Thessaloniki Port Authority (ATH:OLTH) Operating Income: €39.9 Mil (TTM As of Dec. 2025)

What is Thessaloniki Port Authority Operating Income?

Thessaloniki Port Authority ATH:OLTH -3.28% 91 Operating Income is €39.9 Mil as of Dec. 2025. GuruFocus rates ATH:OLTH with a GF Score™ of 91/100 and a GF Value™ of €31.61 (Modestly Overvalued). The stock has 4 warning signs investors should review.

Thessaloniki Port Authority's Operating Income for the six months ended in Dec. 2025 was €19.2 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €39.9 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Thessaloniki Port Authority's Operating Income for the six months ended in Dec. 2025 was €19.2 Mil. Thessaloniki Port Authority's Revenue for the six months ended in Dec. 2025 was €54.1 Mil. Therefore, Thessaloniki Port Authority's Operating Margin % for the quarter that ended in Dec. 2025 was 35.56%.

Good Sign:

Thessaloniki Port Authority SA operating margin is expanding. Margin expansion is usually a good sign.

Thessaloniki Port Authority's 5-Year average Growth Rate for Operating Margin % was 3.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Thessaloniki Port Authority's annualized ROC % for the quarter that ended in Dec. 2025 was 19.62%. Thessaloniki Port Authority's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 32.17%.

Thessaloniki Port Authority (ATH:OLTH) Operating Income Explanation

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

Thessaloniki Port Authority'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 )
=	38.488 * ( 1 - 24.29% )	/	( (147.997	+	149)	/ 2 )
=	29.1392648	/	148.4985
=	19.62 %

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	))
=	269.519	-	13.95	-	( 117.863	-	max(0, 25.658	-	133.23	+	117.863	))
=	147.997

	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	))
=	281.319	-	13.835	-	( 128.186	-	max(0, 23.642	-	142.126	+	128.186	))
=	149

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:

Thessaloniki Port Authority'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 )
=	40.47	/	( ( (124.572 + max(-13.008, 0))	+	(127.01 + max(-15.058, 0)) )	/	2 )
=	40.47	/	( ( 124.572	+	127.01 )	/	2 )
=	40.47	/	125.791
=	32.17 %

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)
=	(5.069	+	6.216	+	0.90599999999998)	-	(13.95	+	0	+	11.249)
=	-13.008

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(2.152	+	7.473	+	-3.325)	-	(13.835	+	0	+	7.523)
=	-15.058

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 %:

Thessaloniki Port Authority'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 )
	=	19.244	/	54.121
	=	35.56 %

* 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.

Thessaloniki Port Authority Operating Income Related Terms

Thessaloniki Port Authority Operating Income Historical Data

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The historical data trend for Thessaloniki Port Authority's Operating Income can be seen below:

Thessaloniki Port Authority Operating Income Chart

Thessaloniki Port Authority Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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24.85

25.11

25.84

34.38

39.94

Thessaloniki Port Authority 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															14.26	16.93	17.46	20.69	19.24

91GF Score

Thessaloniki Port Authority SA ATH:OLTH

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Thessaloniki Port Authority 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 €39.9 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of €39.9 Mil mean?

Thessaloniki Port Authority (ATH:OLTH) has a Operating Income of €39.9 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Thessaloniki Port Authority and its competitors.

Is Thessaloniki Port Authority's Operating Income too high?

Thessaloniki Port Authority's current Operating Income is €39.9 Mil. Overall, Thessaloniki Port Authority has a GF Score™ of 91/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Thessaloniki Port Authority's Operating Income compare to competitors?

Thessaloniki Port Authority's Operating Income of €39.9 Mil can be compared against companies in the Transportation 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 Transportation company?

A good Operating Income depends on the Transportation 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 Thessaloniki Port Authority and its competitors. Thessaloniki Port Authority's current Operating Income is €39.9 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Thessaloniki Port Authority stock overvalued right now?

Based on GuruFocus' analysis, Thessaloniki Port Authority (ATH:OLTH) is currently considered Modestly Overvalued. The stock's GF Value™ is €31.61, compared to a current price of €38.30 — trading 21.2% above its estimated fair value. The current Operating Income is €39.9 Mil. Thessaloniki Port Authority's overall GF Score™ is 91/100 with 4 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 Thessaloniki Port Authority (ATH:OLTH), the current Operating Income is €39.9 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 Thessaloniki Port Authority (ATH:OLTH) Overvalued in 2026?

Based on GuruFocus' analysis, Thessaloniki Port Authority stock appears to be overvalued. The current stock price of €38.30 is trading 21.2% above its estimated GF Value™ of €31.61. GuruFocus considers Thessaloniki Port Authority to be Modestly Overvalued.

Key valuation signals for ATH:OLTH:

Operating Income: €39.9 Mil
GF Value™: €31.61 vs. price of €38.30 (21.2% above fair value)
GF Score™: 91/100 with 4 warning signs

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

Thessaloniki Port Authority Business Description

Industry Industrials Transportation

Comparable Companies ATH:ATTICA ATH:OLYMP ATH:PPA BOM:532921 OCSE:MAERSK B HKSE:01919 PHS:ICT XTER:HLAG SHSE:600018 TSE:9101 TPE:2603 ADX:ADNOCLS XKRX:011200 TSE:9104 HKSE:01308 HKSE:00316 TSE:9107 SHSE:601018 XKLS:3816 SAU:4030

Other Exchanges 03P:Germany

Address Pier No 1, Port of Thessaloniki, Thessaloniki, GRC, 54625

Website https://www.thpa.gr

Thessaloniki Port Authority SA operates in the sector of auxiliary activities related to transportation, providing services at the Port of Thessaloniki, including loading and unloading of cargo, storage, port services and passenger traffic. Its business activities include services for unitized cargoes (containers), conventional cargoes (bulk, general and RO-RO), coastal and cruise passengers, vessels (anchoring, mooring, berthing and other services), users of port and non-port facilities including car parking operations, and intermodal transport services (dry-port) through the Company and its subsidiary ThPA Sofia EAD. The Company's operating segments are Container Terminal, Conventional Cargo, Passenger Traffic, Exploitation of Sites and Intermodal.

91GF Score

Get the complete analysis for ATH:OLTH

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

€38.30

Price

€31.61

GF Value

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