Equity Lifestyle Properties (MEX:ELS) Operating Income: MXN8,494 Mil (TTM As of Mar. 2026)

What is Equity Lifestyle Properties Operating Income?

Equity Lifestyle Properties MEX:ELS 77 Operating Income is MXN8,494 Mil as of Mar. 2026. GuruFocus rates MEX:ELS with a GF Score™ of 77/100 and a GF Value™ of MXN1,433.74. The stock has 3 warning signs investors should review.

Equity Lifestyle Properties's Operating Income for the three months ended in Mar. 2026 was MXN2,331 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was MXN8,494 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Equity Lifestyle Properties's Operating Income for the three months ended in Mar. 2026 was MXN2,331 Mil. Equity Lifestyle Properties's Revenue for the three months ended in Mar. 2026 was MXN6,845 Mil. Therefore, Equity Lifestyle Properties's Operating Margin % for the quarter that ended in Mar. 2026 was 34.05%.

Good Sign:

Equity Lifestyle Properties Inc operating margin is expanding. Margin expansion is usually a good sign.

Equity Lifestyle Properties's 5-Year average Growth Rate for Operating Margin % was 0.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Equity Lifestyle Properties's annualized ROC % for the quarter that ended in Mar. 2026 was 8.53%. Equity Lifestyle Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was %.

Equity Lifestyle Properties (MEX:ELS) Operating Income Explanation

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

Equity Lifestyle Properties's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	9323.124 * ( 1 - 0% )	/	( (109345.772	+	109228.663)	/ 2 )
=	9323.124	/	109287.2175
=	8.53 %

where

	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	))
=	103449.823	-	4807.792	-	( 470.525	-	max(0, 12855.242	-	2151.501	+	470.525	))
=	109345.772

	Invested Capital		(Q: Mar. 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	))
=	103664.006	-	5218.393	-	( 339.664	-	max(0, 13118.068	-	2335.018	+	339.664	))
=	109228.663

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

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

Equity Lifestyle Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	10468.776	/	( ( (0 + max(-10964.643, 0))	+	(0 + max(-11136.274, 0)) )	/	2 )
=	10468.776	/	( ( 0	+	0 )	/	2 )
=	10468.776	/	0
=	%

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0)	-	(4807.792	+	6156.851	+	0)
=	-10964.643

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	367.867)	-	(5218.393	+	6285.748	+	0)
=	-11136.274

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

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

Equity Lifestyle Properties's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	2330.781	/	6844.51
	=	34.05 %

* 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.

Equity Lifestyle Properties Operating Income Related Terms

Equity Lifestyle Properties Operating Income Historical Data

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The historical data trend for Equity Lifestyle Properties's Operating Income can be seen below:

Equity Lifestyle Properties Operating Income Chart

Equity Lifestyle Properties Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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6,688.63

6,817.73

6,332.89

8,674.76

7,950.94

Equity Lifestyle Properties Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Operating Income	Get a 7-Day Free Trial															2,514.56	2,100.15	2,004.73	2,058.39	2,330.78

77GF Score

Equity Lifestyle Properties Inc MEX:ELS

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Equity Lifestyle Properties 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 Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was MXN8,494 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of MXN8,494 Mil mean?

Equity Lifestyle Properties (MEX:ELS) has a Operating Income of MXN8,494 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Equity Lifestyle Properties and its competitors.

Is Equity Lifestyle Properties' Operating Income too high?

Equity Lifestyle Properties' current Operating Income is MXN8,494 Mil. Overall, Equity Lifestyle Properties has a GF Score™ of 77/100, reflecting its overall financial health beyond just this single metric.

How does Equity Lifestyle Properties' Operating Income compare to AMH and UDR?

Equity Lifestyle Properties' Operating Income of MXN8,494 Mil can be compared against companies in the REITs 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 REITs company?

A good Operating Income depends on the REITs 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 Equity Lifestyle Properties and its competitors. Equity Lifestyle Properties's current Operating Income is MXN8,494 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Equity Lifestyle Properties stock overvalued right now?

Equity Lifestyle Properties (MEX:ELS) has a current Operating Income of MXN8,494 Mil. The stock's GF Value™ is MXN1,433.74, compared to a current price of MXN1,332.85 — trading 7% below its estimated fair value. The current Operating Income is MXN8,494 Mil. Equity Lifestyle Properties' overall GF Score™ is 77/100 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 Equity Lifestyle Properties (MEX:ELS), the current Operating Income is MXN8,494 Mil as of Mar. 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 Equity Lifestyle Properties (MEX:ELS) Overvalued in 2026?

Based on GuruFocus' analysis, Equity Lifestyle Properties stock appears to be undervalued. The current stock price of MXN1,332.85 is trading 7% below its estimated GF Value™ of MXN1,433.74.

Key valuation signals for MEX:ELS:

Operating Income: MXN8,494 Mil
GF Value™: MXN1,433.74 vs. price of MXN1,332.85 (7% below fair value)
GF Score™: 77/100 with 3 warning signs

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

Equity Lifestyle Properties Business Description

Industry Real Estate REITs

Comparable Companies AMH UDR CPT SUI MAA INVH JAN ESS MRP IRT AVB EQR DFM:DUBAIRESI TSX:CAR.UN TSE:3269 XPAR:ALTA TSX:BEI.UN TSE:3226 IST:EKGYO TSX:KMP.UN

Other Exchanges ELS:USA MHV:Germany E2LS34:Brazil

Address Two North Riverside Plaza, Suite 800, Chicago, IL, USA, 60606

Website https://www.equitylifestyleproperties.com

Equity Lifestyle Properties is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas. The company currently has a portfolio of 455 properties across the US with a higher concentration in the Sunbelt; 38% of the company's properties are in Florida, 12% in Arizona, and 8% in California. Equity Lifestyle targets owning properties in attractive retirement destinations. More than 70% of the company's properties are either age-restricted or have an average resident age over 55.

77GF Score

Get the complete analysis for MEX:ELS

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

MXN1,332.85

Price

MXN1,433.74

GF Value

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