Anglo American (XSWX:AAM) Operating Income: CHF3,208 Mil (TTM As of Dec. 2025)


XSWX:AAM Anglo American PLC XSWX:AAM
44 GF Score
Price CHF39.80
GF Value CHF17.39
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is Anglo American Operating Income?

Anglo American XSWX:AAM 44 Operating Income is CHF3,208 Mil as of Dec. 2025. GuruFocus rates XSWX:AAM with a GF Score™ of 44/100 and a GF Value™ of CHF17.39 (Significantly Overvalued). The stock has 8 warning signs investors should review.

Anglo American's Operating Income for the six months ended in Dec. 2025 was CHF1,795 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was CHF3,208 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Anglo American's Operating Income for the six months ended in Dec. 2025 was CHF1,795 Mil. Anglo American's Revenue for the six months ended in Dec. 2025 was CHF7,644 Mil. Therefore, Anglo American's Operating Margin % for the quarter that ended in Dec. 2025 was 23.49%.

Warning Sign:

Anglo American PLC operating margin has been in a 5-year decline. The average rate of decline per year is -8.9%.

Anglo American's 5-Year average Growth Rate for Operating Margin % was -8.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Anglo American's annualized ROC % for the quarter that ended in Dec. 2025 was 9.86%. Anglo American's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -0.70%.


Anglo American  (XSWX:AAM) Operating Income Explanation

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

Anglo American'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 )
=3590.832 * ( 1 - 0% )/( (37118.514 + 35695.542)/ 2 )
=3590.832/36407.028
=9.86 %

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))
=46573.59 - 3295.086 - ( 6159.99 - max(0, 6556.832 - 15144.224+6159.99))
=37118.514

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))
=44621.619 - 4028.33 - ( 4897.747 - max(0, 6576.816 - 14432.656+4897.747))
=35695.542

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:

Anglo American'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 )
=-221.538/( ( (28207.468 + max(3993.625, 0)) + (27296.216 + max(3529.47, 0)) )/ 2 )
=-221.538/( ( 32201.093 + 30825.686 )/ 2 )
=-221.538/31513.3895
=-0.70 %

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)
=(2407.072 + 2563.206 + 4013.956) - (3295.086 + 0 + 1695.523)
=3993.625

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1886.262 + 2401.06 + 4962.296) - (4028.33 + 0 + 1691.818)
=3529.47

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 %:

Anglo American'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 )
=1795.416/7643.865
=23.49 %

* 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.


Anglo American Operating Income Related Terms


Anglo American Operating Income Historical Data

* Premium members only.

The historical data trend for Anglo American'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.

Anglo American Operating Income Chart

Anglo American Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 15,876.20 10,174.00 5,627.25 3,472.78 3,179.63

Anglo American 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 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 2,653.21 685.55 2,788.93 1,412.53 1,795.42
XSWX:AAM
44GF Score
Anglo American PLC XSWX:AAM
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Anglo American 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 CHF3,208 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 CHF3,208 Mil mean?
Anglo American (XSWX:AAM) has a Operating Income of CHF3,208 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Anglo American and its competitors.
Is Anglo American's Operating Income too high?
Anglo American's current Operating Income is CHF3,208 Mil. Overall, Anglo American has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Anglo American's Operating Income compare to competitors?
Anglo American's Operating Income of CHF3,208 Mil can be compared against companies in the Metals & Mining 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 Metals & Mining company?
A good Operating Income depends on the Metals & Mining 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 Anglo American and its competitors. Anglo American's current Operating Income is CHF3,208 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Anglo American stock overvalued right now?
Based on GuruFocus' analysis, Anglo American (XSWX:AAM) is currently considered Significantly Overvalued. The stock's GF Value™ is CHF17.39, compared to a current price of CHF39.80 — trading 128.9% above its estimated fair value. The current Operating Income is CHF3,208 Mil. Anglo American's overall GF Score™ is 44/100 with 8 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 Anglo American (XSWX:AAM), the current Operating Income is CHF3,208 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 Anglo American (XSWX:AAM) Overvalued in 2026?

Based on GuruFocus' analysis, Anglo American stock appears to be overvalued. The current stock price of CHF39.80 is trading 128.9% above its estimated GF Value™ of CHF17.39. GuruFocus considers Anglo American to be Significantly Overvalued.

Key valuation signals for XSWX:AAM:

  • Operating Income: CHF3,208 Mil
  • GF Value™: CHF17.39 vs. price of CHF39.80 (128.9% above fair value)
  • GF Score™: 44/100 with 8 warning signs

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


Anglo American Business Description

Address 17 Charterhouse Street, London, GBR, EC1N 6RA
Previously one of the more diversified major miners, in May 2024 Anglo American announced that it will restructure to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. It sold out of platinum group metals in September 2025, and will likely sell or demerge and spin off its majority-owned De Beers diamonds business, in most years the world's largest supplier and marketer of rough gem diamonds by value. It is again trying to sell its remaining metallurgical coal mines after Peabody pulled out of a deal to buy them. Anglo also plans to move back into the crop nutrients business via its Woodsmith polyhalite project in the UK. In September 2025, it also agreed to merge with Teck, with the deal likely to complete in late 2026 or early 2027.
44GF Score

Get the complete analysis for XSWX:AAM

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

CHF39.80
Price
CHF17.39
GF Value