Zehnder Group AG (XSWX:ZEHN) Operating Income: CHF57.3 Mil (TTM As of Jun. 2026)

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XSWX:ZEHN Zehnder Group AG XSWX:ZEHN
76 GF Score
Price CHF63.50
GF Value CHF58.59
Valuation Fairly Valued
! 2 Warning Signs
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What is Zehnder Group AG Operating Income?

Zehnder Group AG XSWX:ZEHN 76 Operating Income is CHF57.3 Mil as of Jun. 2026. GuruFocus rates XSWX:ZEHN with a GF Score™ of 76/100 and a GF Value™ of CHF58.59 (Fairly Valued). The stock has 2 warning signs investors should review.

Zehnder Group AG's Operating Income for the six months ended in Jun. 2026 was CHF29.7 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was CHF57.3 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Zehnder Group AG's Operating Income for the six months ended in Jun. 2026 was CHF29.7 Mil. Zehnder Group AG's Revenue for the six months ended in Jun. 2026 was CHF363.6 Mil. Therefore, Zehnder Group AG's Operating Margin % for the quarter that ended in Jun. 2026 was 8.15%.

Warning Sign:

Zehnder Group AG operating margin has been in a 5-year decline. The average rate of decline per year is -5.5%.

Zehnder Group AG's 5-Year average Growth Rate for Operating Margin % was -5.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Zehnder Group AG's annualized ROC % for the quarter that ended in Jun. 2026 was 12.37%. Zehnder Group AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 30.19%.


Zehnder Group AG  (XSWX:ZEHN) Operating Income Explanation

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

Zehnder Group AG's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=59.302 * ( 1 - 25.39% )/( (345.914 + 369.631)/ 2 )
=44.2452222/357.7725
=12.37 %

where

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))
=426.444 - 43.204 - ( 37.326 - max(0, 153.128 - 238.977+37.326))
=345.914

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

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

Zehnder Group AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=59.302/( ( (162.086 + max(24.448, 0)) + (158.939 + max(47.332, 0)) )/ 2 )
=59.302/( ( 186.534 + 206.271 )/ 2 )
=59.302/196.4025
=30.19 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(97.606 + 78.29 + 1.68) - (43.204 + 0 + 109.924)
=24.448

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(119.158 + 82.6 + 1.474) - (42.543 + 0 + 113.357)
=47.332

When net working capital is negative, 0 is used.

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

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

Zehnder Group AG's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=29.651/363.645
=8.15 %

* 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.


Zehnder Group AG Operating Income Related Terms


Zehnder Group AG Operating Income Historical Data

* Premium members only.

The historical data trend for Zehnder Group 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.

Zehnder Group AG Operating Income Chart

Zehnder Group AG Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 70.66 70.27 57.15 34.26 58.14

Zehnder Group AG Semi-Annual Data
Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
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 12.03 22.59 30.67 27.62 29.65
XSWX:ZEHN
76GF Score
Zehnder Group AG XSWX:ZEHN
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Zehnder Group 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 Jun. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was CHF57.3 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 CHF57.3 Mil mean?
Zehnder Group AG (XSWX:ZEHN) has a Operating Income of CHF57.3 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Zehnder Group AG and its competitors.
Is Zehnder Group AG's Operating Income too high?
Zehnder Group AG's current Operating Income is CHF57.3 Mil. Overall, Zehnder Group AG has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Zehnder Group AG's Operating Income compare to TT and JCI?
Zehnder Group AG's Operating Income of CHF57.3 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 Zehnder Group AG and its competitors. Zehnder Group AG's current Operating Income is CHF57.3 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zehnder Group AG stock overvalued right now?
Based on GuruFocus' analysis, Zehnder Group AG (XSWX:ZEHN) is currently considered Fairly Valued. The stock's GF Value™ is CHF58.59, compared to a current price of CHF63.50 — trading 8.4% above its estimated fair value. The current Operating Income is CHF57.3 Mil. Zehnder Group AG's overall GF Score™ is 76/100 with 2 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 Zehnder Group AG (XSWX:ZEHN), the current Operating Income is CHF57.3 Mil as of Jun. 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 Zehnder Group AG (XSWX:ZEHN) Overvalued in 2026?

Based on GuruFocus' analysis, Zehnder Group AG stock appears to be overvalued. The current stock price of CHF63.50 is trading 8.4% above its estimated GF Value™ of CHF58.59. GuruFocus considers Zehnder Group AG to be Fairly Valued.

Key valuation signals for XSWX:ZEHN:

  • Operating Income: CHF57.3 Mil
  • GF Value™: CHF58.59 vs. price of CHF63.50 (8.4% above fair value)
  • GF Score™: 76/100 with 2 warning signs

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


Zehnder Group AG Business Description

Other Exchanges ZEHNz:UK0R6S:UKZEH2:Germany
Address Moortalstrasse 1, Granichen, CHE, 5722
Zehnder Group AG is an indoor climate system supplier. The products and services of the Group include heating, cooling, indoor ventilation, and air cleaning. The business activity of the company functions through Europe, China, and North America. The company has two segments, Ventilation and Radiators. The ventilation segment covers the three product lines for ventilation, heat exchangers, and clean air solutions, and generates maximum revenue. The radiator segment contains two product lines: radiators and climate ceilings. The company generates revenue from the EMEA (Europe, the Middle East, and Africa) Region.
76GF Score

Get the complete analysis for XSWX:ZEHN

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

CHF63.50
Price
CHF58.59
GF Value