Caspar Asset Management (WAR:CSR) Operating Income: zł2.93 Mil (TTM As of Mar. 2026)

What is Caspar Asset Management Operating Income?

Caspar Asset Management WAR:CSR -8.87% 69 Operating Income is zł2.93 Mil as of Mar. 2026. GuruFocus rates WAR:CSR with a GF Score™ of 69/100 and a GF Value™ of zł12.90 (Possible Value Trap). The stock has 4 warning signs investors should review.

Caspar Asset Management's Operating Income for the three months ended in Mar. 2026 was zł1.28 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was zł2.93 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Caspar Asset Management's Operating Income for the three months ended in Mar. 2026 was zł1.28 Mil. Caspar Asset Management's Revenue for the three months ended in Mar. 2026 was zł15.21 Mil. Therefore, Caspar Asset Management's Operating Margin % for the quarter that ended in Mar. 2026 was 8.40%.

Warning Sign:

Caspar Asset Management SA operating margin has been in a 5-year decline. The average rate of decline per year is -37.1%.

Caspar Asset Management's 5-Year average Growth Rate for Operating Margin % was -37.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Caspar Asset Management's annualized ROC % for the quarter that ended in Mar. 2026 was 14.30%. Caspar Asset Management's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 73.07%.

Caspar Asset Management (WAR:CSR) Operating Income Explanation

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

Caspar Asset Management'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 )
=	5.112 * ( 1 - 22.7% )	/	( (27.502	+	27.768)	/ 2 )
=	3.951576	/	27.635
=	14.30 %

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	))
=	46.258	-	3.596	-	( 15.512	-	max(0, 7.397	-	22.557	+	15.512	))
=	27.502

	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	))
=	46.191	-	3.33	-	( 15.093	-	max(0, 5.311	-	22.049	+	15.093	))
=	27.768

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

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

Caspar Asset Management'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 )
=	5.656	/	( ( (6.296 + max(1.009, 0))	+	(6.531 + max(1.645, 0)) )	/	2 )
=	5.656	/	( ( 7.305	+	8.176 )	/	2 )
=	5.656	/	7.7405
=	73.07 %

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)
=	(6.528	+	0	+	0.505)	-	(3.596	+	0	+	2.428)
=	1.009

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(6.927	+	0	+	0.029)	-	(3.33	+	0	+	1.981)
=	1.645

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 %:

Caspar Asset Management'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 )
	=	1.278	/	15.213
	=	8.40 %

* 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.

Caspar Asset Management Operating Income Related Terms

Caspar Asset Management Operating Income Historical Data

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The historical data trend for Caspar Asset Management's Operating Income can be seen below:

Caspar Asset Management Operating Income Chart

Caspar Asset Management Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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10.10

5.38

3.41

2.17

3.16

Caspar Asset Management 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															0.95	0.23	0.99	0.43	1.28

69GF Score

Caspar Asset Management SA WAR:CSR

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Caspar Asset Management 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 zł2.93 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of zł2.93 Mil mean?

Caspar Asset Management (WAR:CSR) has a Operating Income of zł2.93 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Caspar Asset Management and its competitors.

Is Caspar Asset Management's Operating Income too high?

Caspar Asset Management's current Operating Income is zł2.93 Mil. Overall, Caspar Asset Management has a GF Score™ of 69/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Caspar Asset Management's Operating Income compare to BLK and BX?

Caspar Asset Management's Operating Income of zł2.93 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 Caspar Asset Management and its competitors. Caspar Asset Management's current Operating Income is zł2.93 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Caspar Asset Management stock overvalued right now?

Based on GuruFocus' analysis, Caspar Asset Management (WAR:CSR) is currently considered Possible Value Trap. The stock's GF Value™ is zł12.90, compared to a current price of zł5.65 — trading 56.2% below its estimated fair value. The current Operating Income is zł2.93 Mil. Caspar Asset Management's overall GF Score™ is 69/100 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 Caspar Asset Management (WAR:CSR), the current Operating Income is zł2.93 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 Caspar Asset Management (WAR:CSR) Overvalued in 2026?

Based on GuruFocus' analysis, Caspar Asset Management stock appears to be undervalued. The current stock price of zł5.65 is trading 56.2% below its estimated GF Value™ of zł12.90. GuruFocus considers Caspar Asset Management to be Possible Value Trap.

Key valuation signals for WAR:CSR:

Operating Income: zł2.93 Mil
GF Value™: zł12.90 vs. price of zł5.65 (56.2% below fair value)
GF Score™: 69/100 with 4 warning signs

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

Caspar Asset Management Business Description

Industry Financial Services Asset Management

Comparable Companies WAR:CPA WAR:PRA WAR:GRM WAR:06N WAR:AOL WAR:UNF WAR:AAT WAR:CAI WAR:BPC WAR:FMG BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT AMP LSE:III

Address ulica Połwiejska 32, Poznan, POL, 61-888

Website http://www.casparam.pl

Caspar Asset Management SA is an asset management company. The company offers asset management services such as investment advice, asset administration to individuals and institutional investors in Poland.

69GF Score

Get the complete analysis for WAR:CSR

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

zł5.65

Price

zł12.90

GF Value

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