OVS SpA (MIL:OVS) Operating Income: €191 Mil (TTM As of Jan. 2026)

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MIL:OVS OVS SpA MIL:OVS
64 GF Score
Price €6.17
GF Value €3.42
Valuation Significantly Overvalued
! 6 Warning Signs
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What is OVS SpA Operating Income?

OVS SpA MIL:OVS -1.83% 64 Operating Income is €191 Mil as of Jan. 2026. GuruFocus rates MIL:OVS with a GF Score™ of 64/100 and a GF Value™ of €3.42 (Significantly Overvalued). The stock has 6 warning signs investors should review.

OVS SpA's Operating Income for the six months ended in Jan. 2026 was €111 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jan. 2026 was €191 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. OVS SpA's Operating Income for the six months ended in Jan. 2026 was €111 Mil. OVS SpA's Revenue for the six months ended in Jan. 2026 was €997 Mil. Therefore, OVS SpA's Operating Margin % for the quarter that ended in Jan. 2026 was 11.13%.

OVS SpA'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. OVS SpA's annualized ROC % for the quarter that ended in Jan. 2026 was 5.11%. OVS SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 was 13.85%.

OVS SpA  (MIL:OVS) Operating Income Explanation

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

OVS SpA's annualized ROC % for the quarter that ended in Jan. 2026 is calculated as:

ROC % (Q: Jan. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jul. 2025 ) + Invested Capital (Q: Jan. 2026 ))/ count )
=221.966 * ( 1 - 40.79% )/( (2613.025 + 2527.254)/ 2 )
=131.4260686/2570.1395
=5.11 %

where

Invested Capital(Q: Jul. 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))
=3056.951 - 559.273 - ( 87.432 - max(0, 903.906 - 788.559+87.432))
=2613.025

Invested Capital(Q: Jan. 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))
=3024.296 - 581.25 - ( 105.228 - max(0, 817.385 - 733.177+105.228))
=2527.254

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

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

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

ROC (Joel Greenblatt) %(Q: Jan. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jul. 2025  Q: Jan. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=192.944/( ( (1349.008 + max(68.939, 0)) + (1368.193 + max(-20.011, 0)) )/ 2 )
=192.944/( ( 1417.947 + 1368.193 )/ 2 )
=192.944/1393.07
=13.85 %

where Working Capital is:

Working Capital(Q: Jul. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(108.187 + 550.555 + 8.783) - (559.273 + 0 + 39.313)
=68.939

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(94.661 + 496.487 + 8.962) - (581.25 + 0 + 38.871)
=-20.011

When net working capital is negative, 0 is used.

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

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

OVS SpA's Operating Margin % for the quarter that ended in Jan. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jan. 2026 )/Revenue (Q: Jan. 2026 )
=110.983/997.055
=11.13 %

* 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.

OVS SpA Operating Income Related Terms

OVS SpA Operating Income Historical Data

* Premium members only.

The historical data trend for OVS SpA'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.

OVS SpA Operating Income Chart

OVS SpA Annual Data
Trend Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 107.13 90.67 129.87 150.27 190.68

OVS SpA Semi-Annual Data
Jul16 Jan17 Jul17 Jan18 Jul18 Jan19 Jul19 Jan20 Jul20 Jan21 Jul21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
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 73.11 68.71 81.56 79.70 110.98
MIL:OVS
64GF Score
OVS SpA MIL:OVS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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OVS SpA 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 Jan. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was €191 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 €191 Mil mean?
OVS SpA (MIL:OVS) has a Operating Income of €191 Mil as of Jan. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on OVS SpA and its competitors.
Is OVS SpA's Operating Income too high?
OVS SpA's current Operating Income is €191 Mil. Overall, OVS SpA has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does OVS SpA's Operating Income compare to RL and LEVI?
OVS SpA's Operating Income of €191 Mil can be compared against companies in the Manufacturing - Apparel & Accessories 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 Manufacturing - Apparel & Accessories company?
A good Operating Income depends on the Manufacturing - Apparel & Accessories 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 OVS SpA and its competitors. OVS SpA's current Operating Income is €191 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is OVS SpA stock overvalued right now?
Based on GuruFocus' analysis, OVS SpA (MIL:OVS) is currently considered Significantly Overvalued. The stock's GF Value™ is €3.42, compared to a current price of €6.17 — trading 80.3% above its estimated fair value. The current Operating Income is €191 Mil. OVS SpA's overall GF Score™ is 64/100 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 OVS SpA (MIL:OVS), the current Operating Income is €191 Mil as of Jan. 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 OVS SpA (MIL:OVS) Overvalued in 2026?

Based on GuruFocus' analysis, OVS SpA stock appears to be overvalued. The current stock price of €6.17 is trading 80.3% above its estimated GF Value™ of €3.42. GuruFocus considers OVS SpA to be Significantly Overvalued.

Key valuation signals for MIL:OVS:

  • Operating Income: €191 Mil
  • GF Value™: €3.42 vs. price of €6.17 (80.3% above fair value)
  • GF Score™: 64/100 with 6 warning signs

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

OVS SpA Business Description

Other Exchanges 0R5R:UK0OV1:Germany
Address Via Terraglio 17, Venice - Mestre, ITA, 30174
OVS SpA is an Italian fashion retailer. The company develops and markets menswear, womenswear and children's wear. Its operating segment includes OVS, UPIM and Sempione Fashion. OVS segment offers stylish and high-quality clothing at competitive prices focusing on the latest trends and fashion. Its UPIM segment offers women's, men's and children's clothing products, homeware and fragrance, The company generates maximum revenue from the OVS segment. Geographically, it has a presence in Italy, Bangladesh, China, Hong Kong, India, Pakistan, Turkey, Spain, Croatia, and Serbia.
64GF Score

Get the complete analysis for MIL:OVS

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

€6.17
Price
€3.42
GF Value