Benefit Systems (WAR:BFT) Operating Income: zł857 Mil (TTM As of Mar. 2026)

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WAR:BFT Benefit Systems SA WAR:BFT
91 GF Score
Price zł5,415.00
GF Value zł4,128.83
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is Benefit Systems Operating Income?

Benefit Systems WAR:BFT -0.91% 91 Operating Income is zł857 Mil as of Mar. 2026. GuruFocus rates WAR:BFT with a GF Score™ of 91/100 and a GF Value™ of zł4,128.83 (Significantly Overvalued). The stock has 5 warning signs investors should review.

Benefit Systems's Operating Income for the three months ended in Mar. 2026 was zł232 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was zł857 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Benefit Systems's Operating Income for the three months ended in Mar. 2026 was zł232 Mil. Benefit Systems's Revenue for the three months ended in Mar. 2026 was zł1,384 Mil. Therefore, Benefit Systems's Operating Margin % for the quarter that ended in Mar. 2026 was 16.77%.

Good Sign:

Benefit Systems SA operating margin is expanding. Margin expansion is usually a good sign.

Benefit Systems's 5-Year average Growth Rate for Operating Margin % was 91.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Benefit Systems's annualized ROC % for the quarter that ended in Mar. 2026 was 10.35%. Benefit Systems's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 43.15%.


Benefit Systems  (WAR:BFT) Operating Income Explanation

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

Benefit Systems'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 )
=928.58 * ( 1 - 20.36% )/( (7022.064 + 7264.349)/ 2 )
=739.521112/7143.2065
=10.35 %

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))
=7051.98 - 414.862 - ( 622.153 - max(0, 1584.737 - 1199.791+622.153))
=7022.064

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))
=7512.418 - 701.71 - ( 599.1 - max(0, 1616.067 - 1162.426+599.1))
=7264.349

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

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

Benefit Systems'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 )
=1388.972/( ( (3078.803 + max(-607.587, 0)) + (3358.808 + max(-620.708, 0)) )/ 2 )
=1388.972/( ( 3078.803 + 3358.808 )/ 2 )
=1388.972/3218.8055
=43.15 %

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)
=(407.785 + 12.767 + 100.102) - (414.862 + 0 + 713.379)
=-607.587

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(510.872 + 14.053 + 0.051999999999907) - (701.71 + 0 + 443.975)
=-620.708

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 %:

Benefit Systems'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 )
=232.145/1383.914
=16.77 %

* 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.


Benefit Systems Operating Income Related Terms


Benefit Systems Operating Income Historical Data

* Premium members only.

The historical data trend for Benefit Systems'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.

Benefit Systems Operating Income Chart

Benefit Systems 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 2.51 225.94 550.79 632.18 725.31

Benefit Systems Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 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 Premium Member Only Premium Member Only Premium Member Only 100.51 202.01 239.82 182.96 232.15
WAR:BFT
91GF Score
Benefit Systems SA WAR:BFT
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Benefit Systems 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 zł857 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 zł857 Mil mean?
Benefit Systems (WAR:BFT) has a Operating Income of zł857 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Benefit Systems and its competitors.
Is Benefit Systems' Operating Income too high?
Benefit Systems' current Operating Income is zł857 Mil. Overall, Benefit Systems has a GF Score™ of 91/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Benefit Systems' Operating Income compare to AS and HAS?
Benefit Systems' Operating Income of zł857 Mil can be compared against companies in the Travel & Leisure 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 Travel & Leisure company?
A good Operating Income depends on the Travel & Leisure 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 Benefit Systems and its competitors. Benefit Systems's current Operating Income is zł857 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Benefit Systems stock overvalued right now?
Based on GuruFocus' analysis, Benefit Systems (WAR:BFT) is currently considered Significantly Overvalued. The stock's GF Value™ is zł4,128.83, compared to a current price of zł5,415.00 — trading 31.2% above its estimated fair value. The current Operating Income is zł857 Mil. Benefit Systems' overall GF Score™ is 91/100 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 Benefit Systems (WAR:BFT), the current Operating Income is zł857 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 Benefit Systems (WAR:BFT) Overvalued in 2026?

Based on GuruFocus' analysis, Benefit Systems stock appears to be overvalued. The current stock price of zł5,415.00 is trading 31.2% above its estimated GF Value™ of zł4,128.83. GuruFocus considers Benefit Systems to be Significantly Overvalued.

Key valuation signals for WAR:BFT:

  • Operating Income: zł857 Mil
  • GF Value™: zł4,128.83 vs. price of zł5,415.00 (31.2% above fair value)
  • GF Score™: 91/100 with 5 warning signs

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


Benefit Systems Business Description

Other Exchanges 0Q3J:UK3ZV:Germany
Address European Square 2, Warsaw, POL, 00-844
Benefit Systems SA is Poland based company which is engaged in providing work benefits in the area of sport, recreations, culture and entertainment. Its products portfolio includes MultiSport Plus card, program that allows access to the sport and recreation clubs and multi-purpose facilities as well as Mybenefit, Benefitlunch, Multibilet, Multikafeteria and others.
91GF Score

Get the complete analysis for WAR:BFT

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

zł5,415.00
Price
zł4,128.83
GF Value