MCSHF (Metcash) Operating Income: $344 Mil (TTM As of Apr. 2026)


MCSHF Metcash Ltd MCSHF
54 GF Score
Price $1.48
GF Value $3.02
Valuation Significantly Undervalued
! 2 Warning Signs
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What is Metcash Operating Income?

Metcash MCSHF -36.26% 54 Operating Income is $344 Mil as of Apr. 2026. GuruFocus rates MCSHF with a GF Score™ of 54/100 and a GF Value™ of $3.02 (Significantly Undervalued). The stock has 2 warning signs investors should review.

Metcash's Operating Income for the six months ended in Apr. 2026 was $196 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was $344 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Metcash's Operating Income for the six months ended in Apr. 2026 was $196 Mil. Metcash's Revenue for the six months ended in Apr. 2026 was $6,295 Mil. Therefore, Metcash's Operating Margin % for the quarter that ended in Apr. 2026 was 3.11%.

Good Sign:

Metcash Ltd operating margin is expanding. Margin expansion is usually a good sign.

Metcash's 5-Year average Growth Rate for Operating Margin % was 0.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Metcash's annualized ROC % for the quarter that ended in Apr. 2026 was 10.72%. Metcash's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 32.93%.


Metcash  (OTCPK:MCSHF) Operating Income Explanation

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

Metcash's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

ROC % (Q: Apr. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Oct. 2025 ) + Invested Capital (Q: Apr. 2026 ))/ count )
=391.064 * ( 1 - 28.33% )/( (2472.757 + 2757.092)/ 2 )
=280.2755688/2614.9245
=10.72 %

where

Invested Capital(Q: Oct. 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))
=4704.453 - 2171.906 - ( 59.79 - max(0, 2443.287 - 2658.219+59.79))
=2472.757

Invested Capital(Q: Apr. 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))
=4962.057 - 2156.809 - ( 48.156 - max(0, 2500.355 - 2670.993+48.156))
=2757.092

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

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

Metcash's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Apr. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Oct. 2025  Q: Apr. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=323.262/( ( (776.228 + max(312.706, 0)) + (874.397 + max(-43.546, 0)) )/ 2 )
=323.262/( ( 1088.934 + 874.397 )/ 2 )
=323.262/981.6655
=32.93 %

where Working Capital is:

Working Capital(Q: Oct. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1425.737 + 1141.716 + 30.976) - (2171.906 + 0.327 + 113.49)
=312.706

Working Capital(Q: Apr. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1176.809 + 1074.326 + 5.5319999999997) - (2156.809 + 12.27 + 131.134)
=-43.546

When net working capital is negative, 0 is used.

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

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

Metcash's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Apr. 2026 )/Revenue (Q: Apr. 2026 )
=195.532/6295.39
=3.11 %

* 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.


Metcash Operating Income Related Terms


Metcash Operating Income Historical Data

* Premium members only.

The historical data trend for Metcash'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.

Metcash Operating Income Chart

Metcash Annual Data
Trend Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25 Apr26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 338.73 333.98 312.56 312.77 356.74

Metcash Semi-Annual Data
Oct16 Apr17 Oct17 Apr18 Oct18 Apr19 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Apr25 Oct25 Apr26
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 158.75 163.09 159.62 148.85 195.53
MCSHF
54GF Score
Metcash Ltd MCSHF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Metcash 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 Apr. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was $344 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 $344 Mil mean?
Metcash (MCSHF) has a Operating Income of $344 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Metcash and its competitors.
Is Metcash's Operating Income too high?
Metcash's current Operating Income is $344 Mil. Overall, Metcash has a GF Score™ of 54/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Metcash's Operating Income compare to SYY and USFD?
Metcash's Operating Income of $344 Mil can be compared against companies in the Retail - Defensive 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 Retail - Defensive company?
A good Operating Income depends on the Retail - Defensive 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 Metcash and its competitors. Metcash's current Operating Income is $344 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Metcash stock overvalued right now?
Based on GuruFocus' analysis, Metcash (MCSHF) is currently considered Significantly Undervalued. The stock's GF Value™ is $3.02, compared to a current price of $1.48 — trading 51% below its estimated fair value. The current Operating Income is $344 Mil. Metcash's overall GF Score™ is 54/100 with 2 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 Metcash (MCSHF), the current Operating Income is $344 Mil as of Apr. 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 Metcash (MCSHF) Overvalued in 2026?

Based on GuruFocus' analysis, Metcash stock appears to be undervalued. The current stock price of $1.48 is trading 51% below its estimated GF Value™ of $3.02. GuruFocus considers Metcash to be Significantly Undervalued.

Key valuation signals for MCSHF:

  • Operating Income: $344 Mil
  • GF Value™: $3.02 vs. price of $1.48 (51% below fair value)
  • GF Score™: 54/100 with 2 warning signs

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


Metcash Business Description

Other Exchanges MG9:GermanyMTS:Australia
Address 1 Thomas Holt Drive, Macquarie Park, Sydney, NSW, AUS, 2113
Metcash is a wholesaler, and to a lesser extent a retailer, specializing in food, liquor, and hardware. Centralized wholesale distribution enables independent retailers to gain access to the combined scale of many retailers to negotiate material volume discounts.The food segment distributes a range of products and services to independent supermarket and convenience stores. The hardware segment distributes hardware products to independent retail outlets and operates company-owned stores. The liquor segment distributes liquor products to independent retailers and venues like pubs.
54GF Score

Get the complete analysis for MCSHF

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

$1.48
Price
$3.02
GF Value