LEM Holding (XSWX:LEHN) Operating Income: CHF26.2 Mil (TTM As of Mar. 2026)

What is LEM Holding Operating Income?

LEM Holding XSWX:LEHN -3.17% 65 Operating Income is CHF26.2 Mil as of Mar. 2026. GuruFocus rates XSWX:LEHN with a GF Score™ of 65/100 and a GF Value™ of CHF823.07 (Significantly Undervalued). The stock has 6 warning signs investors should review.

LEM Holding's Operating Income for the six months ended in Mar. 2026 was CHF13.4 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was CHF26.2 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. LEM Holding's Operating Income for the six months ended in Mar. 2026 was CHF13.4 Mil. LEM Holding's Revenue for the six months ended in Mar. 2026 was CHF139.4 Mil. Therefore, LEM Holding's Operating Margin % for the quarter that ended in Mar. 2026 was 9.62%.

Warning Sign:

LEM Holding SA operating margin has been in a 5-year decline. The average rate of decline per year is -18.4%.

LEM Holding's 5-Year average Growth Rate for Operating Margin % was -18.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. LEM Holding's annualized ROC % for the quarter that ended in Mar. 2026 was 3.17%. LEM Holding's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 13.45%.

LEM Holding (XSWX:LEHN) Operating Income Explanation

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

LEM Holding's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	26.81 * ( 1 - 68.07% )	/	( (279.636	+	259.862)	/ 2 )
=	8.560433	/	269.749
=	3.17 %

where

	Invested Capital		(Q: Sep. 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	))
=	325.407	-	25.344	-	( 20.427	-	max(0, 102.105	-	153.204	+	20.427	))
=	279.636

	Invested Capital		(Q: Mar. 2026 )
=	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	))
=	318.488	-	23.212	-	( 35.414	-	max(0, 94.75	-	157.525	+	35.414	))
=	259.862

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

LEM Holding's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	23.332	/	( ( (107.132 + max(76.964, 0))	+	(101.259 + max(61.705, 0)) )	/	2 )
=	23.332	/	( ( 184.096	+	162.964 )	/	2 )
=	23.332	/	173.53
=	13.45 %

where Working Capital is:

	Working Capital		(Q: Sep. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(67.989	+	51.996	+	12.792)	-	(25.344	+	0	+	30.469)
=	76.964

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(57.755	+	50.347	+	8.557)	-	(23.212	+	0	+	31.742)
=	61.705

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

LEM Holding's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	13.405	/	139.417
	=	9.62 %

* 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.

LEM Holding Operating Income Related Terms

LEM Holding Operating Income Historical Data

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

LEM Holding Operating Income Chart

LEM Holding Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Operating Income

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88.36

92.18

81.06

26.76

26.23

LEM Holding Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Operating Income	Get a 7-Day Free Trial															29.39	14.18	12.58	12.82	13.41

65GF Score

LEM Holding SA XSWX:LEHN

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

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LEM Holding 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 Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was CHF26.2 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of CHF26.2 Mil mean?

LEM Holding (XSWX:LEHN) has a Operating Income of CHF26.2 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on LEM Holding and its competitors.

Is LEM Holding's Operating Income too high?

LEM Holding's current Operating Income is CHF26.2 Mil. Overall, LEM Holding has a GF Score™ of 65/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does LEM Holding's Operating Income compare to APH and GLW?

LEM Holding's Operating Income of CHF26.2 Mil can be compared against companies in the Hardware 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 Hardware company?

A good Operating Income depends on the Hardware 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 LEM Holding and its competitors. LEM Holding's current Operating Income is CHF26.2 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is LEM Holding stock overvalued right now?

Based on GuruFocus' analysis, LEM Holding (XSWX:LEHN) is currently considered Significantly Undervalued. The stock's GF Value™ is CHF823.07, compared to a current price of CHF413.00 — trading 49.8% below its estimated fair value. The current Operating Income is CHF26.2 Mil. LEM Holding's overall GF Score™ is 65/100 with 6 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 LEM Holding (XSWX:LEHN), the current Operating Income is CHF26.2 Mil as of Mar. 2026. 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 LEM Holding (XSWX:LEHN) Overvalued in 2026?

Based on GuruFocus' analysis, LEM Holding stock appears to be undervalued. The current stock price of CHF413.00 is trading 49.8% below its estimated GF Value™ of CHF823.07. GuruFocus considers LEM Holding to be Significantly Undervalued.

Key valuation signals for XSWX:LEHN:

Operating Income: CHF26.2 Mil
GF Value™: CHF823.07 vs. price of CHF413.00 (49.8% below fair value)
GF Score™: 65/100 with 6 warning signs

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

LEM Holding Business Description

Industry Technology Hardware

Comparable Companies XSWX:CICN APH GLW TPE:2308 TSE:6981 TPE:2317 XKRX:009150 SZSE:002475 SZSE:002384 TPE:2327 SHSE:600183 TPE:2383 TEL FLEX TPE:3037 SZSE:300476 SZSE:300408 SZSE:001399 SZSE:002916 SHSE:688802

Other Exchanges LEHNz:UK 0QKB:UK

Address Route du Nant-d’Avril 152, Meyrin, CHE, 1217

Website https://www.lem.com

LEM Holding SA develops electrical measurement solutions for energy and mobility applications. Its products are used in customer systems for measurement, monitoring, and control purposes. Its product portfolio includes Energy meters, Rogowski coils, Voltage sensors, Current sensors, and Integrated current sensors. The company's operations are organized in two reportable segments, namely, i) Region of Asia which includes China, Japan, South Korea, India, Southeast Asia; ii) Region of Europe/Americas which includes Europe, the Middle East, Africa, NAFTA and Latin America. The majority of revenue is derived from the Asia segment.

65GF Score

Get the complete analysis for XSWX:LEHN

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

CHF413.00

Price

CHF823.07

GF Value

View XSWX:LEHN Analysis

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