Kokusai Electric (FRA:69B) Operating Income: €238 Mil (TTM As of Mar. 2026)

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FRA:69B Kokusai Electric Corp FRA:69B
32 GF Score
Price €46.00
GF Value €22.77
Valuation Significantly Overvalued
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What is Kokusai Electric Operating Income?

Kokusai Electric FRA:69B -6.12% 32 Operating Income is €238 Mil as of Mar. 2026. GuruFocus rates FRA:69B with a GF Score™ of 32/100 and a GF Value™ of €22.77 (Significantly Overvalued).

Kokusai Electric's Operating Income for the three months ended in Mar. 2026 was €51 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €238 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Kokusai Electric's Operating Income for the three months ended in Mar. 2026 was €51 Mil. Kokusai Electric's Revenue for the three months ended in Mar. 2026 was €338 Mil. Therefore, Kokusai Electric's Operating Margin % for the quarter that ended in Mar. 2026 was 15.02%.

Kokusai Electric'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. Kokusai Electric's annualized ROC % for the quarter that ended in Mar. 2026 was 10.73%. Kokusai Electric's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 32.96%.


Kokusai Electric  (FRA:69B) Operating Income Explanation

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

Kokusai Electric'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 )
=203.152 * ( 1 - 20.6% )/( (1510.799 + 1495.757)/ 2 )
=161.302688/1503.278
=10.73 %

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))
=1928.611 - 156.389 - ( 261.423 - max(0, 446.135 - 983.419+261.423))
=1510.799

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))
=1960.542 - 156.562 - ( 308.223 - max(0, 494.576 - 1013.033+308.223))
=1495.757

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

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

Kokusai Electric'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 )
=203.372/( ( (301.933 + max(342.471, 0)) + (311.919 + max(277.681, 0)) )/ 2 )
=203.372/( ( 644.404 + 589.6 )/ 2 )
=203.372/617.002
=32.96 %

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)
=(198.017 + 508.067 + 15.912) - (156.389 + 0 + 223.136)
=342.471

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(206.821 + 484.551 + 13.438) - (156.562 + 0 + 270.567)
=277.681

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 %:

Kokusai Electric'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 )
=50.788/338.085
=15.02 %

* 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.


Kokusai Electric Operating Income Related Terms


Kokusai Electric Operating Income Historical Data

* Premium members only.

The historical data trend for Kokusai Electric'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.

Kokusai Electric Operating Income Chart

Kokusai Electric Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
541.01 391.76 188.80 318.47 228.05

Kokusai Electric Quarterly Data
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 72.02 58.31 74.87 53.73 50.79
FRA:69B
32GF Score
Kokusai Electric Corp FRA:69B
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Kokusai Electric 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 €238 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 €238 Mil mean?
Kokusai Electric (FRA:69B) has a Operating Income of €238 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Kokusai Electric and its competitors.
Is Kokusai Electric's Operating Income too high?
Kokusai Electric's current Operating Income is €238 Mil. Overall, Kokusai Electric has a GF Score™ of 32/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kokusai Electric's Operating Income compare to AMAT and LRCX?
Kokusai Electric's Operating Income of €238 Mil can be compared against companies in the Semiconductors 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 Semiconductors company?
A good Operating Income depends on the Semiconductors 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 Kokusai Electric and its competitors. Kokusai Electric's current Operating Income is €238 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kokusai Electric stock overvalued right now?
Based on GuruFocus' analysis, Kokusai Electric (FRA:69B) is currently considered Significantly Overvalued. The stock's GF Value™ is €22.77, compared to a current price of €46.00 — trading 102% above its estimated fair value. The current Operating Income is €238 Mil. Kokusai Electric's overall GF Score™ is 32/100. 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 Kokusai Electric (FRA:69B), the current Operating Income is €238 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 Kokusai Electric (FRA:69B) Overvalued in 2026?

Based on GuruFocus' analysis, Kokusai Electric stock appears to be overvalued. The current stock price of €46.00 is trading 102% above its estimated GF Value™ of €22.77. GuruFocus considers Kokusai Electric to be Significantly Overvalued.

Key valuation signals for FRA:69B:

  • Operating Income: €238 Mil
  • GF Value™: €22.77 vs. price of €46.00 (102% above fair value)
  • GF Score™: 32/100

No single metric tells the full story. See the FRA:69B stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Kokusai Electric Business Description

Address 3-4 Kanda Kajicho, 5th Floor, Oak Kanda Kajicho, Chiyoda-ku, Tokyo, JPN, 101-0045
Kokusai Electric Corp is engaged in the semiconductor manufacturing equipment business. The company operates as a single business segment focused on the development, manufacture, and supply of semiconductor production equipment used in the fabrication of electronic components. The main products include batch film deposition equipment, treatment equipment for film quality improvement, units for measuring instruments and cleaning equipment, and others.
32GF Score

Get the complete analysis for FRA:69B

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

€46.00
Price
€22.77
GF Value