AIRA Capital PCL (BKK:AIRA) Operating Income: ฿157 Mil (TTM As of Mar. 2026)

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BKK:AIRA AIRA Capital PCL BKK:AIRA
45 GF Score
Price ฿1.03
GF Value ฿1.37
Valuation Modestly Undervalued
! 6 Warning Signs
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What is AIRA Capital PCL Operating Income?

AIRA Capital PCL BKK:AIRA +1.98% 45 Operating Income is ฿157 Mil as of Mar. 2026. GuruFocus rates BKK:AIRA with a GF Score™ of 45/100 and a GF Value™ of ฿1.37 (Modestly Undervalued). The stock has 6 warning signs investors should review.

AIRA Capital PCL's Operating Income for the three months ended in Mar. 2026 was ฿18 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ฿157 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. AIRA Capital PCL's Operating Income for the three months ended in Mar. 2026 was ฿18 Mil. AIRA Capital PCL's Revenue for the three months ended in Mar. 2026 was ฿241 Mil. Therefore, AIRA Capital PCL's Operating Margin % for the quarter that ended in Mar. 2026 was 7.37%.

Warning Sign:

AIRA Capital PCL operating margin has been in a 5-year decline. The average rate of decline per year is -1.6%.

AIRA Capital PCL's 5-Year average Growth Rate for Operating Margin % was -1.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. AIRA Capital PCL's annualized ROC % for the quarter that ended in Mar. 2026 was 0.62%. AIRA Capital PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.49%.


AIRA Capital PCL  (BKK:AIRA) Operating Income Explanation

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

AIRA Capital PCL's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=70.972 * ( 1 - 26.92% )/( (8461.687 + 8229.391)/ 2 )
=51.8663376/8345.539
=0.62 %

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))
=9486.69 - 320.429 - ( 1027.412 - max(0, 4291.211 - 4995.785+1027.412))
=8461.687

Invested Capital(Q: Mar. 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))
=9285.967 - 457.719 - ( 1048.555 - max(0, 4214.307 - 4813.164+1048.555))
=8229.391

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

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

AIRA Capital PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=328.444/( ( (767.103 + max(3362.38, 0)) + (763.072 + max(2848.62, 0)) )/ 2 )
=328.444/( ( 4129.483 + 3611.692 )/ 2 )
=328.444/3870.5875
=8.49 %

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)
=(3602.7 + 0 + 113.453) - (320.429 + 22.732 + 10.612)
=3362.38

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3239.055 + 0 + 121.153) - (457.719 + 24.201 + 29.668)
=2848.62

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

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

AIRA Capital PCL's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=17.743/240.711
=7.37 %

* 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.


AIRA Capital PCL Operating Income Related Terms


AIRA Capital PCL Operating Income Historical Data

* Premium members only.

The historical data trend for AIRA Capital PCL'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.

AIRA Capital PCL Operating Income Chart

AIRA Capital PCL 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 203.69 93.23 75.77 182.98 110.93

AIRA Capital PCL Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 4.12 18.49 -9.02 129.69 17.74
BKK:AIRA
45GF Score
AIRA Capital PCL BKK:AIRA
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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AIRA Capital PCL 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 Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ฿157 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 ฿157 Mil mean?
AIRA Capital PCL (BKK:AIRA) has a Operating Income of ฿157 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on AIRA Capital PCL and its competitors.
Is AIRA Capital PCL's Operating Income too high?
AIRA Capital PCL's current Operating Income is ฿157 Mil. Overall, AIRA Capital PCL has a GF Score™ of 45/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does AIRA Capital PCL's Operating Income compare to MS and GS?
AIRA Capital PCL's Operating Income of ฿157 Mil can be compared against companies in the Capital Markets 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 Capital Markets company?
A good Operating Income depends on the Capital Markets 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 AIRA Capital PCL and its competitors. AIRA Capital PCL's current Operating Income is ฿157 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AIRA Capital PCL stock overvalued right now?
Based on GuruFocus' analysis, AIRA Capital PCL (BKK:AIRA) is currently considered Modestly Undervalued. The stock's GF Value™ is ฿1.37, compared to a current price of ฿1.03 — trading 24.8% below its estimated fair value. The current Operating Income is ฿157 Mil. AIRA Capital PCL's overall GF Score™ is 45/100 with 6 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 AIRA Capital PCL (BKK:AIRA), the current Operating Income is ฿157 Mil as of Mar. 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 AIRA Capital PCL (BKK:AIRA) Overvalued in 2026?

Based on GuruFocus' analysis, AIRA Capital PCL stock appears to be undervalued. The current stock price of ฿1.03 is trading 24.8% below its estimated GF Value™ of ฿1.37. GuruFocus considers AIRA Capital PCL to be Modestly Undervalued.

Key valuation signals for BKK:AIRA:

  • Operating Income: ฿157 Mil
  • GF Value™: ฿1.37 vs. price of ฿1.03 (24.8% below fair value)
  • GF Score™: 45/100 with 6 warning signs

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


AIRA Capital PCL Business Description

Address Phayathai Road, No. 319, Chamchuri Square, 12th Floor, Pathumwan Sub-district, Pathumwan District, Bangkok, THA, 10330
AIRA Capital PCL is an investment firm investing in other companies. The company operates business segments namely Securities and investment business segment, which services a securities and derivatives brokerage, securities trading and investment; Advisory and investment banking segment, which services an investment and financial advisory, underwriting and private fund management; Factoring segment, which purchases account receivables; Rental and service business segment, which engages in finance lease, hire purchase and operating lease for industrial equipment and machines and Property development segment which involves the development of properties. It derives the majority of its income from brokerage fees, management fees, and interest and dividends on investments.
45GF Score

Get the complete analysis for BKK:AIRA

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

฿1.03
Price
฿1.37
GF Value