Equatorial Resources (HAM:PBU) Operating Income: €-2.32 Mil (TTM As of Dec. 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.

HAM:PBU Equatorial Resources Ltd HAM:PBU
30 GF Score
Price €0.09
! 1 Warning Sign
View Full Analysis

What is Equatorial Resources Operating Income?

Equatorial Resources HAM:PBU -0.58% 30 Operating Income is €-2.32 Mil as of Dec. 2025. GuruFocus rates HAM:PBU with a GF Score™ of 30/100. The stock has 1 warning sign investors should review.

Equatorial Resources's Operating Income for the six months ended in Dec. 2025 was €-2.25 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €-2.32 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Equatorial Resources's Operating Income for the six months ended in Dec. 2025 was €-2.25 Mil. Equatorial Resources's Revenue for the six months ended in Dec. 2025 was €0.00 Mil. Therefore, Equatorial Resources's Operating Margin % for the quarter that ended in Dec. 2025 was %.

Equatorial Resources'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. Equatorial Resources's annualized ROC % for the quarter that ended in Dec. 2025 was -112,650.00%. Equatorial Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was %.

Equatorial Resources  (HAM:PBU) Operating Income Explanation

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

Equatorial Resources'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 )
=-4.506 * ( 1 - 0% )/( (0.0030000000000001 + 0.0050000000000003)/ 2 )
=-4.506/0.0040000000000002
=-112,650.00 %

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))
=5.453 - 0.104 - ( 5.419 - max(0, 0.107 - 5.453+5.419))
=0.0030000000000001

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))
=4.626 - 1.353 - ( 4.579 - max(0, 1.358 - 4.626+4.579))
=0.0050000000000003

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:

Equatorial Resources'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 )
=-4.506/( ( (0 + max(-0.106, 0)) + (0 + max(-1.311, 0)) )/ 2 )
=-4.506/( ( 0 + 0 )/ 2 )
=-4.506/0
= %

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)
=(0 + 0 + 0.0010000000000003) - (0.104 + 0 + 0.003)
=-0.106

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.047 + 0 + 8.8817841970013E-16) - (1.353 + 0 + 0.0050000000000001)
=-1.311

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 %:

Equatorial Resources'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 )
=-2.253/0
= %

* 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.

Equatorial Resources Operating Income Related Terms

Equatorial Resources Operating Income Historical Data

* Premium members only.

The historical data trend for Equatorial Resources'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.

Equatorial Resources Operating Income Chart

Equatorial Resources Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.30 -1.42 -1.10 -0.64 -0.72

Equatorial Resources 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 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 -0.38 -0.26 -0.69 -0.07 -2.25
HAM:PBU
30GF Score
Equatorial Resources Ltd HAM:PBU
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Equatorial Resources 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 €-2.32 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 €-2.32 Mil mean?
Equatorial Resources (HAM:PBU) has a Operating Income of €-2.32 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Equatorial Resources and its competitors.
Is Equatorial Resources' Operating Income too high?
Equatorial Resources' current Operating Income is €-2.32 Mil. Overall, Equatorial Resources has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does Equatorial Resources' Operating Income compare to NUE and STLD?
Equatorial Resources' Operating Income of €-2.32 Mil can be compared against companies in the Steel 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 Steel company?
A good Operating Income depends on the Steel 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 Equatorial Resources and its competitors. Equatorial Resources's current Operating Income is €-2.32 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Equatorial Resources stock overvalued right now?
Equatorial Resources (HAM:PBU) has a current Operating Income of €-2.32 Mil. The current Operating Income is €-2.32 Mil. Equatorial Resources' overall GF Score™ is 30/100 with 1 warning sign 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 Equatorial Resources (HAM:PBU), the current Operating Income is €-2.32 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.

Equatorial Resources Business Description

Other Exchanges PBU:GermanyEQX:Australia
Address 28 The Esplanade, Level 9, BGC Centre, Perth, WA, AUS, 6000
Equatorial Resources Ltd is an iron ore exploration and development company. The company's iron ore projects are located in the Republic of Congo (ROC). The company focuses on advancing its existing mineral resource assets in Africa, as well as searching for new opportunities in the resources sector. It operates the Badondo Iron Project located in the northwest region of the Republic of Congo. Central & West Africa hosts a regional distribution of undeveloped world-class high-grade iron ore deposits. It is comprised of the same rock type and similar geological formation as the Carajas System in South America.
30GF Score

Get the complete analysis for HAM:PBU

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

€0.09
Price