BUKS (Butler National) Operating Income: $28.45 Mil (TTM As of Apr. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BUKS Butler National Corp BUKS
72 GF Score
Price $4.70
GF Value $1.88
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Butler National Operating Income?

Butler National BUKS +2.11% 72 Operating Income is $28.45 Mil as of Apr. 2026. GuruFocus rates BUKS with a GF Score™ of 72/100 and a GF Value™ of $1.88 (Significantly Overvalued). The stock has 4 warning signs investors should review.

Butler National's Operating Income for the three months ended in Apr. 2026 was $7.47 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was $28.45 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Butler National's Operating Income for the three months ended in Apr. 2026 was $7.47 Mil. Butler National's Revenue for the three months ended in Apr. 2026 was $27.68 Mil. Therefore, Butler National's Operating Margin % for the quarter that ended in Apr. 2026 was 26.99%.

Good Sign:

Butler National Corp operating margin is expanding. Margin expansion is usually a good sign.

Butler National's 5-Year average Growth Rate for Operating Margin % was 17.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Butler National's annualized ROC % for the quarter that ended in Apr. 2026 was 25.49%. Butler National's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 48.14%.


Butler National  (OTCPK:BUKS) Operating Income Explanation

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

Butler National's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

ROC % (Q: Apr. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jan. 2026 ) + Invested Capital (Q: Apr. 2026 ))/ count )
=29.884 * ( 1 - 22.91% )/( (89.971 + 90.778)/ 2 )
=23.0375756/90.3745
=25.49 %

where

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

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

Butler National's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Apr. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jan. 2026  Q: Apr. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=30.548/( ( (61.604 + max(-2.196, 0)) + (61.146 + max(4.158, 0)) )/ 2 )
=30.548/( ( 61.604 + 65.304 )/ 2 )
=30.548/63.454
=48.14 %

where Working Capital is:

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(12.168 + 12.102 + 3.366) - (19.859 + 7.787 + 2.186)
=-2.196

Working Capital(Q: Apr. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(13.996 + 13.116 + 3.465) - (15.94 + 6.769 + 3.71)
=4.158

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Apr. 2026) EBIT data.

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

Butler National's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Apr. 2026 )/Revenue (Q: Apr. 2026 )
=7.471/27.678
=26.99 %

* 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.


Butler National Operating Income Related Terms


Butler National Operating Income Historical Data

* Premium members only.

The historical data trend for Butler National'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.

Butler National Operating Income Chart

Butler National Annual Data
Trend Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25 Apr26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 16.13 8.65 13.24 16.83 28.45

Butler National Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
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 4.41 4.67 7.08 9.24 7.47
BUKS
72GF Score
Butler National Corp BUKS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Butler National 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 Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $28.45 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 $28.45 Mil mean?
Butler National (BUKS) has a Operating Income of $28.45 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Butler National and its competitors.
Is Butler National's Operating Income too high?
Butler National's current Operating Income is $28.45 Mil. Overall, Butler National has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Butler National's Operating Income compare to SPCE and MRLN?
Butler National's Operating Income of $28.45 Mil can be compared against companies in the Aerospace & Defense 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 an Aerospace & Defense company?
A good Operating Income depends on the Aerospace & Defense 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 Butler National and its competitors. Butler National's current Operating Income is $28.45 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Butler National stock overvalued right now?
Based on GuruFocus' analysis, Butler National (BUKS) is currently considered Significantly Overvalued. The stock's GF Value™ is $1.88, compared to a current price of $4.70 — trading 150% above its estimated fair value. The current Operating Income is $28.45 Mil. Butler National's overall GF Score™ is 72/100 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 Butler National (BUKS), the current Operating Income is $28.45 Mil as of Apr. 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 Butler National (BUKS) Overvalued in 2026?

Based on GuruFocus' analysis, Butler National stock appears to be overvalued. The current stock price of $4.70 is trading 150% above its estimated GF Value™ of $1.88. GuruFocus considers Butler National to be Significantly Overvalued.

Key valuation signals for BUKS:

  • Operating Income: $28.45 Mil
  • GF Value™: $1.88 vs. price of $4.70 (150% above fair value)
  • GF Score™: 72/100 with 4 warning signs

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


Butler National Business Description

Address One Aero Plaza, New Century, KS, USA, 66031
Butler National Corp is involved in the design, engineering, manufacturing, selling, integrating, installing, repairing, modifying, overhauling, servicing, and distributing portfolio of aerostructures, aircraft components, avionics, accessories, subassemblies, and systems (Aerospace Products). The group serves the aviation industry, including owners of aircraft and contractors involved with private, commercial, business, and government aircraft operations. It also serves commercial weapon manufacturers and suppliers to governments and their agencies. The company has two operating segments: Professional Services and Aerospace Products. Its main source of revenue comes from the Aerospace Products segment. It operates in North America, Europe, Asia, Australia, and other geographical regions.
72GF Score

Get the complete analysis for BUKS

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

$4.70
Price
$1.88
GF Value