DAFVF (Daiwa Office Investment) Operating Income: $110.1 Mil (TTM As of Nov. 2025)

What is Daiwa Office Investment Operating Income?

Daiwa Office Investment DAFVF 62 Operating Income is $110.1 Mil as of Nov. 2025. GuruFocus rates DAFVF with a GF Score™ of 62/100 and a GF Value™ of $1,579.97. The stock has 4 warning signs investors should review.

Daiwa Office Investment's Operating Income for the six months ended in Nov. 2025 was $55.4 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Nov. 2025 was $110.1 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Daiwa Office Investment's Operating Income for the six months ended in Nov. 2025 was $55.4 Mil. Daiwa Office Investment's Revenue for the six months ended in Nov. 2025 was $103.5 Mil. Therefore, Daiwa Office Investment's Operating Margin % for the quarter that ended in Nov. 2025 was 53.52%.

Daiwa Office Investment's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Daiwa Office Investment's annualized ROC % for the quarter that ended in Nov. 2025 was 3.46%. Daiwa Office Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Nov. 2025 was 3.64%.

Daiwa Office Investment (OTCPK:DAFVF) Operating Income Explanation

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

Daiwa Office Investment's annualized ROC % for the quarter that ended in Nov. 2025 is calculated as:

	ROC % (Q: Nov. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: May. 2025 )	+	Invested Capital (Q: Nov. 2025 ))	/ count )
=	110.784 * ( 1 - 0.01% )	/	( (3312.87	+	3094.943)	/ 2 )
=	110.7729216	/	3203.9065
=	3.46 %

where

	Invested Capital		(Q: May. 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	))
=	3394.649	-	16.851	-	( 225.758	-	max(0, 192.345	-	257.273	+	225.758	))
=	3312.87

	Invested Capital		(Q: Nov. 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	))
=	3147.599	-	15.447	-	( 186.767	-	max(0, 179.916	-	217.125	+	186.767	))
=	3094.943

Note: The Operating Income data used here is two times the semi-annual (Nov. 2025) data.

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

Daiwa Office Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Nov. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Nov. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: May. 2025		Q: Nov. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	108.88	/	( ( (3102.795 + max(-7.596, 0))	+	(2873.679 + max(-5.173, 0)) )	/	2 )
=	108.88	/	( ( 3102.795	+	2873.679 )	/	2 )
=	108.88	/	2988.237
=	3.64 %

where Working Capital is:

	Working Capital		(Q: May. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.682	+	0	+	30.833)	-	(16.851	+	0	+	22.26)
=	-7.596

	Working Capital		(Q: Nov. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.677	+	0	+	29.681)	-	(15.447	+	0	+	20.084)
=	-5.173

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Nov. 2025) EBIT data.

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

Daiwa Office Investment's Operating Margin % for the quarter that ended in Nov. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Nov. 2025 )	/	Revenue (Q: Nov. 2025 )
	=	55.392	/	103.496
	=	53.52 %

* 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.

Daiwa Office Investment Operating Income Related Terms

Daiwa Office Investment Operating Income Historical Data

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The historical data trend for Daiwa Office Investment's Operating Income can be seen below:

Daiwa Office Investment Operating Income Chart

Daiwa Office Investment Annual Data

Trend

Nov15

Nov16

Nov17

Nov18

Nov19

Nov20

Nov21

Nov22

Nov23

Nov24

Operating Income

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143.95

135.91

105.21

96.30

96.58

Daiwa Office Investment Semi-Annual Data
	May16	Nov16	May17	Nov17	May18	Nov18	May19	Nov19	May20	Nov20	May21	Nov21	May22	Nov22	May23	Nov23	May24	Nov24	May25	Nov25
Operating Income	Get a 7-Day Free Trial															45.08	44.09	51.87	54.68	55.39

62GF Score

Daiwa Office Investment Corp DAFVF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Daiwa Office Investment 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 Nov. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $110.1 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $110.1 Mil mean?

Daiwa Office Investment (DAFVF) has a Operating Income of $110.1 Mil as of Nov. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Daiwa Office Investment and its competitors.

Is Daiwa Office Investment's Operating Income too high?

Daiwa Office Investment's current Operating Income is $110.1 Mil. Overall, Daiwa Office Investment has a GF Score™ of 62/100, reflecting its overall financial health beyond just this single metric.

How does Daiwa Office Investment's Operating Income compare to BXP and ARE?

Daiwa Office Investment's Operating Income of $110.1 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 Operating Income for a REITs company?

A good Operating Income depends on the REITs 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 Daiwa Office Investment and its competitors. Daiwa Office Investment's current Operating Income is $110.1 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Daiwa Office Investment stock overvalued right now?

Daiwa Office Investment (DAFVF) has a current Operating Income of $110.1 Mil. The stock's GF Value™ is $1,579.97, compared to a current price of $1,500.00 — trading 5.1% below its estimated fair value. The current Operating Income is $110.1 Mil. Daiwa Office Investment's overall GF Score™ is 62/100 with 4 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 Daiwa Office Investment (DAFVF), the current Operating Income is $110.1 Mil as of Nov. 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 Daiwa Office Investment (DAFVF) Overvalued in 2026?

Based on GuruFocus' analysis, Daiwa Office Investment stock appears to be undervalued. The current stock price of $1,500.00 is trading 5.1% below its estimated GF Value™ of $1,579.97.

Key valuation signals for DAFVF:

Operating Income: $110.1 Mil
GF Value™: $1,579.97 vs. price of $1,500.00 (5.1% below fair value)
GF Score™: 62/100 with 4 warning signs

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

Daiwa Office Investment Business Description

Industry Real Estate REITs

Comparable Companies TSE:3295 TSE:8987 TSE:3296 TSE:8975 TSE:8958 TSE:8954 TSE:3290 TSE:2972 TSE:8952 TSE:8951 XMAD:MRL BXP ARE VNO XPAR:GFC SGX:N2IU CUZ KRC ASX:DXS SGX:AJBU

Other Exchanges 8976:Japan

Address 6-2-1 Ginza, Chuo-ku, Tokyo, JPN

Website https://www.daiwa-office.co.jp

Daiwa Office Investment Corp is a real estate investment trust focused on acquiring, managing, and leasing office properties located in the Five Central Wards of Tokyo. The vast majority of the company's real estate portfolio is composed of office buildings fairly evenly distributed between Tokyo's Five Central Wards in terms of total value. Daiwa derives nearly all of its income in the form of rental revenue from leasing its properties. The firm has a varied tenant base from a number of industries, including the entertainment, retail, insurance, and food and beverage companies.

62GF Score

Get the complete analysis for DAFVF

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

$1,500.00

Price

$1,579.97

GF Value

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