KBDCF (Kingboard Holdings) Operating Income: $543 Mil (TTM As of Dec. 2025)


KBDCF Kingboard Holdings Ltd KBDCF
59 GF Score
Price $15.50
GF Value $2.89
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Kingboard Holdings Operating Income?

Kingboard Holdings KBDCF 59 Operating Income is $543 Mil as of Dec. 2025. GuruFocus rates KBDCF with a GF Score™ of 59/100 and a GF Value™ of $2.89 (Significantly Overvalued). The stock has 5 warning signs investors should review.

Kingboard Holdings's Operating Income for the six months ended in Dec. 2025 was $226 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $543 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Kingboard Holdings's Operating Income for the six months ended in Dec. 2025 was $226 Mil. Kingboard Holdings's Revenue for the six months ended in Dec. 2025 was $3,055 Mil. Therefore, Kingboard Holdings's Operating Margin % for the quarter that ended in Dec. 2025 was 7.40%.

Warning Sign:

Kingboard Holdings Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -18.2%.

Kingboard Holdings's 5-Year average Growth Rate for Operating Margin % was -18.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Kingboard Holdings's annualized ROC % for the quarter that ended in Dec. 2025 was 3.79%. Kingboard Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 14.40%.


Kingboard Holdings  (OTCPK:KBDCF) Operating Income Explanation

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

Kingboard Holdings'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: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=452.068 * ( 1 - 11.07% )/( (10453.574 + 10744.233)/ 2 )
=402.0240724/10598.9035
=3.79 %

where

Invested Capital(Q: Jun. 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))
=13209.174 - 1045.967 - ( 1709.633 - max(0, 2756.608 - 5557.887+1709.633))
=10453.574

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))
=13350.309 - 1069.274 - ( 1536.802 - max(0, 2946.428 - 5457.912+1536.802))
=10744.233

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

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

Kingboard Holdings'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: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=740.984/( ( (3180.13 + max(1899.95, 0)) + (3310.663 + max(1903.033, 0)) )/ 2 )
=740.984/( ( 5080.08 + 5213.696 )/ 2 )
=740.984/5146.888
=14.40 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1001.963 + 2050.654 + 196.006) - (1045.967 + 0 + 302.706)
=1899.95

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1126.219 + 1943.661 + 223.375) - (1069.274 + 0 + 320.948)
=1903.033

When net working capital is negative, 0 is used.

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

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

Kingboard Holdings'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 )
=226.034/3054.537
=7.40 %

* 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.


Kingboard Holdings Operating Income Related Terms


Kingboard Holdings Operating Income Historical Data

* Premium members only.

The historical data trend for Kingboard Holdings'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.

Kingboard Holdings Operating Income Chart

Kingboard Holdings 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 1,946.08 1,118.16 530.82 659.71 545.40

Kingboard Holdings Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only 260.09 371.83 286.13 316.60 226.03
KBDCF
59GF Score
Kingboard Holdings Ltd KBDCF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Kingboard Holdings 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 Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $543 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 $543 Mil mean?
Kingboard Holdings (KBDCF) has a Operating Income of $543 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Kingboard Holdings and its competitors.
Is Kingboard Holdings' Operating Income too high?
Kingboard Holdings' current Operating Income is $543 Mil. Overall, Kingboard Holdings has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kingboard Holdings' Operating Income compare to HON and MMM?
Kingboard Holdings' Operating Income of $543 Mil can be compared against companies in the Conglomerates 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 Conglomerates company?
A good Operating Income depends on the Conglomerates 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 Kingboard Holdings and its competitors. Kingboard Holdings's current Operating Income is $543 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kingboard Holdings stock overvalued right now?
Based on GuruFocus' analysis, Kingboard Holdings (KBDCF) is currently considered Significantly Overvalued. The stock's GF Value™ is $2.89, compared to a current price of $15.50 — trading 436.3% above its estimated fair value. The current Operating Income is $543 Mil. Kingboard Holdings' overall GF Score™ is 59/100 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 Kingboard Holdings (KBDCF), the current Operating Income is $543 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 Kingboard Holdings (KBDCF) Overvalued in 2026?

Based on GuruFocus' analysis, Kingboard Holdings stock appears to be overvalued. The current stock price of $15.50 is trading 436.3% above its estimated GF Value™ of $2.89. GuruFocus considers Kingboard Holdings to be Significantly Overvalued.

Key valuation signals for KBDCF:

  • Operating Income: $543 Mil
  • GF Value™: $2.89 vs. price of $15.50 (436.3% above fair value)
  • GF Score™: 59/100 with 5 warning signs

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


Kingboard Holdings Business Description

Address 3 On Yiu Street, 23rd Floor, Delta House, Shek Mun, Shatin, N.T, Hong Kong, HKG
Kingboard Holdings Ltd is an investment holding company in China. It operates in six segments: laminates, printed circuit boards, chemicals, properties, investments, and others, including service income, manufacture, and sale of magnetic products, and hotel business. The company's products include Tar, coke, methanol, benzene, acetic acid, glass epoxy laminate, paper laminate, single and double-sided printed circuit boards, and others. Geographically, it has operations in China, Thailand, Japan, Korea, Singapore, Europe, America, and Africa, out of which China accounts for the majority of the revenue.
59GF Score

Get the complete analysis for KBDCF

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

$15.50
Price
$2.89
GF Value