Carel Industries SpA (CHIX:CRLM) Operating Income: €95.7 Mil (TTM As of Mar. 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.

CHIX:CRLM Carel Industries SpA CHIX:CRLM
85 GF Score
Price €31.95
GF Value €27.01
Valuation Modestly Overvalued
! 5 Warning Signs
View Full Analysis

What is Carel Industries SpA Operating Income?

Carel Industries SpA CHIX:CRLM 85 Operating Income is €95.7 Mil as of Mar. 2026. GuruFocus rates CHIX:CRLM with a GF Score™ of 85/100 and a GF Value™ of €27.01 (Modestly Overvalued). The stock has 5 warning signs investors should review.

Carel Industries SpA's Operating Income for the three months ended in Mar. 2026 was €27.8 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €95.7 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Carel Industries SpA's Operating Income for the three months ended in Mar. 2026 was €27.8 Mil. Carel Industries SpA's Revenue for the three months ended in Mar. 2026 was €172.6 Mil. Therefore, Carel Industries SpA's Operating Margin % for the quarter that ended in Mar. 2026 was 16.13%.

Warning Sign:

Carel Industries SpA operating margin has been in a 5-year decline. The average rate of decline per year is -3%.

Carel Industries SpA's 5-Year average Growth Rate for Operating Margin % was -3.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Carel Industries SpA's annualized ROC % for the quarter that ended in Mar. 2026 was 13.57%. Carel Industries SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 71.77%.


Carel Industries SpA  (CHIX:CRLm) Operating Income Explanation

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

Carel Industries 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 )
=111.364 * ( 1 - 23.02% )/( (609.756 + 653.398)/ 2 )
=85.7280072/631.577
=13.57 %

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))
=868.006 - 114.529 - ( 143.721 - max(0, 213.896 - 364.069+143.721))
=609.756

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))
=880.876 - 96.583 - ( 130.895 - max(0, 203.961 - 377.725+130.895))
=653.398

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

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

Carel Industries 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 )
=111.364/( ( (114.661 + max(39.832, 0)) + (112.985 + max(42.869, 0)) )/ 2 )
=111.364/( ( 154.493 + 155.854 )/ 2 )
=111.364/155.1735
=71.77 %

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)
=(111.744 + 88.287 + 11.966) - (114.529 + 0 + 57.636)
=39.832

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(123.703 + 96.957 + 26.17) - (96.583 + 0 + 107.378)
=42.869

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 %:

Carel Industries 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 )
=27.841/172.606
=16.13 %

* 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.


Carel Industries SpA Operating Income Related Terms


Carel Industries SpA Operating Income Historical Data

* Premium members only.

The historical data trend for Carel Industries 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.

Carel Industries SpA Operating Income Chart

Carel Industries 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 64.37 87.36 104.51 67.18 85.08

Carel Industries SpA Quarterly Data
Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Sep22 Dec22 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 17.21 21.62 26.14 20.11 27.84
CHIX:CRLM
85GF Score
Carel Industries SpA CHIX:CRLM
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Carel Industries 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 €95.7 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 €95.7 Mil mean?
Carel Industries SpA (CHIX:CRLM) has a Operating Income of €95.7 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Carel Industries SpA and its competitors.
Is Carel Industries SpA's Operating Income too high?
Carel Industries SpA's current Operating Income is €95.7 Mil. Overall, Carel Industries SpA has a GF Score™ of 85/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Carel Industries SpA's Operating Income compare to APH and GLW?
Carel Industries SpA's Operating Income of €95.7 Mil can be compared against companies in the Hardware 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 Hardware company?
A good Operating Income depends on the Hardware 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 Carel Industries SpA and its competitors. Carel Industries SpA's current Operating Income is €95.7 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carel Industries SpA stock overvalued right now?
Based on GuruFocus' analysis, Carel Industries SpA (CHIX:CRLM) is currently considered Modestly Overvalued. The stock's GF Value™ is €27.01, compared to a current price of €31.95 — trading 18.3% above its estimated fair value. The current Operating Income is €95.7 Mil. Carel Industries SpA's overall GF Score™ is 85/100 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 Carel Industries SpA (CHIX:CRLM), the current Operating Income is €95.7 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 Carel Industries SpA (CHIX:CRLM) Overvalued in 2026?

Based on GuruFocus' analysis, Carel Industries SpA stock appears to be overvalued. The current stock price of €31.95 is trading 18.3% above its estimated GF Value™ of €27.01. GuruFocus considers Carel Industries SpA to be Modestly Overvalued.

Key valuation signals for CHIX:CRLM:

  • Operating Income: €95.7 Mil
  • GF Value™: €27.01 vs. price of €31.95 (18.3% above fair value)
  • GF Score™: 85/100 with 5 warning signs

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


Carel Industries SpA Business Description

Other Exchanges CRL:Italy0YQA:UKCIG:Germany
Address Via Dell\'Industria, 11, Brugine, Padova, ITA, 35020
Carel Industries SpA manufactures control systems and humidification for air conditioning and refrigeration. The group provides control solutions for the commercial, industrial, and residential air-conditioning and refrigeration (HVAC/R) markets. Its geographical segments are Europe, the Middle East and Africa, North America, South America, and APAC. The company's industrial applications for the air-conditioning sector are designed for data centers. Its products include programmable controls, room terminals, Isothermal Humidifiers, Sensors and protection devices, Sensors and protection devices, and others. The company derives maximum revenue from Europe, the Middle East, and Africa segment.
85GF Score

Get the complete analysis for CHIX:CRLM

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

€31.95
Price
€27.01
GF Value