WHA PCL (BKK:WHA-R) Operating Income: ฿3,869 Mil (TTM As of Mar. 2026)


BKK:WHA-R WHA Corp PCL BKK:WHA-R
79 GF Score
Price ฿4.19
GF Value ฿3.85
! 11 Warning Signs
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What is WHA PCL Operating Income?

WHA PCL BKK:WHA-R 79 Operating Income is ฿3,869 Mil as of Mar. 2026. GuruFocus rates BKK:WHA-R with a GF Score™ of 79/100 and a GF Value™ of ฿3.85. The stock has 11 warning signs investors should review.

WHA PCL's Operating Income for the three months ended in Mar. 2026 was ฿1,092 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ฿3,869 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. WHA PCL's Operating Income for the three months ended in Mar. 2026 was ฿1,092 Mil. WHA PCL's Revenue for the three months ended in Mar. 2026 was ฿3,166 Mil. Therefore, WHA PCL's Operating Margin % for the quarter that ended in Mar. 2026 was 34.49%.

Good Sign:

WHA Corp PCL operating margin is expanding. Margin expansion is usually a good sign.

WHA PCL's 5-Year average Growth Rate for Operating Margin % was 5.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. WHA PCL's annualized ROC % for the quarter that ended in Mar. 2026 was 4.18%. WHA PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 27.21%.


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

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

WHA 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 )
=4368.22 * ( 1 - 7.76% )/( (95543.831 + 97374.408)/ 2 )
=4029.246128/96459.1195
=4.18 %

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))
=101403.626 - 2257.19 - ( 3602.605 - max(0, 17802.849 - 25423.535+3602.605))
=95543.831

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))
=104133.744 - 3253.691 - ( 3505.645 - max(0, 19425.013 - 28848.057+3505.645))
=97374.408

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

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

WHA 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 )
=8291.384/( ( (11692.617 + max(17243.122, 0)) + (12180.286 + max(19816.821, 0)) )/ 2 )
=8291.384/( ( 28935.739 + 31997.107 )/ 2 )
=8291.384/30466.423
=27.21 %

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)
=(552.898 + 19643.616 + 606.508) - (2257.19 + 1045.143 + 257.567)
=17243.122

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1496.985 + 22417.264 + 742.037) - (3253.691 + 1463.797 + 121.977)
=19816.821

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 %:

WHA 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 )
=1092.055/3166.162
=34.49 %

* 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.


WHA PCL Operating Income Related Terms


WHA PCL Operating Income Historical Data

* Premium members only.

The historical data trend for WHA 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.

WHA PCL Operating Income Chart

WHA 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 3,150.26 4,154.76 4,803.16 4,147.95 4,935.08

WHA 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 2,158.14 1,058.05 527.18 1,191.71 1,092.06
BKK:WHA-R
79GF Score
WHA Corp PCL BKK:WHA-R
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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WHA 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 ฿3,869 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 ฿3,869 Mil mean?
WHA PCL (BKK:WHA-R) has a Operating Income of ฿3,869 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on WHA PCL and its competitors.
Is WHA PCL's Operating Income too high?
WHA PCL's current Operating Income is ฿3,869 Mil. Overall, WHA PCL has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does WHA PCL's Operating Income compare to CBRE and BEKE?
WHA PCL's Operating Income of ฿3,869 Mil can be compared against companies in the Real Estate 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 Real Estate company?
A good Operating Income depends on the Real Estate 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 WHA PCL and its competitors. WHA PCL's current Operating Income is ฿3,869 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is WHA PCL stock overvalued right now?
WHA PCL (BKK:WHA-R) has a current Operating Income of ฿3,869 Mil. The stock's GF Value™ is ฿3.85, compared to a current price of ฿4.19 — trading 8.8% above its estimated fair value. The current Operating Income is ฿3,869 Mil. WHA PCL's overall GF Score™ is 79/100 with 11 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 WHA PCL (BKK:WHA-R), the current Operating Income is ฿3,869 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 WHA PCL (BKK:WHA-R) Overvalued in 2026?

Based on GuruFocus' analysis, WHA PCL stock appears to be overvalued. The current stock price of ฿4.19 is trading 8.8% above its estimated GF Value™ of ฿3.85.

Key valuation signals for BKK:WHA-R:

  • Operating Income: ฿3,869 Mil
  • GF Value™: ฿3.85 vs. price of ฿4.19 (8.8% above fair value)
  • GF Score™: 79/100 with 11 warning signs

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


WHA PCL Business Description

Other Exchanges WHA:Thailand
Address Moo 13, Debaratna Road (Bangna-Trad) KM.7, 777 WHA TOWER, 23rd - 25th Floor, Bang Kaeo, Bang Phli, Samut Prakarn, THA, 10540
WHA Corp PCL is engaged in providing rent and sale of lands, buildings, factories, warehouses, and other properties; developing and managing properties in industrial estates and industrial zones; providing public utilities, facilities, and other related services; and providing digital services, data center, Internet connection, and other IT services. The company operates in four segments domestically: Real Estate, Power, Water, and Others; and three segments internationally: Real Estate, Water, and Others. It generates the majority of its revenue from the Real Estate segment in the form of leases & services, and sales. Geographically, it operates in the domestic market and the overseas market.
79GF Score

Get the complete analysis for BKK:WHA-R

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

฿4.19
Price
฿3.85
GF Value