Emaar Development PJSC (DFM:EMAARDEV) Operating Income: د.إ14,256 Mil (TTM As of Mar. 2026)


DFM:EMAARDEV Emaar Development PJSC DFM:EMAARDEV
100 GF Score
Price د.إ14.04
GF Value د.إ20.14
Valuation Significantly Undervalued
! 1 Warning Sign
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What is Emaar Development PJSC Operating Income?

Emaar Development PJSC DFM:EMAARDEV +1.30% 100 Operating Income is د.إ14,256 Mil as of Mar. 2026. GuruFocus rates DFM:EMAARDEV with a GF Score™ of 100/100 and a GF Value™ of د.إ20.14 (Significantly Undervalued). The stock has 1 warning sign investors should review.

Emaar Development PJSC's Operating Income for the three months ended in Mar. 2026 was د.إ3,236 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was د.إ14,256 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Emaar Development PJSC's Operating Income for the three months ended in Mar. 2026 was د.إ3,236 Mil. Emaar Development PJSC's Revenue for the three months ended in Mar. 2026 was د.إ6,856 Mil. Therefore, Emaar Development PJSC's Operating Margin % for the quarter that ended in Mar. 2026 was 47.20%.

Good Sign:

Emaar Development PJSC operating margin is expanding. Margin expansion is usually a good sign.

Emaar Development PJSC's 5-Year average Growth Rate for Operating Margin % was 19.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Emaar Development PJSC's annualized ROC % for the quarter that ended in Mar. 2026 was 18.50%. Emaar Development PJSC's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 78,190.95%.

Emaar Development PJSC  (DFM:EMAARDEV) Operating Income Explanation

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

Emaar Development PJSC'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 )
=12943.812 * ( 1 - 13.4% )/( (58193.995 + 62963.673)/ 2 )
=11209.341192/60578.834
=18.50 %

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))
=80894.278 - 9179.875 - ( 41309.753 - max(0, 38609.633 - 52130.041+41309.753))
=58193.995

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))
=89103.429 - 15025.595 - ( 46813.259 - max(0, 48264.015 - 59378.176+46813.259))
=62963.673

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

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

Emaar Development PJSC'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 )
=16204.684/( ( (13.385 + max(-35437.266, 0)) + (28.064 + max(-43160.716, 0)) )/ 2 )
=16204.684/( ( 13.385 + 28.064 )/ 2 )
=16204.684/20.7245
=78,190.95 %

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)
=(1206.649 + 0 + 1965.718) - (9179.875 + 0 + 29429.758)
=-35437.266

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1255.846 + 0 + 3847.453) - (15025.595 + 0 + 33238.42)
=-43160.716

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 %:

Emaar Development PJSC'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 )
=3235.953/6856.257
=47.20 %

* 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.

Emaar Development PJSC Operating Income Related Terms

Emaar Development PJSC Operating Income Historical Data

* Premium members only.

The historical data trend for Emaar Development PJSC'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.

Emaar Development PJSC Operating Income Chart

Emaar Development PJSC 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 4,081.19 3,954.42 7,224.75 9,047.46 13,418.54

Emaar Development PJSC Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 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 2,398.73 2,336.36 3,789.74 4,893.70 3,235.95
DFM:EMAARDEV
100GF Score
Emaar Development PJSC DFM:EMAARDEV
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Emaar Development PJSC 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 د.إ14,256 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 د.إ14,256 Mil mean?
Emaar Development PJSC (DFM:EMAARDEV) has a Operating Income of د.إ14,256 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Emaar Development PJSC and its competitors.
Is Emaar Development PJSC's Operating Income too high?
Emaar Development PJSC's current Operating Income is د.إ14,256 Mil. Overall, Emaar Development PJSC has a GF Score™ of 100/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Emaar Development PJSC's Operating Income compare to competitors?
Emaar Development PJSC's Operating Income of د.إ14,256 Mil can be compared against companies in the Real Estate 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 Real Estate company?
A good Operating Income depends on the Real Estate 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 Emaar Development PJSC and its competitors. Emaar Development PJSC's current Operating Income is د.إ14,256 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Emaar Development PJSC stock overvalued right now?
Based on GuruFocus' analysis, Emaar Development PJSC (DFM:EMAARDEV) is currently considered Significantly Undervalued. The stock's GF Value™ is د.إ20.14, compared to a current price of د.إ14.04 — trading 30.3% below its estimated fair value. The current Operating Income is د.إ14,256 Mil. Emaar Development PJSC's overall GF Score™ is 100/100 with 1 warning sign 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 Emaar Development PJSC (DFM:EMAARDEV), the current Operating Income is د.إ14,256 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 Emaar Development PJSC (DFM:EMAARDEV) Overvalued in 2026?

Based on GuruFocus' analysis, Emaar Development PJSC stock appears to be undervalued. The current stock price of د.إ14.04 is trading 30.3% below its estimated GF Value™ of د.إ20.14. GuruFocus considers Emaar Development PJSC to be Significantly Undervalued.

Key valuation signals for DFM:EMAARDEV:

  • Operating Income: د.إ14,256 Mil
  • GF Value™: د.إ20.14 vs. price of د.إ14.04 (30.3% below fair value)
  • GF Score™: 100/100 with 1 warning sign

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

Emaar Development PJSC Business Description

Address Dubai Hills Estate Business Park, Building 1, Level 7, P.O. Box 9440, Dubai, ARE
Emaar Development PJSC is a property developer and provider of lifestyle-focused real estate, with operations in the Middle East, North Africa, and Asia. Its principal activities are property investment, development and development management, shopping malls and retail, entertainment, hospitality, property management and utility services and investments in providers of financial services. The majority of the company'ss revenue is derived from the sale of residential units. Geographically, the company is currently operating only in the UAE.
100GF Score

Get the complete analysis for DFM:EMAARDEV

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

د.إ14.04
Price
د.إ20.14
GF Value