NNFSF (Nongfu Spring Co) Operating Income: $2,858 Mil (TTM As of Dec. 2025)

What is Nongfu Spring Co Operating Income?

Nongfu Spring Co NNFSF 91 Operating Income is $2,858 Mil as of Dec. 2025. GuruFocus rates NNFSF with a GF Score™ of 91/100 and a GF Value™ of $7.64 (Significantly Undervalued). The stock has 2 warning signs investors should review.

Nongfu Spring Co's Operating Income for the six months ended in Dec. 2025 was $1,552 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $2,858 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Nongfu Spring Co's Operating Income for the six months ended in Dec. 2025 was $1,552 Mil. Nongfu Spring Co's Revenue for the six months ended in Dec. 2025 was $3,824 Mil. Therefore, Nongfu Spring Co's Operating Margin % for the quarter that ended in Dec. 2025 was 40.58%.

Good Sign:

Nongfu Spring Co Ltd operating margin is expanding. Margin expansion is usually a good sign.

Nongfu Spring Co's 5-Year average Growth Rate for Operating Margin % was 4.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Nongfu Spring Co's annualized ROC % for the quarter that ended in Dec. 2025 was 35.69%. Nongfu Spring Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 86.82%.

Nongfu Spring Co (OTCPK:NNFSF) Operating Income Explanation

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

Nongfu Spring Co'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 )
=	3103.34 * ( 1 - 24.24% )	/	( (6299.387	+	6876.215)	/ 2 )
=	2351.090384	/	6587.801
=	35.69 %

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	))
=	8968.006	-	3450.064	-	( 2665.607	-	max(0, 4475.444	-	3693.999	+	2665.607	))
=	6299.387

	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	))
=	9252.773	-	2129.406	-	( 2659.628	-	max(0, 3524.366	-	3771.518	+	2659.628	))
=	6876.215

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:

Nongfu Spring Co'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 )
=	3102.668	/	( ( (3446.2 + max(-3025.282, 0))	+	(3701.457 + max(-1791.442, 0)) )	/	2 )
=	3102.668	/	( ( 3446.2	+	3701.457 )	/	2 )
=	3102.668	/	3573.8285
=	86.82 %

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)
=	(116.368	+	710.864	+	1.1109999999999)	-	(3450.064	+	0	+	403.561)
=	-3025.282

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(84.803	+	830.088	+	185.957)	-	(2129.406	+	0	+	762.884)
=	-1791.442

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 %:

Nongfu Spring Co'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 )
	=	1551.67	/	3823.647
	=	40.58 %

* 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.

Nongfu Spring Co Operating Income Related Terms

Nongfu Spring Co Operating Income Historical Data

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The historical data trend for Nongfu Spring Co's Operating Income can be seen below:

Nongfu Spring Co Operating Income Chart

Nongfu Spring Co Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

Get a 7-Day Free Trial

1,429.36

1,429.01

2,043.44

2,017.93

2,883.17

Nongfu Spring Co Semi-Annual Data
	Dec17	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Operating Income	Get a 7-Day Free Trial											1,111.25	985.24	1,036.21	1,306.06	1,551.67

91GF Score

Nongfu Spring Co Ltd NNFSF

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

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Nongfu Spring Co 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 $2,858 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $2,858 Mil mean?

Nongfu Spring Co (NNFSF) has a Operating Income of $2,858 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Nongfu Spring Co and its competitors.

Is Nongfu Spring Co's Operating Income too high?

Nongfu Spring Co's current Operating Income is $2,858 Mil. Overall, Nongfu Spring Co has a GF Score™ of 91/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Nongfu Spring Co's Operating Income compare to KO and PEP?

Nongfu Spring Co's Operating Income of $2,858 Mil can be compared against companies in the Beverages - Non-Alcoholic 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 Beverages - Non-Alcoholic company?

A good Operating Income depends on the Beverages - Non-Alcoholic 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 Nongfu Spring Co and its competitors. Nongfu Spring Co's current Operating Income is $2,858 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Nongfu Spring Co stock overvalued right now?

Based on GuruFocus' analysis, Nongfu Spring Co (NNFSF) is currently considered Significantly Undervalued. The stock's GF Value™ is $7.64, compared to a current price of $5.19 — trading 32.1% below its estimated fair value. The current Operating Income is $2,858 Mil. Nongfu Spring Co's overall GF Score™ is 91/100 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 Nongfu Spring Co (NNFSF), the current Operating Income is $2,858 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 Nongfu Spring Co (NNFSF) Overvalued in 2026?

Based on GuruFocus' analysis, Nongfu Spring Co stock appears to be undervalued. The current stock price of $5.19 is trading 32.1% below its estimated GF Value™ of $7.64. GuruFocus considers Nongfu Spring Co to be Significantly Undervalued.

Key valuation signals for NNFSF:

Operating Income: $2,858 Mil
GF Value™: $7.64 vs. price of $5.19 (32.1% below fair value)
GF Score™: 91/100 with 2 warning signs

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

Nongfu Spring Co Business Description

Industry Consumer Defensive Beverages - Non-Alcoholic

Comparable Companies HKSE:02097 HKSE:00220 HKSE:02218 HKSE:02460 HKSE:00506 HKSE:06603 HKSE:02119 HKSE:00756 HKSE:01446 KO PEP MNST KDP LSE:CCEP LSE:CCH COCSF MEX:AC NSE:VBL COKE SHSE:605499

Other Exchanges 09633:Hong Kong 7NF:Germany

Address No. 181, Geyazhuang, Xihu District, Hangzhou, CHN, 310024

Website https://www.nongfuspring.com

Founded in 1996, Nongfu Spring is a leading beverage producer with products primarily in the packaged water, ready-to-drink tea, juice, coffee, and functional beverages sectors in China. It holds the number-one share in the bottled water market; this segment contributed approximately 40% of the firm's revenue and EBIT in 2024.

91GF Score

Get the complete analysis for NNFSF

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

$5.19

Price

$7.64

GF Value

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