Patrimoine et Commerce (FRA:6DN) Operating Income: €46.38 Mil (TTM As of Dec. 2025)

What is Patrimoine et Commerce Operating Income?

Patrimoine et Commerce FRA:6DN +2.80% 50 Operating Income is €46.38 Mil as of Dec. 2025. GuruFocus rates FRA:6DN with a GF Score™ of 50/100 and a GF Value™ of €20.42 (Modestly Overvalued). The stock has 8 warning signs investors should review.

Patrimoine et Commerce's Operating Income for the six months ended in Dec. 2025 was €22.60 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €46.38 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Patrimoine et Commerce's Operating Income for the six months ended in Dec. 2025 was €22.60 Mil. Patrimoine et Commerce's Revenue for the six months ended in Dec. 2025 was €33.09 Mil. Therefore, Patrimoine et Commerce's Operating Margin % for the quarter that ended in Dec. 2025 was 68.28%.

Warning Sign:

Patrimoine et Commerce operating margin has been in a 5-year decline. The average rate of decline per year is -1.3%.

Patrimoine et Commerce's 5-Year average Growth Rate for Operating Margin % was -1.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Patrimoine et Commerce's annualized ROC % for the quarter that ended in Dec. 2025 was 4.46%. Patrimoine et Commerce's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 1,511.37%.

Patrimoine et Commerce (FRA:6DN) Operating Income Explanation

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

Patrimoine et Commerce's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	45.19 * ( 1 - 1.06% )	/	( (1016.557	+	986.962)	/ 2 )
=	44.710986	/	1001.7595
=	4.46 %

where

	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	))
=	969.564	-	20.425	-	( 26.262	-	max(0, 131.009	-	63.591	+	26.262	))
=	1016.557

	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	))
=	980.997	-	17.645	-	( 19.648	-	max(0, 80.252	-	56.642	+	19.648	))
=	986.962

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

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

Patrimoine et Commerce's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	72.78	/	( ( (4.962 + max(-28.428, 0))	+	(4.669 + max(-0.37199999999999, 0)) )	/	2 )
=	72.78	/	( ( 4.962	+	4.669 )	/	2 )
=	72.78	/	4.8155
=	1,511.37 %

where Working Capital is:

	Working Capital		(Q: Jun. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(31.229	+	0	+	1.05)	-	(20.425	+	0	+	40.282)
=	-28.428

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(25.602	+	0	+	8.507)	-	(17.645	+	0	+	16.836)
=	-0.37199999999999

When net working capital is negative, 0 is used.

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

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

Patrimoine et Commerce's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	22.595	/	33.091
	=	68.28 %

* 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.

Patrimoine et Commerce Operating Income Related Terms

Patrimoine et Commerce Operating Income Historical Data

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The historical data trend for Patrimoine et Commerce's Operating Income can be seen below:

Patrimoine et Commerce Operating Income Chart

Patrimoine et Commerce Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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36.06

37.98

40.77

43.76

46.38

Patrimoine et Commerce Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Operating Income	Get a 7-Day Free Trial															19.41	22.24	21.52	23.78	22.60

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Patrimoine et Commerce FRA:6DN

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Patrimoine et Commerce 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 Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was €46.38 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of €46.38 Mil mean?

Patrimoine et Commerce (FRA:6DN) has a Operating Income of €46.38 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Patrimoine et Commerce and its competitors.

Is Patrimoine et Commerce's Operating Income too high?

Patrimoine et Commerce's current Operating Income is €46.38 Mil. Overall, Patrimoine et Commerce has a GF Score™ of 50/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Patrimoine et Commerce's Operating Income compare to SPG and O?

Patrimoine et Commerce's Operating Income of €46.38 Mil can be compared against companies in the REITs 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 REITs company?

A good Operating Income depends on the REITs 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 Patrimoine et Commerce and its competitors. Patrimoine et Commerce's current Operating Income is €46.38 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Patrimoine et Commerce stock overvalued right now?

Based on GuruFocus' analysis, Patrimoine et Commerce (FRA:6DN) is currently considered Modestly Overvalued. The stock's GF Value™ is €20.42, compared to a current price of €25.70 — trading 25.9% above its estimated fair value. The current Operating Income is €46.38 Mil. Patrimoine et Commerce's overall GF Score™ is 50/100 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 Patrimoine et Commerce (FRA:6DN), the current Operating Income is €46.38 Mil as of Dec. 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 Patrimoine et Commerce (FRA:6DN) Overvalued in 2026?

Based on GuruFocus' analysis, Patrimoine et Commerce stock appears to be overvalued. The current stock price of €25.70 is trading 25.9% above its estimated GF Value™ of €20.42. GuruFocus considers Patrimoine et Commerce to be Modestly Overvalued.

Key valuation signals for FRA:6DN:

Operating Income: €46.38 Mil
GF Value™: €20.42 vs. price of €25.70 (25.9% above fair value)
GF Score™: 50/100 with 8 warning signs

No single metric tells the full story. See the FRA:6DN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Patrimoine et Commerce Business Description

Industry Real Estate REITs

Comparable Companies XPAR:SELER XPAR:MERY XPAR:FREY SPG O KIM XPAR:URW REG SGX:C38U ASX:SCG XPAR:LI HKSE:00823 FRT BRX ADC NNN ASX:VCX TSX:CHP.UN MAC EPRT

Other Exchanges PAT:France

Address 7/9 rue Nationale, Boulogne-Billacourt, FRA, 92100

Website http://www.patrimoine-commerce.com

Patrimoine et Commerce is a real estate company engaged in the acquisition, development, and operation of commercial real estate properties in France. It operates a portfolio of real estate assets located in high-attraction areas in the suburbs or centers of medium-sized cities. The company's property portfolio includes shopping malls, supermarkets, shops, and business parks.

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Get the complete analysis for FRA:6DN

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

€25.70

Price

€20.42

GF Value

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