Partners Group Holding AG (XSWX:PGHN) Operating Income : CHF1,193 Mil (TTM As of Dec. 2023)

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What is Partners Group Holding AG Operating Income?

Partners Group Holding AG's Operating Income for the six months ended in Dec. 2023 was CHF549 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was CHF1,193 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Partners Group Holding AG's Operating Income for the six months ended in Dec. 2023 was CHF549 Mil. Partners Group Holding AG's Revenue for the six months ended in Dec. 2023 was CHF841 Mil. Therefore, Partners Group Holding AG's Operating Margin % for the quarter that ended in Dec. 2023 was 65.27%.

Warning Sign:

Partners Group Holding AG operating margin has been in a 5-year decline. The average rate of decline per year is -1.1%.

Partners Group Holding AG's 5-Year average Growth Rate for Operating Margin % was -1.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Partners Group Holding AG's annualized ROC % for the quarter that ended in Dec. 2023 was 22.64%. Partners Group Holding AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 264.94%.

Partners Group Holding AG Operating Income Historical Data

The historical data trend for Partners Group Holding 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.

* Premium members only.

Partners Group Holding AG Operating Income Chart

Partners Group Holding AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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1,007.60

885.40

1,650.40

1,131.70

1,192.70

Partners Group Holding AG Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Operating Income	Get a 7-Day Free Trial															948.60	569.90	561.80	643.90	548.80

Partners Group Holding 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. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was CHF1,193 Mil.

Partners Group Holding AG (XSWX:PGHN) Operating Income Explanation

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

Partners Group Holding AG's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	1097.6 * ( 1 - 17.47% )	/	( (3618.9	+	4383.4)	/ 2 )
=	905.84928	/	4001.15
=	22.64 %

where

	Invested Capital		(Q: Jun. 2023 )
=	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	))
=	4131	-	149.2	-	( 362.9	-	max(0, 756.1	-	2294.7	+	362.9	))
=	3618.9

	Invested Capital		(Q: Dec. 2023 )
=	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	))
=	4804.5	-	140.1	-	( 281	-	max(0, 1092	-	3067.9	+	281	))
=	4383.4

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

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

Partners Group Holding AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1114.6	/	( ( (404.5 + max(-124.7, 0))	+	(436.9 + max(-23.2, 0)) )	/	2 )
=	1114.6	/	( ( 404.5	+	436.9 )	/	2 )
=	1114.6	/	420.7
=	264.94 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(242.4	+	0	+	9.5999999999999)	-	(149.2	+	0	+	227.5)
=	-124.7

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(164.1	+	0	+	350.5)	-	(140.1	+	0	+	397.7)
=	-23.2

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

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

Partners Group Holding AG's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	548.8	/	840.8
	=	65.27 %

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.

Partners Group Holding AG Operating Income Related Terms

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Partners Group Holding AG (XSWX:PGHN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Partners Group Holding AG (XSWX:PGHN) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

PGPHF:USA PGHN:Mexico PGHNz:UK

Address

Zugerstrasse 57, Baar, Zug, CHE, 6341

Website

https://www.partnersgroup.com

Partners Group Holding AG is a publicly-traded, private-market investment group with worldwide operations, primarily in North America and Europe. The company's investments originate mostly from its private equity, private debt, private real estate, and private infrastructure deal flow. Partners Group emphasizes a high hurdle in its selectivity rate. The company seeks to identify a diverse set of high-quality assets that are best positioned to benefit from sectoral and transformative growth trends across regions. It also takes an active role in supporting its investment acquisitions in executing their respective strategies, often through industry collaboration.

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