SHW AG (HAM:SW10) Operating Income: €14.0 Mil (TTM As of Dec. 2025)


HAM:SW10 SHW AG HAM:SW10
59 GF Score
Price €6.50
GF Value €12.02
Valuation Significantly Undervalued
! 4 Warning Signs
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What is SHW AG Operating Income?

SHW AG HAM:SW10 59 Operating Income is €14.0 Mil as of Dec. 2025. GuruFocus rates HAM:SW10 with a GF Score™ of 59/100 and a GF Value™ of €12.02 (Significantly Undervalued). The stock has 4 warning signs investors should review.

SHW AG's Operating Income for the six months ended in Dec. 2025 was €14.0 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €14.0 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. SHW AG's Operating Income for the six months ended in Dec. 2025 was €14.0 Mil. SHW AG's Revenue for the six months ended in Dec. 2025 was €483.2 Mil. Therefore, SHW AG's Operating Margin % for the quarter that ended in Dec. 2025 was 2.90%.

SHW AG'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. SHW AG's annualized ROC % for the quarter that ended in Dec. 2025 was 0.98%. SHW AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 5.58%.

SHW AG  (HAM:SW10) Operating Income Explanation

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

SHW AG'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: Dec. 2024 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=14.007 * ( 1 - 79.13% )/( (296.57 + 298.295)/ 2 )
=2.9232609/297.4325
=0.98 %

where

Invested Capital(Q: Dec. 2024 )
=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))
=372.612 - 64.228 - ( 11.814 - max(0, 105.444 - 155.883+11.814))
=296.57

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))
=372.311 - 60.773 - ( 13.243 - max(0, 109.623 - 161.961+13.243))
=298.295

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

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

SHW AG'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: Dec. 2024  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=12.936/( ( (181.837 + max(49.465, 0)) + (175.026 + max(57.075, 0)) )/ 2 )
=12.936/( ( 231.302 + 232.101 )/ 2 )
=12.936/231.7015
=5.58 %

where Working Capital is:

Working Capital(Q: Dec. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(50.603 + 82.468 + 10.998) - (64.228 + 0 + 30.376)
=49.465

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(48.57 + 86.135 + 14.013) - (60.773 + 0 + 30.87)
=57.075

When net working capital is negative, 0 is used.

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

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

SHW AG'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 )
=14.007/483.247
=2.90 %

* 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.

SHW AG Operating Income Related Terms

SHW AG Operating Income Historical Data

* Premium members only.

The historical data trend for SHW AG'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.

SHW AG Operating Income Chart

SHW AG Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.56 -13.50 5.92 6.87 14.01

SHW AG Semi-Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 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 -0.56 -13.50 5.92 6.87 14.01
HAM:SW10
59GF Score
SHW AG HAM:SW10
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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SHW AG 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.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €14.0 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 €14.0 Mil mean?
SHW AG (HAM:SW10) has a Operating Income of €14.0 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on SHW AG and its competitors.
Is SHW AG's Operating Income too high?
SHW AG's current Operating Income is €14.0 Mil. Overall, SHW AG has a GF Score™ of 59/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SHW AG's Operating Income compare to ORLY and AZO?
SHW AG's Operating Income of €14.0 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 SHW AG and its competitors. SHW AG's current Operating Income is €14.0 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SHW AG stock overvalued right now?
Based on GuruFocus' analysis, SHW AG (HAM:SW10) is currently considered Significantly Undervalued. The stock's GF Value™ is €12.02, compared to a current price of €6.50 — trading 45.9% below its estimated fair value. The current Operating Income is €14.0 Mil. SHW AG's overall GF Score™ is 59/100 with 4 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 SHW AG (HAM:SW10), the current Operating Income is €14.0 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 SHW AG (HAM:SW10) Overvalued in 2026?

Based on GuruFocus' analysis, SHW AG stock appears to be undervalued. The current stock price of €6.50 is trading 45.9% below its estimated GF Value™ of €12.02. GuruFocus considers SHW AG to be Significantly Undervalued.

Key valuation signals for HAM:SW10:

  • Operating Income: €14.0 Mil
  • GF Value™: €12.02 vs. price of €6.50 (45.9% below fair value)
  • GF Score™: 59/100 with 4 warning signs

No single metric tells the full story. See the HAM:SW10 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SHW AG Business Description

Address Wilhelmstrasse 111, Aalen, BW, DEU, 73433
SHW AG is a Germany-based developer and manufacturer of a product that contributes to a reduction of fuel consumption and consequently CO2 emissions in the vehicle industry. The company has two operating segments, Pumps, and Engine Components and Brake Disc segment. In its Pumps and engine components business segment SHW develops and produces engine and transmission components for the various area of application. In the Brake Discs business segment, it develops and produces Monobloc, ventilated, cast iron brake discs as well as lightweight brake discs. The company generates the majority of its revenue from the Pumps and engine components business segment.
59GF Score

Get the complete analysis for HAM:SW10

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

€6.50
Price
€12.02
GF Value