Pyramid AG (XTER:M3B0) Operating Income: €-12.40 Mil (TTM As of Dec. 2025)

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XTER:M3B0 Pyramid AG XTER:M3B0
38 GF Score
Price €1.41
GF Value €3.56
Valuation Possible Value Trap
! 3 Warning Signs
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What is Pyramid AG Operating Income?

Pyramid AG XTER:M3B0 38 Operating Income is €-12.40 Mil as of Dec. 2025. GuruFocus rates XTER:M3B0 with a GF Score™ of 38/100 and a GF Value™ of €3.56 (Possible Value Trap). The stock has 3 warning signs investors should review.

Pyramid AG's Operating Income for the six months ended in Dec. 2025 was €-11.61 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €-12.40 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Pyramid AG's Operating Income for the six months ended in Dec. 2025 was €-11.61 Mil. Pyramid AG's Revenue for the six months ended in Dec. 2025 was €33.70 Mil. Therefore, Pyramid AG's Operating Margin % for the quarter that ended in Dec. 2025 was -34.45%.

Pyramid 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. Pyramid AG's annualized ROC % for the quarter that ended in Dec. 2025 was -45.03%. Pyramid AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -133.71%.


Pyramid AG  (XTER:M3B0) Operating Income Explanation

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

Pyramid 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 )
=-23.22 * ( 1 - 0% )/( (59.982 + 43.146)/ 2 )
=-23.22/51.564
=-45.03 %

where

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:

Pyramid 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 )
=-24.334/( ( (5.096 + max(15.5, 0)) + (1.662 + max(14.139, 0)) )/ 2 )
=-24.334/( ( 20.596 + 15.801 )/ 2 )
=-24.334/18.1985
=-133.71 %

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)
=(4.759 + 20.105 + 4.363) - (9.581 + 0 + 4.146)
=15.5

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(5.384 + 14.826 + 3.67) - (7.306 + 0 + 2.435)
=14.139

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 %:

Pyramid 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 )
=-11.61/33.699
=-34.45 %

* 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.


Pyramid AG Operating Income Related Terms


Pyramid AG Operating Income Historical Data

* Premium members only.

The historical data trend for Pyramid 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.

Pyramid AG Operating Income Chart

Pyramid 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 -2.08 -9.11 -3.93 -1.36 -12.40

Pyramid 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 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 -5.50 -0.59 -0.77 -0.79 -11.61
XTER:M3B0
38GF Score
Pyramid AG XTER:M3B0
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Pyramid 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 €-12.40 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 €-12.40 Mil mean?
Pyramid AG (XTER:M3B0) has a Operating Income of €-12.40 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Pyramid AG and its competitors.
Is Pyramid AG's Operating Income too high?
Pyramid AG's current Operating Income is €-12.40 Mil. Overall, Pyramid AG has a GF Score™ of 38/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Pyramid AG's Operating Income compare to BLK and BX?
Pyramid AG's Operating Income of €-12.40 Mil can be compared against companies in the Asset Management 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 an Asset Management company?
A good Operating Income depends on the Asset Management 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 Pyramid AG and its competitors. Pyramid AG's current Operating Income is €-12.40 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pyramid AG stock overvalued right now?
Based on GuruFocus' analysis, Pyramid AG (XTER:M3B0) is currently considered Possible Value Trap. The stock's GF Value™ is €3.56, compared to a current price of €1.41 — trading 60.4% below its estimated fair value. The current Operating Income is €-12.40 Mil. Pyramid AG's overall GF Score™ is 38/100 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 Pyramid AG (XTER:M3B0), the current Operating Income is €-12.40 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 Pyramid AG (XTER:M3B0) Overvalued in 2026?

Based on GuruFocus' analysis, Pyramid AG stock appears to be undervalued. The current stock price of €1.41 is trading 60.4% below its estimated GF Value™ of €3.56. GuruFocus considers Pyramid AG to be Possible Value Trap.

Key valuation signals for XTER:M3B0:

  • Operating Income: €-12.40 Mil
  • GF Value™: €3.56 vs. price of €1.41 (60.4% below fair value)
  • GF Score™: 38/100 with 3 warning signs

No single metric tells the full story. See the XTER:M3B0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Pyramid AG Business Description

Other Exchanges M3B0:GermanyM3B0:Germany
Address Sendlinger-Tor-Platz 8, Munich, DEU, 80336
Pyramid AG Formerly mic AG is an investment company. It invests in young technology companies in the field of fiber optics, clean tech, software, microsystems and IT among others. The portfolio comprises of Aifotec AG, 3-Edge Gmbh, and FiSec Gmbh and among others. Its portfolio comprises of u-GPS Optics GmbH, a developer of a technology for three-dimensional (3D) optical measurements, Flores Solar Water GmbH, which develops a low-cost water treatment plant that uses solar thermal energy.
38GF Score

Get the complete analysis for XTER:M3B0

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

€1.41
Price
€3.56
GF Value