PSG Financial Services (NAM:KFS) Operating Income: R1,803 Mil (TTM As of Feb. 2026)


NAM:KFS PSG Financial Services Ltd NAM:KFS
81 GF Score
Price R32.22
GF Value R21.52
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is PSG Financial Services Operating Income?

PSG Financial Services NAM:KFS 81 Operating Income is R1,803 Mil as of Feb. 2026. GuruFocus rates NAM:KFS with a GF Score™ of 81/100 and a GF Value™ of R21.52 (Significantly Overvalued). The stock has 6 warning signs investors should review.

PSG Financial Services's Operating Income for the six months ended in Feb. 2026 was R991 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was R1,803 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. PSG Financial Services's Operating Income for the six months ended in Feb. 2026 was R991 Mil. PSG Financial Services's Revenue for the six months ended in Feb. 2026 was R4,810 Mil. Therefore, PSG Financial Services's Operating Margin % for the quarter that ended in Feb. 2026 was 20.61%.

PSG Financial Services'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. PSG Financial Services's annualized ROC % for the quarter that ended in Feb. 2026 was 0.69%. PSG Financial Services's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 850.49%.

PSG Financial Services  (NAM:KFS) Operating Income Explanation

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

PSG Financial Services's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Aug. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=1982.87 * ( 1 - 28.3% )/( (124534.734 + 288985.786)/ 2 )
=1421.71779/206760.26
=0.69 %

where

Invested Capital(Q: Aug. 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))
=129179.264 - 3163.069 - ( 2039.368 - max(0, 3610.281 - 5091.742+2039.368))
=124534.734

Invested Capital(Q: Feb. 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))
=158396.626 - 4539.682 - ( 12172.726 - max(0, 151470.487 - 16341.645+12172.726))
=288985.786

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

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

PSG Financial Services's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Aug. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2979.264/( ( (306.91 + max(-1078.455, 0)) + (393.686 + max(-147383.558, 0)) )/ 2 )
=2979.264/( ( 306.91 + 393.686 )/ 2 )
=2979.264/350.298
=850.49 %

where Working Capital is:

Working Capital(Q: Aug. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2444.248 + 0 + 87.578) - (3163.069 + 0 + 447.212)
=-1078.455

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3480.794 + 0 + 537.698) - (4539.682 + 0 + 146862.368)
=-147383.558

When net working capital is negative, 0 is used.

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

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

PSG Financial Services's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=991.435/4810.34
=20.61 %

* 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.

PSG Financial Services Operating Income Related Terms

PSG Financial Services Operating Income Historical Data

* Premium members only.

The historical data trend for PSG Financial Services'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.

PSG Financial Services Operating Income Chart

PSG Financial Services Annual Data
Trend Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,175.64 1,132.77 1,194.92 1,443.67 1,802.74

PSG Financial Services Semi-Annual Data
Aug16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
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 649.05 622.83 820.83 811.30 991.44
NAM:KFS
81GF Score
PSG Financial Services Ltd NAM:KFS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PSG Financial Services 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 Feb. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was R1,803 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 R1,803 Mil mean?
PSG Financial Services (NAM:KFS) has a Operating Income of R1,803 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on PSG Financial Services and its competitors.
Is PSG Financial Services' Operating Income too high?
PSG Financial Services' current Operating Income is R1,803 Mil. Overall, PSG Financial Services has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PSG Financial Services' Operating Income compare to BLK and BX?
PSG Financial Services' Operating Income of R1,803 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 PSG Financial Services and its competitors. PSG Financial Services's current Operating Income is R1,803 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PSG Financial Services stock overvalued right now?
Based on GuruFocus' analysis, PSG Financial Services (NAM:KFS) is currently considered Significantly Overvalued. The stock's GF Value™ is R21.52, compared to a current price of R32.22 — trading 49.7% above its estimated fair value. The current Operating Income is R1,803 Mil. PSG Financial Services' overall GF Score™ is 81/100 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 PSG Financial Services (NAM:KFS), the current Operating Income is R1,803 Mil as of Feb. 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 PSG Financial Services (NAM:KFS) Overvalued in 2026?

Based on GuruFocus' analysis, PSG Financial Services stock appears to be overvalued. The current stock price of R32.22 is trading 49.7% above its estimated GF Value™ of R21.52. GuruFocus considers PSG Financial Services to be Significantly Overvalued.

Key valuation signals for NAM:KFS:

  • Operating Income: R1,803 Mil
  • GF Value™: R21.52 vs. price of R32.22 (49.7% above fair value)
  • GF Score™: 81/100 with 6 warning signs

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

PSG Financial Services Business Description

Other Exchanges KST:South AfricaEU4:Germany
Address 3 Howick Close, 4th Floor, The Edge, Tyger Waterfront, Tyger Valley, Bellville, WC, ZAF, 7530
PSG Financial Services Ltd is an independent financial services company. Business is executed through three operating divisions: PSG Wealth, PSG Asset Management, and PSG Insure. PSG Wealth provides the group with nearly half of its income, with PSG Insure outweighing PSG Asset Management. Through the Wealth unit, PSG delivers a comprehensive suite of products to individuals, families, and businesses. Some of the PSG Wealth offerings include investment products, stockbroking, estate and trust services, and many other related products. PSG is structured into three segments which are PSG Wealth, generating income from managed and platform assets; PSG Asset Management, deriving income from assets under management; PSG Insure, earning income from premiums and underwriting.
81GF Score

Get the complete analysis for NAM:KFS

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

R32.22
Price
R21.52
GF Value