Hidrovias DO Brasil (BSP:HBSA3) Operating Income: R$519 Mil (TTM As of Mar. 2026)

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BSP:HBSA3 Hidrovias DO Brasil SA BSP:HBSA3
67 GF Score
Price R$3.27
GF Value R$2.70
Valuation Modestly Overvalued
! 2 Warning Signs
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What is Hidrovias DO Brasil Operating Income?

Hidrovias DO Brasil BSP:HBSA3 -1.51% 67 Operating Income is R$519 Mil as of Mar. 2026. GuruFocus rates BSP:HBSA3 with a GF Score™ of 67/100 and a GF Value™ of R$2.70 (Modestly Overvalued). The stock has 2 warning signs investors should review.

Hidrovias DO Brasil's Operating Income for the three months ended in Mar. 2026 was R$99 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was R$519 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Hidrovias DO Brasil's Operating Income for the three months ended in Mar. 2026 was R$99 Mil. Hidrovias DO Brasil's Revenue for the three months ended in Mar. 2026 was R$445 Mil. Therefore, Hidrovias DO Brasil's Operating Margin % for the quarter that ended in Mar. 2026 was 22.27%.

Hidrovias DO Brasil'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. Hidrovias DO Brasil's annualized ROC % for the quarter that ended in Mar. 2026 was 7.93%. Hidrovias DO Brasil's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.72%.


Hidrovias DO Brasil  (BSP:HBSA3) Operating Income Explanation

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

Hidrovias DO Brasil'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 )
=396.484 * ( 1 - 0% )/( (4990.776 + 5009.002)/ 2 )
=396.484/4999.889
=7.93 %

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))
=6487.308 - 395.867 - ( 1112.531 - max(0, 558.107 - 1658.772+1112.531))
=4990.776

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))
=6188.126 - 260.526 - ( 918.598 - max(0, 431.447 - 1546.882+918.598))
=5009.002

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

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

Hidrovias DO Brasil'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 )
=359.224/( ( (3992.81 + max(77.958, 0)) + (3854.901 + max(310.859, 0)) )/ 2 )
=359.224/( ( 4070.768 + 4165.76 )/ 2 )
=359.224/4118.264
=8.72 %

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)
=(100.901 + 144.324 + 300.44) - (395.867 + 0 + 71.84)
=77.958

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(148.624 + 136.696 + 342.502) - (260.526 + 0 + 56.437)
=310.859

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 %:

Hidrovias DO Brasil'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 )
=99.121/445.163
=22.27 %

* 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.


Hidrovias DO Brasil Operating Income Related Terms


Hidrovias DO Brasil Operating Income Historical Data

* Premium members only.

The historical data trend for Hidrovias DO Brasil'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.

Hidrovias DO Brasil Operating Income Chart

Hidrovias DO Brasil 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 90.30 327.89 386.00 -24.74 546.29

Hidrovias DO Brasil 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 132.85 223.25 218.08 -21.60 99.12
BSP:HBSA3
67GF Score
Hidrovias DO Brasil SA BSP:HBSA3
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Hidrovias DO Brasil 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 R$519 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$519 Mil mean?
Hidrovias DO Brasil (BSP:HBSA3) has a Operating Income of R$519 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Hidrovias DO Brasil and its competitors.
Is Hidrovias DO Brasil's Operating Income too high?
Hidrovias DO Brasil's current Operating Income is R$519 Mil. Overall, Hidrovias DO Brasil has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hidrovias DO Brasil's Operating Income compare to UPS and FDX?
Hidrovias DO Brasil's Operating Income of R$519 Mil can be compared against companies in the Transportation 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 Transportation company?
A good Operating Income depends on the Transportation 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 Hidrovias DO Brasil and its competitors. Hidrovias DO Brasil's current Operating Income is R$519 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hidrovias DO Brasil stock overvalued right now?
Based on GuruFocus' analysis, Hidrovias DO Brasil (BSP:HBSA3) is currently considered Modestly Overvalued. The stock's GF Value™ is R$2.70, compared to a current price of R$3.27 — trading 21.1% above its estimated fair value. The current Operating Income is R$519 Mil. Hidrovias DO Brasil's overall GF Score™ is 67/100 with 2 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 Hidrovias DO Brasil (BSP:HBSA3), the current Operating Income is R$519 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 Hidrovias DO Brasil (BSP:HBSA3) Overvalued in 2026?

Based on GuruFocus' analysis, Hidrovias DO Brasil stock appears to be overvalued. The current stock price of R$3.27 is trading 21.1% above its estimated GF Value™ of R$2.70. GuruFocus considers Hidrovias DO Brasil to be Modestly Overvalued.

Key valuation signals for BSP:HBSA3:

  • Operating Income: R$519 Mil
  • GF Value™: R$2.70 vs. price of R$3.27 (21.1% above fair value)
  • GF Score™: 67/100 with 2 warning signs

No single metric tells the full story. See the BSP:HBSA3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Hidrovias DO Brasil Business Description

Address Avenida Brigadeiro Luis Antonio, 1343, 7th Floor, bairro Bela Vista, Sao Paulo, SP, BRA, 01317-001
Hidrovias DO Brasil SA provides integrated logistics solutions for waterway handling and transportation in Brazil and abroad. Its activities include transportation of goods; construction and operation of ports, cargo terminals, shipyards, workshops, and warehouses; river and sea navigation, coastal navigation, and storage of goods; provision of logistics services, either directly or through third parties; other related activities or activities that are somehow related to its business purpose. Its segments include North Corridor, South Corridor, and Santos, with the majority of the revenue deriving from North Corridor segment that provides integrated logistics services for the transportation of products through cargo transshipment and river navigation.
67GF Score

Get the complete analysis for BSP:HBSA3

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

R$3.27
Price
R$2.70
GF Value