Tokaido REIT (TSE:2989) EBIT: 円2,536 Mil (TTM As of Jan. 2026)


TSE:2989 Tokaido REIT Inc TSE:2989
48 GF Score
Price 円102,800.00
GF Value 円129,417.27
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Tokaido REIT EBIT?

Tokaido REIT TSE:2989 +0.49% 48 EBIT is 円2,536 Mil as of Jan. 2026. GuruFocus rates TSE:2989 with a GF Score™ of 48/100 and a GF Value™ of 円129,417.27 (Modestly Undervalued). The stock has 4 warning signs investors should review.

Tokaido REIT's earnings before interest and taxes (EBIT) for the six months ended in Jan. 2026 was 円1,264 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Jan. 2026 was 円2,536 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Tokaido REIT's annualized ROC % for the quarter that ended in Jan. 2026 was 3.56%. Tokaido REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 was 4.01%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Tokaido REIT's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Jan. 2026 was 3.56%.

Tokaido REIT  (TSE:2989) EBIT Explanation

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

Tokaido REIT's annualized ROC % for the quarter that ended in Jan. 2026 is calculated as:

ROC % (Q: Jan. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jul. 2025 ) + Invested Capital (Q: Jan. 2026 ))/ count )
=2604.722 * ( 1 - 0.08% )/( (69606.452 + 76463.607)/ 2 )
=2602.6382224/73035.0295
=3.56 %

where

Invested Capital(Q: Jul. 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))
=67897.192 - 425.35 - ( 1805.022 - max(0, 6546.783 - 4412.173+1805.022))
=69606.452

Invested Capital(Q: Jan. 2026 )
=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))
=67921.241 - 463.488 - ( 878.403 - max(0, 12480.279 - 3474.425+878.403))
=76463.607

Note: The Operating Income data used here is two times the semi-annual (Jan. 2026) data.

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

Tokaido REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jan. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jul. 2025  Q: Jan. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2528.998/( ( (60986.918 + max(1860.368, 0)) + (61477.032 + max(1815.743, 0)) )/ 2 )
=2528.998/( ( 62847.286 + 63292.775 )/ 2 )
=2528.998/63070.0305
=4.01 %

where Working Capital is:

Working Capital(Q: Jul. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(70.279 + 0 + 2536.872) - (425.35 + 0 + 321.433)
=1860.368

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(66.296 + 0 + 2529.726) - (463.488 + 0 + 316.791)
=1815.743

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Jan. 2026) EBIT data.

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

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

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Jan. 2026 )
=2535.916/71292.315
=3.56 %

* 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.

Tokaido REIT EBIT Related Terms

Tokaido REIT EBIT Historical Data

* Premium members only.

The historical data trend for Tokaido REIT'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.

Tokaido REIT EBIT Chart

Tokaido REIT Annual Data
Trend Jul21 Jan22 Jul23 Jul24 Jul25
EBIT
0.00 488.51 1,494.84 1,906.44 2,329.09

Tokaido REIT Semi-Annual Data
Jul21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only 890.70 1,015.74 1,057.68 1,271.42 1,264.50

TSE:2989 vs VICI, WPC: EBIT Comparison

For the REIT - Diversified subindustry, Tokaido REIT'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.

Tokaido REIT EV-to-EBIT vs REITs Industry

For the REITs industry and Real Estate sector, Tokaido REIT's EV-to-EBIT distribution charts can be found below:

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


TSE:2989
48GF Score
Tokaido REIT Inc TSE:2989
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tokaido REIT 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 Jan. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was 円2,536 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 円2,536 Mil mean?
Tokaido REIT (TSE:2989) has a EBIT of 円2,536 Mil as of Jan. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Tokaido REIT.
Is Tokaido REIT's EBIT too high?
Tokaido REIT's current EBIT is 円2,536 Mil. Overall, Tokaido REIT has a GF Score™ of 48/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tokaido REIT's EBIT compare to VICI and WPC?
Tokaido REIT's EBIT of 円2,536 Mil can be compared against companies in the REITs 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 REITs company?
A good EBIT depends on the REITs 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 Tokaido REIT. Tokaido REIT's current EBIT is 円2,536 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tokaido REIT stock overvalued right now?
Based on GuruFocus' analysis, Tokaido REIT (TSE:2989) is currently considered Modestly Undervalued. The stock's GF Value™ is 円129,417.27, compared to a current price of 円102,800.00 — trading 20.6% below its estimated fair value. The current EBIT is 円2,536 Mil. Tokaido REIT's overall GF Score™ is 48/100 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 Tokaido REIT (TSE:2989), the current EBIT is 円2,536 Mil as of Jan. 2026. 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 Tokaido REIT (TSE:2989) Overvalued in 2026?

Based on GuruFocus' analysis, Tokaido REIT stock appears to be undervalued. The current stock price of 円102,800.00 is trading 20.6% below its estimated GF Value™ of 円129,417.27. GuruFocus considers Tokaido REIT to be Modestly Undervalued.

Key valuation signals for TSE:2989:

  • EBIT: 円2,536 Mil
  • GF Value™: 円129,417.27 vs. price of 円102,800.00 (20.6% below fair value)
  • GF Score™: 48/100 with 4 warning signs

No single metric tells the full story. See the TSE:2989 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tokaido REIT Business Description

Industry Real EstateREITs
Address 2-14-3 Nagatacho, Chiyoda-ku, Tokyo, JPN, 100-0014
Tokaido REIT Inc is a real estate investment trust that focuses on the Tokaido area, mainly Shizuoka, Aichi, and Mie prefectures. Its Investment targets are divided into two types including "Industrial infrastructure assets" targeting logistics facilities and office buildings, and "Living infrastructure assets" for residential and commercial facilities.
48GF Score

Get the complete analysis for TSE:2989

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

円102,800.00
Price
円129,417.27
GF Value