AMAX Holding Co (TPE:6933) Operating Income: NT$313 Mil (TTM As of Mar. 2026)

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TPE:6933 AMAX Holding Co Ltd TPE:6933
67 GF Score
Price NT$169.00
GF Value NT$222.31
Valuation Modestly Undervalued
! 5 Warning Signs
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What is AMAX Holding Co Operating Income?

AMAX Holding Co TPE:6933 +9.74% 67 Operating Income is NT$313 Mil as of Mar. 2026. GuruFocus rates TPE:6933 with a GF Score™ of 67/100 and a GF Value™ of NT$222.31 (Modestly Undervalued). The stock has 5 warning signs investors should review.

AMAX Holding Co's Operating Income for the three months ended in Mar. 2026 was NT$76 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was NT$313 Mil.

Warning Sign:

AMAX Holding Co Ltd has recorded a loss in operating income at least once over the past 3 years.

Operating Margin % is calculated as Operating Income divided by its Revenue. AMAX Holding Co's Operating Income for the three months ended in Mar. 2026 was NT$76 Mil. AMAX Holding Co's Revenue for the three months ended in Mar. 2026 was NT$1,820 Mil. Therefore, AMAX Holding Co's Operating Margin % for the quarter that ended in Mar. 2026 was 4.16%.

AMAX Holding Co'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. AMAX Holding Co's annualized ROC % for the quarter that ended in Mar. 2026 was 8.94%. AMAX Holding Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 12.21%.


AMAX Holding Co  (TPE:6933) Operating Income Explanation

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

AMAX Holding Co'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 )
=302.768 * ( 1 - 20.97% )/( (2258.411 + 3096.978)/ 2 )
=239.2775504/2677.6945
=8.94 %

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))
=3994.955 - 871.138 - ( 865.406 - max(0, 1530.781 - 3638.688+865.406))
=2258.411

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))
=5403.999 - 1157.49 - ( 1149.531 - max(0, 2858.081 - 5046.947+1149.531))
=3096.978

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

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

AMAX Holding Co'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 )
=268.512/( ( (269.253 + max(1643.768, 0)) + (271.795 + max(2214.454, 0)) )/ 2 )
=268.512/( ( 1913.021 + 2486.249 )/ 2 )
=268.512/2199.635
=12.21 %

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)
=(998.436 + 1146.187 + 496.416) - (871.138 + 0 + 126.133)
=1643.768

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1223.376 + 2347.375 + 326.665) - (1157.49 + 0 + 525.472)
=2214.454

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 %:

AMAX Holding Co'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 )
=75.692/1820.47
=4.16 %

* 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.


AMAX Holding Co Operating Income Related Terms


AMAX Holding Co Operating Income Historical Data

* Premium members only.

The historical data trend for AMAX Holding Co'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.

AMAX Holding Co Operating Income Chart

AMAX Holding Co Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial 161.08 280.14 327.84 133.42 242.38

AMAX Holding Co Quarterly Data
Dec20 Dec21 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 4.78 143.86 20.46 73.28 75.69
TPE:6933
67GF Score
AMAX Holding Co Ltd TPE:6933
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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AMAX Holding Co 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 NT$313 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 NT$313 Mil mean?
AMAX Holding Co (TPE:6933) has a Operating Income of NT$313 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on AMAX Holding Co and its competitors.
Is AMAX Holding Co's Operating Income too high?
AMAX Holding Co's current Operating Income is NT$313 Mil. Overall, AMAX Holding Co has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does AMAX Holding Co's Operating Income compare to DELL and ANET?
AMAX Holding Co's Operating Income of NT$313 Mil can be compared against companies in the Hardware 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 Hardware company?
A good Operating Income depends on the Hardware 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 AMAX Holding Co and its competitors. AMAX Holding Co's current Operating Income is NT$313 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AMAX Holding Co stock overvalued right now?
Based on GuruFocus' analysis, AMAX Holding Co (TPE:6933) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$222.31, compared to a current price of NT$169.00 — trading 24% below its estimated fair value. The current Operating Income is NT$313 Mil. AMAX Holding Co's overall GF Score™ is 67/100 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 AMAX Holding Co (TPE:6933), the current Operating Income is NT$313 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 AMAX Holding Co (TPE:6933) Overvalued in 2026?

Based on GuruFocus' analysis, AMAX Holding Co stock appears to be undervalued. The current stock price of NT$169.00 is trading 24% below its estimated GF Value™ of NT$222.31. GuruFocus considers AMAX Holding Co to be Modestly Undervalued.

Key valuation signals for TPE:6933:

  • Operating Income: NT$313 Mil
  • GF Value™: NT$222.31 vs. price of NT$169.00 (24% below fair value)
  • GF Score™: 67/100 with 5 warning signs

No single metric tells the full story. See the TPE:6933 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


AMAX Holding Co Business Description

Address Nanjing East Road, Section 2, 14th floor, No. 137, Zhongshan District, Taipei, TWN
AMAX Holding Co Ltd is mainly engaged in the research, development, manufacture and sales of the cloud and data center as well as the high performance computing (HPC) sever and its peripheral equipment and providing extensible custom cluster as well as relevant system solution and customised service. The group has only one reportable operating segment. The company has presence in Asia, United States, Europe. Its product portfolio includes Al Edge Server, Al Workstation, Liquid Cooled Rack, AMAX RackScale, Al Data Center. Its services are Original Equipment Manufacturing, Cooling Design, HPC System Design, ISO and Compliance, Cluster Architecture, GPU Test Drive, Professional Services, HostMax Al-Ready Hosting Facility and solutions are Al Data Center Solutions, Al Edge Solutions, etc.
67GF Score

Get the complete analysis for TPE:6933

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

NT$169.00
Price
NT$222.31
GF Value