Headwater Gold (FRA:997) Operating Income: €-1.98 Mil (TTM As of Feb. 2026)

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FRA:997 Headwater Gold Inc FRA:997
22 GF Score
Price €0.25
! 2 Warning Signs
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What is Headwater Gold Operating Income?

Headwater Gold FRA:997 -3.91% 22 Operating Income is €-1.98 Mil as of Feb. 2026. GuruFocus rates FRA:997 with a GF Score™ of 22/100. The stock has 2 warning signs investors should review.

Headwater Gold's Operating Income for the three months ended in Feb. 2026 was €-0.93 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was €-1.98 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Headwater Gold's Operating Income for the three months ended in Feb. 2026 was €-0.93 Mil. Headwater Gold's Revenue for the three months ended in Feb. 2026 was €0.00 Mil. Therefore, Headwater Gold's Operating Margin % for the quarter that ended in Feb. 2026 was %.

Headwater Gold'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. Headwater Gold's annualized ROC % for the quarter that ended in Feb. 2026 was -94.12%. Headwater Gold's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was -94.57%.

Headwater Gold  (FRA:997) Operating Income Explanation

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

Headwater Gold's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Nov. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=-3.7 * ( 1 - 0% )/( (4.448 + 3.414)/ 2 )
=-3.7/3.931
=-94.12 %

where

Invested Capital(Q: Nov. 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))
=6.466 - 0.998 - ( 1.385 - max(0, 2.25 - 3.27+1.385))
=4.448

Invested Capital(Q: Feb. 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))
=5.136 - 0.435 - ( 1.68 - max(0, 0.824 - 2.111+1.68))
=3.414

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

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

Headwater Gold's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Nov. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-2.796/( ( (3.023 + max(-0.263, 0)) + (2.89 + max(-0.311, 0)) )/ 2 )
=-2.796/( ( 3.023 + 2.89 )/ 2 )
=-2.796/2.9565
=-94.57 %

where Working Capital is:

Working Capital(Q: Nov. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.03 + 0 + 1.855) - (0.998 + 0 + 1.15)
=-0.263

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.027 + 0 + 0.404) - (0.435 + 0 + 0.307)
=-0.311

When net working capital is negative, 0 is used.

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

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

Headwater Gold's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=-0.925/0
= %

* 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.

Headwater Gold Operating Income Related Terms

Headwater Gold Operating Income Historical Data

* Premium members only.

The historical data trend for Headwater Gold'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.

Headwater Gold Operating Income Chart

Headwater Gold Annual Data
Trend Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
Operating Income
Get a 7-Day Free Trial -0.95 -0.93 -1.09 -1.21 -1.98

Headwater Gold Quarterly Data
May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26
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 -0.31 -0.32 -0.34 -0.40 -0.93
FRA:997
22GF Score
Headwater Gold Inc FRA:997
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Headwater Gold 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 Feb. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €-1.98 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 €-1.98 Mil mean?
Headwater Gold (FRA:997) has a Operating Income of €-1.98 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Headwater Gold and its competitors.
Is Headwater Gold's Operating Income too high?
Headwater Gold's current Operating Income is €-1.98 Mil. Overall, Headwater Gold has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Headwater Gold's Operating Income compare to NEM and AU?
Headwater Gold's Operating Income of €-1.98 Mil can be compared against companies in the Metals & Mining 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 Metals & Mining company?
A good Operating Income depends on the Metals & Mining 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 Headwater Gold and its competitors. Headwater Gold's current Operating Income is €-1.98 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Headwater Gold stock overvalued right now?
Headwater Gold (FRA:997) has a current Operating Income of €-1.98 Mil. The current Operating Income is €-1.98 Mil. Headwater Gold's overall GF Score™ is 22/100 with 2 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 Headwater Gold (FRA:997), the current Operating Income is €-1.98 Mil as of Feb. 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.

Headwater Gold Business Description

Other Exchanges HWAUF:USAHWG:Canada
Address 1130 West Pender Street, Suite 1210, Vancouver, BC, CAN, V6E 4A4
Headwater Gold Inc is a mineral exploration company focused on exploring high-grade precious metal deposits in the Western USA. It has acquired interests in a portfolio of mineral projects in Idaho and Nevada, and also holds other mineral projects through third-party agreements and property options, and certain projects are subject to NSRs. The company's project portfolio includes the Mahogany, Agate Point, Midas North, and Spring Peak projects.
22GF Score

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

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