Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario (BSP:PNDL11) Operating Margin %: -73.60% (As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BSP:PNDL11 Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario BSP:PNDL11
7 GF Score
Price R$160.00
GF Value R$642.80
! 2 Warning Signs
View Full Analysis

What is Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario Operating Margin %?

Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario BSP:PNDL11 7 Operating Margin % is -73.60% as of Dec. 2025. GuruFocus rates BSP:PNDL11 with a GF Score™ of 7/100 and a GF Value™ of R$642.80. The stock has 2 warning signs investors should review.

Operating Margin % is calculated as Operating Income divided by its Revenue. Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Income for the six months ended in Dec. 2025 was R$-1.05 Mil. Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Revenue for the six months ended in Dec. 2025 was R$1.43 Mil. Therefore, Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin % for the quarter that ended in Dec. 2025 was -73.60%.

The historical rank and industry rank for Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin % or its related term are showing as below:

BSP:PNDL11' s Operating Margin % Range Over the Past 10 Years
Min: -306.98   Med: -110.35   Max: 8.39
Current: -73.6


BSP:PNDL11's Operating Margin % is not ranked
in the REITs industry.
Industry Median: 52.73 vs BSP:PNDL11: -73.60

Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's 5-Year Average Operating Margin % Growth Rate was 0.00% per year.

Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Income for the six months ended in Dec. 2025 was R$-1.05 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was R$-1.05 Mil.


Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario  (BSP:PNDL11) Operating Margin % Explanation

Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.


Be Aware

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 (Diluted) 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.


Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario Operating Margin % Related Terms


Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario Operating Margin % Historical Data

* Premium members only.

The historical data trend for Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin % 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.

Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario Operating Margin % Chart

Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Operating Margin %
-147.10 8.39 -306.98 -73.60

Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Operating Margin % -147.10 8.39 -306.98 -73.60

BSP:PNDL11 vs VICI, WPC: Operating Margin % Comparison

For the REIT - Diversified subindustry, Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario Operating Margin % vs REITs Industry

For the REITs industry and Real Estate sector, Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin % distribution charts can be found below:

* The bar in red indicates where Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin % falls into.


BSP:PNDL11
7GF Score
Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario BSP:PNDL11
Operating Margin % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario Operating Margin % Calculation

Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.

Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as

Operating Margin %=Operating Income (A: Dec. 2025 ) / Revenue (A: Dec. 2025 )
=-1.051 / 1.428
=-73.60 %

Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario'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 )
=-1.051 / 1.428
=-73.60 %

* 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 Margin % →
What does a Operating Margin % of -73.60% mean?
Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario (BSP:PNDL11) has a Operating Margin % of -73.60% as of Dec. 2025. Operating margin is the ratio of total operating income to net sales. View historical data on Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario and its competitors.
Is Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin % too high?
Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's current Operating Margin % is -73.60%. Overall, Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin % compare to VICI and WPC?
Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's Operating Margin % of -73.60% can be compared against companies in the REITs industry. The industry median Operating Margin % is 52.73. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for a REITs company?
The median Operating Margin % among REITs companies is 52.73, based on 745 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % 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 Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario and its competitors. For the REITs industry, the median Operating Margin % is 52.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's current Operating Margin % is -73.60%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario stock overvalued right now?
Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario (BSP:PNDL11) has a current Operating Margin % of -73.60%. The stock's GF Value™ is R$642.80, compared to a current price of R$160.00 — trading 75.1% below its estimated fair value. The current Operating Margin % is -73.60%. Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario's overall GF Score™ is 7/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario (BSP:PNDL11), the current Operating Margin % is -73.60% 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 Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario (BSP:PNDL11) Overvalued in 2026?

Based on GuruFocus' analysis, Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario stock appears to be undervalued. The current stock price of R$160.00 is trading 75.1% below its estimated GF Value™ of R$642.80.

Key valuation signals for BSP:PNDL11:

  • Operating Margin %: -73.60%
  • GF Value™: R$642.80 vs. price of R$160.00 (75.1% below fair value)
  • GF Score™: 7/100 with 2 warning signs

No single metric tells the full story. See the BSP:PNDL11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario Business Description

Industry Real EstateREITs
Address RUA ALVES GUIMARAES 1.212 - 1212, PINHEIROS, SP, BRA, 5410002
Panorama Desenvolvimento Logistico - Fundo De Investimento Imobiliario is a real estate investment fund. The objective of this fund is the development (greenfield) or direct investment in real estate for subsequent sale or income generation, as well as in any real rights over the properties, or, alternatively, through indirect investment in real estate by acquiring real estate assets, as well as capital gains obtained from the purchase and sale of the properties or real estate assets.
7GF Score

Get the complete analysis for BSP:PNDL11

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

R$160.00
Price
R$642.80
GF Value