BOC Kenya (NAI:BOC) Operating Income: KES351 Mil (TTM As of Dec. 2025)

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NAI:BOC BOC Kenya PLC NAI:BOC
72 GF Score
Price KES179.75
GF Value KES90.35
Valuation Significantly Overvalued
! 4 Warning Signs
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What is BOC Kenya Operating Income?

BOC Kenya NAI:BOC +0.28% 72 Operating Income is KES351 Mil as of Dec. 2025. GuruFocus rates NAI:BOC with a GF Score™ of 72/100 and a GF Value™ of KES90.35 (Significantly Overvalued). The stock has 4 warning signs investors should review.

BOC Kenya's Operating Income for the six months ended in Dec. 2025 was KES351 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was KES351 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. BOC Kenya's Operating Income for the six months ended in Dec. 2025 was KES351 Mil. BOC Kenya's Revenue for the six months ended in Dec. 2025 was KES1,427 Mil. Therefore, BOC Kenya's Operating Margin % for the quarter that ended in Dec. 2025 was 24.57%.

Good Sign:

BOC Kenya PLC operating margin is expanding. Margin expansion is usually a good sign.

BOC Kenya's 5-Year average Growth Rate for Operating Margin % was 23.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. BOC Kenya's annualized ROC % for the quarter that ended in Dec. 2025 was 16.87%. BOC Kenya's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 58.80%.


BOC Kenya  (NAI:BOC) Operating Income Explanation

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

BOC Kenya'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: Dec. 2024 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=350.606 * ( 1 - 29.06% )/( (1500.698 + 1447.604)/ 2 )
=248.7198964/1474.151
=16.87 %

where

Invested Capital(Q: Dec. 2024 )
=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))
=2250.36 - 72.819 - ( 676.843 - max(0, 293.973 - 1415.281+676.843))
=1500.698

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))
=2583.7 - 85.491 - ( 1050.605 - max(0, 381.189 - 1717.402+1050.605))
=1447.604

Note: The Operating Income data used here is one times the annual (Dec. 2025) data.

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

BOC Kenya'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: Dec. 2024  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=443.663/( ( (441.625 + max(440.207, 0)) + (382.144 + max(245.21, 0)) )/ 2 )
=443.663/( ( 881.832 + 627.354 )/ 2 )
=443.663/754.593
=58.80 %

where Working Capital is:

Working Capital(Q: Dec. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(458.587 + 254.349 + 20.192) - (72.819 + 0 + 220.102)
=440.207

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(451.541 + 143.821 + 29.985) - (85.491 + 0 + 294.646)
=245.21

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Dec. 2025) EBIT data.

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

BOC Kenya'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 )
=350.606/1427.046
=24.57 %

* 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.


BOC Kenya Operating Income Related Terms


BOC Kenya Operating Income Historical Data

* Premium members only.

The historical data trend for BOC Kenya'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.

BOC Kenya Operating Income Chart

BOC Kenya Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 125.20 188.66 297.30 257.20 350.61

BOC Kenya Semi-Annual Data
Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
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 125.20 188.66 297.30 257.20 350.61
NAI:BOC
72GF Score
BOC Kenya PLC NAI:BOC
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

BOC Kenya 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.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was KES351 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 KES351 Mil mean?
BOC Kenya (NAI:BOC) has a Operating Income of KES351 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on BOC Kenya and its competitors.
Is BOC Kenya's Operating Income too high?
BOC Kenya's current Operating Income is KES351 Mil. Overall, BOC Kenya has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does BOC Kenya's Operating Income compare to DOW?
BOC Kenya's Operating Income of KES351 Mil can be compared against companies in the Chemicals 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 Chemicals company?
A good Operating Income depends on the Chemicals 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 BOC Kenya and its competitors. BOC Kenya's current Operating Income is KES351 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BOC Kenya stock overvalued right now?
Based on GuruFocus' analysis, BOC Kenya (NAI:BOC) is currently considered Significantly Overvalued. The stock's GF Value™ is KES90.35, compared to a current price of KES179.75 — trading 98.9% above its estimated fair value. The current Operating Income is KES351 Mil. BOC Kenya's overall GF Score™ is 72/100 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 BOC Kenya (NAI:BOC), the current Operating Income is KES351 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.

Is BOC Kenya (NAI:BOC) Overvalued in 2026?

Based on GuruFocus' analysis, BOC Kenya stock appears to be overvalued. The current stock price of KES179.75 is trading 98.9% above its estimated GF Value™ of KES90.35. GuruFocus considers BOC Kenya to be Significantly Overvalued.

Key valuation signals for NAI:BOC:

  • Operating Income: KES351 Mil
  • GF Value™: KES90.35 vs. price of KES179.75 (98.9% above fair value)
  • GF Score™: 72/100 with 4 warning signs

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


BOC Kenya Business Description

Address 14 Kitui Road, off Kampala Road, P.O. Box 18010, Industrial Area, Nairobi, KEN, 00500
BOC Kenya PLC is involved in the manufacture and sale of industrial and medical gases and welding products. Its product range consists of Bulk gases, Packaged gases, and Engineering services. Bulk gases include liquid oxygen and liquid nitrogen. Packaged gases comprise medical gases, industrial gases, special gas mixtures, and liquefied petroleum gas. The engineering services include supplies of medical equipment, construction of medical and other gas pipelines, liquefied petroleum gas installations, tanks and pipelines, industrial gas storage and pipeline installations, and related maintenance services. The company generates the majority of its revenue from the sale of medical and industrial gases.
72GF Score

Get the complete analysis for NAI:BOC

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

KES179.75
Price
KES90.35
GF Value