HKD (AMTD Digital) Operating Income: $9.15 Mil (TTM As of Oct. 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.

HKD AMTD Digital Inc HKD
63 GF Score
Price $1.63
GF Value $4.80
Valuation Possible Value Trap
! 8 Warning Signs
View Full Analysis

What is AMTD Digital Operating Income?

AMTD Digital HKD +1.24% 63 Operating Income is $9.15 Mil as of Oct. 2025. GuruFocus rates HKD with a GF Score™ of 63/100 and a GF Value™ of $4.80 (Possible Value Trap). The stock has 8 warning signs investors should review.

AMTD Digital's Operating Income for the six months ended in Oct. 2025 was $-49.90 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Oct. 2025 was $9.15 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. AMTD Digital's Operating Income for the six months ended in Oct. 2025 was $-49.90 Mil. AMTD Digital's Revenue for the six months ended in Oct. 2025 was $-14.12 Mil. Therefore, AMTD Digital's Operating Margin % for the quarter that ended in Oct. 2025 was 353.36%.

Warning Sign:

AMTD Digital Inc operating margin has been in a 5-year decline. The average rate of decline per year is -47%.

AMTD Digital's 5-Year average Growth Rate for Operating Margin % was -47.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. AMTD Digital's annualized ROC % for the quarter that ended in Oct. 2025 was -11.82%. AMTD Digital's annualized ROC (Joel Greenblatt) % for the quarter that ended in Oct. 2025 was 34.26%.


AMTD Digital  (NYSE:HKD) Operating Income Explanation

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

AMTD Digital's annualized ROC % for the quarter that ended in Oct. 2025 is calculated as:

ROC % (Q: Oct. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Apr. 2025 ) + Invested Capital (Q: Oct. 2025 ))/ count )
=-99.79 * ( 1 - 1.88% )/( (773.488 + 882.595)/ 2 )
=-97.913948/828.0415
=-11.82 %

where

Invested Capital(Q: Apr. 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))
=899.118 - 18.515 - ( 107.115 - max(0, 156.043 - 343.366+107.115))
=773.488

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

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

AMTD Digital's annualized ROC (Joel Greenblatt) % for the quarter that ended in Oct. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Oct. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Apr. 2025  Q: Oct. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=101.234/( ( (297.904 + max(-10.424, 0)) + (293.14 + max(-5.394, 0)) )/ 2 )
=101.234/( ( 297.904 + 293.14 )/ 2 )
=101.234/295.522
=34.26 %

where Working Capital is:

Working Capital(Q: Apr. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(8.643 + 0 + 0) - (18.515 + 0.552 + 2.8421709430404E-14)
=-10.424

Working Capital(Q: Oct. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(11.834 + 0 + 1.855) - (18.419 + 0.664 + 0)
=-5.394

When net working capital is negative, 0 is used.

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

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

AMTD Digital's Operating Margin % for the quarter that ended in Oct. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Oct. 2025 )/Revenue (Q: Oct. 2025 )
=-49.895/-14.12
=353.36 %

* 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.


AMTD Digital Operating Income Related Terms


AMTD Digital Operating Income Historical Data

* Premium members only.

The historical data trend for AMTD Digital'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.

AMTD Digital Operating Income Chart

AMTD Digital Annual Data
Trend Apr19 Apr20 Apr21 Apr22 Apr23 Oct24 Oct25
Operating Income
Get a 7-Day Free Trial 16.69 10.98 17.40 0.16 9.15

AMTD Digital Semi-Annual Data
Apr19 Apr20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Oct24 Apr25 Oct25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 9.66 1.16 0.00 59.04 -49.90
HKD
63GF Score
AMTD Digital Inc HKD
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

AMTD Digital 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 Oct. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $9.15 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 $9.15 Mil mean?
AMTD Digital (HKD) has a Operating Income of $9.15 Mil as of Oct. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on AMTD Digital and its competitors.
Is AMTD Digital's Operating Income too high?
AMTD Digital's current Operating Income is $9.15 Mil. Overall, AMTD Digital has a GF Score™ of 63/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does AMTD Digital's Operating Income compare to ALIT and OOMA?
AMTD Digital's Operating Income of $9.15 Mil can be compared against companies in the Software 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 Software company?
A good Operating Income depends on the Software 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 AMTD Digital and its competitors. AMTD Digital's current Operating Income is $9.15 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AMTD Digital stock overvalued right now?
Based on GuruFocus' analysis, AMTD Digital (HKD) is currently considered Possible Value Trap. The stock's GF Value™ is $4.80, compared to a current price of $1.63 — trading 66% below its estimated fair value. The current Operating Income is $9.15 Mil. AMTD Digital's overall GF Score™ is 63/100 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 AMTD Digital (HKD), the current Operating Income is $9.15 Mil as of Oct. 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 AMTD Digital (HKD) Overvalued in 2026?

Based on GuruFocus' analysis, AMTD Digital stock appears to be undervalued. The current stock price of $1.63 is trading 66% below its estimated GF Value™ of $4.80. GuruFocus considers AMTD Digital to be Possible Value Trap.

Key valuation signals for HKD:

  • Operating Income: $9.15 Mil
  • GF Value™: $4.80 vs. price of $1.63 (66% below fair value)
  • GF Score™: 63/100 with 8 warning signs

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


AMTD Digital Business Description

Address 66 rue Jean-Jacques Rousseau, Paris, FRA, 75001
AMTD Digital Inc along with its subsidiaries, is mainly involved in the provision of digital solutions services. Its reportable segments are digital solutions services segment; hotel operations, hospitality and VIP services segment; media and entertainment services segment; and Strategic investments. The company generates maximum revenue from Digital solutions services segment, which provides its institutional and corporate clients with exclusive, paid access to enhance their investor communication, investor relations and corporate communication to potentially maximize their valuation, as well as providing digital solution services. Geographically, the company generates revenue from China, Hong Kong, Europe, Americas and Southeast Asia.
63GF Score

Get the complete analysis for HKD

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

$1.63
Price
$4.80
GF Value