Ten Square Games (WAR:TEN) Operating Income: zł74.0 Mil (TTM As of Mar. 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:TEN Ten Square Games SA WAR:TEN
82 GF Score
Price zł108.40
GF Value zł85.52
Valuation Modestly Overvalued
! 5 Warning Signs
View Full Analysis

What is Ten Square Games Operating Income?

Ten Square Games WAR:TEN +0.93% 82 Operating Income is zł74.0 Mil as of Mar. 2026. GuruFocus rates WAR:TEN with a GF Score™ of 82/100 and a GF Value™ of zł85.52 (Modestly Overvalued). The stock has 5 warning signs investors should review.

Ten Square Games's Operating Income for the three months ended in Mar. 2026 was zł15.0 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was zł74.0 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ten Square Games's Operating Income for the three months ended in Mar. 2026 was zł15.0 Mil. Ten Square Games's Revenue for the three months ended in Mar. 2026 was zł98.6 Mil. Therefore, Ten Square Games's Operating Margin % for the quarter that ended in Mar. 2026 was 15.16%.

Warning Sign:

Ten Square Games SA operating margin has been in a 5-year decline. The average rate of decline per year is -5.2%.

Ten Square Games's 5-Year average Growth Rate for Operating Margin % was -5.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ten Square Games's annualized ROC % for the quarter that ended in Mar. 2026 was 17.09%. Ten Square Games's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 676.14%.


Ten Square Games  (WAR:TEN) Operating Income Explanation

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

Ten Square Games'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 )
=59.8 * ( 1 - 14.31% )/( (299.556 + 300.064)/ 2 )
=51.24262/299.81
=17.09 %

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))
=373.043 - 40.282 - ( 120.326 - max(0, 145.585 - 178.79+120.326))
=299.556

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))
=391.728 - 42.618 - ( 137.209 - max(0, 147.308 - 196.354+137.209))
=300.064

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

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

Ten Square Games'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 )
=63.912/( ( (9.848 + max(-109.25, 0)) + (9.057 + max(-109.217, 0)) )/ 2 )
=63.912/( ( 9.848 + 9.057 )/ 2 )
=63.912/9.4525
=676.14 %

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)
=(33.479 + 0 + 0.35499999999999) - (40.282 + 0 + 102.802)
=-109.25

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(35.274 + 0 + 0) - (42.618 + 0 + 101.873)
=-109.217

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 %:

Ten Square Games'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 )
=14.95/98.594
=15.16 %

* 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.


Ten Square Games Operating Income Related Terms


Ten Square Games Operating Income Historical Data

* Premium members only.

The historical data trend for Ten Square Games'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.

Ten Square Games Operating Income Chart

Ten Square Games Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only 169.99 121.20 89.09 78.55 89.39

Ten Square Games 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 30.92 23.38 22.32 13.39 14.95
WAR:TEN
82GF Score
Ten Square Games SA WAR:TEN
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Ten Square Games 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 zł74.0 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 zł74.0 Mil mean?
Ten Square Games (WAR:TEN) has a Operating Income of zł74.0 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ten Square Games and its competitors.
Is Ten Square Games' Operating Income too high?
Ten Square Games' current Operating Income is zł74.0 Mil. Overall, Ten Square Games has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ten Square Games' Operating Income compare to NTES and EA?
Ten Square Games' Operating Income of zł74.0 Mil can be compared against companies in the Interactive Media 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 Interactive Media company?
A good Operating Income depends on the Interactive Media 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 Ten Square Games and its competitors. Ten Square Games's current Operating Income is zł74.0 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ten Square Games stock overvalued right now?
Based on GuruFocus' analysis, Ten Square Games (WAR:TEN) is currently considered Modestly Overvalued. The stock's GF Value™ is zł85.52, compared to a current price of zł108.40 — trading 26.8% above its estimated fair value. The current Operating Income is zł74.0 Mil. Ten Square Games' overall GF Score™ is 82/100 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 Ten Square Games (WAR:TEN), the current Operating Income is zł74.0 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 Ten Square Games (WAR:TEN) Overvalued in 2026?

Based on GuruFocus' analysis, Ten Square Games stock appears to be overvalued. The current stock price of zł108.40 is trading 26.8% above its estimated GF Value™ of zł85.52. GuruFocus considers Ten Square Games to be Modestly Overvalued.

Key valuation signals for WAR:TEN:

  • Operating Income: zł74.0 Mil
  • GF Value™: zł85.52 vs. price of zł108.40 (26.8% above fair value)
  • GF Score™: 82/100 with 5 warning signs

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


Ten Square Games Business Description

Other Exchanges 1HQ:Germany
Address Traugutta 45 Street, Wroclaw, POL, 50-416
Ten Square Games SA is a developer of free-to-play mobile games with a focus on hobby genres, including fishing, hunting, and aviation. The company's portfolio includes popular titles such as Fishing Clash, Hunting Clash, Real Flight Simulator, Trophy Hunter, Let's Fish, and Wings of Heroes. The company's source of revenue includes micro-payments, subscriptions, advertisement, and licenses. The company generates the majority of its revenue from the micro-payments.
82GF Score

Get the complete analysis for WAR:TEN

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

zł108.40
Price
zł85.52
GF Value