EMLAF (Empire Co) Operating Income: $872 Mil (TTM As of Apr. 2026)


EMLAF Empire Co Ltd EMLAF
79 GF Score
Price $34.02
GF Value $34.45
Valuation Fairly Valued
! 3 Warning Signs
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What is Empire Co Operating Income?

Empire Co EMLAF -3.14% 79 Operating Income is $872 Mil as of Apr. 2026. GuruFocus rates EMLAF with a GF Score™ of 79/100 and a GF Value™ of $34.45 (Fairly Valued). The stock has 3 warning signs investors should review.

Empire Co's Operating Income for the three months ended in Apr. 2026 was $217 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was $872 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Empire Co's Operating Income for the three months ended in Apr. 2026 was $217 Mil. Empire Co's Revenue for the three months ended in Apr. 2026 was $5,676 Mil. Therefore, Empire Co's Operating Margin % for the quarter that ended in Apr. 2026 was 3.82%.

Warning Sign:

Empire Co Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -2.3%.

Empire Co's 5-Year average Growth Rate for Operating Margin % was -2.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Empire Co's annualized ROC % for the quarter that ended in Apr. 2026 was 6.52%. Empire Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 16.88%.


Empire Co  (OTCPK:EMLAF) Operating Income Explanation

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

Empire Co's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

ROC % (Q: Apr. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jan. 2026 ) + Invested Capital (Q: Apr. 2026 ))/ count )
=866.656 * ( 1 - 19.34% )/( (10748.674 + 10708.158)/ 2 )
=699.0447296/10728.416
=6.52 %

where

Invested Capital(Q: Jan. 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))
=12397.792 - 2250.381 - ( 238.908 - max(0, 3023.019 - 2421.756+238.908))
=10748.674

Invested Capital(Q: Apr. 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))
=12418.206 - 2246.619 - ( 211.575 - max(0, 3001.309 - 2464.738+211.575))
=10708.158

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

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

Empire Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Apr. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jan. 2026  Q: Apr. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1032.428/( ( (6112.846 + max(-376.878, 0)) + (6122.583 + max(-332.267, 0)) )/ 2 )
=1032.428/( ( 6112.846 + 6122.583 )/ 2 )
=1032.428/6117.7145
=16.88 %

where Working Capital is:

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(538.087 + 1368.819 + 142.328) - (2250.381 + 0 + 175.731)
=-376.878

Working Capital(Q: Apr. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(521.303 + 1395.23 + 148.321) - (2246.619 + 0 + 150.502)
=-332.267

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Apr. 2026) EBIT data.

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

Empire Co's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Apr. 2026 )/Revenue (Q: Apr. 2026 )
=216.664/5676.167
=3.82 %

* 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.


Empire Co Operating Income Related Terms


Empire Co Operating Income Historical Data

* Premium members only.

The historical data trend for Empire 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.

Empire Co Operating Income Chart

Empire Co Annual Data
Trend Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25 Apr26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 937.44 803.84 789.82 808.96 874.66

Empire Co Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
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 197.41 254.91 198.03 202.60 216.66
EMLAF
79GF Score
Empire Co Ltd EMLAF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Empire 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 Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $872 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 $872 Mil mean?
Empire Co (EMLAF) has a Operating Income of $872 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Empire Co and its competitors.
Is Empire Co's Operating Income too high?
Empire Co's current Operating Income is $872 Mil. Overall, Empire Co has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Empire Co's Operating Income compare to KR and SFM?
Empire Co's Operating Income of $872 Mil can be compared against companies in the Retail - Defensive 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 Retail - Defensive company?
A good Operating Income depends on the Retail - Defensive 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 Empire Co and its competitors. Empire Co's current Operating Income is $872 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Empire Co stock overvalued right now?
Based on GuruFocus' analysis, Empire Co (EMLAF) is currently considered Fairly Valued. The stock's GF Value™ is $34.45, compared to a current price of $34.02 — trading 1.3% below its estimated fair value. The current Operating Income is $872 Mil. Empire Co's overall GF Score™ is 79/100 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 Empire Co (EMLAF), the current Operating Income is $872 Mil as of Apr. 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 Empire Co (EMLAF) Overvalued in 2026?

Based on GuruFocus' analysis, Empire Co stock appears to be undervalued. The current stock price of $34.02 is trading 1.3% below its estimated GF Value™ of $34.45. GuruFocus considers Empire Co to be Fairly Valued.

Key valuation signals for EMLAF:

  • Operating Income: $872 Mil
  • GF Value™: $34.45 vs. price of $34.02 (1.3% below fair value)
  • GF Score™: 79/100 with 3 warning signs

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


Empire Co Business Description

Other Exchanges C15:GermanyEMP.A:Canada
Address 115 King Street, Stellarton, NS, CAN, B0K 1S0
Empire Co Ltd is a Canadian company whose key businesses are food retailing and related real estate. The Company's business operations were conducted through its two reportable segments: Food retailing and Investments and other operations. The Food retailing segment is comprised of three operating segments: Sobeys National, Farm Boy and Longo's. Food retailing consists of corporate and franchisee-owned retail food stores, and includes convenience and fuel stores, retail pharmacy stores and in-store pharmacies, as well as an e-commerce grocery-business, providing customers offerings in fresh and non-fresh grocery, fuel, pharmacy, health and beauty care and general merchandise. The Investments and other operations consists of investments in Crombie REIT, real estate partnership.
79GF Score

Get the complete analysis for EMLAF

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

$34.02
Price
$34.45
GF Value