Topkey (TPE:4536) EBIT: NT$1,969 Mil (TTM As of Dec. 2025)


TPE:4536 Topkey Corp TPE:4536
85 GF Score
Price NT$166.00
GF Value NT$175.89
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is Topkey EBIT?

Topkey TPE:4536 +0.91% 85 EBIT is NT$1,969 Mil as of Dec. 2025. GuruFocus rates TPE:4536 with a GF Score™ of 85/100 and a GF Value™ of NT$175.89 (Fairly Valued). The stock has 4 warning signs investors should review.

Topkey's earnings before interest and taxes (EBIT) for the three months ended in Dec. 2025 was NT$295 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was NT$1,969 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Topkey's annualized ROC % for the quarter that ended in Dec. 2025 was 11.05%. Topkey's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 18.72%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Topkey's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 16.88%.


Topkey  (TPE:4536) EBIT Explanation

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

Topkey's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=797.616 * ( 1 - 0% )/( (7205.267 + 7234.135)/ 2 )
=797.616/7219.701
=11.05 %

where

Invested Capital(Q: Sep. 2025 )
=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))
=13632.218 - 1087.657 - ( 5339.294 - max(0, 2674.425 - 8501.322+5339.294))
=7205.267

Invested Capital(Q: Dec. 2025 )
=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))
=13986.521 - 1249.895 - ( 5502.491 - max(0, 2568.141 - 8728.526+5502.491))
=7234.135

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

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

Topkey's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1180.924/( ( (4995.669 + max(1284.124, 0)) + (5143.759 + max(1191.912, 0)) )/ 2 )
=1180.924/( ( 6279.793 + 6335.671 )/ 2 )
=1180.924/6307.732
=18.72 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1863.961 + 987.888 + 267.062) - (1087.657 + 0 + 747.13)
=1284.124

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1561.712 + 1363.488 + 246.497) - (1249.895 + 0 + 729.89)
=1191.912

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

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

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

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=1968.8/11664.690
=16.88 %

* 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.


Topkey EBIT Related Terms


Topkey EBIT Historical Data

* Premium members only.

The historical data trend for Topkey'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.

Topkey EBIT Chart

Topkey Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,489.45 3,265.46 2,091.19 2,496.14 1,968.80

Topkey Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 812.52 593.10 514.21 566.26 295.23

TPE:4536 vs AS, HAS, LTH: EBIT Comparison

For the Leisure subindustry, Topkey'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.


Topkey EV-to-EBIT vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Topkey's EV-to-EBIT distribution charts can be found below:

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


TPE:4536
85GF Score
Topkey Corp TPE:4536
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Topkey 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. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was NT$1,969 Mil.

* 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 EBIT →
What does a EBIT of NT$1,969 Mil mean?
Topkey (TPE:4536) has a EBIT of NT$1,969 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Topkey.
Is Topkey's EBIT too high?
Topkey's current EBIT is NT$1,969 Mil. Overall, Topkey has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Topkey's EBIT compare to AS and HAS?
Topkey's EBIT of NT$1,969 Mil can be compared against companies in the Travel & Leisure industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Travel & Leisure company?
A good EBIT depends on the Travel & Leisure industry context. However, EBIT 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 EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Topkey. Topkey's current EBIT is NT$1,969 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Topkey stock overvalued right now?
Based on GuruFocus' analysis, Topkey (TPE:4536) is currently considered Fairly Valued. The stock's GF Value™ is NT$175.89, compared to a current price of NT$166.00 — trading 5.6% below its estimated fair value. The current EBIT is NT$1,969 Mil. Topkey's overall GF Score™ is 85/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Topkey (TPE:4536), the current EBIT is NT$1,969 Mil 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 Topkey (TPE:4536) Overvalued in 2026?

Based on GuruFocus' analysis, Topkey stock appears to be undervalued. The current stock price of NT$166.00 is trading 5.6% below its estimated GF Value™ of NT$175.89. GuruFocus considers Topkey to be Fairly Valued.

Key valuation signals for TPE:4536:

  • EBIT: NT$1,969 Mil
  • GF Value™: NT$175.89 vs. price of NT$166.00 (5.6% below fair value)
  • GF Score™: 85/100 with 4 warning signs

No single metric tells the full story. See the TPE:4536 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Topkey Business Description

Address No. 18, 20th Road, Industrial Park, Taichung, TWN
Topkey Corp is mainly engaged in the production, processing, sale, international trading, and agency services of sporting goods, carbon fiber products, glass fiber products, and composite materials. Revenue from the sales of goods comes from the sales of sporting goods which accounts for the majority of the company's revenue, aviation products, and medical products. Revenue from the rendering of services comes from professional labor services. The company operates in Asia which is also its key revenue-generating market, Europe, America, and other regions.
85GF Score

Get the complete analysis for TPE:4536

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

NT$166.00
Price
NT$175.89
GF Value