IMCD NV (CHIX:IMCDA) Operating Income: €371 Mil (TTM As of Dec. 2025)

What is IMCD NV Operating Income?

IMCD NV CHIX:IMCDA 83 Operating Income is €371 Mil as of Dec. 2025. GuruFocus rates CHIX:IMCDA with a GF Score™ of 83/100 and a GF Value™ of €141.13 (Significantly Undervalued). The stock has 5 warning signs investors should review.

IMCD NV's Operating Income for the six months ended in Dec. 2025 was €153 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €371 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. IMCD NV's Operating Income for the six months ended in Dec. 2025 was €153 Mil. IMCD NV's Revenue for the six months ended in Dec. 2025 was €2,305 Mil. Therefore, IMCD NV's Operating Margin % for the quarter that ended in Dec. 2025 was 6.64%.

Good Sign:

IMCD NV operating margin is expanding. Margin expansion is usually a good sign.

IMCD NV's 5-Year average Growth Rate for Operating Margin % was 1.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. IMCD NV's annualized ROC % for the quarter that ended in Dec. 2025 was 6.05%. IMCD NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 35.33%.

IMCD NV (CHIX:IMCDa) Operating Income Explanation

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

IMCD NV'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 )
=	305.958 * ( 1 - 24.91% )	/	( (3726.356	+	3868.45)	/ 2 )
=	229.7438622	/	3797.403
=	6.05 %

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	))
=	4626.192	-	709.41	-	( 190.426	-	max(0, 1065.382	-	1862.42	+	190.426	))
=	3726.356

	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	))
=	4635.872	-	531.335	-	( 236.087	-	max(0, 1034.899	-	1795.148	+	236.087	))
=	3868.45

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:

IMCD NV'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 )
=	310.608	/	( ( (134.069 + max(606.612, 0))	+	(158.674 + max(858.909, 0)) )	/	2 )
=	310.608	/	( ( 740.681	+	1017.583 )	/	2 )
=	310.608	/	879.132
=	35.33 %

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)
=	(916.391	+	755.603	+	2.2737367544323E-13)	-	(709.41	+	0	+	355.972)
=	606.612

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(769.42	+	702.853	+	67.381)	-	(531.335	+	0	+	149.41)
=	858.909

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 %:

IMCD NV'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 )
	=	152.979	/	2305.235
	=	6.64 %

* 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.

IMCD NV Operating Income Related Terms

IMCD NV Operating Income Historical Data

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The historical data trend for IMCD NV's Operating Income can be seen below:

IMCD NV Operating Income Chart

IMCD NV Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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305.46

461.73

428.52

425.11

371.25

IMCD NV 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															189.50	220.13	204.98	218.27	152.98

83GF Score

IMCD NV CHIX:IMCDA

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IMCD NV 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 €371 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of €371 Mil mean?

IMCD NV (CHIX:IMCDA) has a Operating Income of €371 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on IMCD NV and its competitors.

Is IMCD NV's Operating Income too high?

IMCD NV's current Operating Income is €371 Mil. Overall, IMCD NV has a GF Score™ of 83/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does IMCD NV's Operating Income compare to LIN and SHW?

IMCD NV's Operating Income of €371 Mil can be compared against companies in the Chemicals 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 Chemicals company?

A good Operating Income depends on the Chemicals 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 IMCD NV and its competitors. IMCD NV's current Operating Income is €371 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is IMCD NV stock overvalued right now?

Based on GuruFocus' analysis, IMCD NV (CHIX:IMCDA) is currently considered Significantly Undervalued. The stock's GF Value™ is €141.13, compared to a current price of €79.78 — trading 43.5% below its estimated fair value. The current Operating Income is €371 Mil. IMCD NV's overall GF Score™ is 83/100 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 IMCD NV (CHIX:IMCDA), the current Operating Income is €371 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 IMCD NV (CHIX:IMCDA) Overvalued in 2026?

Based on GuruFocus' analysis, IMCD NV stock appears to be undervalued. The current stock price of €79.78 is trading 43.5% below its estimated GF Value™ of €141.13. GuruFocus considers IMCD NV to be Significantly Undervalued.

Key valuation signals for CHIX:IMCDA:

Operating Income: €371 Mil
GF Value™: €141.13 vs. price of €79.78 (43.5% below fair value)
GF Score™: 83/100 with 5 warning signs

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

IMCD NV Business Description

Industry Basic Materials Chemicals

Comparable Companies XAMS:CRBN XAMS:OCI XAMS:AVTX XAMS:HOLCO XAMS:AKZA XAMS:DSFIR LIN XPAR:AI SHW ECL APD SHSE:603256 XSWX:GIVN TPE:1303 XSWX:SIKA SHSE:600309 SHSE:688146 OCSE:NSIS B PPG BOM:500820

Other Exchanges IMDZF:USA IMCDY:USA IMCD:Netherlands IMCDN:Mexico 0QVU:UK INX:Germany IMCD:Austria

Address Wilhelminaplein 32, Rotterdam, NLD, 3072 DE

Website https://www.imcdgroup.com

IMCD NV is a distributor and formulator of specialty chemicals and ingredients for industrial and life-science markets. The company's product portfolio consists of two categories: Life Science, which consists of the following lines of business: Pharmaceuticals, Beauty & Personal Care, Food & Nutrition, and Home Care I&I, and the Industrial segment, which contains the lines of business of Coatings & Construction, Lubricants & Energy, Industrial Solutions and Advanced Materials. The company has four operating segments: EMEA, Americas, Asia-Pacific, and Holding companies. It derives a majority of its revenue from the EMEA segment, which includes Europe, Turkiye, Israel, Egypt, the United Arab Emirates, Saudi Arabia and Africa.

83GF Score

Get the complete analysis for CHIX:IMCDA

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

€79.78

Price

€141.13

GF Value

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