Modivo (WAR:MDV) Operating Income: zł449 Mil (TTM As of Apr. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

WAR:MDV Modivo SA WAR:MDV
74 GF Score
Price zł92.80
GF Value zł133.22
Valuation Possible Value Trap
! 4 Warning Signs
View Full Analysis

What is Modivo Operating Income?

Modivo WAR:MDV -0.09% 74 Operating Income is zł449 Mil as of Apr. 2026. GuruFocus rates WAR:MDV with a GF Score™ of 74/100 and a GF Value™ of zł133.22 (Possible Value Trap). The stock has 4 warning signs investors should review.

Modivo's Operating Income for the three months ended in Apr. 2026 was zł55 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was zł449 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Modivo's Operating Income for the three months ended in Apr. 2026 was zł55 Mil. Modivo's Revenue for the three months ended in Apr. 2026 was zł2,439 Mil. Therefore, Modivo's Operating Margin % for the quarter that ended in Apr. 2026 was 2.25%.

Good Sign:

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

Modivo's 5-Year average Growth Rate for Operating Margin % was 62.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Modivo's annualized ROC % for the quarter that ended in Apr. 2026 was 2.67%. Modivo's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 3.49%.


Modivo  (WAR:MDV) Operating Income Explanation

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

Modivo's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

ROC % (Q: Apr. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jan. 2026 ) + Invested Capital (Q: Apr. 2026 ))/ count )
=219.6 * ( 1 - 0% )/( (7942.7 + 8528.7)/ 2 )
=219.6/8235.7
=2.67 %

where

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

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

Modivo's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Apr. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jan. 2026  Q: Apr. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=171.2/( ( (4641.1 + max(190.7, 0)) + (4986.8 + max(-245.9, 0)) )/ 2 )
=171.2/( ( 4831.8 + 4986.8 )/ 2 )
=171.2/4909.3
=3.49 %

where Working Capital is:

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(294.8 + 3845.8 + 268.9) - (3537.4 + 0 + 681.4)
=190.7

Working Capital(Q: Apr. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(265.7 + 4097.1 + 39.799999999999) - (3993.2 + 0 + 655.3)
=-245.9

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Apr. 2026) EBIT data.

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

Modivo's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Apr. 2026 )/Revenue (Q: Apr. 2026 )
=54.9/2439.3
=2.25 %

* 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.


Modivo Operating Income Related Terms


Modivo Operating Income Historical Data

* Premium members only.

The historical data trend for Modivo'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.

Modivo Operating Income Chart

Modivo Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Jan22 Jan23 Jan24 Jan25 Jan26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 10.00 9.50 155.20 995.20 555.10

Modivo Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
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 148.10 302.80 210.00 -119.00 54.90
WAR:MDV
74GF Score
Modivo SA WAR:MDV
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Modivo 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 Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was zł449 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 zł449 Mil mean?
Modivo (WAR:MDV) has a Operating Income of zł449 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Modivo and its competitors.
Is Modivo's Operating Income too high?
Modivo's current Operating Income is zł449 Mil. Overall, Modivo has a GF Score™ of 74/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Modivo's Operating Income compare to TJX and ROST?
Modivo's Operating Income of zł449 Mil can be compared against companies in the Retail - Cyclical 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 Retail - Cyclical company?
A good Operating Income depends on the Retail - Cyclical 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 Modivo and its competitors. Modivo's current Operating Income is zł449 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Modivo stock overvalued right now?
Based on GuruFocus' analysis, Modivo (WAR:MDV) is currently considered Possible Value Trap. The stock's GF Value™ is zł133.22, compared to a current price of zł92.80 — trading 30.3% below its estimated fair value. The current Operating Income is zł449 Mil. Modivo's overall GF Score™ is 74/100 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 Modivo (WAR:MDV), the current Operating Income is zł449 Mil as of Apr. 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 Modivo (WAR:MDV) Overvalued in 2026?

Based on GuruFocus' analysis, Modivo stock appears to be undervalued. The current stock price of zł92.80 is trading 30.3% below its estimated GF Value™ of zł133.22. GuruFocus considers Modivo to be Possible Value Trap.

Key valuation signals for WAR:MDV:

  • Operating Income: zł449 Mil
  • GF Value™: zł133.22 vs. price of zł92.80 (30.3% below fair value)
  • GF Score™: 74/100 with 4 warning signs

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


Modivo Business Description

Other Exchanges 6RK:Germany
Address ul. Strefowa 6, Polkowice, POL, 59-101
Modivo SA business activities are concentrated in the retail, digital, and wholesale segments and include the wholesale and retail trade of clothing and footwear. Its operating segments include CCC, which generates the majority of revenue and includes sales through websites, offline retail stores, distribution, and wholesale operations, as well as HalfPrice and MODIVO (MODIVO and eobuwie). The Company's business lines include CCC, eobuwie, MODIVO, HalfPrice, worldbox, Boardriders, Warsaw Sneaker Store, SK Store, and Sklep Biegacza.
74GF Score

Get the complete analysis for WAR:MDV

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

zł92.80
Price
zł133.22
GF Value