Ray Go Solar Holdings Bhd (XKLS:03052) Operating Income: RM1.83 Mil (TTM As of Apr. 2026)

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XKLS:03052 Ray Go Solar Holdings Bhd XKLS:03052
43 GF Score
Price RM0.17
GF Value RM0.24
! 7 Warning Signs
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What is Ray Go Solar Holdings Bhd Operating Income?

Ray Go Solar Holdings Bhd XKLS:03052 43 Operating Income is RM1.83 Mil as of Apr. 2026. GuruFocus rates XKLS:03052 with a GF Score™ of 43/100 and a GF Value™ of RM0.24. The stock has 7 warning signs investors should review.

Ray Go Solar Holdings Bhd's Operating Income for the six months ended in Apr. 2026 was RM0.88 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was RM1.83 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ray Go Solar Holdings Bhd's Operating Income for the six months ended in Apr. 2026 was RM0.88 Mil. Ray Go Solar Holdings Bhd's Revenue for the six months ended in Apr. 2026 was RM13.44 Mil. Therefore, Ray Go Solar Holdings Bhd's Operating Margin % for the quarter that ended in Apr. 2026 was 6.56%.

Ray Go Solar Holdings Bhd's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ray Go Solar Holdings Bhd's annualized ROC % for the quarter that ended in Apr. 2026 was 7.47%. Ray Go Solar Holdings Bhd's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 22.54%.

Ray Go Solar Holdings Bhd  (XKLS:03052) Operating Income Explanation

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

Ray Go Solar Holdings Bhd'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: Oct. 2025 ) + Invested Capital (Q: Apr. 2026 ))/ count )
=1.764 * ( 1 - 28.69% )/( (15.483 + 18.19)/ 2 )
=1.2579084/16.8365
=7.47 %

where

Invested Capital(Q: Oct. 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))
=30.476 - 8.698 - ( 9.598 - max(0, 15.53 - 21.825+9.598))
=15.483

Invested Capital(Q: Apr. 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))
=23.096 - 1.386 - ( 3.52 - max(0, 5.998 - 14.438+3.52))
=18.19

Note: The Operating Income data used here is two times the semi-annual (Apr. 2026) data.

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

Ray Go Solar Holdings Bhd'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: Oct. 2025  Q: Apr. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2.178/( ( (8.651 + max(-7.506, 0)) + (8.658 + max(2.017, 0)) )/ 2 )
=2.178/( ( 8.651 + 10.675 )/ 2 )
=2.178/9.663
=22.54 %

where Working Capital is:

Working Capital(Q: Oct. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(5.455 + 2.099 + 0.021999999999998) - (8.698 + 0 + 6.384)
=-7.506

Working Capital(Q: Apr. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(5.024 + 1.903 + 0.274) - (1.386 + 0 + 3.798)
=2.017

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Apr. 2026) EBIT data.

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

Ray Go Solar Holdings Bhd'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 )
=0.882/13.444
=6.56 %

* 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.

Ray Go Solar Holdings Bhd Operating Income Related Terms

Ray Go Solar Holdings Bhd Operating Income Historical Data

* Premium members only.

The historical data trend for Ray Go Solar Holdings Bhd'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.

Ray Go Solar Holdings Bhd Operating Income Chart

Ray Go Solar Holdings Bhd Annual Data
Trend Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Operating Income
Get a 7-Day Free Trial 2.84 -2.07 0.21 2.18 1.27

Ray Go Solar Holdings Bhd Semi-Annual Data
Oct19 Oct20 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Apr25 Oct25 Apr26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 0.96 1.22 0.32 0.95 0.88
XKLS:03052
43GF Score
Ray Go Solar Holdings Bhd XKLS:03052
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Ray Go Solar Holdings Bhd 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 semi-annually data reported by the company within the most recent 12 months, which was RM1.83 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 RM1.83 Mil mean?
Ray Go Solar Holdings Bhd (XKLS:03052) has a Operating Income of RM1.83 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ray Go Solar Holdings Bhd and its competitors.
Is Ray Go Solar Holdings Bhd's Operating Income too high?
Ray Go Solar Holdings Bhd's current Operating Income is RM1.83 Mil. Overall, Ray Go Solar Holdings Bhd has a GF Score™ of 43/100, reflecting its overall financial health beyond just this single metric.
How does Ray Go Solar Holdings Bhd's Operating Income compare to FSLR and NXT?
Ray Go Solar Holdings Bhd's Operating Income of RM1.83 Mil can be compared against companies in the Semiconductors 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 Semiconductors company?
A good Operating Income depends on the Semiconductors 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 Ray Go Solar Holdings Bhd and its competitors. Ray Go Solar Holdings Bhd's current Operating Income is RM1.83 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ray Go Solar Holdings Bhd stock overvalued right now?
Ray Go Solar Holdings Bhd (XKLS:03052) has a current Operating Income of RM1.83 Mil. The stock's GF Value™ is RM0.24, compared to a current price of RM0.17 — trading 29.2% below its estimated fair value. The current Operating Income is RM1.83 Mil. Ray Go Solar Holdings Bhd's overall GF Score™ is 43/100 with 7 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 Ray Go Solar Holdings Bhd (XKLS:03052), the current Operating Income is RM1.83 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 Ray Go Solar Holdings Bhd (XKLS:03052) Overvalued in 2026?

Based on GuruFocus' analysis, Ray Go Solar Holdings Bhd stock appears to be undervalued. The current stock price of RM0.17 is trading 29.2% below its estimated GF Value™ of RM0.24.

Key valuation signals for XKLS:03052:

  • Operating Income: RM1.83 Mil
  • GF Value™: RM0.24 vs. price of RM0.17 (29.2% below fair value)
  • GF Score™: 43/100 with 7 warning signs

No single metric tells the full story. See the XKLS:03052 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ray Go Solar Holdings Bhd Business Description

Address No. 44, Jalan Serendah 26/39, Hicom Industrial Estate, Shah Alam, SGR, MYS, 40400
Ray Go Solar Holdings Bhd is a solar engineering procurement construction (EPC) company providing integrated solar services throughout the entire process of installing a photovoltaic (PV) system. Its business segments include Sales of energy generated from solar projects; and Engineering, Procurement, Construction, and Commissions (EPCC) in solar projects; and operations and maintenance for solar projects. Maximum revenue for the company is derived from its EPCC segment. Geographically, it operates only in Malaysia.
43GF Score

Get the complete analysis for XKLS:03052

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

RM0.17
Price
RM0.24
GF Value