FOJCF (Fortum Oyj) Operating Income: $1,139 Mil (TTM As of Mar. 2026)

What is Fortum Oyj Operating Income?

Fortum Oyj FOJCF 65 Operating Income is $1,139 Mil as of Mar. 2026. GuruFocus rates FOJCF with a GF Score™ of 65/100 and a GF Value™ of $13.81 (Significantly Overvalued). The stock has 7 warning signs investors should review.

Fortum Oyj's Operating Income for the three months ended in Mar. 2026 was $601 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $1,139 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Fortum Oyj's Operating Income for the three months ended in Mar. 2026 was $601 Mil. Fortum Oyj's Revenue for the three months ended in Mar. 2026 was $2,303 Mil. Therefore, Fortum Oyj's Operating Margin % for the quarter that ended in Mar. 2026 was 26.10%.

Good Sign:

Fortum Oyj operating margin is expanding. Margin expansion is usually a good sign.

Fortum Oyj's 5-Year average Growth Rate for Operating Margin % was 30.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fortum Oyj's annualized ROC % for the quarter that ended in Mar. 2026 was 13.12%. Fortum Oyj's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 32.42%.

Fortum Oyj (OTCPK:FOJCF) Operating Income Explanation

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

Fortum Oyj'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 )
=	2404.624 * ( 1 - 19.81% )	/	( (15331.381	+	14071.675)	/ 2 )
=	1928.2679856	/	14701.528
=	13.12 %

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	))
=	19255.269	-	710.773	-	( 3398.126	-	max(0, 2679.157	-	5892.272	+	3398.126	))
=	15331.381

	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	))
=	18490.173	-	1714.451	-	( 2864.74	-	max(0, 2506.358	-	5210.405	+	2864.74	))
=	14071.675

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

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

Fortum Oyj'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 )
=	2612.716	/	( ( (7695.55 + max(788.057, 0))	+	(7579.191 + max(55.492, 0)) )	/	2 )
=	2612.716	/	( ( 8483.607	+	7634.683 )	/	2 )
=	2612.716	/	8059.145
=	32.42 %

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)
=	(896.956	+	599.532	+	622.951)	-	(710.773	+	0	+	620.609)
=	788.057

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1143.353	+	582.659	+	516.763)	-	(1714.451	+	0	+	472.832)
=	55.492

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 %:

Fortum Oyj'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 )
	=	601.156	/	2302.89
	=	26.10 %

* 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.

Fortum Oyj Operating Income Related Terms

Fortum Oyj Operating Income Historical Data

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The historical data trend for Fortum Oyj's Operating Income can be seen below:

Fortum Oyj Operating Income Chart

Fortum Oyj Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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1,512.99

1,704.45

1,683.75

1,233.51

1,081.97

Fortum Oyj 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															498.38	132.64	111.50	293.91	601.16

65GF Score

Fortum Oyj FOJCF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Fortum Oyj 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 $1,139 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $1,139 Mil mean?

Fortum Oyj (FOJCF) has a Operating Income of $1,139 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fortum Oyj and its competitors.

Is Fortum Oyj's Operating Income too high?

Fortum Oyj's current Operating Income is $1,139 Mil. Overall, Fortum Oyj has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Fortum Oyj's Operating Income compare to competitors?

Fortum Oyj's Operating Income of $1,139 Mil can be compared against companies in the Utilities - Independent Power Producers 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 Utilities - Independent Power Producers company?

A good Operating Income depends on the Utilities - Independent Power Producers 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 Fortum Oyj and its competitors. Fortum Oyj's current Operating Income is $1,139 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Fortum Oyj stock overvalued right now?

Based on GuruFocus' analysis, Fortum Oyj (FOJCF) is currently considered Significantly Overvalued. The stock's GF Value™ is $13.81, compared to a current price of $22.79 — trading 65% above its estimated fair value. The current Operating Income is $1,139 Mil. Fortum Oyj's overall GF Score™ is 65/100 with 7 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 Fortum Oyj (FOJCF), the current Operating Income is $1,139 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 Fortum Oyj (FOJCF) Overvalued in 2026?

Based on GuruFocus' analysis, Fortum Oyj stock appears to be overvalued. The current stock price of $22.79 is trading 65% above its estimated GF Value™ of $13.81. GuruFocus considers Fortum Oyj to be Significantly Overvalued.

Key valuation signals for FOJCF:

Operating Income: $1,139 Mil
GF Value™: $13.81 vs. price of $22.79 (65% above fair value)
GF Score™: 65/100 with 7 warning signs

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

Fortum Oyj Business Description

Industry Utilities Utilities - Independent Power Producers

Comparable Companies SHSE:600900 SHSE:600930 OCSE:ORSTED BOM:541450 ISX:BREN SHSE:600025 WBO:VER BSP:AXIA3 XLIS:EDPR SHSE:600905 TSE:9503 ATH:PPC SHSE:600886 SZSE:001289 BOM:544390 XTAE:ENLT SHSE:600795 BSE:H2O TSX:BEP.UN SHSE:600236

Other Exchanges FOJCY:USA 1FORT:Italy FORTMh:UK 0HAH:UK FORTUM:Finland FOT:Germany

Address Keilalahdentie 2-4, CD Building, P.O. Box 100, Espoo, FIN, 02150

Website https://www.fortum.com

Fortum Oyj is a Finnish energy company that operates power plants that use renewable energy sources (hydro, nuclear, and solar power) to sell electricity, heat, cooling, and power products and services. The company mainly operates in Nordic and Baltic countries, Russia, Poland, and India. Its main divisions of the company are generation (large-scale power production), city solutions (sustainable energy solutions), Russia (all Russian operations), technology and new ventures (research and development and in-house incubator for startups), mergers and acquisitions, and solar and wind development. The company's operating segments are Generation, Consumer Solutions, and Other Operations.

65GF Score

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

$22.79

Price

$13.81

GF Value

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