Vintcom Technology PCL (BKK:VCOM) Operating Income: ฿215 Mil (TTM As of Mar. 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.

BKK:VCOM Vintcom Technology PCL BKK:VCOM
72 GF Score
Price ฿4.02
GF Value ฿2.98
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is Vintcom Technology PCL Operating Income?

Vintcom Technology PCL BKK:VCOM +1.52% 72 Operating Income is ฿215 Mil as of Mar. 2026. GuruFocus rates BKK:VCOM with a GF Score™ of 72/100 and a GF Value™ of ฿2.98 (Significantly Overvalued). The stock has 7 warning signs investors should review.

Vintcom Technology PCL's Operating Income for the three months ended in Mar. 2026 was ฿47 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ฿215 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Vintcom Technology PCL's Operating Income for the three months ended in Mar. 2026 was ฿47 Mil. Vintcom Technology PCL's Revenue for the three months ended in Mar. 2026 was ฿562 Mil. Therefore, Vintcom Technology PCL's Operating Margin % for the quarter that ended in Mar. 2026 was 8.46%.

Good Sign:

Vintcom Technology PCL operating margin is expanding. Margin expansion is usually a good sign.

Vintcom Technology PCL's 5-Year average Growth Rate for Operating Margin % was 8.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Vintcom Technology PCL's annualized ROC % for the quarter that ended in Mar. 2026 was 20.54%. Vintcom Technology PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 661.79%.

Vintcom Technology PCL  (BKK:VCOM) Operating Income Explanation

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

Vintcom Technology 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 )
=189.964 * ( 1 - 21.34% )/( (705.671 + 749.474)/ 2 )
=149.4256824/727.5725
=20.54 %

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))
=1484.71 - 470.609 - ( 308.43 - max(0, 683.169 - 1006.844+308.43))
=705.671

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))
=1563.169 - 505.764 - ( 307.931 - max(0, 679.356 - 1063.462+307.931))
=749.474

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

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

Vintcom Technology 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 )
=237.66/( ( (32.962 + max(1.9310000000001, 0)) + (36.93 + max(-147.959, 0)) )/ 2 )
=237.66/( ( 34.893 + 36.93 )/ 2 )
=237.66/35.9115
=661.79 %

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)
=(565.25 + 36.353 + 0.033000000000129) - (470.609 + 129.096 + 0)
=1.9310000000001

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(481.785 + 22.928 + 0.02800000000002) - (505.764 + 146.936 + 0)
=-147.959

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 %:

Vintcom Technology 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 )
=47.491/561.521
=8.46 %

* 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.

Vintcom Technology PCL Operating Income Related Terms

Vintcom Technology PCL Operating Income Historical Data

* Premium members only.

The historical data trend for Vintcom Technology 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.

Vintcom Technology PCL Operating Income Chart

Vintcom Technology 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 176.63 173.21 166.76 149.69 229.48

Vintcom Technology 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 52.43 54.38 44.18 68.78 47.49
BKK:VCOM
72GF Score
Vintcom Technology PCL BKK:VCOM
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Vintcom Technology 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 ฿215 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 ฿215 Mil mean?
Vintcom Technology PCL (BKK:VCOM) has a Operating Income of ฿215 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Vintcom Technology PCL and its competitors.
Is Vintcom Technology PCL's Operating Income too high?
Vintcom Technology PCL's current Operating Income is ฿215 Mil. Overall, Vintcom Technology PCL has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Vintcom Technology PCL's Operating Income compare to SNX and ARW?
Vintcom Technology PCL's Operating Income of ฿215 Mil can be compared against companies in the Hardware 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 Hardware company?
A good Operating Income depends on the Hardware 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 Vintcom Technology PCL and its competitors. Vintcom Technology PCL's current Operating Income is ฿215 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vintcom Technology PCL stock overvalued right now?
Based on GuruFocus' analysis, Vintcom Technology PCL (BKK:VCOM) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿2.98, compared to a current price of ฿4.02 — trading 34.9% above its estimated fair value. The current Operating Income is ฿215 Mil. Vintcom Technology PCL's overall GF Score™ is 72/100 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 Vintcom Technology PCL (BKK:VCOM), the current Operating Income is ฿215 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 Vintcom Technology PCL (BKK:VCOM) Overvalued in 2026?

Based on GuruFocus' analysis, Vintcom Technology PCL stock appears to be overvalued. The current stock price of ฿4.02 is trading 34.9% above its estimated GF Value™ of ฿2.98. GuruFocus considers Vintcom Technology PCL to be Significantly Overvalued.

Key valuation signals for BKK:VCOM:

  • Operating Income: ฿215 Mil
  • GF Value™: ฿2.98 vs. price of ฿4.02 (34.9% above fair value)
  • GF Score™: 72/100 with 7 warning signs

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

Vintcom Technology PCL Business Description

Address Sukhumvit 21 Road (Asoke, 14th Floor, 159/21 Serm-Mit Tower, Unit 1401, North-Klongtoey Sub-District, Wattana District, Bangkok, THA, 10110
Vintcom Technology PCL is a Thailand-based company engaged in trading computers and equipment including related software and related services for the computer. It operates in two segments - Sale of goods and Rendering of services. It generates a majority of its revenue from the sale of goods segment. Geographically, the firm earns substantial revenue from Thailand and also serves Myanmar, Cambodia and other countries.
72GF Score

Get the complete analysis for BKK:VCOM

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

฿4.02
Price
฿2.98
GF Value