BCVVF (BOC Aviation) Operating Income: $826 Mil (TTM As of Dec. 2025)

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BCVVF BOC Aviation Ltd BCVVF
79 GF Score
Price $10.28
GF Value $9.60
Valuation Fairly Valued
! 4 Warning Signs
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What is BOC Aviation Operating Income?

BOC Aviation BCVVF 79 Operating Income is $826 Mil as of Dec. 2025. GuruFocus rates BCVVF with a GF Score™ of 79/100 and a GF Value™ of $9.60 (Fairly Valued). The stock has 4 warning signs investors should review.

BOC Aviation's Operating Income for the six months ended in Dec. 2025 was $465 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $826 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. BOC Aviation's Operating Income for the six months ended in Dec. 2025 was $465 Mil. BOC Aviation's Revenue for the six months ended in Dec. 2025 was $1,255 Mil. Therefore, BOC Aviation's Operating Margin % for the quarter that ended in Dec. 2025 was 37.02%.

Warning Sign:

BOC Aviation Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -6.3%.

BOC Aviation's 5-Year average Growth Rate for Operating Margin % was -6.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. BOC Aviation's annualized ROC % for the quarter that ended in Dec. 2025 was 2.91%. BOC Aviation's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 4.43%.


BOC Aviation  (OTCPK:BCVVF) Operating Income Explanation

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

BOC Aviation'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 )
=929.11 * ( 1 - 15.95% )/( (26272.507 + 27465.829)/ 2 )
=780.916955/26869.168
=2.91 %

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))
=25568.503 - 248.678 - ( 533.233 - max(0, 2255.95 - 1303.268+533.233))
=26272.507

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))
=26338.255 - 373.109 - ( 399.791 - max(0, 2468.491 - 967.808+399.791))
=27465.829

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:

BOC Aviation'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 )
=929.11/( ( (20587.178 + max(68.528, 0)) + (21329.561 + max(-283.118, 0)) )/ 2 )
=929.11/( ( 20655.706 + 21329.561 )/ 2 )
=929.11/20992.6335
=4.43 %

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)
=(7.583 + 0 + 528.095) - (248.678 + 0 + 218.472)
=68.528

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(11.633 + 0 + 293.435) - (373.109 + 0 + 215.077)
=-283.118

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 %:

BOC Aviation'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 )
=464.555/1254.711
=37.02 %

* 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.


BOC Aviation Operating Income Related Terms


BOC Aviation Operating Income Historical Data

* Premium members only.

The historical data trend for BOC Aviation'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.

BOC Aviation Operating Income Chart

BOC Aviation Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 774.41 804.80 549.92 576.56 825.86

BOC Aviation 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 291.02 275.95 300.61 361.30 464.56
BCVVF
79GF Score
BOC Aviation Ltd BCVVF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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BOC Aviation 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 $826 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 $826 Mil mean?
BOC Aviation (BCVVF) has a Operating Income of $826 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on BOC Aviation and its competitors.
Is BOC Aviation's Operating Income too high?
BOC Aviation's current Operating Income is $826 Mil. Overall, BOC Aviation has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does BOC Aviation's Operating Income compare to URI and SUNB?
BOC Aviation's Operating Income of $826 Mil can be compared against companies in the Business Services 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 Business Services company?
A good Operating Income depends on the Business Services 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 BOC Aviation and its competitors. BOC Aviation's current Operating Income is $826 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BOC Aviation stock overvalued right now?
Based on GuruFocus' analysis, BOC Aviation (BCVVF) is currently considered Fairly Valued. The stock's GF Value™ is $9.60, compared to a current price of $10.28 — trading 7.1% above its estimated fair value. The current Operating Income is $826 Mil. BOC Aviation's overall GF Score™ is 79/100 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 BOC Aviation (BCVVF), the current Operating Income is $826 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 BOC Aviation (BCVVF) Overvalued in 2026?

Based on GuruFocus' analysis, BOC Aviation stock appears to be overvalued. The current stock price of $10.28 is trading 7.1% above its estimated GF Value™ of $9.60. GuruFocus considers BOC Aviation to be Fairly Valued.

Key valuation signals for BCVVF:

  • Operating Income: $826 Mil
  • GF Value™: $9.60 vs. price of $10.28 (7.1% above fair value)
  • GF Score™: 79/100 with 4 warning signs

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


BOC Aviation Business Description

Other Exchanges 02588:Hong Kong8BO:Germany
Address 79 Robinson Road, No. 15-01, Singapore, SGP, 068897
BOC Aviation Ltd is an aircraft leasing company by net book value of owned aircraft, with a portfolio of commercial passenger and cargo aircraft. All revenues are derived from the Group's principal activities of aircraft leasing, management of aircraft leases and other related activities. BOC Aviation offers a wide range of services to airlines and aircraft owners, including direct operating leases and finance leases for aircraft, sale and leaseback facilities, engine finance leases and third party asset management. The company also provides comprehensive aircraft remarketing and technical management services to airlines, banks and other investors. BOC Aviation seeks to provide the highest level of personalized service, adapting its products to meet the needs of individual customers.
79GF Score

Get the complete analysis for BCVVF

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

$10.28
Price
$9.60
GF Value