Azimut Holding SpA (CHIX:AZMM) Operating Income: €635 Mil (TTM As of Mar. 2026)

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CHIX:AZMM Azimut Holding SpA CHIX:AZMM
86 GF Score
Price €35.23
GF Value €29.34
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Azimut Holding SpA Operating Income?

Azimut Holding SpA CHIX:AZMM 86 Operating Income is €635 Mil as of Mar. 2026. GuruFocus rates CHIX:AZMM with a GF Score™ of 86/100 and a GF Value™ of €29.34 (Modestly Overvalued). The stock has 5 warning signs investors should review.

Azimut Holding SpA's Operating Income for the three months ended in Mar. 2026 was €169 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €635 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Azimut Holding SpA's Operating Income for the three months ended in Mar. 2026 was €169 Mil. Azimut Holding SpA's Revenue for the three months ended in Mar. 2026 was €371 Mil. Therefore, Azimut Holding SpA's Operating Margin % for the quarter that ended in Mar. 2026 was 45.59%.

Good Sign:

Azimut Holding SpA operating margin is expanding. Margin expansion is usually a good sign.

Azimut Holding SpA'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. Azimut Holding SpA's annualized ROC % for the quarter that ended in Mar. 2026 was 4.50%. Azimut Holding SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 2,255.77%.

Azimut Holding SpA  (CHIX:AZMm) Operating Income Explanation

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

Azimut Holding SpA'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 )
=676.912 * ( 1 - 21.92% )/( (11451.274 + 12062.306)/ 2 )
=528.5328896/11756.79
=4.50 %

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))
=10653.746 - 299.166 - ( 523.957 - max(0, 2331.094 - 1234.4+523.957))
=11451.274

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))
=10767.587 - 49.822 - ( 620.124 - max(0, 2063.092 - 718.551+620.124))
=12062.306

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

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

Azimut Holding SpA'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 )
=679.764/( ( (31.879 + max(-1892.024, 0)) + (28.39 + max(-1970.836, 0)) )/ 2 )
=679.764/( ( 31.879 + 28.39 )/ 2 )
=679.764/30.1345
=2,255.77 %

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)
=(259.879 + 0 + 179.191) - (299.166 + 0 + 2031.928)
=-1892.024

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 92.256) - (49.822 + 0 + 2013.27)
=-1970.836

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 %:

Azimut Holding SpA'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 )
=169.228/371.175
=45.59 %

* 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.

Azimut Holding SpA Operating Income Related Terms

Azimut Holding SpA Operating Income Historical Data

* Premium members only.

The historical data trend for Azimut Holding SpA'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.

Azimut Holding SpA Operating Income Chart

Azimut Holding SpA 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 372.13 570.00 588.70 638.76 625.39

Azimut Holding SpA 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 144.72 139.58 180.91 144.88 169.23
CHIX:AZMM
86GF Score
Azimut Holding SpA CHIX:AZMM
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Azimut Holding SpA 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 €635 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 €635 Mil mean?
Azimut Holding SpA (CHIX:AZMM) has a Operating Income of €635 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Azimut Holding SpA and its competitors.
Is Azimut Holding SpA's Operating Income too high?
Azimut Holding SpA's current Operating Income is €635 Mil. Overall, Azimut Holding SpA has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Azimut Holding SpA's Operating Income compare to BLK and BX?
Azimut Holding SpA's Operating Income of €635 Mil can be compared against companies in the Asset Management 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 Asset Management company?
A good Operating Income depends on the Asset Management 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 Azimut Holding SpA and its competitors. Azimut Holding SpA's current Operating Income is €635 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Azimut Holding SpA stock overvalued right now?
Based on GuruFocus' analysis, Azimut Holding SpA (CHIX:AZMM) is currently considered Modestly Overvalued. The stock's GF Value™ is €29.34, compared to a current price of €35.23 — trading 20.1% above its estimated fair value. The current Operating Income is €635 Mil. Azimut Holding SpA's overall GF Score™ is 86/100 with 5 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 Azimut Holding SpA (CHIX:AZMM), the current Operating Income is €635 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 Azimut Holding SpA (CHIX:AZMM) Overvalued in 2026?

Based on GuruFocus' analysis, Azimut Holding SpA stock appears to be overvalued. The current stock price of €35.23 is trading 20.1% above its estimated GF Value™ of €29.34. GuruFocus considers Azimut Holding SpA to be Modestly Overvalued.

Key valuation signals for CHIX:AZMM:

  • Operating Income: €635 Mil
  • GF Value™: €29.34 vs. price of €35.23 (20.1% above fair value)
  • GF Score™: 86/100 with 5 warning signs

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

Azimut Holding SpA Business Description

Address Via Cusani 4, Milan, ITA, 20121
Azimut Holding SpA is a large independent asset management firm operating primarily in Italy but with an increasingly global presence. In Italy, its capital management division sells and manages Italian mutual funds, Italian hedge funds, and is active in the discretionary management of individual investment portfolios. Its international business operations involve the sale, management, and distribution of financial and insurance products. Its portfolio solutions encompass a broad array of strategies that cut across various traditional and alternative asset classes. A majority of its revenue is derived from recurring fees from assets under management.
86GF Score

Get the complete analysis for CHIX:AZMM

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

€35.23
Price
€29.34
GF Value