Biotechnology Assets (XMAD:BST) Operating Income: €-0.71 Mil (TTM As of Dec. 2025)

What is Biotechnology Assets Operating Income?

Biotechnology Assets XMAD:BST -4.00% 22 Operating Income is €-0.71 Mil as of Dec. 2025. GuruFocus rates XMAD:BST with a GF Score™ of 22/100 and a GF Value™ of €0.30 (Modestly Undervalued). The stock has 3 warning signs investors should review.

Biotechnology Assets's Operating Income for the six months ended in Dec. 2025 was €0.03 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €-0.71 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Biotechnology Assets's Operating Income for the six months ended in Dec. 2025 was €0.03 Mil. Biotechnology Assets's Revenue for the six months ended in Dec. 2025 was €2.11 Mil. Therefore, Biotechnology Assets's Operating Margin % for the quarter that ended in Dec. 2025 was 1.33%.

Biotechnology Assets'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. Biotechnology Assets's annualized ROC % for the quarter that ended in Dec. 2025 was 0.47%. Biotechnology Assets's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -34.70%.

Biotechnology Assets (XMAD:BST) Operating Income Explanation

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

Biotechnology Assets's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	0.056 * ( 1 - 0% )	/	( (12.305	+	11.516)	/ 2 )
=	0.056	/	11.9105
=	0.47 %

where

	Invested Capital		(Q: Jun. 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	))
=	13.458	-	1.102	-	( 0.52	-	max(0, 3.102	-	3.153	+	0.52	))
=	12.305

	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	))
=	13.563	-	1.453	-	( 0.594	-	max(0, 3.27	-	4.591	+	0.594	))
=	11.516

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

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

Biotechnology Assets's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-1.358	/	( ( (2.264 + max(1.086, 0))	+	(2.204 + max(2.273, 0)) )	/	2 )
=	-1.358	/	( ( 3.35	+	4.477 )	/	2 )
=	-1.358	/	3.9135
=	-34.70 %

where Working Capital is:

	Working Capital		(Q: Jun. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(2.273	+	0	+	0.097)	-	(1.102	+	0	+	0.182)
=	1.086

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3.757	+	0	+	0.081)	-	(1.453	+	0	+	0.112)
=	2.273

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

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

Biotechnology Assets's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	0.028	/	2.11
	=	1.33 %

* 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.

Biotechnology Assets Operating Income Related Terms

Biotechnology Assets Operating Income Historical Data

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

Biotechnology Assets Operating Income Chart

Biotechnology Assets Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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-1.54

-1.71

2.98

-2.22

-0.71

Biotechnology Assets Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Operating Income	Get a 7-Day Free Trial															-0.38	-1.54	-0.67	-0.73	0.03

22GF Score

Biotechnology Assets SA XMAD:BST

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Biotechnology Assets 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 Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was €-0.71 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of €-0.71 Mil mean?

Biotechnology Assets (XMAD:BST) has a Operating Income of €-0.71 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Biotechnology Assets and its competitors.

Is Biotechnology Assets' Operating Income too high?

Biotechnology Assets' current Operating Income is €-0.71 Mil. Overall, Biotechnology Assets has a GF Score™ of 22/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Biotechnology Assets' Operating Income compare to VRTX and REGN?

Biotechnology Assets' Operating Income of €-0.71 Mil can be compared against companies in the Biotechnology 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 Biotechnology company?

A good Operating Income depends on the Biotechnology 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 Biotechnology Assets and its competitors. Biotechnology Assets's current Operating Income is €-0.71 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Biotechnology Assets stock overvalued right now?

Based on GuruFocus' analysis, Biotechnology Assets (XMAD:BST) is currently considered Modestly Undervalued. The stock's GF Value™ is €0.30, compared to a current price of €0.22 — trading 28% below its estimated fair value. The current Operating Income is €-0.71 Mil. Biotechnology Assets' overall GF Score™ is 22/100 with 3 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 Biotechnology Assets (XMAD:BST), the current Operating Income is €-0.71 Mil as of Dec. 2025. 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 Biotechnology Assets (XMAD:BST) Overvalued in 2026?

Based on GuruFocus' analysis, Biotechnology Assets stock appears to be undervalued. The current stock price of €0.22 is trading 28% below its estimated GF Value™ of €0.30. GuruFocus considers Biotechnology Assets to be Modestly Undervalued.

Key valuation signals for XMAD:BST:

Operating Income: €-0.71 Mil
GF Value™: €0.30 vs. price of €0.22 (28% below fair value)
GF Score™: 22/100 with 3 warning signs

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

Biotechnology Assets Business Description

Industry Healthcare Biotechnology

Comparable Companies VRTX REGN XBRU:UCB XBRU:ARGX XKRX:207940 ALNY ASX:CSL RVMD ONC MRNA XKRX:068270 RPRX ROIV BNTX INCY INSM HKSE:02269 ASND HKSE:01801 OCSE:GMAB

Address Avenida del Desarrollo Tecnologico, No. 11, Scientific and Technological Park, Jerez de la Frontera, ESP, 11591

Website https://www.biatgroup.com

Biotechnology Assets SA is a clinical-stage biopharmaceutical company developing and producing biological products for the pharmaceutical and veterinarian sectors. It specializes in the prevention and treatment of niche diseases, such as orphan disease, antigens for new-generation vaccines, feed additives, and probiotics. Adl Bionatur offers a portfolio of non-therapeutic and therapeutic products to tier 1 and tier 2 animal health companies. The company's pipeline products include BNT006, BNT007, BNT010, and others.

22GF Score

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

€0.22

Price

€0.30

GF Value

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