CEWE Stiftung KGaA (STU:CWC) Operating Income: €1.6 Mil (TTM As of Mar. 2026)


STU:CWC CEWE Stiftung & Co KGaA STU:CWC
76 GF Score
Price €91.60
GF Value €138.22
Valuation Significantly Undervalued
! 3 Warning Signs
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What is CEWE Stiftung KGaA Operating Income?

CEWE Stiftung KGaA STU:CWC +0.44% 76 Operating Income is €1.6 Mil as of Mar. 2026. GuruFocus rates STU:CWC with a GF Score™ of 76/100 and a GF Value™ of €138.22 (Significantly Undervalued). The stock has 3 warning signs investors should review.

CEWE Stiftung KGaA's Operating Income for the three months ended in Mar. 2026 was €5.6 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €1.6 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. CEWE Stiftung KGaA's Operating Income for the three months ended in Mar. 2026 was €5.6 Mil. CEWE Stiftung KGaA's Revenue for the three months ended in Mar. 2026 was €186.1 Mil. Therefore, CEWE Stiftung KGaA's Operating Margin % for the quarter that ended in Mar. 2026 was 3.01%.

Warning Sign:

CEWE Stiftung & Co KGaA operating margin has been in a 5-year decline. The average rate of decline per year is -1.6%.

CEWE Stiftung KGaA's 5-Year average Growth Rate for Operating Margin % was -1.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. CEWE Stiftung KGaA's annualized ROC % for the quarter that ended in Mar. 2026 was 4.76%. CEWE Stiftung KGaA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.69%.

CEWE Stiftung KGaA  (STU:CWC) Operating Income Explanation

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

CEWE Stiftung KGaA'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 )
=22.416 * ( 1 - 0% )/( (458.653 + 482.857)/ 2 )
=22.416/470.755
=4.76 %

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))
=740.536 - 169.829 - ( 149.415 - max(0, 221.353 - 333.407+149.415))
=458.653

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))
=639.504 - 66.986 - ( 89.661 - max(0, 120.078 - 220.435+89.661))
=482.857

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

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

CEWE Stiftung KGaA'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 )
=23.792/( ( (265.7 + max(-31.105, 0)) + (277.799 + max(3.88, 0)) )/ 2 )
=23.792/( ( 265.7 + 281.679 )/ 2 )
=23.792/273.6895
=8.69 %

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)
=(89.641 + 68.278 + 22.909) - (169.829 + 0 + 42.104)
=-31.105

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(33.952 + 69.326 + 11.384) - (66.986 + 0 + 43.796)
=3.88

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 %:

CEWE Stiftung KGaA'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 )
=5.604/186.149
=3.01 %

* 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.

CEWE Stiftung KGaA Operating Income Related Terms

CEWE Stiftung KGaA Operating Income Historical Data

* Premium members only.

The historical data trend for CEWE Stiftung KGaA'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.

CEWE Stiftung KGaA Operating Income Chart

CEWE Stiftung KGaA 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 75.63 80.50 87.81 90.17 92.83

CEWE Stiftung KGaA 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 6.11 -3.98 0.00 0.00 5.60
STU:CWC
76GF Score
CEWE Stiftung & Co KGaA STU:CWC
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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CEWE Stiftung KGaA 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 €1.6 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 €1.6 Mil mean?
CEWE Stiftung KGaA (STU:CWC) has a Operating Income of €1.6 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on CEWE Stiftung KGaA and its competitors.
Is CEWE Stiftung KGaA's Operating Income too high?
CEWE Stiftung KGaA's current Operating Income is €1.6 Mil. Overall, CEWE Stiftung KGaA has a GF Score™ of 76/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does CEWE Stiftung KGaA's Operating Income compare to ROL and SCI?
CEWE Stiftung KGaA's Operating Income of €1.6 Mil can be compared against companies in the Personal Services 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 Personal Services company?
A good Operating Income depends on the Personal Services 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 CEWE Stiftung KGaA and its competitors. CEWE Stiftung KGaA's current Operating Income is €1.6 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CEWE Stiftung KGaA stock overvalued right now?
Based on GuruFocus' analysis, CEWE Stiftung KGaA (STU:CWC) is currently considered Significantly Undervalued. The stock's GF Value™ is €138.22, compared to a current price of €91.60 — trading 33.7% below its estimated fair value. The current Operating Income is €1.6 Mil. CEWE Stiftung KGaA's overall GF Score™ is 76/100 with 3 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 CEWE Stiftung KGaA (STU:CWC), the current Operating Income is €1.6 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 CEWE Stiftung KGaA (STU:CWC) Overvalued in 2026?

Based on GuruFocus' analysis, CEWE Stiftung KGaA stock appears to be undervalued. The current stock price of €91.60 is trading 33.7% below its estimated GF Value™ of €138.22. GuruFocus considers CEWE Stiftung KGaA to be Significantly Undervalued.

Key valuation signals for STU:CWC:

  • Operating Income: €1.6 Mil
  • GF Value™: €138.22 vs. price of €91.60 (33.7% below fair value)
  • GF Score™: 76/100 with 3 warning signs

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

CEWE Stiftung KGaA Business Description

Address Meerweg 30 - 32, Oldenburg, NI, DEU, 26133
CEWE Stiftung & Co KGaA is a German-based company which provides photo service, photo retail business, and commercial online printing. The company operates a business through three segments through photofinishing, retail, and commercial online printing. Its Photofinishing segment works on the printing of photos of analogue or digital origin. Retail unit trades photo hardware and photo products to end consumers using various brands such as Fotojoker, Fotolab and Japan Photo, among others. The Online Printing unit operates through online printing portals, such as www.cewe-print.de and others. The company derives it's majority of the revenue from photofinishing activity in Germany.
76GF Score

Get the complete analysis for STU:CWC

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

€91.60
Price
€138.22
GF Value