IRCDF (Intercede Group) Operating Income: $4.24 Mil (TTM As of Mar. 2026)

What is Intercede Group Operating Income?

Intercede Group IRCDF 82 Operating Income is $4.24 Mil as of Mar. 2026. GuruFocus rates IRCDF with a GF Score™ of 82/100 and a GF Value™ of $1.73. The stock has 2 warning signs investors should review.

Intercede Group's Operating Income for the six months ended in Mar. 2026 was $2.96 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $4.24 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Intercede Group's Operating Income for the six months ended in Mar. 2026 was $2.96 Mil. Intercede Group's Revenue for the six months ended in Mar. 2026 was $11.93 Mil. Therefore, Intercede Group's Operating Margin % for the quarter that ended in Mar. 2026 was 24.85%.

Good Sign:

Intercede Group PLC operating margin is expanding. Margin expansion is usually a good sign.

Intercede Group's 5-Year average Growth Rate for Operating Margin % was 26.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Intercede Group's annualized ROC % for the quarter that ended in Mar. 2026 was 34.60%. Intercede Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 332.38%.

Intercede Group (OTCPK:IRCDF) Operating Income Explanation

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

Intercede Group's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	5.926 * ( 1 - 13.5% )	/	( (13.817	+	15.817)	/ 2 )
=	5.12599	/	14.817
=	34.60 %

where

	Invested Capital		(Q: Sep. 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	))
=	34.578	-	2.473	-	( 24.074	-	max(0, 10.078	-	28.366	+	24.074	))
=	13.817

	Invested Capital		(Q: Mar. 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	))
=	40.467	-	2.521	-	( 26.665	-	max(0, 12.547	-	34.676	+	26.665	))
=	15.817

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

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

Intercede Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	6.744	/	( ( (2.138 + max(-5.594, 0))	+	(1.92 + max(-4.329, 0)) )	/	2 )
=	6.744	/	( ( 2.138	+	1.92 )	/	2 )
=	6.744	/	2.029
=	332.38 %

where Working Capital is:

	Working Capital		(Q: Sep. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(4.292	+	0	+	0)	-	(2.473	+	0	+	7.413)
=	-5.594

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(8.011	+	0	+	0)	-	(2.521	+	0	+	9.819)
=	-4.329

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

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

Intercede Group's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	2.963	/	11.925
	=	24.85 %

* 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.

Intercede Group Operating Income Related Terms

Intercede Group Operating Income Historical Data

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The historical data trend for Intercede Group's Operating Income can be seen below:

Intercede Group Operating Income Chart

Intercede Group Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Operating Income

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0.51

0.69

6.69

5.09

4.22

Intercede Group Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Operating Income	Get a 7-Day Free Trial															5.47	1.75	3.39	1.27	2.96

82GF Score

Intercede Group PLC IRCDF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Intercede Group 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 Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was $4.24 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $4.24 Mil mean?

Intercede Group (IRCDF) has a Operating Income of $4.24 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Intercede Group and its competitors.

Is Intercede Group's Operating Income too high?

Intercede Group's current Operating Income is $4.24 Mil. Overall, Intercede Group has a GF Score™ of 82/100, reflecting its overall financial health beyond just this single metric.

How does Intercede Group's Operating Income compare to UBER and SHOP?

Intercede Group's Operating Income of $4.24 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 Intercede Group and its competitors. Intercede Group's current Operating Income is $4.24 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Intercede Group stock overvalued right now?

Intercede Group (IRCDF) has a current Operating Income of $4.24 Mil. The stock's GF Value™ is $1.73, compared to a current price of $1.37 — trading 20.8% below its estimated fair value. The current Operating Income is $4.24 Mil. Intercede Group's overall GF Score™ is 82/100 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 Intercede Group (IRCDF), the current Operating Income is $4.24 Mil as of Mar. 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.

Is Intercede Group (IRCDF) Overvalued in 2026?

Based on GuruFocus' analysis, Intercede Group stock appears to be undervalued. The current stock price of $1.37 is trading 20.8% below its estimated GF Value™ of $1.73.

Key valuation signals for IRCDF:

Operating Income: $4.24 Mil
GF Value™: $1.73 vs. price of $1.37 (20.8% below fair value)
GF Score™: 82/100 with 2 warning signs

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

Intercede Group Business Description

Industry Technology Software

Comparable Companies LSE:PULS LSE:DOTL LSE:SAAS LSE:OMG LSE:SKL LSE:RM.LSE:TRCS LSE:SPSY LSE:GETB LSE:ELCO XTER:SAP UBER SHOP CRM CDNS NOW ADP SNOW DDOG ADBE

Other Exchanges IGP:UK

Address St. Mary's Road, Lutterworth Hall, Lutterworth, Leicestershire, GBR, LE17 4PS

Website https://www.intercede.com

Intercede Group PLC is an independent developer and supplier of identity and credential management software. Its product portfolio includes MyID, an identity, and credential management system, RapID is the password killer for killer apps, and MyTAM enables Android app developers and service providers to deploy trusted applications to the trusted execution environment simply and cost-effectively. The company serves a diverse range of markets including governments, enterprises, app developers, and service providers. It has operational footprints across the United Kingdom, the Rest of Europe, the Americas, and the Rest of the world. The majority of its revenue is derived from the Americas.

82GF Score

Get the complete analysis for IRCDF

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

$1.37

Price

$1.73

GF Value

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