EZGO (EZGO Technologies) Operating Income: $-1.95 Mil (TTM As of Sep. 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.

EZGO EZGO Technologies Ltd EZGO
24 GF Score
Price $1.22
! 6 Warning Signs
View Full Analysis

What is EZGO Technologies Operating Income?

EZGO Technologies EZGO +5.17% 24 Operating Income is $-1.95 Mil as of Sep. 2025. GuruFocus rates EZGO with a GF Score™ of 24/100. The stock has 6 warning signs investors should review.

EZGO Technologies's Operating Income for the six months ended in Sep. 2025 was $-0.92 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2025 was $-1.95 Mil.

Warning Sign:

EZGO Technologies Ltd 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. EZGO Technologies's Operating Income for the six months ended in Sep. 2025 was $-0.92 Mil. EZGO Technologies's Revenue for the six months ended in Sep. 2025 was $13.92 Mil. Therefore, EZGO Technologies's Operating Margin % for the quarter that ended in Sep. 2025 was -6.59%.

EZGO Technologies's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. EZGO Technologies's annualized ROC % for the quarter that ended in Sep. 2025 was -2.66%. EZGO Technologies's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 was -50.08%.

EZGO Technologies  (NAS:EZGO) Operating Income Explanation

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

EZGO Technologies's annualized ROC % for the quarter that ended in Sep. 2025 is calculated as:

ROC % (Q: Sep. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2025 ) + Invested Capital (Q: Sep. 2025 ))/ count )
=-1.836 * ( 1 - 0% )/( (76.212 + 62.025)/ 2 )
=-1.836/69.1185
=-2.66 %

where

Invested Capital(Q: Mar. 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))
=78.613 - 2.028 - ( 0.373 - max(0, 14.849 - 32.326+0.373))
=76.212

Invested Capital(Q: Sep. 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))
=69.06 - 6.518 - ( 0.517 - max(0, 11.682 - 37.551+0.517))
=62.025

Note: The Operating Income data used here is two times the semi-annual (Sep. 2025) data.

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

EZGO Technologies's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Sep. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2025  Q: Sep. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-14.784/( ( (15.033 + max(19.564, 0)) + (9.835 + max(14.604, 0)) )/ 2 )
=-14.784/( ( 34.597 + 24.439 )/ 2 )
=-14.784/29.518
=-50.08 %

where Working Capital is:

Working Capital(Q: Mar. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(6.662 + 4.795 + 17.957) - (2.028 + 0.104 + 7.718)
=19.564

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(11.462 + 0.381 + 9.439) - (6.518 + 0.161 + -0.00099999999999767)
=14.604

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Sep. 2025) EBIT data.

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

EZGO Technologies's Operating Margin % for the quarter that ended in Sep. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Sep. 2025 )/Revenue (Q: Sep. 2025 )
=-0.918/13.921
=-6.59 %

* 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.

EZGO Technologies Operating Income Related Terms

EZGO Technologies Operating Income Historical Data

* Premium members only.

The historical data trend for EZGO Technologies'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.

EZGO Technologies Operating Income Chart

EZGO Technologies Annual Data
Trend Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
Operating Income
Get a 7-Day Free Trial -3.88 -6.46 -3.19 -2.33 -1.95

EZGO Technologies Semi-Annual Data
Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
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 -0.70 -1.77 -0.56 -1.04 -0.92
EZGO
24GF Score
EZGO Technologies Ltd EZGO
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

EZGO Technologies 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 Sep. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $-1.95 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 $-1.95 Mil mean?
EZGO Technologies (EZGO) has a Operating Income of $-1.95 Mil as of Sep. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on EZGO Technologies and its competitors.
Is EZGO Technologies' Operating Income too high?
EZGO Technologies' current Operating Income is $-1.95 Mil. Overall, EZGO Technologies has a GF Score™ of 24/100, reflecting its overall financial health beyond just this single metric.
How does EZGO Technologies' Operating Income compare to MCOM and VMAR?
EZGO Technologies' Operating Income of $-1.95 Mil can be compared against companies in the Vehicles & Parts 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 Vehicles & Parts company?
A good Operating Income depends on the Vehicles & Parts 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 EZGO Technologies and its competitors. EZGO Technologies's current Operating Income is $-1.95 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EZGO Technologies stock overvalued right now?
EZGO Technologies (EZGO) has a current Operating Income of $-1.95 Mil. The current Operating Income is $-1.95 Mil. EZGO Technologies' overall GF Score™ is 24/100 with 6 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 EZGO Technologies (EZGO), the current Operating Income is $-1.95 Mil as of Sep. 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.

EZGO Technologies Business Description

Address Changzhou Institute of Dalian University of Technology, Building No. A, Floor 2, Science and Education Town, Wujin District, Jiangsu, Changzhou, CHN, 213164
EZGO Technologies Ltd is engaged in the sale of e-bicycles and battery and e-bicycle rentals, complemented by the sale of battery packs, battery cell trading and charging pile business. Its product categories include e-bicycle, Intelligent unmanned patrol car, e-motorcycle and e-moped and urban style e-tricycle. Its segments include the Battery cells and packs, electronic control system and intelligent robot segment. and the E-bicycle sales segment. The company generates maximum revenue from the Battery cells and packs segment.
24GF Score

Get the complete analysis for EZGO

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

$1.22
Price