TNPOF (Ten Pao Group Holdings) Operating Income: $50.4 Mil (TTM As of Dec. 2025)

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TNPOF Ten Pao Group Holdings Ltd TNPOF
79 GF Score
Price $0.11
GF Value $0.11
! 4 Warning Signs
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What is Ten Pao Group Holdings Operating Income?

Ten Pao Group Holdings TNPOF 79 Operating Income is $50.4 Mil as of Dec. 2025. GuruFocus rates TNPOF with a GF Score™ of 79/100 and a GF Value™ of $0.11. The stock has 4 warning signs investors should review.

Ten Pao Group Holdings's Operating Income for the six months ended in Dec. 2025 was $20.9 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $50.4 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ten Pao Group Holdings's Operating Income for the six months ended in Dec. 2025 was $20.9 Mil. Ten Pao Group Holdings's Revenue for the six months ended in Dec. 2025 was $335.5 Mil. Therefore, Ten Pao Group Holdings's Operating Margin % for the quarter that ended in Dec. 2025 was 6.22%.

Warning Sign:

Ten Pao Group Holdings Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -3.2%.

Ten Pao Group Holdings's 5-Year average Growth Rate for Operating Margin % was -3.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ten Pao Group Holdings's annualized ROC % for the quarter that ended in Dec. 2025 was 10.80%. Ten Pao Group Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 15.75%.


Ten Pao Group Holdings  (OTCPK:TNPOF) Operating Income Explanation

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

Ten Pao Group 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 )
=41.72 * ( 1 - 2.71% )/( (360.315 + 391.68)/ 2 )
=40.589388/375.9975
=10.80 %

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))
=652.533 - 266.885 - ( 25.333 - max(0, 368.355 - 411.468+25.333))
=360.315

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:

Ten Pao Group 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 )
=45.926/( ( (182.726 + max(93.072, 0)) + (193.646 + max(113.83, 0)) )/ 2 )
=45.926/( ( 275.798 + 307.476 )/ 2 )
=45.926/291.637
=15.75 %

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)
=(193.948 + 108.457 + 79.49) - (266.885 + 0 + 21.938)
=93.072

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(178.776 + 122.718 + 116.558) - (281.93 + 0 + 22.292)
=113.83

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 %:

Ten Pao Group 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 )
=20.86/335.517
=6.22 %

* 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.


Ten Pao Group Holdings Operating Income Related Terms


Ten Pao Group Holdings Operating Income Historical Data

* Premium members only.

The historical data trend for Ten Pao Group 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.

Ten Pao Group Holdings Operating Income Chart

Ten Pao Group Holdings 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 60.31 43.41 46.34 51.22 50.69

Ten Pao Group 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 27.36 24.22 26.88 29.57 20.86
TNPOF
79GF Score
Ten Pao Group Holdings Ltd TNPOF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Ten Pao Group 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 $50.4 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 $50.4 Mil mean?
Ten Pao Group Holdings (TNPOF) has a Operating Income of $50.4 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ten Pao Group Holdings and its competitors.
Is Ten Pao Group Holdings' Operating Income too high?
Ten Pao Group Holdings' current Operating Income is $50.4 Mil. Overall, Ten Pao Group Holdings has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does Ten Pao Group Holdings' Operating Income compare to VRT and BE?
Ten Pao Group Holdings' Operating Income of $50.4 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 Ten Pao Group Holdings and its competitors. Ten Pao Group Holdings's current Operating Income is $50.4 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ten Pao Group Holdings stock overvalued right now?
Ten Pao Group Holdings (TNPOF) has a current Operating Income of $50.4 Mil. The stock's GF Value™ is $0.11, compared to a current price of $0.11 — trading 1.8% above its estimated fair value. The current Operating Income is $50.4 Mil. Ten Pao Group Holdings' overall GF Score™ is 79/100 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 Ten Pao Group Holdings (TNPOF), the current Operating Income is $50.4 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 Ten Pao Group Holdings (TNPOF) Overvalued in 2026?

Based on GuruFocus' analysis, Ten Pao Group Holdings stock appears to be overvalued. The current stock price of $0.11 is trading 1.8% above its estimated GF Value™ of $0.11.

Key valuation signals for TNPOF:

  • Operating Income: $50.4 Mil
  • GF Value™: $0.11 vs. price of $0.11 (1.8% above fair value)
  • GF Score™: 79/100 with 4 warning signs

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


Ten Pao Group Holdings Business Description

Other Exchanges 01979:Hong Kong
Address 151-153 Hoi Bun Road, Rooms 610-612, 6th Floor, Kwong Sang Hong Centre, Kwun Tong, Kowloon, Hong Kong, HKG
Ten Pao Group Holdings Ltd is an investment holding company. It is engaged in the sales and manufacturing of switching power supply units for consumer products and smart chargers and controllers for industrial use. The operating segments of the company are Telecommunication, Media and Entertainment, Lighting, Smart chargers and controllers, New Energy Business, and others. Some of its products are USB chargers, wireless chargers, adapters, open-frame power supplies, LED drivers, smart chargers and controllers, and power savers. Geographically, the group has a business presence in the PRC (excluding Hong Kong), Europe, Asia, the U.S., Africa, and Other regions, of which prime revenue is derived from the PRC (excluding Hong Kong).
79GF Score

Get the complete analysis for TNPOF

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

$0.11
Price
$0.11
GF Value