Forbo Holding AG (XSWX:FORN) Operating Income: CHF88 Mil (TTM As of Dec. 2025)

What is Forbo Holding AG Operating Income?

Forbo Holding AG XSWX:FORN -1.20% 73 Operating Income is CHF88 Mil as of Dec. 2025. GuruFocus rates XSWX:FORN with a GF Score™ of 73/100 and a GF Value™ of CHF879.59 (Modestly Undervalued). The stock has 3 warning signs investors should review.

Forbo Holding AG's Operating Income for the six months ended in Dec. 2025 was CHF45 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was CHF88 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Forbo Holding AG's Operating Income for the six months ended in Dec. 2025 was CHF45 Mil. Forbo Holding AG's Revenue for the six months ended in Dec. 2025 was CHF539 Mil. Therefore, Forbo Holding AG's Operating Margin % for the quarter that ended in Dec. 2025 was 8.34%.

Warning Sign:

Forbo Holding AG operating margin has been in a 5-year decline. The average rate of decline per year is -7.8%.

Forbo Holding AG's 5-Year average Growth Rate for Operating Margin % was -7.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Forbo Holding AG's annualized ROC % for the quarter that ended in Dec. 2025 was 9.03%. Forbo Holding AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 18.12%.

Forbo Holding AG (XSWX:FORN) Operating Income Explanation

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

Forbo Holding 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 )
=	89.8 * ( 1 - 18.76% )	/	( (827.3	+	789)	/ 2 )
=	72.95352	/	808.15
=	9.03 %

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	))
=	957.5	-	88.5	-	( 41.7	-	max(0, 215.6	-	556.5	+	41.7	))
=	827.3

	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	))
=	971.9	-	92.2	-	( 90.7	-	max(0, 203.8	-	553.6	+	90.7	))
=	789

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:

Forbo Holding 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 )
=	95.4	/	( ( (288.8 + max(248.5, 0))	+	(299.4 + max(216.1, 0)) )	/	2 )
=	95.4	/	( ( 537.3	+	515.5 )	/	2 )
=	95.4	/	526.4
=	18.12 %

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)
=	(169.8	+	294.3	+	0)	-	(88.5	+	0	+	127.1)
=	248.5

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(138.2	+	281.7	+	0)	-	(92.2	+	0	+	111.6)
=	216.1

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 %:

Forbo Holding 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 )
	=	44.9	/	538.5
	=	8.34 %

* 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.

Forbo Holding AG Operating Income Related Terms

Forbo Holding AG Operating Income Historical Data

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The historical data trend for Forbo Holding AG's Operating Income can be seen below:

Forbo Holding AG Operating Income Chart

Forbo Holding AG Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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179.00

132.60

129.90

120.60

87.80

Forbo Holding AG 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															54.70	61.80	58.80	42.90	44.90

73GF Score

Forbo Holding AG XSWX:FORN

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Forbo Holding 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 CHF88 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of CHF88 Mil mean?

Forbo Holding AG (XSWX:FORN) has a Operating Income of CHF88 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Forbo Holding AG and its competitors.

Is Forbo Holding AG's Operating Income too high?

Forbo Holding AG's current Operating Income is CHF88 Mil. Overall, Forbo Holding AG has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Forbo Holding AG's Operating Income compare to TT and JCI?

Forbo Holding AG's Operating Income of CHF88 Mil can be compared against companies in the Construction 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 Construction company?

A good Operating Income depends on the Construction 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 Forbo Holding AG and its competitors. Forbo Holding AG's current Operating Income is CHF88 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Forbo Holding AG stock overvalued right now?

Based on GuruFocus' analysis, Forbo Holding AG (XSWX:FORN) is currently considered Modestly Undervalued. The stock's GF Value™ is CHF879.59, compared to a current price of CHF742.00 — trading 15.6% below its estimated fair value. The current Operating Income is CHF88 Mil. Forbo Holding AG's overall GF Score™ is 73/100 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 Forbo Holding AG (XSWX:FORN), the current Operating Income is CHF88 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 Forbo Holding AG (XSWX:FORN) Overvalued in 2026?

Based on GuruFocus' analysis, Forbo Holding AG stock appears to be undervalued. The current stock price of CHF742.00 is trading 15.6% below its estimated GF Value™ of CHF879.59. GuruFocus considers Forbo Holding AG to be Modestly Undervalued.

Key valuation signals for XSWX:FORN:

Operating Income: CHF88 Mil
GF Value™: CHF879.59 vs. price of CHF742.00 (15.6% below fair value)
GF Score™: 73/100 with 3 warning signs

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

Forbo Holding AG Business Description

Industry Industrials Construction

Comparable Companies XSWX:ZEHN XSWX:SWTQ XSWX:ARBN XSWX:DOKA TT JCI CARR XPAR:SGO TSE:6367 XSWX:GEBN LII MAIR DUB:KRX MAS CSL XSWX:BEAN WMS SPXC OC AAON

Other Exchanges FORNz:UK 0QKD:UK FOZN:Germany

Address Lindenstrasse 8, P.O. Box 1339, Baar, CHE, CH-6341

Website https://www.forbo.com

Forbo Holding AG manufactures and sells flooring and movement systems. The company organizes itself into two segments based on product type. The Flooring Systems segment, which generates the majority of revenue, sells commercial and residential floor coverings, entrance flooring systems, and building and construction flooring adhesives to the construction and remodeling industries. The Movement Systems segment sells conveyor and processing belts, plastic modular belts, power transmission belts, and flat modular belts, to the food, automotive, and fitness equipment industries. The majority of revenue comes from Europe, and also has its presence in Americas and Asia/Pacific and Africa.

73GF Score

Get the complete analysis for XSWX:FORN

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

CHF742.00

Price

CHF879.59

GF Value

View XSWX:FORN Analysis

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