Largo Physical Vanadium (TSXV:VAND) Operating Income : C$-4.19 Mil (TTM As of Mar. 2025)

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What is Largo Physical Vanadium Operating Income?

Largo Physical Vanadium's Operating Income for the three months ended in Mar. 2025 was C$-0.56 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2025 was C$-4.19 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Largo Physical Vanadium's Operating Income for the three months ended in Mar. 2025 was C$-0.56 Mil. Largo Physical Vanadium's Revenue for the three months ended in Mar. 2025 was C$-0.23 Mil. Therefore, Largo Physical Vanadium's Operating Margin % for the quarter that ended in Mar. 2025 was 247.11%.

Largo Physical Vanadium'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. Largo Physical Vanadium's annualized ROC % for the quarter that ended in Mar. 2025 was -9.03%. Largo Physical Vanadium's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2025 was %.

Largo Physical Vanadium Operating Income Historical Data

The historical data trend for Largo Physical Vanadium'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.

* Premium members only.

Largo Physical Vanadium Operating Income Chart

Largo Physical Vanadium Annual Data

Trend

Jul21

Jul22

Dec23

Dec24

Operating Income

-0.05

-9.72

-3.90

Largo Physical Vanadium Quarterly Data
	Jul21	Jul22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Operating Income	Get a 7-Day Free Trial							-1.09	-0.33	-0.22	-3.08	-0.56

Largo Physical Vanadium 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. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was C$-4.19 Mil.

Largo Physical Vanadium (TSXV:VAND) Operating Income Explanation

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

Largo Physical Vanadium's annualized ROC % for the quarter that ended in Mar. 2025 is calculated as:

	ROC % (Q: Mar. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2024 )	+	Invested Capital (Q: Mar. 2025 ))	/ count )
=	-2.224 * ( 1 - 0% )	/	( (24.653	+	24.618)	/ 2 )
=	-2.224	/	24.6355
=	-9.03 %

where

	Invested Capital		(Q: Dec. 2024 )
=	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	))
=	25.945	-	0.885	-	( 1.231	-	max(0, 0.885	-	1.292	+	1.231	))
=	24.653

	Invested Capital		(Q: Mar. 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	))
=	25.669	-	0.958	-	( 0.993	-	max(0, 0.958	-	1.051	+	0.993	))
=	24.618

Note: The Operating Income data used here is four times the quarterly (Mar. 2025) data.

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

Largo Physical Vanadium's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2024		Q: Mar. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-2.224	/	( ( (0 + max(-0.843, 0))	+	(0 + max(-0.919, 0)) )	/	2 )
=	-2.224	/	( ( 0	+	0 )	/	2 )
=	-2.224	/	0
=	%

where Working Capital is:

	Working Capital		(Q: Dec. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0.042)	-	(0.885	+	0	+	0)
=	-0.843

	Working Capital		(Q: Mar. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0.039)	-	(0.958	+	0	+	0)
=	-0.919

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2025) EBIT data.

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

Largo Physical Vanadium's Operating Margin % for the quarter that ended in Mar. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2025 )	/	Revenue (Q: Mar. 2025 )
	=	-0.556	/	-0.225
	=	247.11 %

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.

Largo Physical Vanadium Operating Income Related Terms

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Largo Physical Vanadium Business Description

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VANAF:USA

Address

100 King Street West, Suite 1600, Toronto, ON, CAN, M5X 1G5

Website

https://www.lpvanadium.com

Largo Physical Vanadium Corp is engaged in manufacturing high-quality vanadium products. The Company also aims to provide a secure, convenient, and exchange-traded investment alternative for investors interested in direct investment exposure to physical vanadium and not to speculate about short-term changes in vanadium prices.

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