Castleview Property Fund (JSE:CVW) Operating Income: R585 Mil (TTM As of Mar. 2026)

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JSE:CVW Castleview Property Fund Ltd JSE:CVW
60 GF Score
Price R10.40
GF Value R7.30
Valuation Significantly Overvalued
! 11 Warning Signs
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What is Castleview Property Fund Operating Income?

Castleview Property Fund JSE:CVW 60 Operating Income is R585 Mil as of Mar. 2026. GuruFocus rates JSE:CVW with a GF Score™ of 60/100 and a GF Value™ of R7.30 (Significantly Overvalued). The stock has 11 warning signs investors should review.

Castleview Property Fund's Operating Income for the six months ended in Mar. 2026 was R298 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was R585 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Castleview Property Fund's Operating Income for the six months ended in Mar. 2026 was R298 Mil. Castleview Property Fund's Revenue for the six months ended in Mar. 2026 was R1,060 Mil. Therefore, Castleview Property Fund's Operating Margin % for the quarter that ended in Mar. 2026 was 28.11%.

Warning Sign:

Castleview Property Fund Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -8.7%.

Castleview Property Fund's 5-Year average Growth Rate for Operating Margin % was -8.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Castleview Property Fund's annualized ROC % for the quarter that ended in Mar. 2026 was 2.39%. Castleview Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 123.49%.


Castleview Property Fund  (JSE:CVW) Operating Income Explanation

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

Castleview Property Fund'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 )
=595.852 * ( 1 - 6.21% )/( (24006.538 + 22779.798)/ 2 )
=558.8495908/23393.168
=2.39 %

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))
=24805.704 - 370.801 - ( 428.365 - max(0, 1443.199 - 2203.08+428.365))
=24006.538

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))
=24849.42 - 128.826 - ( 1940.796 - max(0, 1646.41 - 3812.458+1940.796))
=22779.798

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:

Castleview Property Fund'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 )
=1579.428/( ( (0.419 + max(1285.952, 0)) + (0.321 + max(1271.25, 0)) )/ 2 )
=1579.428/( ( 1286.371 + 1271.571 )/ 2 )
=1579.428/1278.971
=123.49 %

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)
=(188.022 + 344.168 + 1211.508) - (370.801 + 0 + 86.945)
=1285.952

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(14.076 + 169.31 + 1558.806) - (128.826 + 0 + 342.116)
=1271.25

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 %:

Castleview Property Fund'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 )
=297.926/1060.011
=28.11 %

* 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.


Castleview Property Fund Operating Income Related Terms


Castleview Property Fund Operating Income Historical Data

* Premium members only.

The historical data trend for Castleview Property Fund'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.

Castleview Property Fund Operating Income Chart

Castleview Property Fund Annual Data
Trend Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only 29.81 471.27 620.05 740.35 585.49

Castleview Property Fund Semi-Annual Data
Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 414.78 448.67 291.67 287.57 297.93
JSE:CVW
60GF Score
Castleview Property Fund Ltd JSE:CVW
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Castleview Property Fund 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 R585 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 R585 Mil mean?
Castleview Property Fund (JSE:CVW) has a Operating Income of R585 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Castleview Property Fund and its competitors.
Is Castleview Property Fund's Operating Income too high?
Castleview Property Fund's current Operating Income is R585 Mil. Overall, Castleview Property Fund has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Castleview Property Fund's Operating Income compare to SPG and O?
Castleview Property Fund's Operating Income of R585 Mil can be compared against companies in the REITs 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 REITs company?
A good Operating Income depends on the REITs 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 Castleview Property Fund and its competitors. Castleview Property Fund's current Operating Income is R585 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Castleview Property Fund stock overvalued right now?
Based on GuruFocus' analysis, Castleview Property Fund (JSE:CVW) is currently considered Significantly Overvalued. The stock's GF Value™ is R7.30, compared to a current price of R10.40 — trading 42.5% above its estimated fair value. The current Operating Income is R585 Mil. Castleview Property Fund's overall GF Score™ is 60/100 with 11 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 Castleview Property Fund (JSE:CVW), the current Operating Income is R585 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 Castleview Property Fund (JSE:CVW) Overvalued in 2026?

Based on GuruFocus' analysis, Castleview Property Fund stock appears to be overvalued. The current stock price of R10.40 is trading 42.5% above its estimated GF Value™ of R7.30. GuruFocus considers Castleview Property Fund to be Significantly Overvalued.

Key valuation signals for JSE:CVW:

  • Operating Income: R585 Mil
  • GF Value™: R7.30 vs. price of R10.40 (42.5% above fair value)
  • GF Score™: 60/100 with 11 warning signs

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


Castleview Property Fund Business Description

Industry Real EstateREITs
Address 13 Hudson Street, De Waterkant, Woodstock, Cape Town, WC, ZAF, 8001
Castleview Property Fund Ltd is a property holding and investment company in South Africa. Principally, it invests in a diversified portfolio of retail properties situated in South Africa. The company also invests in regional shopping centers like Pier 14 Shopping Centre located in the Eastern Cape.
60GF Score

Get the complete analysis for JSE:CVW

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

R10.40
Price
R7.30
GF Value