HashKey Holdings (FRA:QO1) Operating Margin %: -114.76% (As of Dec. 2025)

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FRA:QO1 HashKey Holdings Ltd FRA:QO1
11 GF Score
Price €0.26
! 5 Warning Signs
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What is HashKey Holdings Operating Margin %?

HashKey Holdings FRA:QO1 -0.68% 11 Operating Margin % is -114.76% as of Dec. 2025. GuruFocus rates FRA:QO1 with a GF Score™ of 11/100. The stock has 5 warning signs investors should review. Among 664 Capital Markets companies, HashKey Holdings ranks worse than 88.86% on this metric.

Operating Margin % is calculated as Operating Income divided by its Revenue. HashKey Holdings's Operating Income for the six months ended in Dec. 2025 was €-55.31 Mil. HashKey Holdings's Revenue for the six months ended in Dec. 2025 was €48.20 Mil. Therefore, HashKey Holdings's Operating Margin % for the quarter that ended in Dec. 2025 was -114.76%.

The historical rank and industry rank for HashKey Holdings's Operating Margin % or its related term are showing as below:

FRA:QO1' s Operating Margin % Range Over the Past 10 Years
Min: -296.28   Med: -201.25   Max: -117.12
Current: -139.25


FRA:QO1's Operating Margin % is ranked worse than
88.86% of 664 companies
in the Capital Markets industry
Industry Median: 8.295 vs FRA:QO1: -139.25

HashKey Holdings's 5-Year Average Operating Margin % Growth Rate was 0.00% per year.

HashKey Holdings's Operating Income for the six months ended in Dec. 2025 was €-55.31 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €-120.04 Mil.

Warning Sign:

HashKey Holdings Ltd has never been profitable in the past 3 years. It lost money every year.


HashKey Holdings  (FRA:QO1) 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.


HashKey Holdings Operating Margin % Related Terms


HashKey Holdings Operating Margin % Historical Data

* Premium members only.

The historical data trend for HashKey Holdings'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.

HashKey Holdings Operating Margin % Chart

HashKey Holdings Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Operating Margin %
-296.29 -257.20 -145.30 -117.12

HashKey Holdings Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Operating Margin % Get a 7-Day Free Trial -167.23 -120.26 -120.77 -114.76 -170.64

FRA:QO1 vs SPGI, CME, ICE: Operating Margin % Comparison

For the Financial Data & Stock Exchanges subindustry, HashKey Holdings'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.


HashKey Holdings Operating Margin % vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, HashKey Holdings's Operating Margin % distribution charts can be found below:

* The bar in red indicates where HashKey Holdings's Operating Margin % falls into.


FRA:QO1
11GF Score
HashKey Holdings Ltd FRA:QO1
Operating Margin % is just one metric. See GF Score™, valuation, warning signs, and more.
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HashKey Holdings 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.

HashKey Holdings'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 )
=-92.953 / 79.365
=-117.12 %

HashKey Holdings'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 )
=-55.312 / 48.197
=-114.76 %

* 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 -114.76% mean?
HashKey Holdings (FRA:QO1) has a Operating Margin % of -114.76% as of Dec. 2025. Operating margin is the ratio of total operating income to net sales. View historical data on HashKey Holdings and its competitors. According to the industry distribution chart, HashKey Holdings ranks #590 out of 664 companies in the Capital Markets industry, placing it in the top 88.9%.
Is HashKey Holdings' Operating Margin % too high?
HashKey Holdings' current Operating Margin % is -114.76%. Based on the distribution chart, HashKey Holdings ranks #590 out of 664 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, HashKey Holdings has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does HashKey Holdings' Operating Margin % compare to SPGI and CME?
According to the Capital Markets industry distribution chart, HashKey Holdings ranks #590 out of 664 companies for Operating Margin %. This places HashKey Holdings in the lower half of its industry. The industry median Operating Margin % is 8.30. 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 Capital Markets company?
The median Operating Margin % among Capital Markets companies is 8.30, based on 664 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 HashKey Holdings and its competitors. For the Capital Markets industry, the median Operating Margin % is 8.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. HashKey Holdings's current Operating Margin % is -114.76%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HashKey Holdings stock overvalued right now?
HashKey Holdings (FRA:QO1) has a current Operating Margin % of -114.76%. The current Operating Margin % is -114.76%. HashKey Holdings' overall GF Score™ is 11/100 with 5 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 HashKey Holdings (FRA:QO1), the current Operating Margin % is -114.76% 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.

HashKey Holdings Business Description

Other Exchanges 03887:Hong Kong
Address 8 Connaught Place, 14th Floor, Three Exchange Square, Central, Hong Kong, HKG
HashKey Holdings Ltd is an investment holding company, principally engaged in digital asset exchange custody, asset management, and related blockchain infrastructure services. The Group's business includes licensed digital asset trading platforms, brokerage services, custody solutions, asset management products, and technology services provided to institutional and professional clients. The company's business segments are: Transaction facilitation services, On-chain services, and Asset management services. It derived the majority of revenue from the Transaction facilitation services segment, covering digital asset exchange services, brokerage services, and custody services. Geographically, it derived the maximum revenue from Hong Kong.
11GF Score

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

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