PNAGF (Petronas Gas Bhd) Operating Income: $537 Mil (TTM As of Mar. 2026)

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PNAGF Petronas Gas Bhd PNAGF
73 GF Score
Price $4.45
GF Value $3.93
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Petronas Gas Bhd Operating Income?

Petronas Gas Bhd PNAGF 73 Operating Income is $537 Mil as of Mar. 2026. GuruFocus rates PNAGF with a GF Score™ of 73/100 and a GF Value™ of $3.93 (Modestly Overvalued). The stock has 5 warning signs investors should review.

Petronas Gas Bhd's Operating Income for the three months ended in Mar. 2026 was $137 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $537 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Petronas Gas Bhd's Operating Income for the three months ended in Mar. 2026 was $137 Mil. Petronas Gas Bhd's Revenue for the three months ended in Mar. 2026 was $401 Mil. Therefore, Petronas Gas Bhd's Operating Margin % for the quarter that ended in Mar. 2026 was 34.18%.

Warning Sign:

Petronas Gas Bhd operating margin has been in a 5-year decline. The average rate of decline per year is -6.8%.

Petronas Gas Bhd's 5-Year average Growth Rate for Operating Margin % was -6.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Petronas Gas Bhd's annualized ROC % for the quarter that ended in Mar. 2026 was 10.37%. Petronas Gas Bhd's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 15.35%.


Petronas Gas Bhd  (OTCPK:PNAGF) Operating Income Explanation

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

Petronas Gas Bhd'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 )
=548.712 * ( 1 - 19.29% )/( (4170.292 + 4372.279)/ 2 )
=442.8654552/4271.2855
=10.37 %

where

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))
=4846.562 - 542.138 - ( 469.504 - max(0, 572.658 - 706.79+469.504))
=4170.292

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))
=4972.697 - 306.647 - ( 383.822 - max(0, 334.527 - 628.298+383.822))
=4372.279

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

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

Petronas Gas Bhd'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 )
=598.916/( ( (3816.992 + max(-320.772, 0)) + (3985.073 + max(-93.176, 0)) )/ 2 )
=598.916/( ( 3816.992 + 3985.073 )/ 2 )
=598.916/3901.0325
=15.35 %

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)
=(190.896 + 8.847 + 23.081) - (542.138 + 0 + 1.458)
=-320.772

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(200.565 + 9.171 + 3.735) - (306.647 + 0 + 0)
=-93.176

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 %:

Petronas Gas Bhd'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 )
=137.178/401.33
=34.18 %

* 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.


Petronas Gas Bhd Operating Income Related Terms


Petronas Gas Bhd Operating Income Historical Data

* Premium members only.

The historical data trend for Petronas Gas Bhd'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.

Petronas Gas Bhd Operating Income Chart

Petronas Gas Bhd 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 631.52 526.16 488.13 516.60 550.17

Petronas Gas Bhd 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 129.98 135.08 139.75 125.30 137.18
PNAGF
73GF Score
Petronas Gas Bhd PNAGF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Petronas Gas Bhd 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 $537 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 $537 Mil mean?
Petronas Gas Bhd (PNAGF) has a Operating Income of $537 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Petronas Gas Bhd and its competitors.
Is Petronas Gas Bhd's Operating Income too high?
Petronas Gas Bhd's current Operating Income is $537 Mil. Overall, Petronas Gas Bhd has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Petronas Gas Bhd's Operating Income compare to XOM and CVX?
Petronas Gas Bhd's Operating Income of $537 Mil can be compared against companies in the Oil & Gas 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 Oil & Gas company?
A good Operating Income depends on the Oil & Gas 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 Petronas Gas Bhd and its competitors. Petronas Gas Bhd's current Operating Income is $537 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Petronas Gas Bhd stock overvalued right now?
Based on GuruFocus' analysis, Petronas Gas Bhd (PNAGF) is currently considered Modestly Overvalued. The stock's GF Value™ is $3.93, compared to a current price of $4.45 — trading 13.2% above its estimated fair value. The current Operating Income is $537 Mil. Petronas Gas Bhd's overall GF Score™ is 73/100 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 Petronas Gas Bhd (PNAGF), the current Operating Income is $537 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 Petronas Gas Bhd (PNAGF) Overvalued in 2026?

Based on GuruFocus' analysis, Petronas Gas Bhd stock appears to be overvalued. The current stock price of $4.45 is trading 13.2% above its estimated GF Value™ of $3.93. GuruFocus considers Petronas Gas Bhd to be Modestly Overvalued.

Key valuation signals for PNAGF:

  • Operating Income: $537 Mil
  • GF Value™: $3.93 vs. price of $4.45 (13.2% above fair value)
  • GF Score™: 73/100 with 5 warning signs

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


Petronas Gas Bhd Business Description

Industry EnergyOil & Gas
Other Exchanges 6033:Malaysia
Address PETRONAS Twin Towers, Level 49 & 50, Tower 1, Kuala Lumpur City Centre, Kuala Lumpur, SGR, MYS, 50088
Petronas Gas Bhd is a Malaysian gas infrastructure and utilities company, of which Malaysia's nationalized oil corporation, PETRONAS, holds a majority interest. Petronas Gas segments its primary operations into Gas Processing, Gas Transportation, Utilities, and Regasification businesses. While each of these contributes significantly to the company's total revenue, its Utilities and Gas Processing units combine to generate the majority. In Gas Processing, Petronas Gas receives processing fees under multi-year contracts by processing natural gas piped offshore for its parent company, PETRONAS. The Gas Transportation business encompasses the transmission of offshore natural gas through pipelines to customers in Malaysia and Singapore under multi-year agreements with PETRONAS.
73GF Score

Get the complete analysis for PNAGF

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

$4.45
Price
$3.93
GF Value