Delta Property Fund (JSE:DLT) Operating Income: R572 Mil (TTM As of Feb. 2026)

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JSE:DLT Delta Property Fund Ltd JSE:DLT
18 GF Score
Price R0.35
GF Value R0.23
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is Delta Property Fund Operating Income?

Delta Property Fund JSE:DLT -12.50% 18 Operating Income is R572 Mil as of Feb. 2026. GuruFocus rates JSE:DLT with a GF Score™ of 18/100 and a GF Value™ of R0.23 (Significantly Overvalued). The stock has 5 warning signs investors should review.

Delta Property Fund's Operating Income for the six months ended in Feb. 2026 was R283 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was R572 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Delta Property Fund's Operating Income for the six months ended in Feb. 2026 was R283 Mil. Delta Property Fund's Revenue for the six months ended in Feb. 2026 was R575 Mil. Therefore, Delta Property Fund's Operating Margin % for the quarter that ended in Feb. 2026 was 49.17%.

Delta Property Fund's 5-Year average Growth Rate for Operating Margin % was -0.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Delta Property Fund's annualized ROC % for the quarter that ended in Feb. 2026 was 4.86%. Delta Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 86.03%.


Delta Property Fund  (JSE:DLT) Operating Income Explanation

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

Delta Property Fund's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Aug. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=565.82 * ( 1 - 25.06% )/( (8542.657 + 8902.058)/ 2 )
=424.025508/8722.3575
=4.86 %

where

Invested Capital(Q: Aug. 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))
=6521.977 - 226.467 - ( 19.148 - max(0, 3322.101 - 1074.954+19.148))
=8542.657

Invested Capital(Q: Feb. 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))
=6476.37 - 118.651 - ( 9.389 - max(0, 3325.306 - 780.967+9.389))
=8902.058

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

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

Delta Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Aug. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=591.434/( ( (12.141 + max(829.339, 0)) + (5.825 + max(527.666, 0)) )/ 2 )
=591.434/( ( 841.48 + 533.491 )/ 2 )
=591.434/687.4855
=86.03 %

where Working Capital is:

Working Capital(Q: Aug. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(146.243 + 0 + 909.563) - (226.467 + 0 + 0)
=829.339

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(111.75 + 0 + 633.771) - (118.651 + 0 + 99.204)
=527.666

When net working capital is negative, 0 is used.

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

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

Delta Property Fund's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=282.91/575.331
=49.17 %

* 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.


Delta Property Fund Operating Income Related Terms


Delta Property Fund Operating Income Historical Data

* Premium members only.

The historical data trend for Delta 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.

Delta Property Fund Operating Income Chart

Delta Property Fund Annual Data
Trend Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 722.19 565.31 586.51 613.59 572.35

Delta Property Fund Semi-Annual Data
Aug16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
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 270.39 320.47 293.13 289.44 282.91
JSE:DLT
18GF Score
Delta Property Fund Ltd JSE:DLT
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Delta 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 Feb. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was R572 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 R572 Mil mean?
Delta Property Fund (JSE:DLT) has a Operating Income of R572 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Delta Property Fund and its competitors.
Is Delta Property Fund's Operating Income too high?
Delta Property Fund's current Operating Income is R572 Mil. Overall, Delta Property Fund has a GF Score™ of 18/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Delta Property Fund's Operating Income compare to BXP and ARE?
Delta Property Fund's Operating Income of R572 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 Delta Property Fund and its competitors. Delta Property Fund's current Operating Income is R572 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Delta Property Fund stock overvalued right now?
Based on GuruFocus' analysis, Delta Property Fund (JSE:DLT) is currently considered Significantly Overvalued. The stock's GF Value™ is R0.23, compared to a current price of R0.35 — trading 52.2% above its estimated fair value. The current Operating Income is R572 Mil. Delta Property Fund's overall GF Score™ is 18/100 with 5 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 Delta Property Fund (JSE:DLT), the current Operating Income is R572 Mil as of Feb. 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 Delta Property Fund (JSE:DLT) Overvalued in 2026?

Based on GuruFocus' analysis, Delta Property Fund stock appears to be overvalued. The current stock price of R0.35 is trading 52.2% above its estimated GF Value™ of R0.23. GuruFocus considers Delta Property Fund to be Significantly Overvalued.

Key valuation signals for JSE:DLT:

  • Operating Income: R572 Mil
  • GF Value™: R0.23 vs. price of R0.35 (52.2% above fair value)
  • GF Score™: 18/100 with 5 warning signs

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


Delta Property Fund Business Description

Industry Real EstateREITs
Address 10 Muswell Road South, Building 3, Silver Stream Office Park, Bryanston, Sandton, Johannesburg, GT, ZAF, 2021
Delta Property Fund Ltd engages in making long-term investments in rental-generating properties. The company comprises three segments, namely, Office-Sovereign, Office-Other, and Head Office. The firm generates its revenue mainly from the Office Sovereign segment. The portfolio of the company consists of large assets, single tenanted by the national government, provincial government, state-owned enterprises, and large blue-chip corporations under long leases.
18GF Score

Get the complete analysis for JSE:DLT

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

R0.35
Price
R0.23
GF Value