NWBO (Northwest Biotherapeutics) Operating Income: $-53.50 Mil (TTM As of Mar. 2026)

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NWBO Northwest Biotherapeutics Inc NWBO
11 GF Score
Price $0.17
! 5 Warning Signs
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What is Northwest Biotherapeutics Operating Income?

Northwest Biotherapeutics NWBO -3.62% 11 Operating Income is $-53.50 Mil as of Mar. 2026. GuruFocus rates NWBO with a GF Score™ of 11/100. The stock has 5 warning signs investors should review.

Northwest Biotherapeutics's Operating Income for the three months ended in Mar. 2026 was $-10.90 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $-53.50 Mil.

Warning Sign:

Northwest Biotherapeutics Inc has never been profitable in the past 3 years. It lost money every year.

Operating Margin % is calculated as Operating Income divided by its Revenue. Northwest Biotherapeutics's Operating Income for the three months ended in Mar. 2026 was $-10.90 Mil. Northwest Biotherapeutics's Revenue for the three months ended in Mar. 2026 was $0.49 Mil. Therefore, Northwest Biotherapeutics's Operating Margin % for the quarter that ended in Mar. 2026 was -2,206.48%.

Good Sign:

Northwest Biotherapeutics Inc operating margin is expanding. Margin expansion is usually a good sign.

Northwest Biotherapeutics's 5-Year average Growth Rate for Operating Margin % was 7.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Northwest Biotherapeutics's annualized ROC % for the quarter that ended in Mar. 2026 was -36.94%. Northwest Biotherapeutics's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -13.63%.


Northwest Biotherapeutics  (OTCPK:NWBO) Operating Income Explanation

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

Northwest Biotherapeutics's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-43.6 * ( 1 - 0% )/( (118.518 + 117.548)/ 2 )
=-43.6/118.033
=-36.94 %

where

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

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

Northwest Biotherapeutics's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-2.892/( ( (21.603 + max(-46.996, 0)) + (20.821 + max(-35.065, 0)) )/ 2 )
=-2.892/( ( 21.603 + 20.821 )/ 2 )
=-2.892/21.212
=-13.63 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 2.166) - (48.955 + 0 + 0.20700000000001)
=-46.996

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 4.416) - (39.274 + 0 + 0.20700000000001)
=-35.065

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

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

Northwest Biotherapeutics's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-10.9/0.494
=-2,206.48 %

* 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.


Northwest Biotherapeutics Operating Income Related Terms


Northwest Biotherapeutics Operating Income Historical Data

* Premium members only.

The historical data trend for Northwest Biotherapeutics'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.

Northwest Biotherapeutics Operating Income Chart

Northwest Biotherapeutics 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 -52.70 -67.18 -55.51 -66.51 -59.91

Northwest Biotherapeutics Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 -17.31 -14.78 -14.32 -13.50 -10.90
NWBO
11GF Score
Northwest Biotherapeutics Inc NWBO
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Northwest Biotherapeutics 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 Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-53.50 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 $-53.50 Mil mean?
Northwest Biotherapeutics (NWBO) has a Operating Income of $-53.50 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Northwest Biotherapeutics and its competitors.
Is Northwest Biotherapeutics' Operating Income too high?
Northwest Biotherapeutics' current Operating Income is $-53.50 Mil. Overall, Northwest Biotherapeutics has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Northwest Biotherapeutics' Operating Income compare to LCTX and VRXA?
Northwest Biotherapeutics' Operating Income of $-53.50 Mil can be compared against companies in the Biotechnology 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 Biotechnology company?
A good Operating Income depends on the Biotechnology 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 Northwest Biotherapeutics and its competitors. Northwest Biotherapeutics's current Operating Income is $-53.50 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northwest Biotherapeutics stock overvalued right now?
Northwest Biotherapeutics (NWBO) has a current Operating Income of $-53.50 Mil. The current Operating Income is $-53.50 Mil. Northwest Biotherapeutics' overall GF Score™ is 11/100 with 5 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 Northwest Biotherapeutics (NWBO), the current Operating Income is $-53.50 Mil as of Mar. 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.

Northwest Biotherapeutics Business Description

Other Exchanges NBYB:Germany
Address 4800 Montgomery Lane, Suite 800, Bethesda, MD, USA, 20814
Northwest Biotherapeutics Inc a biotechnology company focused on developing personalized immune therapies for cancer. The target is a broad range of solid-tumor cancers. The company has a proprietary manufacturing technology, which it uses to produce a personalized vaccine. The product portfolio includes product candidates such as DCVax-L, for patients with brain cancer; DCVax-Direct, direct injection into all types of inoperable solid tumor cancers, and DCVax for late-stage ovarian cancer. DCVax-Prostate, for late-stage prostate cancer, has received clearance from the U.S Food and Drug Administration.
11GF Score

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

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