QinetiQ Group (CHIX:QQL) Operating Income: £194 Mil (TTM As of Mar. 2026)

What is QinetiQ Group Operating Income?

QinetiQ Group CHIX:QQL -3.26% 77 Operating Income is £194 Mil as of Mar. 2026. GuruFocus rates CHIX:QQL with a GF Score™ of 77/100 and a GF Value™ of £4.65 (Fairly Valued). The stock has 3 warning signs investors should review.

QinetiQ Group's Operating Income for the six months ended in Mar. 2026 was £110 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was £194 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. QinetiQ Group's Operating Income for the six months ended in Mar. 2026 was £110 Mil. QinetiQ Group's Revenue for the six months ended in Mar. 2026 was £1,022 Mil. Therefore, QinetiQ Group's Operating Margin % for the quarter that ended in Mar. 2026 was 10.78%.

Warning Sign:

QinetiQ Group PLC operating margin has been in a 5-year decline. The average rate of decline per year is -1.3%.

QinetiQ Group's 5-Year average Growth Rate for Operating Margin % was -1.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. QinetiQ Group's annualized ROC % for the quarter that ended in Mar. 2026 was 12.55%. QinetiQ Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 48.25%.

QinetiQ Group (CHIX:QQl) Operating Income Explanation

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

QinetiQ Group'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: Sep. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	220.4 * ( 1 - 29.24% )	/	( (1084.6	+	1401.3)	/ 2 )
=	155.95504	/	1242.95
=	12.55 %

where

	Invested Capital		(Q: Sep. 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	))
=	1689.3	-	540.1	-	( 233.5	-	max(0, 606.7	-	671.3	+	233.5	))
=	1084.6

	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	))
=	1738.4	-	252.2	-	( 259.2	-	max(0, 646.6	-	731.5	+	259.2	))
=	1401.3

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

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

QinetiQ Group'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: Sep. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	217	/	( ( (454.9 + max(-168.9, 0))	+	(444.6 + max(-384.3, 0)) )	/	2 )
=	217	/	( ( 454.9	+	444.6 )	/	2 )
=	217	/	449.75
=	48.25 %

where Working Capital is:

	Working Capital		(Q: Sep. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(360.7	+	75.1	+	2)	-	(540.1	+	0	+	66.6)
=	-168.9

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(143.3	+	73.7	+	32.9)	-	(252.2	+	0	+	382)
=	-384.3

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

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

QinetiQ Group'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 )
	=	110.2	/	1022.2
	=	10.78 %

* 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.

QinetiQ Group Operating Income Related Terms

QinetiQ Group Operating Income Historical Data

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The historical data trend for QinetiQ Group's Operating Income can be seen below:

QinetiQ Group Operating Income Chart

QinetiQ Group Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Operating Income

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115.70

152.70

177.10

152.00

194.00

QinetiQ Group Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Operating Income	Get a 7-Day Free Trial															96.00	89.00	63.00	83.80	110.20

77GF Score

QinetiQ Group PLC CHIX:QQL

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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QinetiQ Group 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 semi-annually data reported by the company within the most recent 12 months, which was £194 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of £194 Mil mean?

QinetiQ Group (CHIX:QQL) has a Operating Income of £194 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on QinetiQ Group and its competitors.

Is QinetiQ Group's Operating Income too high?

QinetiQ Group's current Operating Income is £194 Mil. Overall, QinetiQ Group has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does QinetiQ Group's Operating Income compare to SPCX and GE?

QinetiQ Group's Operating Income of £194 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 QinetiQ Group and its competitors. QinetiQ Group's current Operating Income is £194 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is QinetiQ Group stock overvalued right now?

Based on GuruFocus' analysis, QinetiQ Group (CHIX:QQL) is currently considered Fairly Valued. The stock's GF Value™ is £4.65, compared to a current price of £4.50 — trading 3.1% below its estimated fair value. The current Operating Income is £194 Mil. QinetiQ Group's overall GF Score™ is 77/100 with 3 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 QinetiQ Group (CHIX:QQL), the current Operating Income is £194 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 QinetiQ Group (CHIX:QQL) Overvalued in 2026?

Based on GuruFocus' analysis, QinetiQ Group stock appears to be undervalued. The current stock price of £4.50 is trading 3.1% below its estimated GF Value™ of £4.65. GuruFocus considers QinetiQ Group to be Fairly Valued.

Key valuation signals for CHIX:QQL:

Operating Income: £194 Mil
GF Value™: £4.65 vs. price of £4.50 (3.1% below fair value)
GF Score™: 77/100 with 3 warning signs

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

QinetiQ Group Business Description

Industry Industrials Aerospace & Defense

Comparable Companies LSE:CHG LSE:SNR LSE:CHRT LSE:AVON LSE:ALRT LSE:VEL SPCX GE RTX XPAR:AIR BA XPAR:SAF LSE:RR.LMT HWM GD TDG LSE:BA.NOC HONAV

Other Exchanges QNTQY:USA QNTQF:USA QQ.:UK QY6:Germany

Address Ively Road, Cody Technology Park, Farnborough, Hampshire, GBR, GU14 0LX

Website https://www.qinetiq.com

QinetiQ Group PLC is a company operating in the aerospace, defense, and security sectors. Its operating segments are EMEA Services, and Global Solutions. It generates majority of revenue from EMES Services. EMEA Services provides technical assurance, test and evaluation and training services, underpinned by long-term contracts. EMEA Services comprises business units which are not considered reportable segments as defined UK Defence, UK Intelligence and the Australia sector. Global Solutions combines all other business units not aggregated within EMEA Services. It has presence in United Kingdom (UK), United States of America (US), Australia, Home countries, Europe, and Rest of world of which majority of revenue comes from Home countries.

77GF Score

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£4.50

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£4.65

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