Western Marine Shipyard (DHA:WMSHIPYARD) Operating Income: BDT332.7 Mil (TTM As of Jun. 2025)

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DHA:WMSHIPYARD Western Marine Shipyard Ltd DHA:WMSHIPYARD
71 GF Score
Price BDT10.00
GF Value BDT13.07
Valuation Modestly Undervalued
! 8 Warning Signs
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What is Western Marine Shipyard Operating Income?

Western Marine Shipyard DHA:WMSHIPYARD -0.99% 71 Operating Income is BDT332.7 Mil as of Jun. 2025. GuruFocus rates DHA:WMSHIPYARD with a GF Score™ of 71/100 and a GF Value™ of BDT13.07 (Modestly Undervalued). The stock has 8 warning signs investors should review.

Western Marine Shipyard's Operating Income for the six months ended in Jun. 2025 was BDT332.7 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2025 was BDT332.7 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Western Marine Shipyard's Operating Income for the six months ended in Jun. 2025 was BDT332.7 Mil. Western Marine Shipyard's Revenue for the six months ended in Jun. 2025 was BDT916.5 Mil. Therefore, Western Marine Shipyard's Operating Margin % for the quarter that ended in Jun. 2025 was 36.30%.

Good Sign:

Western Marine Shipyard Ltd operating margin is expanding. Margin expansion is usually a good sign.

Western Marine Shipyard's 5-Year average Growth Rate for Operating Margin % was 2.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Western Marine Shipyard's annualized ROC % for the quarter that ended in Jun. 2025 was 1.23%. Western Marine Shipyard's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2025 was 1.51%.


Western Marine Shipyard  (DHA:WMSHIPYARD) Operating Income Explanation

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

Western Marine Shipyard's annualized ROC % for the quarter that ended in Jun. 2025 is calculated as:

ROC % (Q: Jun. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2024 ) + Invested Capital (Q: Jun. 2025 ))/ count )
=332.711 * ( 1 - 0% )/( (26493.734 + 27606.141)/ 2 )
=332.711/27049.9375
=1.23 %

where

Invested Capital(Q: Jun. 2024 )
=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))
=26714.756 - 107.271 - ( 113.751 - max(0, 1314.987 - 11527.578+113.751))
=26493.734

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))
=27832.609 - 109.535 - ( 116.933 - max(0, 1524.668 - 11552.499+116.933))
=27606.141

Note: The Operating Income data used here is one times the annual (Jun. 2025) data.

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

Western Marine Shipyard's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2024  Q: Jun. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=393.595/( ( (14516.337 + max(11065.04, 0)) + (15577.005 + max(11077.898, 0)) )/ 2 )
=393.595/( ( 25581.377 + 26654.903 )/ 2 )
=393.595/26118.14
=1.51 %

where Working Capital is:

Working Capital(Q: Jun. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2554.775 + 5253.152 + 3605.9) - (107.271 + 0 + 241.516)
=11065.04

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2741.157 + 5088.614 + 3605.795) - (109.535 + 0 + 248.133)
=11077.898

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Jun. 2025) EBIT data.

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

Western Marine Shipyard's Operating Margin % for the quarter that ended in Jun. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2025 )/Revenue (Q: Jun. 2025 )
=332.711/916.519
=36.30 %

* 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.


Western Marine Shipyard Operating Income Related Terms


Western Marine Shipyard Operating Income Historical Data

* Premium members only.

The historical data trend for Western Marine Shipyard'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.

Western Marine Shipyard Operating Income Chart

Western Marine Shipyard Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 229.88 222.28 275.83 343.03 332.71

Western Marine Shipyard Semi-Annual Data
Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 229.88 222.28 275.83 343.03 332.71
DHA:WMSHIPYARD
71GF Score
Western Marine Shipyard Ltd DHA:WMSHIPYARD
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Western Marine Shipyard 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.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Jun. 2025 was BDT332.7 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 BDT332.7 Mil mean?
Western Marine Shipyard (DHA:WMSHIPYARD) has a Operating Income of BDT332.7 Mil as of Jun. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Western Marine Shipyard and its competitors.
Is Western Marine Shipyard's Operating Income too high?
Western Marine Shipyard's current Operating Income is BDT332.7 Mil. Overall, Western Marine Shipyard has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Western Marine Shipyard's Operating Income compare to SPCX and GE?
Western Marine Shipyard's Operating Income of BDT332.7 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 Western Marine Shipyard and its competitors. Western Marine Shipyard's current Operating Income is BDT332.7 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Western Marine Shipyard stock overvalued right now?
Based on GuruFocus' analysis, Western Marine Shipyard (DHA:WMSHIPYARD) is currently considered Modestly Undervalued. The stock's GF Value™ is BDT13.07, compared to a current price of BDT10.00 — trading 23.5% below its estimated fair value. The current Operating Income is BDT332.7 Mil. Western Marine Shipyard's overall GF Score™ is 71/100 with 8 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 Western Marine Shipyard (DHA:WMSHIPYARD), the current Operating Income is BDT332.7 Mil as of Jun. 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 Western Marine Shipyard (DHA:WMSHIPYARD) Overvalued in 2026?

Based on GuruFocus' analysis, Western Marine Shipyard stock appears to be undervalued. The current stock price of BDT10.00 is trading 23.5% below its estimated GF Value™ of BDT13.07. GuruFocus considers Western Marine Shipyard to be Modestly Undervalued.

Key valuation signals for DHA:WMSHIPYARD:

  • Operating Income: BDT332.7 Mil
  • GF Value™: BDT13.07 vs. price of BDT10.00 (23.5% below fair value)
  • GF Score™: 71/100 with 8 warning signs

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


Western Marine Shipyard Business Description

Address 1140/A-8 Strand Road, Amin Future Park, 7th Floor, Chattogram, BGD
Western Marine Shipyard Ltd is a public limited company engaged in shipbuilding and related marine engineering activities and operates as an export-oriented shipyard in Bangladesh. The Company specializes in the construction of various vessels, including multi-purpose cargo ships, inland container vessels, inland tankers, passenger ships, Ro-Ro ferries, port utility vessels, tugs, offshore petroleum vessels, fishing trawlers, barges, dredgers, and landing crafts. Its activities mainly comprise new shipbuilding for domestic use and for export markets, supported by in-house ship design facilities and shipyard operations. The Company operates in Bangladesh and has exported vessels to countries such as Germany, Norway, Ecuador, New Zealand, and Kenya, as well as serving domestic clients.
71GF Score

Get the complete analysis for DHA:WMSHIPYARD

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

BDT10.00
Price
BDT13.07
GF Value