Vulcan Two Group (LSE:VUL) Operating Income: £-1.30 Mil (TTM As of Dec. 2025)

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LSE:VUL Vulcan Two Group PLC LSE:VUL
19 GF Score
Price £2.03
! 3 Warning Signs
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What is Vulcan Two Group Operating Income?

Vulcan Two Group LSE:VUL -1.22% 19 Operating Income is £-1.30 Mil as of Dec. 2025. GuruFocus rates LSE:VUL with a GF Score™ of 19/100. The stock has 3 warning signs investors should review.

Vulcan Two Group's Operating Income for the six months ended in Dec. 2025 was £-1.22 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was £-1.30 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Vulcan Two Group's Operating Income for the six months ended in Dec. 2025 was £-1.22 Mil. Vulcan Two Group's Revenue for the six months ended in Dec. 2025 was £0.00 Mil. Therefore, Vulcan Two Group's Operating Margin % for the quarter that ended in Dec. 2025 was %.

Vulcan Two Group's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Vulcan Two Group's annualized ROC % for the quarter that ended in Dec. 2025 was -910.45%. Vulcan Two Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -3,725.19%.

Vulcan Two Group  (LSE:VUL) Operating Income Explanation

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

Vulcan Two Group'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 )
=-2.44 * ( 1 - 0% )/( (0.209 + 0.327)/ 2 )
=-2.44/0.268
=-910.45 %

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))
=0.006 - 0 - ( 0.005 - max(0, 0.209 - 0.006+0.005))
=0.209

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))
=10.044 - 0.169 - ( 9.548 - max(0, 0.365 - 10.041+9.548))
=0.327

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:

Vulcan Two Group'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 )
=-2.44/( ( (0 + max(-0.069, 0)) + (0.003 + max(0.128, 0)) )/ 2 )
=-2.44/( ( 0 + 0.131 )/ 2 )
=-2.44/0.0655
=-3,725.19 %

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)
=(0 + 0 + 0) - (0 + 0 + 0.069)
=-0.069

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 0.493) - (0.169 + 0 + 0.196)
=0.128

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 %:

Vulcan Two Group'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 )
=-1.22/0
= %

* 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.

Vulcan Two Group Operating Income Related Terms

Vulcan Two Group Operating Income Historical Data

* Premium members only.

The historical data trend for Vulcan Two Group'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.

Vulcan Two Group Operating Income Chart

Vulcan Two Group Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Operating Income
-0.02 -0.08 -0.03 -1.30

Vulcan Two Group Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Operating Income Get a 7-Day Free Trial 0.00 -0.02 -0.01 -0.08 -1.22
LSE:VUL
19GF Score
Vulcan Two Group PLC LSE:VUL
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Vulcan Two Group 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 £-1.30 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 £-1.30 Mil mean?
Vulcan Two Group (LSE:VUL) has a Operating Income of £-1.30 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Vulcan Two Group and its competitors.
Is Vulcan Two Group's Operating Income too high?
Vulcan Two Group's current Operating Income is £-1.30 Mil. Overall, Vulcan Two Group has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Vulcan Two Group's Operating Income compare to BLK and BX?
Vulcan Two Group's Operating Income of £-1.30 Mil can be compared against companies in the Asset Management 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 an Asset Management company?
A good Operating Income depends on the Asset Management 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 Vulcan Two Group and its competitors. Vulcan Two Group's current Operating Income is £-1.30 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vulcan Two Group stock overvalued right now?
Vulcan Two Group (LSE:VUL) has a current Operating Income of £-1.30 Mil. The current Operating Income is £-1.30 Mil. Vulcan Two Group's overall GF Score™ is 19/100 with 3 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 Vulcan Two Group (LSE:VUL), the current Operating Income is £-1.30 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.

Vulcan Two Group Business Description

Address 3-7 Temple Avenue, 201 Temple Chambers, London, GBR, EC4Y 0DT
Vulcan Two Group PLC is principally engaged in the acquisition and subsequent development of assets within a target sector or industry. The group currently consists of CloudRx, Hyperdrug and Webmed. CloudRx provides a digital end-to-end prescription fulfilment service for private prescribers. Hyperdrug is a D2C digital pharmacy and online pet store, dispensing and distributing veterinary and human medications, as well as a wide range of animal products and accessories. Webmed is a vertically integrated B2C digital pharmacy, dispensing and distributing medications through a bespoke consumer-facing eCommerce website.
19GF Score

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

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