Aryzta AG (XSWX:ARYN) Operating Income: CHF162 Mil (TTM As of Dec. 2025)


XSWX:ARYN Aryzta AG XSWX:ARYN
64 GF Score
Price CHF55.50
GF Value CHF66.12
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Aryzta AG Operating Income?

Aryzta AG XSWX:ARYN +1.83% 64 Operating Income is CHF162 Mil as of Dec. 2025. GuruFocus rates XSWX:ARYN with a GF Score™ of 64/100 and a GF Value™ of CHF66.12 (Modestly Undervalued). The stock has 3 warning signs investors should review.

Aryzta AG's Operating Income for the six months ended in Dec. 2025 was CHF85 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was CHF162 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Aryzta AG's Operating Income for the six months ended in Dec. 2025 was CHF85 Mil. Aryzta AG's Revenue for the six months ended in Dec. 2025 was CHF1,061 Mil. Therefore, Aryzta AG's Operating Margin % for the quarter that ended in Dec. 2025 was 8.01%.

Aryzta AG'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. Aryzta AG's annualized ROC % for the quarter that ended in Dec. 2025 was 9.00%. Aryzta AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 21.61%.


Aryzta AG  (XSWX:ARYN) Operating Income Explanation

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

Aryzta AG'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 )
=170.018 * ( 1 - 15.84% )/( (1492.837 + 1686.274)/ 2 )
=143.0871488/1589.5555
=9.00 %

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))
=1785.476 - 466.722 - ( 71.659 - max(0, 502.74 - 328.657+71.659))
=1492.837

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))
=1763.071 - 300.564 - ( 64.013 - max(0, 537.488 - 313.721+64.013))
=1686.274

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:

Aryzta AG'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 )
=180.656/( ( (829.708 + max(-215.634, 0)) + (842.251 + max(-268.651, 0)) )/ 2 )
=180.656/( ( 829.708 + 842.251 )/ 2 )
=180.656/835.9795
=21.61 %

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)
=(135.252 + 120.339 + 1.407) - (466.722 + 0 + 5.91)
=-215.634

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(99.846 + 112.163 + 23.982) - (300.564 + 0 + 204.078)
=-268.651

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 %:

Aryzta AG'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 )
=85.009/1060.885
=8.01 %

* 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.


Aryzta AG Operating Income Related Terms


Aryzta AG Operating Income Historical Data

* Premium members only.

The historical data trend for Aryzta AG'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.

Aryzta AG Operating Income Chart

Aryzta AG Annual Data
Trend Jul16 Jul17 Jul18 Jul19 Jul20 Jul21 Jul22 Jul23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -13.66 88.92 138.76 177.39 161.90

Aryzta AG Semi-Annual Data
Jan16 Jul16 Jan17 Jul17 Jan18 Jul18 Jan19 Jul19 Jan20 Jul20 Jan21 Jul21 Jan22 Jul22 Jan23 Jul23 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 75.46 82.36 97.47 77.29 85.01
XSWX:ARYN
64GF Score
Aryzta AG XSWX:ARYN
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Aryzta AG 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 CHF162 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 CHF162 Mil mean?
Aryzta AG (XSWX:ARYN) has a Operating Income of CHF162 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Aryzta AG and its competitors.
Is Aryzta AG's Operating Income too high?
Aryzta AG's current Operating Income is CHF162 Mil. Overall, Aryzta AG has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Aryzta AG's Operating Income compare to KHC and GIS?
Aryzta AG's Operating Income of CHF162 Mil can be compared against companies in the Consumer Packaged Goods 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 Consumer Packaged Goods company?
A good Operating Income depends on the Consumer Packaged Goods 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 Aryzta AG and its competitors. Aryzta AG's current Operating Income is CHF162 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aryzta AG stock overvalued right now?
Based on GuruFocus' analysis, Aryzta AG (XSWX:ARYN) is currently considered Modestly Undervalued. The stock's GF Value™ is CHF66.12, compared to a current price of CHF55.50 — trading 16.1% below its estimated fair value. The current Operating Income is CHF162 Mil. Aryzta AG's overall GF Score™ is 64/100 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 Aryzta AG (XSWX:ARYN), the current Operating Income is CHF162 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 Aryzta AG (XSWX:ARYN) Overvalued in 2026?

Based on GuruFocus' analysis, Aryzta AG stock appears to be undervalued. The current stock price of CHF55.50 is trading 16.1% below its estimated GF Value™ of CHF66.12. GuruFocus considers Aryzta AG to be Modestly Undervalued.

Key valuation signals for XSWX:ARYN:

  • Operating Income: CHF162 Mil
  • GF Value™: CHF66.12 vs. price of CHF55.50 (16.1% below fair value)
  • GF Score™: 64/100 with 3 warning signs

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


Aryzta AG Business Description

Other Exchanges ARYNz:UK0MFY:UKYZA0:Germany
Address Ifangstrasse 9, Schlieren, CHE, 8952
Aryzta AG is an international specialist food company. Geographically, it has a presence in Switzerland, Germany, France, and other countries. By product segment, Bread Rolls & Artisan Loaves is the substantial segment, followed by Sweet Baked & Morning Goods, and Savoury & Other. The company has two operating and reporting segments, ARYZTA Europe and ARYZTA Rest of World, which comprise the continuing operations of the Group. The company'sdaily products are developed as per the Nutri-Score nutritional rating system, helping consumers by reducing intake of fat, sugar and salt while increasing protein, fibre and unsaturated fats.
64GF Score

Get the complete analysis for XSWX:ARYN

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

CHF55.50
Price
CHF66.12
GF Value