Vicinity Centres (ASX:VCX) Operating Income: A$771 Mil (TTM As of Dec. 2025)

What is Vicinity Centres Operating Income?

Vicinity Centres ASX:VCX +1.55% 69 Operating Income is A$771 Mil as of Dec. 2025. GuruFocus rates ASX:VCX with a GF Score™ of 69/100 and a GF Value™ of A$1.80 (Significantly Overvalued). The stock has 9 warning signs investors should review.

Vicinity Centres's Operating Income for the six months ended in Dec. 2025 was A$409 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was A$771 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Vicinity Centres's Operating Income for the six months ended in Dec. 2025 was A$409 Mil. Vicinity Centres's Revenue for the six months ended in Dec. 2025 was A$674 Mil. Therefore, Vicinity Centres's Operating Margin % for the quarter that ended in Dec. 2025 was 60.70%.

Good Sign:

Vicinity Centres operating margin is expanding. Margin expansion is usually a good sign.

Vicinity Centres's 5-Year average Growth Rate for Operating Margin % was 20.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Vicinity Centres's annualized ROC % for the quarter that ended in Dec. 2025 was 4.74%. Vicinity Centres's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 1,753.25%.

Vicinity Centres (ASX:VCX) Operating Income Explanation

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

Vicinity Centres'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 )
=	817.6 * ( 1 - 0% )	/	( (17244	+	17235.3)	/ 2 )
=	817.6	/	17239.65
=	4.74 %

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	))
=	16342.5	-	223.5	-	( 80.7	-	max(0, 1415.3	-	290.3	+	80.7	))
=	17244

	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	))
=	16933.3	-	200.2	-	( 55.7	-	max(0, 1005.2	-	503	+	55.7	))
=	17235.3

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:

Vicinity Centres'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 )
=	1807.6	/	( ( (26.5 + max(-141.6, 0))	+	(25.4 + max(154.3, 0)) )	/	2 )
=	1807.6	/	( ( 26.5	+	179.7 )	/	2 )
=	1807.6	/	103.1
=	1,753.25 %

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)
=	(10.8	+	0	+	180.7)	-	(223.5	+	0	+	109.6)
=	-141.6

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(97.2	+	0	+	350.1)	-	(200.2	+	0	+	92.8)
=	154.3

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 %:

Vicinity Centres'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 )
	=	408.8	/	673.5
	=	60.70 %

* 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.

Vicinity Centres Operating Income Related Terms

Vicinity Centres Operating Income Historical Data

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The historical data trend for Vicinity Centres's Operating Income can be seen below:

Vicinity Centres Operating Income Chart

Vicinity Centres Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Operating Income

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602.00

665.10

784.30

761.60

766.10

Vicinity Centres 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															403.70	357.90	404.10	362.00	408.80

69GF Score

Vicinity Centres ASX:VCX

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Vicinity Centres 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$771 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of A$771 Mil mean?

Vicinity Centres (ASX:VCX) has a Operating Income of A$771 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Vicinity Centres and its competitors.

Is Vicinity Centres' Operating Income too high?

Vicinity Centres' current Operating Income is A$771 Mil. Overall, Vicinity Centres has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Vicinity Centres' Operating Income compare to SPG and O?

Vicinity Centres' Operating Income of A$771 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 Vicinity Centres and its competitors. Vicinity Centres's current Operating Income is A$771 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Vicinity Centres stock overvalued right now?

Based on GuruFocus' analysis, Vicinity Centres (ASX:VCX) is currently considered Significantly Overvalued. The stock's GF Value™ is A$1.80, compared to a current price of A$2.62 — trading 45.6% above its estimated fair value. The current Operating Income is A$771 Mil. Vicinity Centres' overall GF Score™ is 69/100 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 Vicinity Centres (ASX:VCX), the current Operating Income is A$771 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 Vicinity Centres (ASX:VCX) Overvalued in 2026?

Based on GuruFocus' analysis, Vicinity Centres stock appears to be overvalued. The current stock price of A$2.62 is trading 45.6% above its estimated GF Value™ of A$1.80. GuruFocus considers Vicinity Centres to be Significantly Overvalued.

Key valuation signals for ASX:VCX:

Operating Income: A$771 Mil
GF Value™: A$1.80 vs. price of A$2.62 (45.6% above fair value)
GF Score™: 69/100 with 9 warning signs

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

Vicinity Centres Business Description

Industry Real Estate REITs

Comparable Companies ASX:SCG ASX:RGN ASX:HDN ASX:CQR ASX:CDP ASX:DXC SPG O KIM XPAR:URW REG SGX:C38U XPAR:LI HKSE:00823 FRT BRX ADC NNN TSX:CHP.UN MAC

Other Exchanges CNRAF:USA

Address 1341 Dandenong Road, Level 4, Chadstone Tower One, Chadstone, Melbourne, VIC, AUS, 3148

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

Vicinity Centres operates about 50 shopping malls in Australia. They include several iconic city centers, like Queen Victoria Building, The Strand Arcade and The Galeries in Sydney, which are frequented by tourists and office workers nearby. Melbourne's Chadstone, Vicinity's crown jewel, is Australia's largest and highest turnover shopping mall. Smaller regional and neighborhood centers, to which Vicinity is consciously trimming exposure, account for around 15% of the portfolio. Vast majority of Vicinity's income is derived from rents. The group also earns small management fees for managing properties and development projects on behalf of capital partners.

69GF Score

Get the complete analysis for ASX:VCX

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

A$2.62

Price

A$1.80

GF Value

View ASX:VCX Analysis

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