Photocat AS (XSAT:PCAT) Operating Income: kr2.27 Mil (TTM As of Dec. 2025)

What is Photocat AS Operating Income?

Photocat AS XSAT:PCAT -1.67% 9 Operating Income is kr2.27 Mil as of Dec. 2025. GuruFocus rates XSAT:PCAT with a GF Score™ of 9/100. The stock has 3 warning signs investors should review.

Photocat AS's Operating Income for the six months ended in Dec. 2025 was kr2.27 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was kr2.27 Mil.

Warning Sign:

Photocat AS had lost money in 67% of the time over the past 3quarters.

Operating Margin % is calculated as Operating Income divided by its Revenue. Photocat AS's Operating Income for the six months ended in Dec. 2025 was kr2.27 Mil. Photocat AS's Revenue for the six months ended in Dec. 2025 was kr6.57 Mil. Therefore, Photocat AS's Operating Margin % for the quarter that ended in Dec. 2025 was 34.51%.

Photocat AS'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. Photocat AS's annualized ROC % for the quarter that ended in Dec. 2025 was 15.51%. Photocat AS's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 139.16%.

Photocat AS (XSAT:PCAT) Operating Income Explanation

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

Photocat AS'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: Dec. 2024 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	4.534 * ( 1 - 0% )	/	( (26.815	+	31.641)	/ 2 )
=	4.534	/	29.228
=	15.51 %

where

	Invested Capital		(Q: Dec. 2024 )
=	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	))
=	30.268	-	3.979	-	( 0.472	-	max(0, 6.315	-	5.789	+	0.472	))
=	26.815

	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	))
=	35.044	-	15.753	-	( 0.645	-	max(0, 18.258	-	5.908	+	0.645	))
=	31.641

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:

Photocat AS'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: Dec. 2024		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	4.538	/	( ( (0.816 + max(0.223, 0))	+	(5.483 + max(-13.153, 0)) )	/	2 )
=	4.538	/	( ( 1.039	+	5.483 )	/	2 )
=	4.538	/	3.261
=	139.16 %

where Working Capital is:

	Working Capital		(Q: Dec. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3.382	+	0.676	+	0.145)	-	(3.979	+	0	+	0.0010000000000003)
=	0.223

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1.713	+	0.573	+	0.316)	-	(15.753	+	0	+	0.0019999999999989)
=	-13.153

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 %:

Photocat AS'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 )
	=	2.267	/	6.57
	=	34.51 %

* 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.

Photocat AS Operating Income Related Terms

Photocat AS Operating Income Historical Data

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

Photocat AS Operating Income Chart

Photocat AS Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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-3.30

-4.65

-2.65

-3.48

0.03

Photocat AS Semi-Annual Data
	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Dec25
Operating Income	Get a 7-Day Free Trial															-0.62	-1.60	-0.38	-1.12	2.27

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Photocat AS XSAT:PCAT

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Photocat AS 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 kr2.27 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of kr2.27 Mil mean?

Photocat AS (XSAT:PCAT) has a Operating Income of kr2.27 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Photocat AS and its competitors.

Is Photocat AS's Operating Income too high?

Photocat AS's current Operating Income is kr2.27 Mil. Overall, Photocat AS has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.

How does Photocat AS's Operating Income compare to LIN and SHW?

Photocat AS's Operating Income of kr2.27 Mil can be compared against companies in the Chemicals 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 Chemicals company?

A good Operating Income depends on the Chemicals 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 Photocat AS and its competitors. Photocat AS's current Operating Income is kr2.27 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Photocat AS stock overvalued right now?

Photocat AS (XSAT:PCAT) has a current Operating Income of kr2.27 Mil. The current Operating Income is kr2.27 Mil. Photocat AS's overall GF Score™ is 9/100 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 Photocat AS (XSAT:PCAT), the current Operating Income is kr2.27 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.

Photocat AS Business Description

Industry Basic Materials Chemicals

Comparable Companies OSTO:ORGC OSTO:AERO XSAT:NATTA XSAT:PREBON XSAT:CYCLE OSTO:TRIBO B XSAT:RECY B OSTO:AXIC A OSTO:POLYG LIN XPAR:AI SHW ECL APD SHSE:603256 XSWX:GIVN TPE:1303 XSWX:SIKA SHSE:600309 SHSE:688146

Address Langebjerg 4, Roskilde, DNK, 4000

Website https://www.photocat.net

Photocat AS is a Danish green tech company has developed photocatalytic liquids and solutions designed to improve environmental conditions and potentially deliver life-saving enhancements to air quality. Its solutions are developed with both economic and scientific objectives, enabling its customers to add enhanced value when delivering their own products, such as roofing membranes, coatings, roads, and flooring. The company markets its products under the NOxOFF, Actifloor, ShineOn, and Photocat Garden trademarks. All products are currently in the early stages of their lifecycle, due to the nature of the underlying technology and processes. Its solutions include NOxOFF Concrete, NOxOFF Bitumen, NOxOFF Asphalt, Photocat Garden, and Actifloor.

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