec. 2025 was A$-10.83 Mil. Matrix Composites & Engineering's Revenue for the six months ended in Dec. 2025 was A$26.86 Mil. Therefore, Matrix Composites & Engineering's Operating Margin % for the quarter that ended in Dec. 2025 was -40.30%.

Matrix Composites & Engineering'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. Matrix Composites & Engineering's annualized ROC % for the quarter that ended in Dec. 2025 was -42.39%. Matrix Composites & Engineering's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -41.06%.

Matrix Composites & Engineering (ASX:MCE) Operating Income Explanation

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

Matrix Composites & Engineering'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 )
=	-21.65 * ( 1 - 0% )	/	( (53.056	+	49.096)	/ 2 )
=	-21.65	/	51.076
=	-42.39 %

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	))
=	80.777	-	9.378	-	( 18.343	-	max(0, 19.553	-	46.486	+	18.343	))
=	53.056

	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	))
=	78.49	-	11.367	-	( 18.027	-	max(0, 18.546	-	44.159	+	18.027	))
=	49.096

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:

Matrix Composites & Engineering'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 )
=	-16.644	/	( ( (33.236 + max(4.939, 0))	+	(32.98 + max(9.907, 0)) )	/	2 )
=	-16.644	/	( ( 38.175	+	42.887 )	/	2 )
=	-16.644	/	40.531
=	-41.06 %

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)
=	(6.301	+	9.2	+	1.15)	-	(9.378	+	0	+	2.334)
=	4.939

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(12.212	+	12.48	+	1.44)	-	(11.367	+	0	+	4.858)
=	9.907

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 %:

Matrix Composites & Engineering'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 )
	=	-10.825	/	26.863
	=	-40.30 %

* 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.

Matrix Composites & Engineering Operating Income Related Terms

Matrix Composites & Engineering Operating Income Historical Data

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The historical data trend for Matrix Composites & Engineering's Operating Income can be seen below:

Matrix Composites & Engineering Operating Income Chart

Matrix Composites & Engineering Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Operating Income

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-13.71

-9.38

-6.29

2.12

-6.89

Matrix Composites & Engineering 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															-3.41	5.54	-2.33	-4.56	-10.83

45GF Score

Matrix Composites & Engineering Ltd ASX:MCE

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Matrix Composites & Engineering 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$-15.39 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of A$-15.39 Mil mean?

Matrix Composites & Engineering (ASX:MCE) has a Operating Income of A$-15.39 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Matrix Composites & Engineering and its competitors.

Is Matrix Composites & Engineering's Operating Income too high?

Matrix Composites & Engineering's current Operating Income is A$-15.39 Mil. Overall, Matrix Composites & Engineering has a GF Score™ of 45/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Matrix Composites & Engineering's Operating Income compare to PWR and FIX?

Matrix Composites & Engineering's Operating Income of A$-15.39 Mil can be compared against companies in the Construction 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 Construction company?

A good Operating Income depends on the Construction 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 Matrix Composites & Engineering and its competitors. Matrix Composites & Engineering's current Operating Income is A$-15.39 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Matrix Composites & Engineering stock overvalued right now?

Based on GuruFocus' analysis, Matrix Composites & Engineering (ASX:MCE) is currently considered Fairly Valued. The stock's GF Value™ is A$0.38, compared to a current price of A$0.40 — trading 3.9% above its estimated fair value. The current Operating Income is A$-15.39 Mil. Matrix Composites & Engineering's overall GF Score™ is 45/100 with 10 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 Matrix Composites & Engineering (ASX:MCE), the current Operating Income is A$-15.39 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 Matrix Composites & Engineering (ASX:MCE) Overvalued in 2026?

Based on GuruFocus' analysis, Matrix Composites & Engineering stock appears to be overvalued. The current stock price of A$0.40 is trading 3.9% above its estimated GF Value™ of A$0.38. GuruFocus considers Matrix Composites & Engineering to be Fairly Valued.

Key valuation signals for ASX:MCE:

Operating Income: A$-15.39 Mil
GF Value™: A$0.38 vs. price of A$0.40 (3.9% above fair value)
GF Score™: 45/100 with 10 warning signs

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

Matrix Composites & Engineering Business Description

Industry Industrials Construction

Comparable Companies ASX:EVZ ASX:VBC ASX:SND ASX:VRS ASX:BSA ASX:FWD ASX:SOP ASX:WSI ASX:PKD ASX:ACF PWR XPAR:DG FIX NSE:LT XKRX:028260 XAMS:FER XTER:HOT XMAD:ACS EME MTZ

Other Exchanges 8ME:Germany

Address 150 Quill Way, Henderson, Perth, WA, AUS, 6166

Website https://www.matrixengineered.com

Matrix Composites & Engineering Ltd is a manufacturer of engineered products and services for the offshore oil and gas, civil and infrastructure, and defence industry. The group is also involved in the businesses of manufacturing and supplying capital drilling equipment, consisting of syntactic foam buoyancy; manufacturing and supply of subsea umbilical risers and flowline (SURF) ancillary equipment and associated services; and manufacturing and supply of well construction products, including centralizers and conductors. Its products consist of buoyancy systems, epoxy resin systems, energy absorption systems, reinforced thermoplastics, and others. Geographically, it derives maximum revenue from Brazil and rest from Australia, Japan, China, the United States of America, and other regions.

45GF Score

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

A$0.40

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A$0.38

GF Value

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