CSPHF (CStone Pharmaceuticals) Operating Income: $-58.55 Mil (TTM As of Dec. 2025)

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.

CSPHF CStone Pharmaceuticals CSPHF
47 GF Score
Price $0.71
GF Value $0.15
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is CStone Pharmaceuticals Operating Income?

CStone Pharmaceuticals CSPHF +19.43% 47 Operating Income is $-58.55 Mil as of Dec. 2025. GuruFocus rates CSPHF with a GF Score™ of 47/100 and a GF Value™ of $0.15 (Significantly Overvalued). The stock has 7 warning signs investors should review.

CStone Pharmaceuticals's Operating Income for the six months ended in Dec. 2025 was $-21.09 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $-58.55 Mil.

Warning Sign:

CStone Pharmaceuticals has never been profitable in the past 3 years. It lost money every year.

Operating Margin % is calculated as Operating Income divided by its Revenue. CStone Pharmaceuticals's Operating Income for the six months ended in Dec. 2025 was $-21.09 Mil. CStone Pharmaceuticals's Revenue for the six months ended in Dec. 2025 was $31.26 Mil. Therefore, CStone Pharmaceuticals's Operating Margin % for the quarter that ended in Dec. 2025 was -67.49%.

Good Sign:

CStone Pharmaceuticals operating margin is expanding. Margin expansion is usually a good sign.

CStone Pharmaceuticals's 5-Year average Growth Rate for Operating Margin % was 22.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. CStone Pharmaceuticals's annualized ROC % for the quarter that ended in Dec. 2025 was -48.33%. CStone Pharmaceuticals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -308.66%.

CStone Pharmaceuticals  (OTCPK:CSPHF) Operating Income Explanation

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

CStone Pharmaceuticals'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 )
=-42.188 * ( 1 - 0% )/( (90.679 + 83.916)/ 2 )
=-42.188/87.2975
=-48.33 %

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))
=165.994 - 36.919 - ( 90.909 - max(0, 87.153 - 125.549+90.909))
=90.679

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))
=192.862 - 23.337 - ( 130.438 - max(0, 72.442 - 158.051+130.438))
=83.916

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:

CStone Pharmaceuticals'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 )
=-41.854/( ( (15.317 + max(-27.081, 0)) + (11.803 + max(-23.844, 0)) )/ 2 )
=-41.854/( ( 15.317 + 11.803 )/ 2 )
=-41.854/13.56
=-308.66 %

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)
=(8.709 + 20.73 + 0.0010000000000048) - (36.919 + 0 + 19.602)
=-27.081

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4.801 + 16.596 + -0.0010000000000048) - (23.337 + 0 + 21.903)
=-23.844

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 %:

CStone Pharmaceuticals'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 )
=-21.094/31.255
=-67.49 %

* 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.

CStone Pharmaceuticals Operating Income Related Terms

CStone Pharmaceuticals Operating Income Historical Data

* Premium members only.

The historical data trend for CStone Pharmaceuticals'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.

CStone Pharmaceuticals Operating Income Chart

CStone Pharmaceuticals 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 -281.58 -129.54 -81.21 -12.59 -59.28

CStone Pharmaceuticals Semi-Annual Data
Dec16 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 -47.10 0.51 -13.11 -37.45 -21.09
CSPHF
47GF Score
CStone Pharmaceuticals CSPHF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CStone Pharmaceuticals 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 $-58.55 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 $-58.55 Mil mean?
CStone Pharmaceuticals (CSPHF) has a Operating Income of $-58.55 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on CStone Pharmaceuticals and its competitors.
Is CStone Pharmaceuticals' Operating Income too high?
CStone Pharmaceuticals' current Operating Income is $-58.55 Mil. Overall, CStone Pharmaceuticals has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CStone Pharmaceuticals' Operating Income compare to VRTX and REGN?
CStone Pharmaceuticals' Operating Income of $-58.55 Mil can be compared against companies in the Biotechnology 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 Biotechnology company?
A good Operating Income depends on the Biotechnology 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 CStone Pharmaceuticals and its competitors. CStone Pharmaceuticals's current Operating Income is $-58.55 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CStone Pharmaceuticals stock overvalued right now?
Based on GuruFocus' analysis, CStone Pharmaceuticals (CSPHF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.15, compared to a current price of $0.71 — trading 373.3% above its estimated fair value. The current Operating Income is $-58.55 Mil. CStone Pharmaceuticals' overall GF Score™ is 47/100 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 CStone Pharmaceuticals (CSPHF), the current Operating Income is $-58.55 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 CStone Pharmaceuticals (CSPHF) Overvalued in 2026?

Based on GuruFocus' analysis, CStone Pharmaceuticals stock appears to be overvalued. The current stock price of $0.71 is trading 373.3% above its estimated GF Value™ of $0.15. GuruFocus considers CStone Pharmaceuticals to be Significantly Overvalued.

Key valuation signals for CSPHF:

  • Operating Income: $-58.55 Mil
  • GF Value™: $0.15 vs. price of $0.71 (373.3% above fair value)
  • GF Score™: 47/100 with 7 warning signs

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

CStone Pharmaceuticals Business Description

Other Exchanges 02616:Hong KongPH4:Germany
Address 218 Xinghu Street, C1 Building, North Block, Suzhou Industrial Park, Suzhou, CHN, 215123
CStone Pharmaceuticals is engaged in developing and commercializing immuno-oncology and molecularly targeted drugs to address unmet medical needs in cancer treatment. The Group has been operating in one reportable segment, being the research and development of high-complex biopharmaceutical products, the sale of pharmaceutical products, and provide license of its IP or commercialisation licenses to customers.
47GF Score

Get the complete analysis for CSPHF

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

$0.71
Price
$0.15
GF Value