Cochlear (Cochlear) EBIT : $320 Mil (TTM As of Dec. 2023)

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What is Cochlear EBIT?

Cochlear's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2023 was $177 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2023 was $320 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Cochlear's annualized ROC % for the quarter that ended in Dec. 2023 was 17.47%. Cochlear's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 71.07%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Cochlear's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 2.23%.

Cochlear EBIT Historical Data

The historical data trend for Cochlear's EBIT 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.

Cochlear EBIT Chart

Cochlear Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

EBIT

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257.50

-179.85

288.76

282.78

272.48

Cochlear Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
EBIT	Get a 7-Day Free Trial															168.24	117.50	129.83	143.36	176.91

Competitive Comparison of Cochlear's EBIT

For the Medical Devices subindustry, Cochlear's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.

Cochlear's EV-to-EBIT Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Cochlear's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Cochlear's EV-to-EBIT falls into.

Cochlear EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT 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 $320 Mil.

Cochlear (OTCPK:CHEOY) EBIT Explanation

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

Cochlear'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 )
=	281.526 * ( 1 - 26.38% )	/	( (1169.664	+	1203.614)	/ 2 )
=	207.2594412	/	1186.639
=	17.47 %

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	))
=	1723.96	-	181.477	-	( 372.819	-	max(0, 387.919	-	913.758	+	372.819	))
=	1169.664

	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	))
=	1693.775	-	165.395	-	( 324.766	-	max(0, 346.319	-	888.487	+	324.766	))
=	1203.614

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:

Cochlear'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 )
=	353.816	/	( ( (300.134 + max(146.376, 0))	+	(305.154 + max(244.042, 0)) )	/	2 )
=	353.816	/	( ( 446.51	+	549.196 )	/	2 )
=	353.816	/	497.853
=	71.07 %

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)
=	(260.671	+	209.06	+	38.255)	-	(181.477	+	53.087	+	127.046)
=	146.376

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(298.394	+	215.194	+	50.133)	-	(165.395	+	14.257	+	140.027)
=	244.042

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. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Cochlear's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2023 )
	=	320.264	/	14342.341
	=	2.23 %

Cochlear EBIT Related Terms

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Cochlear (Cochlear) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Cochlear Ltd (OTCPK:CHEOY) » Definitions » EBIT

Comparable Companies

Traded in Other Exchanges

CHEOF:USA OC5:Germany COH:Australia

Address

1 University Avenue, Macquarie University, Sydney, NSW, AUS, 2109

Website

https://www.cochlear.com

Cochlear is the leading cochlear implant device manufacturer with around 60% global market share. Developed markets contribute 80% of group revenue where cochlear implants are the standard of care for children with severe to profound hearing loss. The company also actively targets the growing cohort of seniors in developed markets. Tender-oriented emerging markets contribute the remaining 20% of group revenue. Main products include cochlear implants, bone-anchored hearing aids, and associated sound processors. In fiscal 2020, 49% of revenue came from the Americas, 35% from Europe, the Middle East, and Africa, and 16% from the Asia-Pacific segment.