BLRDF (Billerud AB) Operating Income: $10 Mil (TTM As of Mar. 2026)


BLRDF Billerud AB BLRDF
59 GF Score
Price $6.23
GF Value $8.42
Valuation Possible Value Trap
! 6 Warning Signs
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What is Billerud AB Operating Income?

Billerud AB BLRDF 59 Operating Income is $10 Mil as of Mar. 2026. GuruFocus rates BLRDF with a GF Score™ of 59/100 and a GF Value™ of $8.42 (Possible Value Trap). The stock has 6 warning signs investors should review.

Billerud AB's Operating Income for the three months ended in Mar. 2026 was $-21 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $10 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Billerud AB's Operating Income for the three months ended in Mar. 2026 was $-21 Mil. Billerud AB's Revenue for the three months ended in Mar. 2026 was $1,055 Mil. Therefore, Billerud AB's Operating Margin % for the quarter that ended in Mar. 2026 was -1.95%.

Warning Sign:

Billerud AB operating margin has been in a 5-year decline. The average rate of decline per year is -11.9%.

Billerud AB's 5-Year average Growth Rate for Operating Margin % was -11.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Billerud AB's annualized ROC % for the quarter that ended in Mar. 2026 was -1.55%. Billerud AB's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -2.34%.

Billerud AB  (OTCPK:BLRDF) Operating Income Explanation

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

Billerud AB'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 )
=-82.428 * ( 1 - 16.09% )/( (4454.404 + 4490.941)/ 2 )
=-69.1653348/4472.6725
=-1.55 %

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))
=5099.155 - 506.913 - ( 137.838 - max(0, 1098.833 - 1447.248+137.838))
=4454.404

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))
=5238.591 - 544.799 - ( 202.851 - max(0, 1104.302 - 1583.845+202.851))
=4490.941

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

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

Billerud AB'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 )
=-82.428/( ( (3094.206 + max(307.957, 0)) + (3167.69 + max(488.988, 0)) )/ 2 )
=-82.428/( ( 3402.163 + 3656.678 )/ 2 )
=-82.428/3529.4205
=-2.34 %

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)
=(399.204 + 664.658 + 82.854) - (506.913 + 0 + 331.846)
=307.957

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(448.096 + 657.923 + 274.975) - (544.799 + 0 + 347.207)
=488.988

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 %:

Billerud AB'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 )
=-20.607/1054.501
=-1.95 %

* 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.

Billerud AB Operating Income Related Terms

Billerud AB Operating Income Historical Data

* Premium members only.

The historical data trend for Billerud AB'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.

Billerud AB Operating Income Chart

Billerud AB 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 205.18 539.12 68.73 221.39 86.73

Billerud AB 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 61.88 18.75 0.21 12.05 -20.61
BLRDF
59GF Score
Billerud AB BLRDF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Billerud AB 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 $10 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 $10 Mil mean?
Billerud AB (BLRDF) has a Operating Income of $10 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Billerud AB and its competitors.
Is Billerud AB's Operating Income too high?
Billerud AB's current Operating Income is $10 Mil. Overall, Billerud AB has a GF Score™ of 59/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Billerud AB's Operating Income compare to SLVM?
Billerud AB's Operating Income of $10 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 Billerud AB and its competitors. Billerud AB's current Operating Income is $10 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Billerud AB stock overvalued right now?
Based on GuruFocus' analysis, Billerud AB (BLRDF) is currently considered Possible Value Trap. The stock's GF Value™ is $8.42, compared to a current price of $6.23 — trading 26% below its estimated fair value. The current Operating Income is $10 Mil. Billerud AB's overall GF Score™ is 59/100 with 6 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 Billerud AB (BLRDF), the current Operating Income is $10 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 Billerud AB (BLRDF) Overvalued in 2026?

Based on GuruFocus' analysis, Billerud AB stock appears to be undervalued. The current stock price of $6.23 is trading 26% below its estimated GF Value™ of $8.42. GuruFocus considers Billerud AB to be Possible Value Trap.

Key valuation signals for BLRDF:

  • Operating Income: $10 Mil
  • GF Value™: $8.42 vs. price of $6.23 (26% below fair value)
  • GF Score™: 59/100 with 6 warning signs

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

Billerud AB Business Description

Address Evenemangsgatan 17, P.O. Box 703, Solna, Stockholm, SWE, SE-169 27
Billerud AB produces a variety of packaging, paper, and board products. Its product offerings include Cartonboard, Sack Paper, Coated sheets, Web papers, Hardwood Pulp, and Containerboard, among others. The company has has three operating segments: Region Europe, Region North America and Other. The majority of revenue is derived from the Region Europe segment.
59GF Score

Get the complete analysis for BLRDF

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

$6.23
Price
$8.42
GF Value