CDEVY (City Developments) Operating Income: $228 Mil (TTM As of Dec. 2025)


CDEVY City Developments Ltd CDEVY
77 GF Score
Price $6.47
GF Value $4.62
Valuation Significantly Overvalued
! 7 Warning Signs
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What is City Developments Operating Income?

City Developments CDEVY 77 Operating Income is $228 Mil as of Dec. 2025. GuruFocus rates CDEVY with a GF Score™ of 77/100 and a GF Value™ of $4.62 (Significantly Overvalued). The stock has 7 warning signs investors should review.

City Developments's Operating Income for the six months ended in Dec. 2025 was $89 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $228 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. City Developments's Operating Income for the six months ended in Dec. 2025 was $89 Mil. City Developments's Revenue for the six months ended in Dec. 2025 was $1,471 Mil. Therefore, City Developments's Operating Margin % for the quarter that ended in Dec. 2025 was 6.06%.

City Developments'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. City Developments's annualized ROC % for the quarter that ended in Dec. 2025 was 0.82%. City Developments's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 15.67%.


City Developments  (OTCPK:CDEVY) Operating Income Explanation

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

City Developments'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: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=178.334 * ( 1 - 14.28% )/( (18252.205 + 19061.445)/ 2 )
=152.8679048/18656.825
=0.82 %

where

Invested Capital(Q: Jun. 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))
=20072.48 - 326.223 - ( 1494.052 - max(0, 5026.996 - 7640.834+1494.052))
=18252.205

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))
=20956.891 - 337.305 - ( 1558.141 - max(0, 3847.349 - 8583.737+1558.141))
=19061.445

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

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

City Developments'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: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1316.992/( ( (3834.966 + max(3970.441, 0)) + (4277.167 + max(4728.919, 0)) )/ 2 )
=1316.992/( ( 7805.407 + 9006.086 )/ 2 )
=1316.992/8405.7465
=15.67 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(195.247 + 4611.839 + 463.601) - (326.223 + 0 + 974.023)
=3970.441

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(220.705 + 5541.261 + 324.454) - (337.305 + 0 + 1020.196)
=4728.919

When net working capital is negative, 0 is used.

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

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

City Developments'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 )
=89.167/1471.448
=6.06 %

* 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.


City Developments Operating Income Related Terms


City Developments Operating Income Historical Data

* Premium members only.

The historical data trend for City Developments'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.

City Developments Operating Income Chart

City Developments 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 166.53 131.22 495.68 306.32 227.37

City Developments Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 294.73 122.63 183.57 139.09 89.17
CDEVY
77GF Score
City Developments Ltd CDEVY
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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City Developments 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 Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $228 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 $228 Mil mean?
City Developments (CDEVY) has a Operating Income of $228 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on City Developments and its competitors.
Is City Developments' Operating Income too high?
City Developments' current Operating Income is $228 Mil. Overall, City Developments has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does City Developments' Operating Income compare to competitors?
City Developments' Operating Income of $228 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 City Developments and its competitors. City Developments's current Operating Income is $228 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is City Developments stock overvalued right now?
Based on GuruFocus' analysis, City Developments (CDEVY) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.62, compared to a current price of $6.47 — trading 40% above its estimated fair value. The current Operating Income is $228 Mil. City Developments' overall GF Score™ is 77/100 with 7 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 City Developments (CDEVY), the current Operating Income is $228 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 City Developments (CDEVY) Overvalued in 2026?

Based on GuruFocus' analysis, City Developments stock appears to be overvalued. The current stock price of $6.47 is trading 40% above its estimated GF Value™ of $4.62. GuruFocus considers City Developments to be Significantly Overvalued.

Key valuation signals for CDEVY:

  • Operating Income: $228 Mil
  • GF Value™: $4.62 vs. price of $6.47 (40% above fair value)
  • GF Score™: 77/100 with 7 warning signs

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


City Developments Business Description

Address 9 Raffles Place, No. 12-01 Republic Plaza, Singapore, SGP, 048619
City Developments Ltd operates as a property developer and owner, and investment holding company. Along with its subsidiaries, its principal activities are those of property developers and owners, hotel owners and operators, a club operator and owner, investment in properties and in shares, property management, project management, and provision of consultancy, procurement, and laundry services. The company's reportable segments are; Property development, Hotel operations, and Investment properties. The majority of the revenue is generated from its Property development segment which develops and purchases properties for sale. Key revenue for the company is generated from its operations in Singapore and the rest from Japan, China, the United States, United Kingdom, and other regions.
77GF Score

Get the complete analysis for CDEVY

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

$6.47
Price
$4.62
GF Value