TMGEF (Thermal Energy International) Operating Income: $1.23 Mil (TTM As of Feb. 2026)


TMGEF Thermal Energy International Inc TMGEF
53 GF Score
Price $0.11
GF Value $0.17
Valuation Possible Value Trap
! 4 Warning Signs
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What is Thermal Energy International Operating Income?

Thermal Energy International TMGEF 53 Operating Income is $1.23 Mil as of Feb. 2026. GuruFocus rates TMGEF with a GF Score™ of 53/100 and a GF Value™ of $0.17 (Possible Value Trap). The stock has 4 warning signs investors should review.

Thermal Energy International's Operating Income for the three months ended in Feb. 2026 was $0.43 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was $1.23 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Thermal Energy International's Operating Income for the three months ended in Feb. 2026 was $0.43 Mil. Thermal Energy International's Revenue for the three months ended in Feb. 2026 was $6.91 Mil. Therefore, Thermal Energy International's Operating Margin % for the quarter that ended in Feb. 2026 was 6.26%.

Thermal Energy International's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Thermal Energy International's annualized ROC % for the quarter that ended in Feb. 2026 was 38.34%. Thermal Energy International's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 81.76%.

Thermal Energy International  (OTCPK:TMGEF) Operating Income Explanation

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

Thermal Energy International's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Nov. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=1.728 * ( 1 - 3.88% )/( (4.501 + 4.164)/ 2 )
=1.6609536/4.3325
=38.34 %

where

Invested Capital(Q: Nov. 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))
=9.987 - 4.059 - ( 1.427 - max(0, 6.268 - 8.715+1.427))
=4.501

Invested Capital(Q: Feb. 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))
=9.872 - 3.031 - ( 2.899 - max(0, 5.751 - 8.428+2.899))
=4.164

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

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

Thermal Energy International's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Nov. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1.116/( ( (0.787 + max(0.988, 0)) + (0.955 + max(-0.638, 0)) )/ 2 )
=1.116/( ( 1.775 + 0.955 )/ 2 )
=1.116/1.365
=81.76 %

where Working Capital is:

Working Capital(Q: Nov. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4.902 + 1.253 + 0.818) - (4.059 + 1.543 + 0.383)
=0.988

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3.136 + 1.424 + 0.333) - (3.031 + 2.098 + 0.402)
=-0.638

When net working capital is negative, 0 is used.

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

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

Thermal Energy International's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=0.432/6.905
=6.26 %

* 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.

Thermal Energy International Operating Income Related Terms

Thermal Energy International Operating Income Historical Data

* Premium members only.

The historical data trend for Thermal Energy International'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.

Thermal Energy International Operating Income Chart

Thermal Energy International Annual Data
Trend May16 May17 May18 May19 May20 May21 May22 May23 May24 May25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.28 -1.10 0.85 1.00 0.29

Thermal Energy International Quarterly Data
May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26
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 -0.36 0.34 0.10 0.36 0.43
TMGEF
53GF Score
Thermal Energy International Inc TMGEF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Thermal Energy International 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 Feb. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1.23 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 $1.23 Mil mean?
Thermal Energy International (TMGEF) has a Operating Income of $1.23 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Thermal Energy International and its competitors.
Is Thermal Energy International's Operating Income too high?
Thermal Energy International's current Operating Income is $1.23 Mil. Overall, Thermal Energy International has a GF Score™ of 53/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Thermal Energy International's Operating Income compare to VLTO and ZWS?
Thermal Energy International's Operating Income of $1.23 Mil can be compared against companies in the Industrial Products 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 Industrial Products company?
A good Operating Income depends on the Industrial Products 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 Thermal Energy International and its competitors. Thermal Energy International's current Operating Income is $1.23 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thermal Energy International stock overvalued right now?
Based on GuruFocus' analysis, Thermal Energy International (TMGEF) is currently considered Possible Value Trap. The stock's GF Value™ is $0.17, compared to a current price of $0.11 — trading 35.9% below its estimated fair value. The current Operating Income is $1.23 Mil. Thermal Energy International's overall GF Score™ is 53/100 with 4 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 Thermal Energy International (TMGEF), the current Operating Income is $1.23 Mil as of Feb. 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 Thermal Energy International (TMGEF) Overvalued in 2026?

Based on GuruFocus' analysis, Thermal Energy International stock appears to be undervalued. The current stock price of $0.11 is trading 35.9% below its estimated GF Value™ of $0.17. GuruFocus considers Thermal Energy International to be Possible Value Trap.

Key valuation signals for TMGEF:

  • Operating Income: $1.23 Mil
  • GF Value™: $0.17 vs. price of $0.11 (35.9% below fair value)
  • GF Score™: 53/100 with 4 warning signs

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

Thermal Energy International Business Description

Other Exchanges EUW:GermanyTMG:Canada
Address 36 Antares Drive, Suite 850, Ottawa, ON, CAN, K2E 7W5
Thermal Energy International Inc is a supplier of proprietary, energy efficiency and emissions reduction solutions to the industrial and institutional sectors. It markets, sells, engineers, fabricates, constructs, installs and supports technology lines - heat recovery solutions and condensate return system solutions. The product portfolio consists of GEM steam traps, FLU-ACE - direct contact condensing heat recovery, and Dry Rex - low-temperature biomass drying systems. The operating segment includes geographical areas that reflect the core business which has units located in Ottawa, Canada and Bristol, UK. The firm derives revenue from Canada, the UK, Germany, France, Poland, India, etc and the rest of the world. Substantial sales revenue comes from the USA.
53GF Score

Get the complete analysis for TMGEF

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

$0.11
Price
$0.17
GF Value