Bell Food Group (XSWX:BELL) Operating Income: CHF118 Mil (TTM As of Dec. 2025)

What is Bell Food Group Operating Income?

Bell Food Group XSWX:BELL -0.67% 60 Operating Income is CHF118 Mil as of Dec. 2025. GuruFocus rates XSWX:BELL with a GF Score™ of 60/100 and a GF Value™ of CHF286.63 (Significantly Undervalued). The stock has 1 warning sign investors should review.

Bell Food Group's Operating Income for the six months ended in Dec. 2025 was CHF52 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was CHF118 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Bell Food Group's Operating Income for the six months ended in Dec. 2025 was CHF52 Mil. Bell Food Group's Revenue for the six months ended in Dec. 2025 was CHF2,482 Mil. Therefore, Bell Food Group's Operating Margin % for the quarter that ended in Dec. 2025 was 2.10%.

Warning Sign:

Bell Food Group Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -7.4%.

Bell Food Group's 5-Year average Growth Rate for Operating Margin % was -7.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Bell Food Group's annualized ROC % for the quarter that ended in Dec. 2025 was 2.19%. Bell Food Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 4.28%.

Bell Food Group (XSWX:BELL) Operating Income Explanation

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

Bell Food Group'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 )
=	104.4 * ( 1 - 40.3% )	/	( (2888.1	+	2799.6)	/ 2 )
=	62.3268	/	2843.85
=	2.19 %

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	))
=	3200	-	198	-	( 113.9	-	max(0, 578.2	-	1124.7	+	113.9	))
=	2888.1

	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	))
=	3188.6	-	262.9	-	( 126.1	-	max(0, 644.1	-	1127	+	126.1	))
=	2799.6

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:

Bell Food Group'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 )
=	95.2	/	( ( (1858.5 + max(324.5, 0))	+	(1853.6 + max(412.5, 0)) )	/	2 )
=	95.2	/	( ( 2183	+	2266.1 )	/	2 )
=	95.2	/	2224.55
=	4.28 %

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)
=	(333.8	+	568.9	+	0)	-	(198	+	0	+	380.2)
=	324.5

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(362.1	+	534.3	+	0.20000000000005)	-	(262.9	+	0	+	221.2)
=	412.5

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 %:

Bell Food Group'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 )
	=	52.2	/	2482.2
	=	2.10 %

* 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.

Bell Food Group Operating Income Related Terms

Bell Food Group Operating Income Historical Data

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The historical data trend for Bell Food Group's Operating Income can be seen below:

Bell Food Group Operating Income Chart

Bell Food Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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162.40

162.90

164.80

166.80

118.30

Bell Food Group 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															101.20	63.80	103.00	66.10	52.20

60GF Score

Bell Food Group Ltd XSWX:BELL

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Bell Food Group 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 CHF118 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of CHF118 Mil mean?

Bell Food Group (XSWX:BELL) has a Operating Income of CHF118 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Bell Food Group and its competitors.

Is Bell Food Group's Operating Income too high?

Bell Food Group's current Operating Income is CHF118 Mil. Overall, Bell Food Group has a GF Score™ of 60/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Bell Food Group's Operating Income compare to KHC and GIS?

Bell Food Group's Operating Income of CHF118 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 Bell Food Group and its competitors. Bell Food Group's current Operating Income is CHF118 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Bell Food Group stock overvalued right now?

Based on GuruFocus' analysis, Bell Food Group (XSWX:BELL) is currently considered Significantly Undervalued. The stock's GF Value™ is CHF286.63, compared to a current price of CHF177.60 — trading 38% below its estimated fair value. The current Operating Income is CHF118 Mil. Bell Food Group's overall GF Score™ is 60/100 with 1 warning sign 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 Bell Food Group (XSWX:BELL), the current Operating Income is CHF118 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 Bell Food Group (XSWX:BELL) Overvalued in 2026?

Based on GuruFocus' analysis, Bell Food Group stock appears to be undervalued. The current stock price of CHF177.60 is trading 38% below its estimated GF Value™ of CHF286.63. GuruFocus considers Bell Food Group to be Significantly Undervalued.

Key valuation signals for XSWX:BELL:

Operating Income: CHF118 Mil
GF Value™: CHF286.63 vs. price of CHF177.60 (38% below fair value)
GF Score™: 60/100 with 1 warning sign

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

Bell Food Group Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies XSWX:ARYN XSWX:ORON XSWX:EMMN XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 NSE:NESTLEIND SHSE:603288 KHC SHSE:600887 GIS SZSE:300999 LSE:ABF SGX:F34 DUB:KRZ HRL MEX:BIMBOA HKSE:00288 MKC

Other Exchanges BELLz:UK 0RFX:UK BWGA:Germany

Address Elsasserstrasse 174, Basel, CHE, 4056

Website https://www.bellfoodgroup.com

Bell Food Group Ltd is a food processor that provides meat, charcuterie, poultry, and convenience products. Bell operates in five divisions: Bell Switzerland, supplying retailers, wholesalers, food service, and food processing; Bell international, operating in Germany, Austria, France, Poland, and other European countries; and Eisberg, Hilcona, Hugli, Hubers/Sutag. Bell Switzerland represents maximum of the company's income.

60GF Score

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

CHF177.60

Price

CHF286.63

GF Value

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