SRHGF (Shoprite Holdings) Operating Income: $817 Mil (TTM As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

SRHGF Shoprite Holdings Ltd SRHGF
95 GF Score
Price $16.73
GF Value $19.12
! 1 Warning Sign
View Full Analysis

What is Shoprite Holdings Operating Income?

Shoprite Holdings SRHGF 95 Operating Income is $817 Mil as of Dec. 2025. GuruFocus rates SRHGF with a GF Score™ of 95/100 and a GF Value™ of $19.12. The stock has 1 warning sign investors should review.

Shoprite Holdings's Operating Income for the six months ended in Dec. 2025 was $425 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $817 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Shoprite Holdings's Operating Income for the six months ended in Dec. 2025 was $425 Mil. Shoprite Holdings's Revenue for the six months ended in Dec. 2025 was $8,127 Mil. Therefore, Shoprite Holdings's Operating Margin % for the quarter that ended in Dec. 2025 was 5.23%.

Good Sign:

Shoprite Holdings Ltd operating margin is expanding. Margin expansion is usually a good sign.

Shoprite Holdings'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. Shoprite Holdings's annualized ROC % for the quarter that ended in Dec. 2025 was 13.03%. Shoprite Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 25.94%.


Shoprite Holdings  (OTCPK:SRHGF) Operating Income Explanation

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

Shoprite Holdings's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=849.536 * ( 1 - 27.04% )/( (4593.599 + 4919.413)/ 2 )
=619.8214656/4756.506
=13.03 %

where

Invested Capital(Q: Jun. 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))
=7011.527 - 1950.695 - ( 565.158 - max(0, 2499.523 - 2966.756+565.158))
=4593.599

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))
=8136.425 - 2718.28 - ( 905.202 - max(0, 3148.455 - 3647.187+905.202))
=4919.413

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

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

Shoprite Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=933.658/( ( (3289.936 + max(196.523, 0)) + (3713.367 + max(-201.155, 0)) )/ 2 )
=933.658/( ( 3486.459 + 3713.367 )/ 2 )
=933.658/3599.913
=25.94 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(320.206 + 1669.379 + 355.391) - (1950.695 + 0 + 197.758)
=196.523

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(404.926 + 2004.313 + 271.14) - (2718.28 + 0 + 163.254)
=-201.155

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

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

Shoprite Holdings's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=424.768/8126.801
=5.23 %

* 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.


Shoprite Holdings Operating Income Related Terms


Shoprite Holdings Operating Income Historical Data

* Premium members only.

The historical data trend for Shoprite 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.

Shoprite Holdings Operating Income Chart

Shoprite Holdings Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 670.23 629.68 556.63 633.62 769.93

Shoprite Holdings Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 311.60 318.57 368.97 392.71 424.77
SRHGF
95GF Score
Shoprite Holdings Ltd SRHGF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Shoprite 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 Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $817 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 $817 Mil mean?
Shoprite Holdings (SRHGF) has a Operating Income of $817 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Shoprite Holdings and its competitors.
Is Shoprite Holdings' Operating Income too high?
Shoprite Holdings' current Operating Income is $817 Mil. Overall, Shoprite Holdings has a GF Score™ of 95/100, reflecting its overall financial health beyond just this single metric.
How does Shoprite Holdings' Operating Income compare to DDS and M?
Shoprite Holdings' Operating Income of $817 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 Shoprite Holdings and its competitors. Shoprite Holdings's current Operating Income is $817 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shoprite Holdings stock overvalued right now?
Shoprite Holdings (SRHGF) has a current Operating Income of $817 Mil. The stock's GF Value™ is $19.12, compared to a current price of $16.73 — trading 12.5% below its estimated fair value. The current Operating Income is $817 Mil. Shoprite Holdings' overall GF Score™ is 95/100 with 1 warning sign 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 Shoprite Holdings (SRHGF), the current Operating Income is $817 Mil as of Dec. 2025. 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 Shoprite Holdings (SRHGF) Overvalued in 2026?

Based on GuruFocus' analysis, Shoprite Holdings stock appears to be undervalued. The current stock price of $16.73 is trading 12.5% below its estimated GF Value™ of $19.12.

Key valuation signals for SRHGF:

  • Operating Income: $817 Mil
  • GF Value™: $19.12 vs. price of $16.73 (12.5% below fair value)
  • GF Score™: 95/100 with 1 warning sign

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


Shoprite Holdings Business Description

Address Cnr William Dabbs Street and Old Paarl Road, Brackenfell, WC, ZAF, 7560
Shoprite Holdings Ltd is Africa's food retailer, headquartered in Cape Town, South Africa, with a widespread presence across multiple African countries. The company's main business is supermarket retailing through brands such as Shoprite, Usave, and Checkers. The company organizes its operations into three main segments: Supermarkets RSA, which covers its core supermarket retail operations in South Africa. The company segments include Supermarkets Non-RSA, covering supermarket operations in other African countries; and Other Operating Segments, which include franchise stores, pharmacies, pet products, clothing, and other specialist retail formats.
95GF Score

Get the complete analysis for SRHGF

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

$16.73
Price
$19.12
GF Value