LMPMY (Lee & Man Paper Manufacturing) Operating Income: $286 Mil (TTM As of Dec. 2025)


LMPMY Lee & Man Paper Manufacturing Ltd LMPMY
67 GF Score
Price $3.77
GF Value $3.04
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Lee & Man Paper Manufacturing Operating Income?

Lee & Man Paper Manufacturing LMPMY 67 Operating Income is $286 Mil as of Dec. 2025. GuruFocus rates LMPMY with a GF Score™ of 67/100 and a GF Value™ of $3.04 (Modestly Overvalued). The stock has 6 warning signs investors should review.

Lee & Man Paper Manufacturing's Operating Income for the six months ended in Dec. 2025 was $164 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $286 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Lee & Man Paper Manufacturing's Operating Income for the six months ended in Dec. 2025 was $164 Mil. Lee & Man Paper Manufacturing's Revenue for the six months ended in Dec. 2025 was $1,851 Mil. Therefore, Lee & Man Paper Manufacturing's Operating Margin % for the quarter that ended in Dec. 2025 was 8.86%.

Warning Sign:

Lee & Man Paper Manufacturing Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -13.2%.

Lee & Man Paper Manufacturing's 5-Year average Growth Rate for Operating Margin % was -13.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Lee & Man Paper Manufacturing's annualized ROC % for the quarter that ended in Dec. 2025 was 4.24%. Lee & Man Paper Manufacturing's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 5.63%.

Lee & Man Paper Manufacturing  (OTCPK:LMPMY) Operating Income Explanation

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

Lee & Man Paper Manufacturing'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 )
=328.082 * ( 1 - 13.14% )/( (6746.06 + 6693.16)/ 2 )
=284.9720252/6719.61
=4.24 %

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))
=7107.13 - 359.187 - ( 211.099 - max(0, 1564.937 - 1566.82+211.099))
=6746.06

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))
=7414.218 - 513.035 - ( 249.554 - max(0, 1458.696 - 1666.719+249.554))
=6693.16

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:

Lee & Man Paper Manufacturing'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 )
=359.87/( ( (5409.019 + max(930.782, 0)) + (5605.183 + max(846.763, 0)) )/ 2 )
=359.87/( ( 6339.801 + 6451.946 )/ 2 )
=359.87/6395.8735
=5.63 %

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)
=(764.649 + 581.719 + 0) - (359.187 + 0 + 56.399)
=930.782

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(795.572 + 619.732 + 0) - (513.035 + 0 + 55.506)
=846.763

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 %:

Lee & Man Paper Manufacturing'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 )
=164.041/1851.482
=8.86 %

* 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.

Lee & Man Paper Manufacturing Operating Income Related Terms

Lee & Man Paper Manufacturing Operating Income Historical Data

* Premium members only.

The historical data trend for Lee & Man Paper Manufacturing'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.

Lee & Man Paper Manufacturing Operating Income Chart

Lee & Man Paper Manufacturing 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 477.49 157.03 182.10 206.29 287.50

Lee & Man Paper Manufacturing 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 129.17 118.29 87.45 122.39 164.04
LMPMY
67GF Score
Lee & Man Paper Manufacturing Ltd LMPMY
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Lee & Man Paper Manufacturing 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 $286 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 $286 Mil mean?
Lee & Man Paper Manufacturing (LMPMY) has a Operating Income of $286 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Lee & Man Paper Manufacturing and its competitors.
Is Lee & Man Paper Manufacturing's Operating Income too high?
Lee & Man Paper Manufacturing's current Operating Income is $286 Mil. Overall, Lee & Man Paper Manufacturing has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Lee & Man Paper Manufacturing's Operating Income compare to competitors?
Lee & Man Paper Manufacturing's Operating Income of $286 Mil can be compared against companies in the Forest Products 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 Forest Products company?
A good Operating Income depends on the Forest Products 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 Lee & Man Paper Manufacturing and its competitors. Lee & Man Paper Manufacturing's current Operating Income is $286 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lee & Man Paper Manufacturing stock overvalued right now?
Based on GuruFocus' analysis, Lee & Man Paper Manufacturing (LMPMY) is currently considered Modestly Overvalued. The stock's GF Value™ is $3.04, compared to a current price of $3.77 — trading 24% above its estimated fair value. The current Operating Income is $286 Mil. Lee & Man Paper Manufacturing's overall GF Score™ is 67/100 with 6 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 Lee & Man Paper Manufacturing (LMPMY), the current Operating Income is $286 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 Lee & Man Paper Manufacturing (LMPMY) Overvalued in 2026?

Based on GuruFocus' analysis, Lee & Man Paper Manufacturing stock appears to be overvalued. The current stock price of $3.77 is trading 24% above its estimated GF Value™ of $3.04. GuruFocus considers Lee & Man Paper Manufacturing to be Modestly Overvalued.

Key valuation signals for LMPMY:

  • Operating Income: $286 Mil
  • GF Value™: $3.04 vs. price of $3.77 (24% above fair value)
  • GF Score™: 67/100 with 6 warning signs

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

Lee & Man Paper Manufacturing Business Description

Other Exchanges 02314:Hong Kong
Address 169 Electric Road, 39th Floor, Lee & Man Commercial Center, North Point, Hong Kong, HKG
Lee & Man Paper Manufacturing Ltd is an investment holding company engaged in the manufacturing and trading of paper and pulp. Its segments are Packaging Paper, Pulp, and Tissue paper. The majority of the revenue is generated from the packaging paper segment that covers the production of kraft liner board, test liner board, coated duplex board, white top liner board, and strength corrugating medium. Its products include Wood pulp products, Boxboard paper products, Pink Gray Card Products, and Toilet Paper Products. The company generates maximum revenue from PRC, and also has its presence in Malaysia; Vietnam; and Hong Kong, Macau and others.
67GF Score

Get the complete analysis for LMPMY

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

$3.77
Price
$3.04
GF Value