Fundo Investimento Imobiliario SC 401 (BSP:FISC11) Operating Income: R$9.53 Mil (TTM As of Dec. 2025)


BSP:FISC11 Fundo Investimento Imobiliario SC 401 BSP:FISC11
71 GF Score
Price R$68.25
GF Value R$95.60
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Fundo Investimento Imobiliario SC 401 Operating Income?

Fundo Investimento Imobiliario SC 401 BSP:FISC11 71 Operating Income is R$9.53 Mil as of Dec. 2025. GuruFocus rates BSP:FISC11 with a GF Score™ of 71/100 and a GF Value™ of R$95.60 (Modestly Undervalued). The stock has 4 warning signs investors should review.

Fundo Investimento Imobiliario SC 401's Operating Income for the six months ended in Dec. 2025 was R$9.53 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was R$9.53 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Fundo Investimento Imobiliario SC 401's Operating Income for the six months ended in Dec. 2025 was R$9.53 Mil. Fundo Investimento Imobiliario SC 401's Revenue for the six months ended in Dec. 2025 was R$12.57 Mil. Therefore, Fundo Investimento Imobiliario SC 401's Operating Margin % for the quarter that ended in Dec. 2025 was 75.77%.

Good Sign:

Fundo Investimento Imobiliario SC 401 operating margin is expanding. Margin expansion is usually a good sign.

Fundo Investimento Imobiliario SC 401's 5-Year average Growth Rate for Operating Margin % was 31.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fundo Investimento Imobiliario SC 401's annualized ROC % for the quarter that ended in Dec. 2025 was 4.95%. Fundo Investimento Imobiliario SC 401's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 780.29%.

Fundo Investimento Imobiliario SC 401  (BSP:FISC11) Operating Income Explanation

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

Fundo Investimento Imobiliario SC 401's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2024 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=9.526 * ( 1 - 0.77% )/( (194.349 + 187.29)/ 2 )
=9.4526498/190.8195
=4.95 %

where

Invested Capital(Q: Dec. 2024 )
=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))
=196.217 - 0.316 - ( 1.552 - max(0, 0.316 - 3.227+1.552))
=194.349

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))
=189.458 - 0.527 - ( 1.641 - max(0, 0.527 - 2.869+1.641))
=187.29

Note: The Operating Income data used here is one times the annual (Dec. 2025) data.

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

Fundo Investimento Imobiliario SC 401's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2024  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=5.821/( ( (0 + max(1.032, 0)) + (0 + max(0.46, 0)) )/ 2 )
=5.821/( ( 1.032 + 0.46 )/ 2 )
=5.821/0.746
=780.29 %

where Working Capital is:

Working Capital(Q: Dec. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1.038 + 0.31 + -4.4408920985006E-16) - (0.316 + 0 + 0)
=1.032

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.677 + 0.31 + 4.4408920985006E-16) - (0.527 + 0 + 0)
=0.46

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Fundo Investimento Imobiliario SC 401's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=9.526/12.572
=75.77 %

* 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.

Fundo Investimento Imobiliario SC 401 Operating Income Related Terms

Fundo Investimento Imobiliario SC 401 Operating Income Historical Data

* Premium members only.

The historical data trend for Fundo Investimento Imobiliario SC 401'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.

Fundo Investimento Imobiliario SC 401 Operating Income Chart

Fundo Investimento Imobiliario SC 401 Annual Data
Trend Dec15 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.66 2.00 7.46 8.36 9.53

Fundo Investimento Imobiliario SC 401 Semi-Annual Data
Dec12 Dec13 Dec14 Dec15 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.66 2.00 7.46 8.36 9.53
BSP:FISC11
71GF Score
Fundo Investimento Imobiliario SC 401 BSP:FISC11
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Fundo Investimento Imobiliario SC 401 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.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was R$9.53 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 R$9.53 Mil mean?
Fundo Investimento Imobiliario SC 401 (BSP:FISC11) has a Operating Income of R$9.53 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fundo Investimento Imobiliario SC 401 and its competitors.
Is Fundo Investimento Imobiliario SC 401's Operating Income too high?
Fundo Investimento Imobiliario SC 401's current Operating Income is R$9.53 Mil. Overall, Fundo Investimento Imobiliario SC 401 has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Fundo Investimento Imobiliario SC 401's Operating Income compare to VICI and WPC?
Fundo Investimento Imobiliario SC 401's Operating Income of R$9.53 Mil can be compared against companies in the REITs 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 REITs company?
A good Operating Income depends on the REITs 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 Fundo Investimento Imobiliario SC 401 and its competitors. Fundo Investimento Imobiliario SC 401's current Operating Income is R$9.53 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fundo Investimento Imobiliario SC 401 stock overvalued right now?
Based on GuruFocus' analysis, Fundo Investimento Imobiliario SC 401 (BSP:FISC11) is currently considered Modestly Undervalued. The stock's GF Value™ is R$95.60, compared to a current price of R$68.25 — trading 28.6% below its estimated fair value. The current Operating Income is R$9.53 Mil. Fundo Investimento Imobiliario SC 401's overall GF Score™ is 71/100 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 Fundo Investimento Imobiliario SC 401 (BSP:FISC11), the current Operating Income is R$9.53 Mil as of Dec. 2025. 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 Fundo Investimento Imobiliario SC 401 (BSP:FISC11) Overvalued in 2026?

Based on GuruFocus' analysis, Fundo Investimento Imobiliario SC 401 stock appears to be undervalued. The current stock price of R$68.25 is trading 28.6% below its estimated GF Value™ of R$95.60. GuruFocus considers Fundo Investimento Imobiliario SC 401 to be Modestly Undervalued.

Key valuation signals for BSP:FISC11:

  • Operating Income: R$9.53 Mil
  • GF Value™: R$95.60 vs. price of R$68.25 (28.6% below fair value)
  • GF Score™: 71/100 with 4 warning signs

No single metric tells the full story. See the BSP:FISC11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Fundo Investimento Imobiliario SC 401 Business Description

Industry Real EstateREITs
Address RUA SURUBIM, 577 - 10th Floor - CJ. 101, CIDADE MONCOES, SAO PAULO, SP, BRA, 4571050
Fundo Investimento Imobiliario SC 401 is a structured fund operated by UNITS BR-CAPITAL. The fund owns stores and office complexes for the lease of Square SC, a multipurpose development located in Florianopolis/SC, and Mall W Tower, a mall located in Caxias do Sul/RS. The fund owns stores and corporate offices in Square SC, in addition to owning the rotating parking lot and owns stores in the Mall W Tower and the rotating parking in the Mall.
71GF Score

Get the complete analysis for BSP:FISC11

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

R$68.25
Price
R$95.60
GF Value