Power & Infrastructure Split (TSX:PWI) Operating Income: C$8.59 Mil (TTM As of Dec. 2025)


TSX:PWI Power & Infrastructure Split Corp TSX:PWI
59 GF Score
Price C$12.66
GF Value C$53.28
Valuation Significantly Undervalued
! 1 Warning Sign
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What is Power & Infrastructure Split Operating Income?

Power & Infrastructure Split TSX:PWI +0.08% 59 Operating Income is C$8.59 Mil as of Dec. 2025. GuruFocus rates TSX:PWI with a GF Score™ of 59/100 and a GF Value™ of C$53.28 (Significantly Undervalued). The stock has 1 warning sign investors should review.

Power & Infrastructure Split's Operating Income for the six months ended in Dec. 2025 was C$4.20 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was C$8.59 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Power & Infrastructure Split's Operating Income for the six months ended in Dec. 2025 was C$4.20 Mil. Power & Infrastructure Split's Revenue for the six months ended in Dec. 2025 was C$6.89 Mil. Therefore, Power & Infrastructure Split's Operating Margin % for the quarter that ended in Dec. 2025 was 60.94%.

Power & Infrastructure Split'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. Power & Infrastructure Split's annualized ROC % for the quarter that ended in Dec. 2025 was 25.14%. Power & Infrastructure Split's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was %.

Power & Infrastructure Split  (TSX:PWI) Operating Income Explanation

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

Power & Infrastructure Split'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 )
=8.392 * ( 1 - 1.95% )/( (32.843 + 32.618)/ 2 )
=8.228356/32.7305
=25.14 %

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))
=66.799 - 0.757 - ( 66.452 - max(0, 33.6 - 66.799+66.452))
=32.843

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))
=67.559 - 0.742 - ( 66.923 - max(0, 33.36 - 67.559+66.923))
=32.618

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:

Power & Infrastructure Split'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 )
=7.082/( ( (0 + max(-33.253, 0)) + (0 + max(-32.724, 0)) )/ 2 )
=7.082/( ( 0 + 0 )/ 2 )
=7.082/0
= %

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)
=(0.145 + 0 + 0.20200000000001) - (0.757 + 0 + 32.843)
=-33.253

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.126 + 0 + 0.50999999999999) - (0.742 + 0 + 32.618)
=-32.724

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 %:

Power & Infrastructure Split'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 )
=4.196/6.886
=60.94 %

* 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.

Power & Infrastructure Split Operating Income Related Terms

Power & Infrastructure Split Operating Income Historical Data

* Premium members only.

The historical data trend for Power & Infrastructure Split'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.

Power & Infrastructure Split Operating Income Chart

Power & Infrastructure Split Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
-1.26 -2.61 0.60 4.76 8.59

Power & Infrastructure Split Semi-Annual Data
Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.44 10.37 -5.61 4.40 4.20
TSX:PWI
59GF Score
Power & Infrastructure Split Corp TSX:PWI
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Power & Infrastructure Split 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 C$8.59 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 C$8.59 Mil mean?
Power & Infrastructure Split (TSX:PWI) has a Operating Income of C$8.59 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Power & Infrastructure Split and its competitors.
Is Power & Infrastructure Split's Operating Income too high?
Power & Infrastructure Split's current Operating Income is C$8.59 Mil. Overall, Power & Infrastructure Split has a GF Score™ of 59/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Power & Infrastructure Split's Operating Income compare to BLK and BX?
Power & Infrastructure Split's Operating Income of C$8.59 Mil can be compared against companies in the Asset Management 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 Asset Management company?
A good Operating Income depends on the Asset Management 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 Power & Infrastructure Split and its competitors. Power & Infrastructure Split's current Operating Income is C$8.59 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Power & Infrastructure Split stock overvalued right now?
Based on GuruFocus' analysis, Power & Infrastructure Split (TSX:PWI) is currently considered Significantly Undervalued. The stock's GF Value™ is C$53.28, compared to a current price of C$12.66 — trading 76.2% below its estimated fair value. The current Operating Income is C$8.59 Mil. Power & Infrastructure Split's overall GF Score™ is 59/100 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 Power & Infrastructure Split (TSX:PWI), the current Operating Income is C$8.59 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 Power & Infrastructure Split (TSX:PWI) Overvalued in 2026?

Based on GuruFocus' analysis, Power & Infrastructure Split stock appears to be undervalued. The current stock price of C$12.66 is trading 76.2% below its estimated GF Value™ of C$53.28. GuruFocus considers Power & Infrastructure Split to be Significantly Undervalued.

Key valuation signals for TSX:PWI:

  • Operating Income: C$8.59 Mil
  • GF Value™: C$53.28 vs. price of C$12.66 (76.2% below fair value)
  • GF Score™: 59/100 with 1 warning sign

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

Power & Infrastructure Split Business Description

Address 181 Bay Street, Suite 2930, P.O. Box 793, Bay Wellington Tower, Brookfield Place, Toronto, ON, CAN, M5J 2T3
Power & Infrastructure Split Corp is a mutual fund corporation. The company's fund invests in a globally diversified and actively managed portfolio consisting of dividend-paying securities of power and infrastructure companies, whose assets, products, and services the Manager believes are facilitating the multi-decade transition toward decarbonization and environmental sustainability. The company's portfolio includes investments in companies operating in the areas of renewable power, green transportation, energy efficiency, and communications, among others.
59GF Score

Get the complete analysis for TSX:PWI

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

C$12.66
Price
C$53.28
GF Value