Vanachai Group PCL (BKK:VNG-R) Operating Income: ฿-700 Mil (TTM As of Jun. 2026)

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BKK:VNG-R Vanachai Group PCL BKK:VNG-R
63 GF Score
Price ฿1.97
GF Value ฿2.02
Valuation Fairly Valued
! 7 Warning Signs
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What is Vanachai Group PCL Operating Income?

Vanachai Group PCL BKK:VNG-R 63 Operating Income is ฿-700 Mil as of Jun. 2026. GuruFocus rates BKK:VNG-R with a GF Score™ of 63/100 and a GF Value™ of ฿2.02 (Fairly Valued). The stock has 7 warning signs investors should review.

Vanachai Group PCL's Operating Income for the three months ended in Jun. 2026 was ฿-80 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was ฿-700 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Vanachai Group PCL's Operating Income for the three months ended in Jun. 2026 was ฿-80 Mil. Vanachai Group PCL's Revenue for the three months ended in Jun. 2026 was ฿2,401 Mil. Therefore, Vanachai Group PCL's Operating Margin % for the quarter that ended in Jun. 2026 was -3.32%.

Vanachai Group 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. Vanachai Group PCL's annualized ROC % for the quarter that ended in Jun. 2026 was -1.68%. Vanachai Group PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was -1.86%.


Vanachai Group PCL  (BKK:VNG-R) Operating Income Explanation

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

Vanachai Group 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 )
=-319.144 * ( 1 - 3.23% )/( (18300.069 + 18426.423)/ 2 )
=-308.8356488/18363.246
=-1.68 %

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))
=18417.62 - 1283.761 - ( 560.012 - max(0, 6298.278 - 5132.068+560.012))
=18300.069

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))
=18708.413 - 1083.023 - ( 451.903 - max(0, 6022.197 - 5221.164+451.903))
=18426.423

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

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

Vanachai Group 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 )
=-293.064/( ( (13026.276 + max(2596.27, 0)) + (13208.987 + max(2682.107, 0)) )/ 2 )
=-293.064/( ( 15622.546 + 15891.094 )/ 2 )
=-293.064/15756.82
=-1.86 %

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)
=(832.347 + 3457.237 + 128.513) - (1283.761 + 461.786 + 76.280000000001)
=2596.27

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(668.505 + 3793.523 + 104.053) - (1083.023 + 724.671 + 76.28)
=2682.107

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 %:

Vanachai Group 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 )
=-79.786/2401.469
=-3.32 %

* 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.


Vanachai Group PCL Operating Income Related Terms


Vanachai Group PCL Operating Income Historical Data

* Premium members only.

The historical data trend for Vanachai Group 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.

Vanachai Group PCL Operating Income Chart

Vanachai Group 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 1,627.42 1,086.31 479.66 349.74 -331.93

Vanachai Group 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 38.39 -93.76 -334.18 -192.32 -79.79
BKK:VNG-R
63GF Score
Vanachai Group PCL BKK:VNG-R
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Vanachai Group 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 ฿-700 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 ฿-700 Mil mean?
Vanachai Group PCL (BKK:VNG-R) has a Operating Income of ฿-700 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Vanachai Group PCL and its competitors.
Is Vanachai Group PCL's Operating Income too high?
Vanachai Group PCL's current Operating Income is ฿-700 Mil. Overall, Vanachai Group PCL has a GF Score™ of 63/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Vanachai Group PCL's Operating Income compare to SSD and UFPI?
Vanachai Group PCL's Operating Income of ฿-700 Mil can be compared against companies in the Forest Products 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 Forest Products company?
A good Operating Income depends on the Forest Products 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 Vanachai Group PCL and its competitors. Vanachai Group PCL's current Operating Income is ฿-700 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vanachai Group PCL stock overvalued right now?
Based on GuruFocus' analysis, Vanachai Group PCL (BKK:VNG-R) is currently considered Fairly Valued. The stock's GF Value™ is ฿2.02, compared to a current price of ฿1.97 — trading 2.5% below its estimated fair value. The current Operating Income is ฿-700 Mil. Vanachai Group PCL's overall GF Score™ is 63/100 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 Vanachai Group PCL (BKK:VNG-R), the current Operating Income is ฿-700 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 Vanachai Group PCL (BKK:VNG-R) Overvalued in 2026?

Based on GuruFocus' analysis, Vanachai Group PCL stock appears to be undervalued. The current stock price of ฿1.97 is trading 2.5% below its estimated GF Value™ of ฿2.02. GuruFocus considers Vanachai Group PCL to be Fairly Valued.

Key valuation signals for BKK:VNG-R:

  • Operating Income: ฿-700 Mil
  • GF Value™: ฿2.02 vs. price of ฿1.97 (2.5% below fair value)
  • GF Score™: 63/100 with 7 warning signs

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


Vanachai Group PCL Business Description

Other Exchanges VNG:Thailand
Address 2/1 Wongsawang Road, Wongsawang, Bangsue District, Bangkok, THA, 10800
Vanachai Group PCL is a Thailand-based company. The principal activities of the company and its subsidiaries involve the production and distribution of wood plates, MDF boards, Particle boards, Doorskin, and Malamine on wood plates. The company creates wood-based goods such as particleboards, medium-density fiberboards (MDF boards), Doorskin, and melamine laminated particleboards, which are distributed to both domestic and international markets. It also sells finished products that include melamine doors, door frames, resins, formaldehyde adhesives, and finished flooring. The company generates the vast majority of its revenue in Thailand.
63GF Score

Get the complete analysis for BKK:VNG-R

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

฿1.97
Price
฿2.02
GF Value