Fusion Antibodies (LSE:FAB) Operating Income: £-1.53 Mil (TTM As of Sep. 2025)

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LSE:FAB Fusion Antibodies PLC LSE:FAB
32 GF Score
Price £0.11
GF Value £0.04
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Fusion Antibodies Operating Income?

Fusion Antibodies LSE:FAB 32 Operating Income is £-1.53 Mil as of Sep. 2025. GuruFocus rates LSE:FAB with a GF Score™ of 32/100 and a GF Value™ of £0.04 (Significantly Overvalued). The stock has 4 warning signs investors should review.

Fusion Antibodies's Operating Income for the six months ended in Sep. 2025 was £-0.54 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2025 was £-1.53 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Fusion Antibodies's Operating Income for the six months ended in Sep. 2025 was £-0.54 Mil. Fusion Antibodies's Revenue for the six months ended in Sep. 2025 was £0.84 Mil. Therefore, Fusion Antibodies's Operating Margin % for the quarter that ended in Sep. 2025 was -64.44%.

Warning Sign:

Fusion Antibodies PLC operating margin has been in a 5-year decline. The average rate of decline per year is -45%.

Fusion Antibodies's 5-Year average Growth Rate for Operating Margin % was -45.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fusion Antibodies's annualized ROC % for the quarter that ended in Sep. 2025 was -140.93%. Fusion Antibodies's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 was -225.10%.


Fusion Antibodies  (LSE:FAB) Operating Income Explanation

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

Fusion Antibodies's annualized ROC % for the quarter that ended in Sep. 2025 is calculated as:

ROC % (Q: Sep. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2025 ) + Invested Capital (Q: Sep. 2025 ))/ count )
=-1.08 * ( 1 - 6.57% )/( (0.539 + 0.893)/ 2 )
=-1.009044/0.716
=-140.93 %

where

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

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

Fusion Antibodies's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Sep. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2025  Q: Sep. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-1.076/( ( (0.063 + max(-0.002, 0)) + (0.42 + max(0.473, 0)) )/ 2 )
=-1.076/( ( 0.063 + 0.893 )/ 2 )
=-1.076/0.478
=-225.10 %

where Working Capital is:

Working Capital(Q: Mar. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.332 + 0.269 + 0) - (0.425 + 0 + 0.178)
=-0.002

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.868 + 0.272 + -2.2204460492503E-16) - (0.667 + 0 + 0)
=0.473

When net working capital is negative, 0 is used.

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

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

Fusion Antibodies's Operating Margin % for the quarter that ended in Sep. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Sep. 2025 )/Revenue (Q: Sep. 2025 )
=-0.54/0.838
=-64.44 %

* 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.


Fusion Antibodies Operating Income Related Terms


Fusion Antibodies Operating Income Historical Data

* Premium members only.

The historical data trend for Fusion Antibodies'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.

Fusion Antibodies Operating Income Chart

Fusion Antibodies Annual Data
Trend Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.25 -1.33 -2.86 -2.29 -1.78

Fusion Antibodies Semi-Annual Data
Mar15 Mar16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
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 -1.42 -0.87 -0.79 -0.99 -0.54
LSE:FAB
32GF Score
Fusion Antibodies PLC LSE:FAB
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Fusion Antibodies 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 Sep. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was £-1.53 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 £-1.53 Mil mean?
Fusion Antibodies (LSE:FAB) has a Operating Income of £-1.53 Mil as of Sep. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fusion Antibodies and its competitors.
Is Fusion Antibodies' Operating Income too high?
Fusion Antibodies' current Operating Income is £-1.53 Mil. Overall, Fusion Antibodies has a GF Score™ of 32/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fusion Antibodies' Operating Income compare to VRTX and REGN?
Fusion Antibodies' Operating Income of £-1.53 Mil can be compared against companies in the Biotechnology 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 Biotechnology company?
A good Operating Income depends on the Biotechnology 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 Fusion Antibodies and its competitors. Fusion Antibodies's current Operating Income is £-1.53 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fusion Antibodies stock overvalued right now?
Based on GuruFocus' analysis, Fusion Antibodies (LSE:FAB) is currently considered Significantly Overvalued. The stock's GF Value™ is £0.04, compared to a current price of £0.11 — trading 168.8% above its estimated fair value. The current Operating Income is £-1.53 Mil. Fusion Antibodies' overall GF Score™ is 32/100 with 4 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 Fusion Antibodies (LSE:FAB), the current Operating Income is £-1.53 Mil as of Sep. 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 Fusion Antibodies (LSE:FAB) Overvalued in 2026?

Based on GuruFocus' analysis, Fusion Antibodies stock appears to be overvalued. The current stock price of £0.11 is trading 168.8% above its estimated GF Value™ of £0.04. GuruFocus considers Fusion Antibodies to be Significantly Overvalued.

Key valuation signals for LSE:FAB:

  • Operating Income: £-1.53 Mil
  • GF Value™: £0.04 vs. price of £0.11 (168.8% above fair value)
  • GF Score™: 32/100 with 4 warning signs

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


Fusion Antibodies Business Description

Address 1 Springbank Road, Springbank Industrial Estate, Dunmurry, Northern Ireland, Belfast, GBR, BT17 0QL
Fusion Antibodies PLC is a Contract Research Organisation (CRO) providing antibody identification, engineering, and expression services for the discovery and development of antibodies for human and veterinary therapeutics, as well as for diagnostics. Its customers are pharmaceutical, biotech, veterinary, diagnostic, and life science research companies. The company's three core service areas include: Discovery (identification, screening, and sequencing of novel antibodies); Engineering (optimising the performance of antibodies); and Supply (production and purification of antibodies for further development). Geographically company generates the majority of its revenue from North America and the Rest of the World, followed by the United Kingdom and the Rest of Europe.
32GF Score

Get the complete analysis for LSE:FAB

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

£0.11
Price
£0.04
GF Value