TSG Development Co (ROCO:3521) Operating Income: NT$-78.34 Mil (TTM As of Jun. 2026)

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ROCO:3521 TSG Development Co Ltd ROCO:3521
54 GF Score
Price NT$12.05
GF Value NT$2.70
Valuation Significantly Overvalued
! 5 Warning Signs
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What is TSG Development Co Operating Income?

TSG Development Co ROCO:3521 -1.63% 54 Operating Income is NT$-78.34 Mil as of Jun. 2026. GuruFocus rates ROCO:3521 with a GF Score™ of 54/100 and a GF Value™ of NT$2.70 (Significantly Overvalued). The stock has 5 warning signs investors should review.

TSG Development Co's Operating Income for the three months ended in Jun. 2026 was NT$-17.59 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was NT$-78.34 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. TSG Development Co's Operating Income for the three months ended in Jun. 2026 was NT$-17.59 Mil. TSG Development Co's Revenue for the three months ended in Jun. 2026 was NT$1.09 Mil. Therefore, TSG Development Co's Operating Margin % for the quarter that ended in Jun. 2026 was -1,621.01%.

Warning Sign:

TSG Development Co Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -15.3%.

TSG Development Co's 5-Year average Growth Rate for Operating Margin % was -15.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. TSG Development Co's annualized ROC % for the quarter that ended in Jun. 2026 was -0.94%. TSG Development Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was -15.40%.


TSG Development Co  (ROCO:3521) Operating Income Explanation

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

TSG Development Co's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=-70.352 * ( 1 - 86.48% )/( (752.75 + 1279.052)/ 2 )
=-9.5115904/1015.901
=-0.94 %

where

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))
=1818.029 - 34.897 - ( 1030.382 - max(0, 39.065 - 1316.858+1030.382))
=752.75

Invested Capital(Q: Jun. 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))
=2303.668 - 14.182 - ( 1010.434 - max(0, 19.648 - 1793.128+1010.434))
=1279.052

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

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

TSG Development Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-81.364/( ( (14.272 + max(249.81, 0)) + (25.209 + max(767.165, 0)) )/ 2 )
=-81.364/( ( 264.082 + 792.374 )/ 2 )
=-81.364/528.228
=-15.40 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1.963 + 270.578 + 13.675) - (34.897 + 0 + 1.509)
=249.81

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1.551 + 773.713 + 6.4300000000001) - (14.182 + 0 + 0.347)
=767.165

When net working capital is negative, 0 is used.

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

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

TSG Development Co's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=-17.588/1.085
=-1,621.01 %

* 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.


TSG Development Co Operating Income Related Terms


TSG Development Co Operating Income Historical Data

* Premium members only.

The historical data trend for TSG Development Co'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.

TSG Development Co Operating Income Chart

TSG Development Co 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 -55.29 -64.22 -113.72 -159.39 -27.83

TSG Development Co Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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 44.06 -19.07 -16.47 -25.22 -17.59
ROCO:3521
54GF Score
TSG Development Co Ltd ROCO:3521
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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TSG Development 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 Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was NT$-78.34 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 NT$-78.34 Mil mean?
TSG Development Co (ROCO:3521) has a Operating Income of NT$-78.34 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on TSG Development Co and its competitors.
Is TSG Development Co's Operating Income too high?
TSG Development Co's current Operating Income is NT$-78.34 Mil. Overall, TSG Development Co has a GF Score™ of 54/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does TSG Development Co's Operating Income compare to PWR and FIX?
TSG Development Co's Operating Income of NT$-78.34 Mil can be compared against companies in the Construction 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 Construction company?
A good Operating Income depends on the Construction 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 TSG Development Co and its competitors. TSG Development Co's current Operating Income is NT$-78.34 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TSG Development Co stock overvalued right now?
Based on GuruFocus' analysis, TSG Development Co (ROCO:3521) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$2.70, compared to a current price of NT$12.05 — trading 346.3% above its estimated fair value. The current Operating Income is NT$-78.34 Mil. TSG Development Co's overall GF Score™ is 54/100 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 TSG Development Co (ROCO:3521), the current Operating Income is NT$-78.34 Mil as of Jun. 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 TSG Development Co (ROCO:3521) Overvalued in 2026?

Based on GuruFocus' analysis, TSG Development Co stock appears to be overvalued. The current stock price of NT$12.05 is trading 346.3% above its estimated GF Value™ of NT$2.70. GuruFocus considers TSG Development Co to be Significantly Overvalued.

Key valuation signals for ROCO:3521:

  • Operating Income: NT$-78.34 Mil
  • GF Value™: NT$2.70 vs. price of NT$12.05 (346.3% above fair value)
  • GF Score™: 54/100 with 5 warning signs

No single metric tells the full story. See the ROCO:3521 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


TSG Development Co Business Description

Address 25th Floor, No. 502, Jiuru 1st Road, Sanmin District, Kaohsiung City, Taipei, TWN, 235
TSG Development Co Ltd Formerly Datavan International Corp is engaged in the research and development, design, manufacture and sale of endpoint sales system software and hardware, import and export of computer information equipment and its peripheral equipment parts and accessories, and development and sale of residential and buildings for lease, investment in construction of public works and real estate trading. It operates in two reportable operating segments: Technology Business Division; and Construction Business Division, which earns majority of the revenue from real estate construction and related sales management services and other businesses. Geographically, its operations are spread across Asia, Europe, Americas and Other with majority of the revenue generating from Asia.
54GF Score

Get the complete analysis for ROCO:3521

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

NT$12.05
Price
NT$2.70
GF Value