Asset Plus (NZSE:APL) Operating Income: NZ$3.56 Mil (TTM As of Mar. 2026)

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Asset Plus Ltd NZSE:APL

38 GF Score

Price NZ$0.17

GF Value NZ$0.23

Valuation Modestly Undervalued

2 Warning Signs

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What is Asset Plus Operating Income?

Asset Plus NZSE:APL 38 Operating Income is NZ$3.56 Mil as of Mar. 2026. GuruFocus rates NZSE:APL with a GF Score™ of 38/100 and a GF Value™ of NZ$0.23 (Modestly Undervalued). The stock has 2 warning signs investors should review.

Asset Plus's Operating Income for the six months ended in Mar. 2026 was NZ$1.81 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was NZ$3.56 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Asset Plus's Operating Income for the six months ended in Mar. 2026 was NZ$1.81 Mil. Asset Plus's Revenue for the six months ended in Mar. 2026 was NZ$3.36 Mil. Therefore, Asset Plus's Operating Margin % for the quarter that ended in Mar. 2026 was 53.97%.

Asset Plus's 5-Year average Growth Rate for Operating Margin % was -0.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Asset Plus's annualized ROC % for the quarter that ended in Mar. 2026 was 3.11%. Asset Plus's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was %.

Asset Plus (NZSE:APL) Operating Income Explanation

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

Asset Plus'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: Sep. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	3.626 * ( 1 - 8.45% )	/	( (107.654	+	105.94)	/ 2 )
=	3.319603	/	106.797
=	3.11 %

where

	Invested Capital		(Q: Sep. 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	))
=	118.339	-	0.809	-	( 10.32	-	max(0, 0.809	-	10.685	+	10.32	))
=	107.654

	Invested Capital		(Q: Mar. 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	))
=	112.958	-	1.648	-	( 6.926	-	max(0, 1.648	-	7.018	+	6.926	))
=	105.94

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

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

Asset Plus'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: Sep. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	3.626	/	( ( (0 + max(-0.444, 0))	+	(0 + max(-1.567, 0)) )	/	2 )
=	3.626	/	( ( 0	+	0 )	/	2 )
=	3.626	/	0
=	%

where Working Capital is:

	Working Capital		(Q: Sep. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.021	+	0	+	0.344)	-	(0.809	+	0	+	0)
=	-0.444

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0.081)	-	(1.648	+	0	+	0)
=	-1.567

When net working capital is negative, 0 is used.

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

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

Asset Plus'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 )
	=	1.813	/	3.359
	=	53.97 %

* 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.

Asset Plus Operating Income Related Terms

Asset Plus Operating Income Historical Data

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The historical data trend for Asset Plus's Operating Income can be seen below:

Asset Plus Operating Income Chart

Asset Plus Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Operating Income

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6.06

1.53

1.90

3.21

3.56

Asset Plus Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Operating Income	Get a 7-Day Free Trial															1.10	1.41	1.81	1.75	1.81

38GF Score

Asset Plus Ltd NZSE:APL

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

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Asset Plus 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 semi-annually data reported by the company within the most recent 12 months, which was NZ$3.56 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of NZ$3.56 Mil mean?

Asset Plus (NZSE:APL) has a Operating Income of NZ$3.56 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Asset Plus and its competitors.

Is Asset Plus' Operating Income too high?

Asset Plus' current Operating Income is NZ$3.56 Mil. Overall, Asset Plus has a GF Score™ of 38/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Asset Plus' Operating Income compare to VICI and WPC?

Asset Plus' Operating Income of NZ$3.56 Mil can be compared against companies in the REITs 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 REITs company?

A good Operating Income depends on the REITs 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 Asset Plus and its competitors. Asset Plus's current Operating Income is NZ$3.56 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Asset Plus stock overvalued right now?

Based on GuruFocus' analysis, Asset Plus (NZSE:APL) is currently considered Modestly Undervalued. The stock's GF Value™ is NZ$0.23, compared to a current price of NZ$0.17 — trading 26.1% below its estimated fair value. The current Operating Income is NZ$3.56 Mil. Asset Plus' overall GF Score™ is 38/100 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 Asset Plus (NZSE:APL), the current Operating Income is NZ$3.56 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.

Is Asset Plus (NZSE:APL) Overvalued in 2026?

Based on GuruFocus' analysis, Asset Plus stock appears to be undervalued. The current stock price of NZ$0.17 is trading 26.1% below its estimated GF Value™ of NZ$0.23. GuruFocus considers Asset Plus to be Modestly Undervalued.

Key valuation signals for NZSE:APL:

Operating Income: NZ$3.56 Mil
GF Value™: NZ$0.23 vs. price of NZ$0.17 (26.1% below fair value)
GF Score™: 38/100 with 2 warning signs

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

Asset Plus Business Description

Industry Real Estate REITs

Comparable Companies ASX:GMG VICI WPC BSP:HSRE11 ASX:CHC ASX:SGP XPAR:COV ASX:GPT LSE:LAND MEX:FUNO11 LSE:BLND ASX:MGR BNL XKLS:5235SS TSE:8972 JSE:GRT LSE:UTG TSE:8984 SGX:T82U TSE:8960

Address C/- Centuria Funds Management Limited, 30 Gaunt Street, Level 2, Bayleys House, Wynyard Quarter, Auckland, NTL, NZL, 1010

Website https://www.assetplusnz.co.nz

Asset Plus Ltd is a commercial property investment company. Its principal activities include investing in commercial property in New Zealand. The company's investment portfolio consists of office properties in New Zealand including the Munroe Lane property, and the 35 Graham Street property which is currently held for sale.

38GF Score

Get the complete analysis for NZSE:APL

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

NZ$0.17

Price

NZ$0.23

GF Value

View NZSE:APL Analysis

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