CTOBF (China Tobacco International (HK) Co) Operating Income: $154 Mil (TTM As of Jun. 2026)

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CTOBF China Tobacco International (HK) Co Ltd CTOBF
88 GF Score
Price $2.05
GF Value $1.93
! 2 Warning Signs
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What is China Tobacco International (HK) Co Operating Income?

China Tobacco International (HK) Co CTOBF 88 Operating Income is $154 Mil as of Jun. 2026. GuruFocus rates CTOBF with a GF Score™ of 88/100 and a GF Value™ of $1.93. The stock has 2 warning signs investors should review.

China Tobacco International (HK) Co's Operating Income for the six months ended in Jun. 2026 was $99 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was $154 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. China Tobacco International (HK) Co's Operating Income for the six months ended in Jun. 2026 was $99 Mil. China Tobacco International (HK) Co's Revenue for the six months ended in Jun. 2026 was $964 Mil. Therefore, China Tobacco International (HK) Co's Operating Margin % for the quarter that ended in Jun. 2026 was 10.26%.

Good Sign:

China Tobacco International (HK) Co Ltd operating margin is expanding. Margin expansion is usually a good sign.

China Tobacco International (HK) Co's 5-Year average Growth Rate for Operating Margin % was 36.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. China Tobacco International (HK) Co's annualized ROC % for the quarter that ended in Jun. 2026 was 41.35%. China Tobacco International (HK) Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 80.64%.


China Tobacco International (HK) Co  (OTCPK:CTOBF) Operating Income Explanation

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

China Tobacco International (HK) Co's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=197.6873583748 * ( 1 - 17.054% )/( (442.33159889514 + 350.68636389717)/ 2 )
=163.97375627756/396.50898139615
=41.35 %

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))
=1152.8712019015 - 284.93120061669 - ( 425.60840238967 - max(0, 649.24160082225 - 1090.9974947003+425.60840238967))
=442.33159889514

Invested Capital(Q: Jun. 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))
=1046.0410224367 - 210.00516446592 - ( 486.92778036355 - max(0, 500.53480913792 - 985.88430321153+486.92778036355))
=350.68636389717

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

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

China Tobacco International (HK) Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=222.32415026892/( ( (12.274683625618 + max(318.62722425644, 0)) + (11.079245860457 + max(209.42342882283, 0)) )/ 2 )
=222.32415026892/( ( 330.90190788205 + 220.50267468328 )/ 2 )
=222.32415026892/275.70229128267
=80.64 %

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)
=(88.278923363525 + 521.88192972313 + ) - (284.93120061669 + 4.051647716323 + 2.5507804972057)
=318.62722425644

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(126.06448568933 + 311.74794855937 + ) - (210.00516446592 + 7.6195637620265 + 10.764277197927)
=209.42342882283

When net working capital is negative, 0 is used.

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

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

China Tobacco International (HK) Co's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=98.843679187399/963.60074928959
=10.26 %

* 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.


China Tobacco International (HK) Co Operating Income Related Terms


China Tobacco International (HK) Co Operating Income Historical Data

* Premium members only.

The historical data trend for China Tobacco International (HK) Co'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.

China Tobacco International (HK) Co Operating Income Chart

China Tobacco International (HK) Co 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 39.41 83.84 119.46 156.61 166.86

China Tobacco International (HK) Co Semi-Annual Data
Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
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 113.74 42.73 111.26 55.63 98.84
CTOBF
88GF Score
China Tobacco International (HK) Co Ltd CTOBF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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China Tobacco International (HK) Co 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 Jun. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was $154 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 $154 Mil mean?
China Tobacco International (HK) Co (CTOBF) has a Operating Income of $154 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on China Tobacco International (HK) Co and its competitors.
Is China Tobacco International (HK) Co's Operating Income too high?
China Tobacco International (HK) Co's current Operating Income is $154 Mil. Overall, China Tobacco International (HK) Co has a GF Score™ of 88/100, reflecting its overall financial health beyond just this single metric.
How does China Tobacco International (HK) Co's Operating Income compare to PM and MO?
China Tobacco International (HK) Co's Operating Income of $154 Mil can be compared against companies in the Tobacco Products 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 Tobacco Products company?
A good Operating Income depends on the Tobacco Products 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 China Tobacco International (HK) Co and its competitors. China Tobacco International (HK) Co's current Operating Income is $154 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Tobacco International (HK) Co stock overvalued right now?
China Tobacco International (HK) Co (CTOBF) has a current Operating Income of $154 Mil. The stock's GF Value™ is $1.93, compared to a current price of $2.05 — trading 6.2% above its estimated fair value. The current Operating Income is $154 Mil. China Tobacco International (HK) Co's overall GF Score™ is 88/100 with 2 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 China Tobacco International (HK) Co (CTOBF), the current Operating Income is $154 Mil as of Jun. 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 China Tobacco International (HK) Co (CTOBF) Overvalued in 2026?

Based on GuruFocus' analysis, China Tobacco International (HK) Co stock appears to be overvalued. The current stock price of $2.05 is trading 6.2% above its estimated GF Value™ of $1.93.

Key valuation signals for CTOBF:

  • Operating Income: $154 Mil
  • GF Value™: $1.93 vs. price of $2.05 (6.2% above fair value)
  • GF Score™: 88/100 with 2 warning signs

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


China Tobacco International (HK) Co Business Description

Other Exchanges 06055:Hong Kong
Address 18 Hung Luen Road, China Life Center, Room 1002, 10th Floor, Tower A, One Harbour Gate, Hung Hom, Kowloon, Hong Kong, HKG
China Tobacco International (HK) Co Ltd is engaged in the tobacco business. It operates through various segments namely the Tobacco Leaf Products Export Business, the Tobacco Leaf Product Import Business, the Cigarettes Export Business, the New Tobacco Product Export Business, and the Brazil Operation Business. The company's geographical segments are China (excluding the SARs), Indonesia, Korea, Hong Kong, Philippines, Vietnam, Brazil, Belgium, Poland, Paraguay, Egypt, and others, of which it derives maximum revenue from the PRC. It earns maximum revenue from the Tobacco Leaf Product Import Business.
88GF Score

Get the complete analysis for CTOBF

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

$2.05
Price
$1.93
GF Value