Metro Holdings (SGX:M01) Operating Income: S$-26.44 Mil (TTM As of Mar. 2026)

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SGX:M01 Metro Holdings Ltd SGX:M01
36 GF Score
Price S$0.41
GF Value S$0.42
Valuation Fairly Valued
! 5 Warning Signs
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What is Metro Holdings Operating Income?

Metro Holdings SGX:M01 -1.20% 36 Operating Income is S$-26.44 Mil as of Mar. 2026. GuruFocus rates SGX:M01 with a GF Score™ of 36/100 and a GF Value™ of S$0.42 (Fairly Valued). The stock has 5 warning signs investors should review.

Metro Holdings's Operating Income for the six months ended in Mar. 2026 was S$-16.69 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was S$-26.44 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Metro Holdings's Operating Income for the six months ended in Mar. 2026 was S$-16.69 Mil. Metro Holdings's Revenue for the six months ended in Mar. 2026 was S$56.01 Mil. Therefore, Metro Holdings's Operating Margin % for the quarter that ended in Mar. 2026 was -29.79%.

Warning Sign:

Metro Holdings Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -50%.

Metro Holdings's 5-Year average Growth Rate for Operating Margin % was -50.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Metro Holdings's annualized ROC % for the quarter that ended in Mar. 2026 was -2.23%. Metro Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -405.15%.


Metro Holdings  (SGX:M01) Operating Income Explanation

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

Metro Holdings'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 )
=-33.37 * ( 1 - 0.82% )/( (1649.405 + 1314.366)/ 2 )
=-33.096366/1481.8855
=-2.23 %

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))
=1960.267 - 71.213 - ( 239.649 - max(0, 266.583 - 714.946+239.649))
=1649.405

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))
=1801.594 - 51.365 - ( 435.863 - max(0, 370.106 - 881.969+435.863))
=1314.366

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:

Metro Holdings'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 )
=-357.78/( ( (17.365 + max(106.157, 0)) + (8.268 + max(44.828, 0)) )/ 2 )
=-357.78/( ( 123.522 + 53.096 )/ 2 )
=-357.78/88.309
=-405.15 %

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)
=(38.412 + 132.216 + 11.623) - (71.213 + 0 + 4.881)
=106.157

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(37.409 + 128.568 + 6.4370000000001) - (51.365 + 0 + 76.221)
=44.828

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 %:

Metro Holdings'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 )
=-16.685/56.013
=-29.79 %

* 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.


Metro Holdings Operating Income Related Terms


Metro Holdings Operating Income Historical Data

* Premium members only.

The historical data trend for Metro Holdings'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.

Metro Holdings Operating Income Chart

Metro Holdings Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -5.72 -1.00 -8.93 -14.96 -26.44

Metro Holdings 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 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 -4.09 -7.72 -7.25 -9.76 -16.69
SGX:M01
36GF Score
Metro Holdings Ltd SGX:M01
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Metro Holdings 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 S$-26.44 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 S$-26.44 Mil mean?
Metro Holdings (SGX:M01) has a Operating Income of S$-26.44 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Metro Holdings and its competitors.
Is Metro Holdings' Operating Income too high?
Metro Holdings' current Operating Income is S$-26.44 Mil. Overall, Metro Holdings has a GF Score™ of 36/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Metro Holdings' Operating Income compare to DDS and M?
Metro Holdings' Operating Income of S$-26.44 Mil can be compared against companies in the Retail - Cyclical 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 Retail - Cyclical company?
A good Operating Income depends on the Retail - Cyclical 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 Metro Holdings and its competitors. Metro Holdings's current Operating Income is S$-26.44 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Metro Holdings stock overvalued right now?
Based on GuruFocus' analysis, Metro Holdings (SGX:M01) is currently considered Fairly Valued. The stock's GF Value™ is S$0.42, compared to a current price of S$0.41 — trading 2.4% below its estimated fair value. The current Operating Income is S$-26.44 Mil. Metro Holdings' overall GF Score™ is 36/100 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 Metro Holdings (SGX:M01), the current Operating Income is S$-26.44 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 Metro Holdings (SGX:M01) Overvalued in 2026?

Based on GuruFocus' analysis, Metro Holdings stock appears to be undervalued. The current stock price of S$0.41 is trading 2.4% below its estimated GF Value™ of S$0.42. GuruFocus considers Metro Holdings to be Fairly Valued.

Key valuation signals for SGX:M01:

  • Operating Income: S$-26.44 Mil
  • GF Value™: S$0.42 vs. price of S$0.41 (2.4% below fair value)
  • GF Score™: 36/100 with 5 warning signs

No single metric tells the full story. See the SGX:M01 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Metro Holdings Business Description

Address 391A Orchard Road, No. 19-00, Tower A, Ngee Ann City, Singapore, SGP, 238873
Metro Holdings Ltd is a management, property investment, and holding company. The company's business segments are Property investment and development, and Retail. Maximum revenue is generated from its Retail segment which is involved in the business of retailing and operating department stores. The Property segment is involved in the leasing of shopping and office spaces owned by the group and investing in property-related investments. The company has a presence in Singapore, China, Indonesia, the UK, and Australia. Geographically it derives key revenue from Singapore and the rest from Indonesia, and China.
36GF Score

Get the complete analysis for SGX:M01

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

S$0.41
Price
S$0.42
GF Value