Thai Union Feedmill PCL (BKK:TFM) Operating Income: ฿708 Mil (TTM As of Jun. 2026)

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BKK:TFM Thai Union Feedmill PCL BKK:TFM
93 GF Score
Price ฿6.55
GF Value ฿6.59
Valuation Fairly Valued
! 7 Warning Signs
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What is Thai Union Feedmill PCL Operating Income?

Thai Union Feedmill PCL BKK:TFM 93 Operating Income is ฿708 Mil as of Jun. 2026. GuruFocus rates BKK:TFM with a GF Score™ of 93/100 and a GF Value™ of ฿6.59 (Fairly Valued). The stock has 7 warning signs investors should review.

Thai Union Feedmill PCL's Operating Income for the three months ended in Jun. 2026 was ฿132 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was ฿708 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Thai Union Feedmill PCL's Operating Income for the three months ended in Jun. 2026 was ฿132 Mil. Thai Union Feedmill PCL's Revenue for the three months ended in Jun. 2026 was ฿1,455 Mil. Therefore, Thai Union Feedmill PCL's Operating Margin % for the quarter that ended in Jun. 2026 was 9.07%.

Good Sign:

Thai Union Feedmill PCL operating margin is expanding. Margin expansion is usually a good sign.

Thai Union Feedmill PCL's 5-Year average Growth Rate for Operating Margin % was 13.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Thai Union Feedmill PCL's annualized ROC % for the quarter that ended in Jun. 2026 was 21.58%. Thai Union Feedmill PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 29.97%.


Thai Union Feedmill PCL  (BKK:TFM) Operating Income Explanation

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

Thai Union Feedmill 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 )
=527.98 * ( 1 - 5.09% )/( (2311.881 + 2332.162)/ 2 )
=501.105818/2322.0215
=21.58 %

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))
=3835.923 - 510.783 - ( 1013.259 - max(0, 750.376 - 2392.948+1013.259))
=2311.881

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))
=3663.099 - 517.468 - ( 813.469 - max(0, 732.548 - 2273.585+813.469))
=2332.162

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

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

Thai Union Feedmill 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 )
=660.18/( ( (1366.072 + max(813.495, 0)) + (1314.425 + max(911.459, 0)) )/ 2 )
=660.18/( ( 2179.567 + 2225.884 )/ 2 )
=660.18/2202.7255
=29.97 %

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)
=(779.092 + 559.144 + 8.0529999999999) - (510.783 + 0 + 22.011)
=813.495

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(733.143 + 665.086 + 35.585) - (517.468 + 0 + 4.8870000000001)
=911.459

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 %:

Thai Union Feedmill 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 )
=131.995/1454.781
=9.07 %

* 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.


Thai Union Feedmill PCL Operating Income Related Terms


Thai Union Feedmill PCL Operating Income Historical Data

* Premium members only.

The historical data trend for Thai Union Feedmill 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.

Thai Union Feedmill PCL Operating Income Chart

Thai Union Feedmill PCL Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only 152.25 27.72 24.20 482.55 768.72

Thai Union Feedmill PCL Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 203.25 241.19 186.03 148.83 132.00
BKK:TFM
93GF Score
Thai Union Feedmill PCL BKK:TFM
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Thai Union Feedmill 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 ฿708 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 ฿708 Mil mean?
Thai Union Feedmill PCL (BKK:TFM) has a Operating Income of ฿708 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Thai Union Feedmill PCL and its competitors.
Is Thai Union Feedmill PCL's Operating Income too high?
Thai Union Feedmill PCL's current Operating Income is ฿708 Mil. Overall, Thai Union Feedmill PCL has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Thai Union Feedmill PCL's Operating Income compare to ADM and BG?
Thai Union Feedmill PCL's Operating Income of ฿708 Mil can be compared against companies in the Consumer Packaged Goods 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 Consumer Packaged Goods company?
A good Operating Income depends on the Consumer Packaged Goods 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 Thai Union Feedmill PCL and its competitors. Thai Union Feedmill PCL's current Operating Income is ฿708 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Union Feedmill PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Union Feedmill PCL (BKK:TFM) is currently considered Fairly Valued. The stock's GF Value™ is ฿6.59, compared to a current price of ฿6.55 — trading 0.6% below its estimated fair value. The current Operating Income is ฿708 Mil. Thai Union Feedmill PCL's overall GF Score™ is 93/100 with 7 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 Thai Union Feedmill PCL (BKK:TFM), the current Operating Income is ฿708 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 Thai Union Feedmill PCL (BKK:TFM) Overvalued in 2026?

Based on GuruFocus' analysis, Thai Union Feedmill PCL stock appears to be undervalued. The current stock price of ฿6.55 is trading 0.6% below its estimated GF Value™ of ฿6.59. GuruFocus considers Thai Union Feedmill PCL to be Fairly Valued.

Key valuation signals for BKK:TFM:

  • Operating Income: ฿708 Mil
  • GF Value™: ฿6.59 vs. price of ฿6.55 (0.6% below fair value)
  • GF Score™: 93/100 with 7 warning signs

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


Thai Union Feedmill PCL Business Description

Address 89/1 Moo 2, Rama 2 Road, Kalong Subdistrict, Mueang District, Samut Sakhon Province, Samut Sakhon, THA, 74000
Thai Union Feedmill PCL is a manufacturer and distributor of aquatic feed in Thailand. Business is organised into four reportable segments; Shrimp feed products; Fish feed products; Livestock feed products and Others. The firm generates the majority of its revenue from Shrimp feed products. Geographically the company generates revenue from Thailand, Sri Lanka, Pakistan, Indonesia, and others, with the majority of revenue generated from Thailand.
93GF Score

Get the complete analysis for BKK:TFM

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

฿6.55
Price
฿6.59
GF Value