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The phrase "operating company" is correct and usable in written English.
You can use it when referring to a company that is actively taking part in the running of a business. For example, "The operating company is responsible for managing the daily operations of the business."
Exact(60)
Before seeking bankruptcy protection in September, Exodus was the world's largest Web site operating company.
Operating Company Investors.
In the first scenario (left side), a train operating company offers free passenger Wi-Fi.
The train operating company is penalised £50 per minute delay in service.
In the single service case, the train operating company pays most for the services provided by the integrator while this amount is spread among the service provider and the train operating company in the multi-service scenario.
Targets given by the operating company for anaerobic digestion include 900 m3 fermenter volume and 25 days substrate retention time.
Renfe says it and the track operating company Adif are collaborating with a judge appointed to investigate the accident.
Gaia, the operating company, for its part agreed to funnel investors the cash flow from 31 of its outlets.
Each regional Bell operating company (RBOC) was handed one of two initial licenses in its own service area.
The station is managed by Southeastern train operating company.
The operating company changed its name to Flytoget AS.
Related(20)
engaging company
maintaining company
functioning company
performance company
governance company
transaction company
functional company
farm company
computer company
exploitation company
business company
startup company
active company
management company
implement company
employment company
recharging company
administering company
capital company
operation company
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com