Gulf Development PCL (BKK:GULF) Operating Income: ฿23,342 Mil (TTM As of Jun. 2026)

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BKK:GULF Gulf Development PCL BKK:GULF
12 GF Score
Price ฿61.25
! 10 Warning Signs
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What is Gulf Development PCL Operating Income?

Gulf Development PCL BKK:GULF +0.41% 12 Operating Income is ฿23,342 Mil as of Jun. 2026. GuruFocus rates BKK:GULF with a GF Score™ of 12/100. The stock has 10 warning signs investors should review.

Gulf Development PCL's Operating Income for the three months ended in Jun. 2026 was ฿5,642 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was ฿23,342 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Gulf Development PCL's Operating Income for the three months ended in Jun. 2026 was ฿5,642 Mil. Gulf Development PCL's Revenue for the three months ended in Jun. 2026 was ฿44,478 Mil. Therefore, Gulf Development PCL's Operating Margin % for the quarter that ended in Jun. 2026 was 12.68%.

Gulf Development PCL's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Gulf Development PCL's annualized ROC % for the quarter that ended in Jun. 2026 was 2.67%. Gulf Development PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 35.32%.


Gulf Development PCL  (BKK:GULF) Operating Income Explanation

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

Gulf Development PCL'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: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=22566.172 * ( 1 - 6.326% )/( (791269.136 + 791619.803)/ 2 )
=21138.63595928/791444.4695
=2.67 %

where

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))
=820652.443 - 17510.235 - ( 60002.568 - max(0, 98224.948 - 110098.02+60002.568))
=791269.136

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))
=815968.217 - 20421.638 - ( 62918.277 - max(0, 116871.654 - 120798.43+62918.277))
=791619.803

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

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

Gulf Development PCL'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: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=46361.644/( ( (118499.611 + max(7545.913, 0)) + (120468.439 + max(15990.453, 0)) )/ 2 )
=46361.644/( ( 126045.524 + 136458.892 )/ 2 )
=46361.644/131252.208
=35.32 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(30937.369 + 4935.8 + 253.872) - (17510.235 + 0 + 11070.893)
=7545.913

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(42913.522 + 3695.145 + 404.371) - (20421.638 + 0 + 10600.947)
=15990.453

When net working capital is negative, 0 is used.

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

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

Gulf Development PCL'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 )
=5641.543/44478.117
=12.68 %

* 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.


Gulf Development PCL Operating Income Related Terms


Gulf Development PCL Operating Income Historical Data

* Premium members only.

The historical data trend for Gulf Development 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.

Gulf Development PCL Operating Income Chart

Gulf Development PCL Annual Data
Trend Dec23 Dec24 Dec25
Operating Income
17,936.82 19,538.58 15,968.60

Gulf Development PCL Quarterly Data
Mar24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Operating Income Get a 7-Day Free Trial 5,361.57 5,570.07 5,036.95 7,093.54 5,641.54
BKK:GULF
12GF Score
Gulf Development PCL BKK:GULF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Gulf Development 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 Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ฿23,342 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 ฿23,342 Mil mean?
Gulf Development PCL (BKK:GULF) has a Operating Income of ฿23,342 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Gulf Development PCL and its competitors.
Is Gulf Development PCL's Operating Income too high?
Gulf Development PCL's current Operating Income is ฿23,342 Mil. Overall, Gulf Development PCL has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Gulf Development PCL's Operating Income compare to CEG and VST?
Gulf Development PCL's Operating Income of ฿23,342 Mil can be compared against companies in the Utilities - Independent Power Producers 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 an Utilities - Independent Power Producers company?
A good Operating Income depends on the Utilities - Independent Power Producers 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 Gulf Development PCL and its competitors. Gulf Development PCL's current Operating Income is ฿23,342 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gulf Development PCL stock overvalued right now?
Gulf Development PCL (BKK:GULF) has a current Operating Income of ฿23,342 Mil. The current Operating Income is ฿23,342 Mil. Gulf Development PCL's overall GF Score™ is 12/100 with 10 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 Gulf Development PCL (BKK:GULF), the current Operating Income is ฿23,342 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.

Gulf Development PCL Business Description

Other Exchanges GULF-F:Thailand
Address Wireless Road, 87 M. Thai Tower 11th Floor, All Seasons Place, Lumpini, Pathumwan, Bangkok, THA, 10330
Gulf Development PCL is a Thailand-based company mainly involved in the electricity-generating business. The group's principal operations are to generate and sell electricity and steam, store and convert natural gas from liquid to gas, provide satellite services, and operate other businesses in domestic and international markets. It is also involved in the business of renewable energy, such as solar rooftops and biomass energy. The group's reportable segments are: Power business (which generates maximum revenue), Consulting business, Infrastructure business, and Satellite and digital business. Geographically, it derives maximum revenue from Thailand.
12GF Score

Get the complete analysis for BKK:GULF

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

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