AZLGF (Azelis Group NV) Operating Income: $360 Mil (TTM As of Jun. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

AZLGF Azelis Group NV AZLGF
74 GF Score
Price $11.32
GF Value $18.43
Valuation Significantly Undervalued
! 5 Warning Signs
View Full Analysis

What is Azelis Group NV Operating Income?

Azelis Group NV AZLGF 74 Operating Income is $360 Mil as of Jun. 2026. GuruFocus rates AZLGF with a GF Score™ of 74/100 and a GF Value™ of $18.43 (Significantly Undervalued). The stock has 5 warning signs investors should review.

Azelis Group NV's Operating Income for the six months ended in Jun. 2026 was $216 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was $360 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Azelis Group NV's Operating Income for the six months ended in Jun. 2026 was $216 Mil. Azelis Group NV's Revenue for the six months ended in Jun. 2026 was $2,509 Mil. Therefore, Azelis Group NV's Operating Margin % for the quarter that ended in Jun. 2026 was 8.63%.

Good Sign:

Azelis Group NV operating margin is expanding. Margin expansion is usually a good sign.

Azelis Group NV's 5-Year average Growth Rate for Operating Margin % was 3.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Azelis Group NV's annualized ROC % for the quarter that ended in Jun. 2026 was 5.68%. Azelis Group NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 42.22%.


Azelis Group NV  (OTCPK:AZLGF) Operating Income Explanation

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

Azelis Group NV's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=432.928 * ( 1 - 29.35% )/( (5355.407 + 5410.621)/ 2 )
=305.863632/5383.014
=5.68 %

where

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))
=6331.001 - 667.615 - ( 307.979 - max(0, 831.132 - 1623.58+307.979))
=5355.407

Invested Capital(Q: Jun. 2026 )
=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))
=6586.654 - 893.421 - ( 282.612 - max(0, 1008.015 - 1886.067+282.612))
=5410.621

Note: The Operating Income data used here is two times the semi-annual (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Azelis Group NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=380.106/( ( (271.4 + max(548.652, 0)) + (272.921 + max(707.475, 0)) )/ 2 )
=380.106/( ( 820.052 + 980.396 )/ 2 )
=380.106/900.224
=42.22 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(514.939 + 688.751 + 15.418) - (667.615 + 0 + 2.841)
=548.652

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(806.022 + 787.031 + 10.402) - (893.421 + 0 + 2.559)
=707.475

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Jun. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Azelis Group NV's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=216.464/2508.679
=8.63 %

* 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.


Azelis Group NV Operating Income Related Terms


Azelis Group NV Operating Income Historical Data

* Premium members only.

The historical data trend for Azelis Group NV's Operating Income can be seen below:

* 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.

Azelis Group NV Operating Income Chart

Azelis Group NV Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial 234.82 411.47 421.92 404.11 366.89

Azelis Group NV Semi-Annual Data
Dec18 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 231.09 179.31 220.21 143.33 216.46
AZLGF
74GF Score
Azelis Group NV AZLGF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Azelis Group NV 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 Jun. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was $360 Mil.

* 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.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $360 Mil mean?
Azelis Group NV (AZLGF) has a Operating Income of $360 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Azelis Group NV and its competitors.
Is Azelis Group NV's Operating Income too high?
Azelis Group NV's current Operating Income is $360 Mil. Overall, Azelis Group NV has a GF Score™ of 74/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Azelis Group NV's Operating Income compare to LIN and SHW?
Azelis Group NV's Operating Income of $360 Mil can be compared against companies in the Chemicals 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 Chemicals company?
A good Operating Income depends on the Chemicals 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 Azelis Group NV and its competitors. Azelis Group NV's current Operating Income is $360 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Azelis Group NV stock overvalued right now?
Based on GuruFocus' analysis, Azelis Group NV (AZLGF) is currently considered Significantly Undervalued. The stock's GF Value™ is $18.43, compared to a current price of $11.32 — trading 38.6% below its estimated fair value. The current Operating Income is $360 Mil. Azelis Group NV's overall GF Score™ is 74/100 with 5 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 Azelis Group NV (AZLGF), the current Operating Income is $360 Mil as of Jun. 2026. 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 Azelis Group NV (AZLGF) Overvalued in 2026?

Based on GuruFocus' analysis, Azelis Group NV stock appears to be undervalued. The current stock price of $11.32 is trading 38.6% below its estimated GF Value™ of $18.43. GuruFocus considers Azelis Group NV to be Significantly Undervalued.

Key valuation signals for AZLGF:

  • Operating Income: $360 Mil
  • GF Value™: $18.43 vs. price of $11.32 (38.6% below fair value)
  • GF Score™: 74/100 with 5 warning signs

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


Azelis Group NV Business Description

Address Posthofbrug 12, Box 6, Berchem, Antwerp, BEL, 2600
Azelis Group NV is an innovation service provider and distributor of speciality chemicals and food ingredients. The Group provides innovation services, multi-product formulations, technical and regulatory expertise, co-creation support, digital solutions, and supply chain services. It serves Food & Nutrition, Animal Nutrition, Personal Care, Home Care & Industrial Cleaning, Pharmaceuticals & Healthcare, Agriculture & Environmental Solutions, Flavours & Fragrances, and Nutraceuticals. The Group operates through four segments: EMEA, Americas, Asia Pacific, and Group holding & other, covering operating companies across Europe, the Middle East and Africa, the United States, Canada, Mexico and South America, Asia, and the Pacific region.
74GF Score

Get the complete analysis for AZLGF

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

$11.32
Price
$18.43
GF Value