AIKCF (Aica Kogyo Co) Operating Income: $192 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

AIKCF Aica Kogyo Co Ltd AIKCF
88 GF Score
Price $23.69
GF Value $23.69
! 3 Warning Signs
View Full Analysis

What is Aica Kogyo Co Operating Income?

Aica Kogyo Co AIKCF 88 Operating Income is $192 Mil as of Mar. 2026. GuruFocus rates AIKCF with a GF Score™ of 88/100 and a GF Value™ of $23.69. The stock has 3 warning signs investors should review.

Aica Kogyo Co's Operating Income for the three months ended in Mar. 2026 was $45 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $192 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Aica Kogyo Co's Operating Income for the three months ended in Mar. 2026 was $45 Mil. Aica Kogyo Co's Revenue for the three months ended in Mar. 2026 was $413 Mil. Therefore, Aica Kogyo Co's Operating Margin % for the quarter that ended in Mar. 2026 was 10.79%.

Good Sign:

Aica Kogyo Co Ltd operating margin is expanding. Margin expansion is usually a good sign.

Aica Kogyo Co's 5-Year average Growth Rate for Operating Margin % was 3.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Aica Kogyo Co's annualized ROC % for the quarter that ended in Mar. 2026 was 7.45%. Aica Kogyo Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 16.00%.


Aica Kogyo Co  (OTCPK:AIKCF) Operating Income Explanation

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

Aica Kogyo Co's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=178.168 * ( 1 - 40.67% )/( (1376.551 + 1462.088)/ 2 )
=105.7070744/1419.3195
=7.45 %

where

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))
=1934.092 - 203.175 - ( 354.366 - max(0, 496.335 - 1227.566+354.366))
=1376.551

Invested Capital(Q: Mar. 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))
=2057.156 - 215.613 - ( 379.455 - max(0, 572.022 - 1218.11+379.455))
=1462.088

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

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

Aica Kogyo Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=157.344/( ( (469.39 + max(533.822, 0)) + (475.483 + max(488.34, 0)) )/ 2 )
=157.344/( ( 1003.212 + 963.823 )/ 2 )
=157.344/983.5175
=16.00 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(477.722 + 223.494 + 171.984) - (203.175 + 0 + 136.203)
=533.822

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(463.434 + 223.339 + 151.882) - (215.613 + 0 + 134.702)
=488.34

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

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

Aica Kogyo Co's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=44.542/412.931
=10.79 %

* 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.

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.


Aica Kogyo Co Operating Income Related Terms


Aica Kogyo Co Operating Income Historical Data

* Premium members only.

The historical data trend for Aica Kogyo Co'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.

Aica Kogyo Co Operating Income Chart

Aica Kogyo Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 171.62 153.83 168.80 183.90 183.68

Aica Kogyo Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income 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 41.68 43.77 47.51 55.99 44.54
AIKCF
88GF Score
Aica Kogyo Co Ltd AIKCF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Aica Kogyo Co 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 Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $192 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 Operating Income →
What does a Operating Income of $192 Mil mean?
Aica Kogyo Co (AIKCF) has a Operating Income of $192 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Aica Kogyo Co and its competitors.
Is Aica Kogyo Co's Operating Income too high?
Aica Kogyo Co's current Operating Income is $192 Mil. Overall, Aica Kogyo Co has a GF Score™ of 88/100, reflecting its overall financial health beyond just this single metric.
How does Aica Kogyo Co's Operating Income compare to HON and MMM?
Aica Kogyo Co's Operating Income of $192 Mil can be compared against companies in the Conglomerates industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Conglomerates company?
A good Operating Income depends on the Conglomerates industry context. However, Operating Income 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 Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Aica Kogyo Co and its competitors. Aica Kogyo Co's current Operating Income is $192 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aica Kogyo Co stock overvalued right now?
Aica Kogyo Co (AIKCF) has a current Operating Income of $192 Mil. The stock's GF Value™ is $23.69, compared to a current price of $23.69 — trading right at its estimated fair value. The current Operating Income is $192 Mil. Aica Kogyo Co's overall GF Score™ is 88/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Aica Kogyo Co (AIKCF), the current Operating Income is $192 Mil as of Mar. 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 Aica Kogyo Co (AIKCF) Overvalued in 2026?

Based on GuruFocus' analysis, Aica Kogyo Co stock appears to be undervalued. The current stock price of $23.69 is trading 0% below its estimated GF Value™ of $23.69.

Key valuation signals for AIKCF:

  • Operating Income: $192 Mil
  • GF Value™: $23.69 vs. price of $23.69 (0% below fair value)
  • GF Score™: 88/100 with 3 warning signs

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


Aica Kogyo Co Business Description

Other Exchanges 4206:JapanR5Y:Germany
Address 1-1 1-1 Meina Station, JP Tower Nagoya, 26th Floor, Aichi, JPN
Aica Kogyo Co Ltd is a Japanese manufacturing company. It operates its business in four segments which are Chemical Products, Specialty & Performance Materials, Laminated Sheets, and Building & Housing Materials. The company mainly provides adhesives, resin, melamine doors, wall coating materials, countertops, decorative panels, polyester panels and boards. It also provides solar batteries, lamps, and silicone materials.
88GF Score

Get the complete analysis for AIKCF

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

$23.69
Price
$23.69
GF Value