Energa (WAR:ENG) Operating Income: zł2,425 Mil (TTM As of Mar. 2026)

What is Energa Operating Income?

Energa WAR:ENG 67 Operating Income is zł2,425 Mil as of Mar. 2026. GuruFocus rates WAR:ENG with a GF Score™ of 67/100 and a GF Value™ of zł11.92 (Significantly Overvalued). The stock has 6 warning signs investors should review.

Energa's Operating Income for the three months ended in Mar. 2026 was zł1,158 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was zł2,425 Mil.

Warning Sign:

Energa SA 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. Energa's Operating Income for the three months ended in Mar. 2026 was zł1,158 Mil. Energa's Revenue for the three months ended in Mar. 2026 was zł6,298 Mil. Therefore, Energa's Operating Margin % for the quarter that ended in Mar. 2026 was 18.39%.

Good Sign:

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

Energa's 5-Year average Growth Rate for Operating Margin % was 0.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Energa's annualized ROC % for the quarter that ended in Mar. 2026 was 9.09%. Energa's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 14.84%.

Energa (WAR:ENG) Operating Income Explanation

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

Energa'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 )
=	4632 * ( 1 - 18.6% )	/	( (41263	+	41681)	/ 2 )
=	3770.448	/	41472
=	9.09 %

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	))
=	40269	-	1636	-	( 2667	-	max(0, 9638	-	7008	+	2667	))
=	41263

	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	))
=	39760	-	1435	-	( 2078	-	max(0, 9800	-	6444	+	2078	))
=	41681

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

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

Energa'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 )
=	4600	/	( ( (31064 + max(-2853, 0))	+	(30933 + max(-1524, 0)) )	/	2 )
=	4600	/	( ( 31064	+	30933 )	/	2 )
=	4600	/	30998.5
=	14.84 %

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)
=	(3077	+	194	+	1070)	-	(1636	+	0	+	5558)
=	-2853

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3297	+	191	+	878)	-	(1435	+	0	+	4455)
=	-1524

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 %:

Energa'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 )
	=	1158	/	6298
	=	18.39 %

* 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.

Energa Operating Income Related Terms

Energa Operating Income Historical Data

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The historical data trend for Energa's Operating Income can be seen below:

Energa Operating Income Chart

Energa Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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1,503.00

1,267.00

1,176.00

2,251.00

2,096.00

Energa 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															862.00	656.00	640.00	-29.00	1,158.00

67GF Score

Energa SA WAR:ENG

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

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Energa 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 zł2,425 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of zł2,425 Mil mean?

Energa (WAR:ENG) has a Operating Income of zł2,425 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Energa and its competitors.

Is Energa's Operating Income too high?

Energa's current Operating Income is zł2,425 Mil. Overall, Energa has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Energa's Operating Income compare to NEE and SO?

Energa's Operating Income of zł2,425 Mil can be compared against companies in the Utilities - Regulated 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 Utilities - Regulated company?

A good Operating Income depends on the Utilities - Regulated 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 Energa and its competitors. Energa's current Operating Income is zł2,425 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Energa stock overvalued right now?

Based on GuruFocus' analysis, Energa (WAR:ENG) is currently considered Significantly Overvalued. The stock's GF Value™ is zł11.92, compared to a current price of zł18.94 — trading 58.9% above its estimated fair value. The current Operating Income is zł2,425 Mil. Energa's overall GF Score™ is 67/100 with 6 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 Energa (WAR:ENG), the current Operating Income is zł2,425 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 Energa (WAR:ENG) Overvalued in 2026?

Based on GuruFocus' analysis, Energa stock appears to be overvalued. The current stock price of zł18.94 is trading 58.9% above its estimated GF Value™ of zł11.92. GuruFocus considers Energa to be Significantly Overvalued.

Key valuation signals for WAR:ENG:

Operating Income: zł2,425 Mil
GF Value™: zł11.92 vs. price of zł18.94 (58.9% above fair value)
GF Score™: 67/100 with 6 warning signs

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

Energa Business Description

Industry Utilities Utilities - Regulated

Comparable Companies WAR:ENA WAR:KGN WAR:ECB WAR:BSA WAR:PGE NEE SO DUK LSE:NG.AEP D ETR XEL EXC XMAD:ELE PEG ED WEC PCG BOM:532555

Address Al. Grunwaldzka 472, Gdansk, POL, 80-309

Website https://www.energa.pl

Energa SA is a Polish electric utility company of which the State Treasury of Poland is the majority shareholder. Energa SA is involved in the distribution, generation, and sale of electrical energy. The company segments its activities into Electricity Distribution, Generation, and Sales units. The Distribution division operates an electricity transmission system in Northern and Central Poland, where it is the sole distributor. Energa's Generation business controls a portfolio of coal, hydro, biomass, and wind power plants throughout the country. Coal-fired facilities account for a majority of the company's energy production. The majority of Energa's earnings are derived from the business of distributing electricity.

67GF Score

Get the complete analysis for WAR:ENG

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

zł18.94

Price

zł11.92

GF Value

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