Truworths International (NAM:TRW) Operating Income: R3,217 Mil (TTM As of Dec. 2025)

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NAM:TRW Truworths International Ltd NAM:TRW
88 GF Score
Price R50.00
GF Value R77.54
Valuation Significantly Undervalued
! 2 Warning Signs
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What is Truworths International Operating Income?

Truworths International NAM:TRW 88 Operating Income is R3,217 Mil as of Dec. 2025. GuruFocus rates NAM:TRW with a GF Score™ of 88/100 and a GF Value™ of R77.54 (Significantly Undervalued). The stock has 2 warning signs investors should review.

Truworths International's Operating Income for the six months ended in Dec. 2025 was R1,804 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was R3,217 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Truworths International's Operating Income for the six months ended in Dec. 2025 was R1,804 Mil. Truworths International's Revenue for the six months ended in Dec. 2025 was R12,114 Mil. Therefore, Truworths International's Operating Margin % for the quarter that ended in Dec. 2025 was 14.89%.

Good Sign:

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

Truworths International's 5-Year average Growth Rate for Operating Margin % was 12.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Truworths International's annualized ROC % for the quarter that ended in Dec. 2025 was 18.01%. Truworths International's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 47.15%.

Truworths International  (NAM:TRW) Operating Income Explanation

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

Truworths International'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: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=3608 * ( 1 - 25.6% )/( (15373 + 14434)/ 2 )
=2684.352/14903.5
=18.01 %

where

Invested Capital(Q: Jun. 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))
=19904 - 1343 - ( 3188 - max(0, 5811 - 11243+3188))
=15373

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))
=20188 - 2772 - ( 2982 - max(0, 6047 - 11562+2982))
=14434

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

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

Truworths International'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: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=5440/( ( (6109 + max(5522, 0)) + (6224 + max(5221, 0)) )/ 2 )
=5440/( ( 11631 + 11445 )/ 2 )
=5440/11538
=47.15 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(5252 + 2465 + 117) - (1343 + 0 + 969)
=5522

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(5659 + 2474 + 145) - (2772 + 0 + 285)
=5221

When net working capital is negative, 0 is used.

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

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

Truworths International'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 )
=1804/12114
=14.89 %

* 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.

Truworths International Operating Income Related Terms

Truworths International Operating Income Historical Data

* Premium members only.

The historical data trend for Truworths International'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.

Truworths International Operating Income Chart

Truworths International Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2,217.00 3,044.00 2,749.00 3,175.00 3,223.00

Truworths International Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1,908.00 1,267.00 1,810.00 1,413.00 1,804.00
NAM:TRW
88GF Score
Truworths International Ltd NAM:TRW
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Truworths International 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 Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was R3,217 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 R3,217 Mil mean?
Truworths International (NAM:TRW) has a Operating Income of R3,217 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Truworths International and its competitors.
Is Truworths International's Operating Income too high?
Truworths International's current Operating Income is R3,217 Mil. Overall, Truworths International has a GF Score™ of 88/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Truworths International's Operating Income compare to TJX and ROST?
Truworths International's Operating Income of R3,217 Mil can be compared against companies in the Retail - Cyclical 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 - Cyclical company?
A good Operating Income depends on the Retail - Cyclical 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 Truworths International and its competitors. Truworths International's current Operating Income is R3,217 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Truworths International stock overvalued right now?
Based on GuruFocus' analysis, Truworths International (NAM:TRW) is currently considered Significantly Undervalued. The stock's GF Value™ is R77.54, compared to a current price of R50.00 — trading 35.5% below its estimated fair value. The current Operating Income is R3,217 Mil. Truworths International's overall GF Score™ is 88/100 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 Truworths International (NAM:TRW), the current Operating Income is R3,217 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 Truworths International (NAM:TRW) Overvalued in 2026?

Based on GuruFocus' analysis, Truworths International stock appears to be undervalued. The current stock price of R50.00 is trading 35.5% below its estimated GF Value™ of R77.54. GuruFocus considers Truworths International to be Significantly Undervalued.

Key valuation signals for NAM:TRW:

  • Operating Income: R3,217 Mil
  • GF Value™: R77.54 vs. price of R50.00 (35.5% below fair value)
  • GF Score™: 88/100 with 2 warning signs

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

Truworths International Business Description

Other Exchanges TRU:South AfricaIUE:Germany
Address No. 1 Mostert Street, CBD, Cape Town, WC, ZAF, 8001
Truworths International Ltd is an investment holding company. The company, along with its subsidiaries, manufactures and retails branded fashion clothing, footwear, homeware, cosmetics, hair and skin care products, and related merchandise through physical stores and online shopping. Its segments are i) The Truworths Africa: comprises the company's retail and e-commerce operations in Africa, through which it sells fashion apparel, footwear, other fashion products, and homeware. and ii) the Office UK business unit: comprises the footwear retail activities conducted by the company through stores, concession outlets, wholesale partnerships and an e-commerce channel in the United Kingdom and the Republic of Ireland. The majority of revenue is derived from the Truworths Africa business unit.
88GF Score

Get the complete analysis for NAM:TRW

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

R50.00
Price
R77.54
GF Value