DSM-Firmenich AG (XSWX:DSFIR) Operating Income: CHF594 Mil (TTM As of Dec. 2025)


XSWX:DSFIR DSM-Firmenich AG XSWX:DSFIR
32 GF Score
Price CHF74.82
GF Value CHF69.93
Valuation Fairly Valued
! 5 Warning Signs
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What is DSM-Firmenich AG Operating Income?

DSM-Firmenich AG XSWX:DSFIR +5.62% 32 Operating Income is CHF594 Mil as of Dec. 2025. GuruFocus rates XSWX:DSFIR with a GF Score™ of 32/100 and a GF Value™ of CHF69.93 (Fairly Valued). The stock has 5 warning signs investors should review.

DSM-Firmenich AG's Operating Income for the six months ended in Dec. 2025 was CHF-144 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was CHF594 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. DSM-Firmenich AG's Operating Income for the six months ended in Dec. 2025 was CHF-144 Mil. DSM-Firmenich AG's Revenue for the six months ended in Dec. 2025 was CHF2,355 Mil. Therefore, DSM-Firmenich AG's Operating Margin % for the quarter that ended in Dec. 2025 was -6.10%.

DSM-Firmenich 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. DSM-Firmenich AG's annualized ROC % for the quarter that ended in Dec. 2025 was -1.14%. DSM-Firmenich AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -1.50%.

DSM-Firmenich AG  (XSWX:DSFIR) Operating Income Explanation

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

DSM-Firmenich 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 )
=-287.406 * ( 1 - 2.78% )/( (25382.72 + 23846.346)/ 2 )
=-279.4161132/24614.533
=-1.14 %

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))
=30314.445 - 2249.197 - ( 2682.528 - max(0, 3205.903 - 8638.491+2682.528))
=25382.72

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))
=27382.94 - 1760.832 - ( 1775.762 - max(0, 5219.042 - 8298.398+1775.762))
=23846.346

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:

DSM-Firmenich 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 )
=-110.11/( ( (5184.971 + max(2857.924, 0)) + (3894.919 + max(2788.216, 0)) )/ 2 )
=-110.11/( ( 8042.895 + 6683.135 )/ 2 )
=-110.11/7363.015
=-1.50 %

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)
=(2598.113 + 3050.203 + 181.024) - (2249.197 + 0 + 722.219)
=2857.924

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1717.907 + 1979.186 + 2761.156) - (1760.832 + 0 + 1909.201)
=2788.216

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 %:

DSM-Firmenich 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 )
=-143.703/2355.241
=-6.10 %

* 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.

DSM-Firmenich AG Operating Income Related Terms

DSM-Firmenich AG Operating Income Historical Data

* Premium members only.

The historical data trend for DSM-Firmenich 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.

DSM-Firmenich AG Operating Income Chart

DSM-Firmenich AG Annual Data
Trend Dec21 Dec23 Dec24 Dec25
Operating Income
849.19 -478.14 514.42 589.74

DSM-Firmenich AG Semi-Annual Data
Jun22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Operating Income Get a 7-Day Free Trial -128.26 151.05 367.84 737.23 -143.70
XSWX:DSFIR
32GF Score
DSM-Firmenich AG XSWX:DSFIR
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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DSM-Firmenich 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 CHF594 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 CHF594 Mil mean?
DSM-Firmenich AG (XSWX:DSFIR) has a Operating Income of CHF594 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on DSM-Firmenich AG and its competitors.
Is DSM-Firmenich AG's Operating Income too high?
DSM-Firmenich AG's current Operating Income is CHF594 Mil. Overall, DSM-Firmenich AG has a GF Score™ of 32/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does DSM-Firmenich AG's Operating Income compare to LIN and SHW?
DSM-Firmenich AG's Operating Income of CHF594 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 DSM-Firmenich AG and its competitors. DSM-Firmenich AG's current Operating Income is CHF594 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DSM-Firmenich AG stock overvalued right now?
Based on GuruFocus' analysis, DSM-Firmenich AG (XSWX:DSFIR) is currently considered Fairly Valued. The stock's GF Value™ is CHF69.93, compared to a current price of CHF74.82 — trading 7% above its estimated fair value. The current Operating Income is CHF594 Mil. DSM-Firmenich AG's overall GF Score™ is 32/100 with 5 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 DSM-Firmenich AG (XSWX:DSFIR), the current Operating Income is CHF594 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 DSM-Firmenich AG (XSWX:DSFIR) Overvalued in 2026?

Based on GuruFocus' analysis, DSM-Firmenich AG stock appears to be overvalued. The current stock price of CHF74.82 is trading 7% above its estimated GF Value™ of CHF69.93. GuruFocus considers DSM-Firmenich AG to be Fairly Valued.

Key valuation signals for XSWX:DSFIR:

  • Operating Income: CHF594 Mil
  • GF Value™: CHF69.93 vs. price of CHF74.82 (7% above fair value)
  • GF Score™: 32/100 with 5 warning signs

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

DSM-Firmenich AG Business Description

Address Wurmisweg 576, Kaiseraugst, CHE, 4303
DSM-Firmenich is a global science-based company formed in 2023 through the merger of DSM, a Dutch nutrition, health, and sustainable living player, and Switzerland-based Firmenich, the third-largest player in the flavor and fragrance market. The company serves a wide range of end-consumer markets providing nutrition solutions ranging from medical and early-life nutrition, fragrances for personal-, home-, and laundry-care brands, prestige perfumes, and other ingredients for food and beverage, home, and personal care. DSM-Firmenich has nearly 30,000 employees, with more than 2,000 scientists and engineers spread across 15 research and development facilities.
32GF Score

Get the complete analysis for XSWX:DSFIR

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

CHF74.82
Price
CHF69.93
GF Value