VGI PCL (BKK:VGI-R) Operating Income: ฿-927 Mil (TTM As of Mar. 2026)


BKK:VGI-R VGI PCL BKK:VGI-R
63 GF Score
Price ฿0.83
GF Value ฿1.00
! 4 Warning Signs
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What is VGI PCL Operating Income?

VGI PCL BKK:VGI-R 63 Operating Income is ฿-927 Mil as of Mar. 2026. GuruFocus rates BKK:VGI-R with a GF Score™ of 63/100 and a GF Value™ of ฿1.00. The stock has 4 warning signs investors should review.

VGI PCL's Operating Income for the three months ended in Mar. 2026 was ฿-327 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ฿-927 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. VGI PCL's Operating Income for the three months ended in Mar. 2026 was ฿-327 Mil. VGI PCL's Revenue for the three months ended in Mar. 2026 was ฿1,047 Mil. Therefore, VGI PCL's Operating Margin % for the quarter that ended in Mar. 2026 was -31.22%.

Warning Sign:

VGI PCL operating margin has been in a 5-year decline. The average rate of decline per year is -6%.

VGI PCL's 5-Year average Growth Rate for Operating Margin % was -6.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. VGI PCL's annualized ROC % for the quarter that ended in Mar. 2026 was -7.15%. VGI PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -285.93%.


VGI PCL  (BKK:VGI-R) Operating Income Explanation

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

VGI 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 )
=-1307.888 * ( 1 - 0% )/( (18937.191 + 17641.557)/ 2 )
=-1307.888/18289.374
=-7.15 %

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))
=41392.229 - 1140.335 - ( 21314.703 - max(0, 2371.33 - 24859.457+21314.703))
=18937.191

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))
=39862.118 - 1109.561 - ( 21111 - max(0, 2300.592 - 24680.096+21111))
=17641.557

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

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

VGI 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 )
=-5483.916/( ( (1969.161 + max(-440.013, 0)) + (1866.666 + max(-396.784, 0)) )/ 2 )
=-5483.916/( ( 1969.161 + 1866.666 )/ 2 )
=-5483.916/1917.9135
=-285.93 %

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)
=(321 + 180.035 + 1166.719) - (1140.335 + 740.483 + 226.949)
=-440.013

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(193 + 153 + 1289.289) - (1109.561 + 738.646 + 183.866)
=-396.784

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 %:

VGI 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 )
=-326.972/1047.331
=-31.22 %

* 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.


VGI PCL Operating Income Related Terms


VGI PCL Operating Income Historical Data

* Premium members only.

The historical data trend for VGI 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.

VGI PCL Operating Income Chart

VGI PCL Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -535.08 -907.83 -1,345.89 -561.32 -927.73

VGI 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 -212.70 -185.79 -243.57 -171.08 -326.97
BKK:VGI-R
63GF Score
VGI PCL BKK:VGI-R
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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VGI 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 ฿-927 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 ฿-927 Mil mean?
VGI PCL (BKK:VGI-R) has a Operating Income of ฿-927 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on VGI PCL and its competitors.
Is VGI PCL's Operating Income too high?
VGI PCL's current Operating Income is ฿-927 Mil. Overall, VGI PCL has a GF Score™ of 63/100, reflecting its overall financial health beyond just this single metric.
How does VGI PCL's Operating Income compare to HON and MMM?
VGI PCL's Operating Income of ฿-927 Mil can be compared against companies in the Conglomerates 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 Conglomerates company?
A good Operating Income depends on the Conglomerates 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 VGI PCL and its competitors. VGI PCL's current Operating Income is ฿-927 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is VGI PCL stock overvalued right now?
VGI PCL (BKK:VGI-R) has a current Operating Income of ฿-927 Mil. The stock's GF Value™ is ฿1.00, compared to a current price of ฿0.83 — trading 17% below its estimated fair value. The current Operating Income is ฿-927 Mil. VGI PCL's overall GF Score™ is 63/100 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 VGI PCL (BKK:VGI-R), the current Operating Income is ฿-927 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 VGI PCL (BKK:VGI-R) Overvalued in 2026?

Based on GuruFocus' analysis, VGI PCL stock appears to be undervalued. The current stock price of ฿0.83 is trading 17% below its estimated GF Value™ of ฿1.00.

Key valuation signals for BKK:VGI-R:

  • Operating Income: ฿-927 Mil
  • GF Value™: ฿1.00 vs. price of ฿0.83 (17% below fair value)
  • GF Score™: 63/100 with 4 warning signs

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


VGI PCL Business Description

Other Exchanges VGI:Thailand
Address Phahonyothin Road, 1000/9, BTS Visionary Park - South Tower, 27th Floor, Chomphon Sub-district, Chatuchak District, Bangkok, THA, 10900
VGI PCL is principally engaged in the arrangement and provision of advertising services in BTS stations, inside BTS trains, on BTS train bodies, in office buildings, and other spaces and the rental at BTS stations.is organised into business units based on the services it provides, and there are four reportable segments as follows: the Transit segment, the Digital service segment, the Distribution segment, and the Other segment. The majority of the revenue is derived from the Transit segment, which provision of advertising services in BTS stations, inside BTS trains, on BTS train bodies, on BTS Column and the rental of retail space at BTS stations. Geographically, the company operates in Thailand.
63GF Score

Get the complete analysis for BKK:VGI-R

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

฿0.83
Price
฿1.00
GF Value