Tokaido REIT (FRA:AI70) Operating Income: €15.04 Mil (TTM As of Jan. 2026)


FRA:AI70 Tokaido REIT Inc FRA:AI70
44 GF Score
Price €530.00
GF Value €663.15
! 4 Warning Signs
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What is Tokaido REIT Operating Income?

Tokaido REIT FRA:AI70 44 Operating Income is €15.04 Mil as of Jan. 2026. GuruFocus rates FRA:AI70 with a GF Score™ of 44/100 and a GF Value™ of €663.15. The stock has 4 warning signs investors should review.

Tokaido REIT's Operating Income for the six months ended in Jan. 2026 was €7.08 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jan. 2026 was €15.04 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Tokaido REIT's Operating Income for the six months ended in Jan. 2026 was €7.08 Mil. Tokaido REIT's Revenue for the six months ended in Jan. 2026 was €12.58 Mil. Therefore, Tokaido REIT's Operating Margin % for the quarter that ended in Jan. 2026 was 56.23%.

Tokaido REIT'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. Tokaido REIT's annualized ROC % for the quarter that ended in Jan. 2026 was 3.45%. Tokaido REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 was 3.87%.

Tokaido REIT  (FRA:AI70) Operating Income Explanation

1. Operating Income or EBIT 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 )
=14.15 * ( 1 - 0.09% )/( (405.246 + 415.386)/ 2 )
=14.137265/410.316
=3.45 %

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))
=395.294 - 2.476 - ( 10.509 - max(0, 38.115 - 25.687+10.509))
=405.246

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))
=368.98 - 2.518 - ( 4.772 - max(0, 67.799 - 18.875+4.772))
=415.386

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 )
=13.738/( ( (355.063 + max(10.83, 0)) + (333.972 + max(9.864, 0)) )/ 2 )
=13.738/( ( 365.893 + 343.836 )/ 2 )
=13.738/354.8645
=3.87 %

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)
=(0.409 + 0 + 14.769) - (2.476 + 0 + 1.872)
=10.83

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.36 + 0 + 13.743) - (2.518 + 0 + 1.721)
=9.864

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. Operating Income is also linked to Operating Margin %:

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

Operating Margin %=Operating Income (Q: Jan. 2026 )/Revenue (Q: Jan. 2026 )
=7.075/12.583
=56.23 %

* 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.

Tokaido REIT Operating Income Related Terms

Tokaido REIT Operating Income Historical Data

* Premium members only.

The historical data trend for Tokaido REIT'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.

Tokaido REIT Operating Income Chart

Tokaido REIT Annual Data
Trend Jul21 Jan22 Jul23 Jul24 Jul25
Operating Income
0.00 6.31 10.28 11.99 14.33

Tokaido REIT Semi-Annual Data
Jul21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.96 6.44 6.75 7.97 7.08
FRA:AI70
44GF Score
Tokaido REIT Inc FRA:AI70
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Tokaido REIT 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 Jan. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was €15.04 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 €15.04 Mil mean?
Tokaido REIT (FRA:AI70) has a Operating Income of €15.04 Mil as of Jan. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Tokaido REIT and its competitors.
Is Tokaido REIT's Operating Income too high?
Tokaido REIT's current Operating Income is €15.04 Mil. Overall, Tokaido REIT has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does Tokaido REIT's Operating Income compare to VICI and WPC?
Tokaido REIT's Operating Income of €15.04 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 Tokaido REIT and its competitors. Tokaido REIT's current Operating Income is €15.04 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?
Tokaido REIT (FRA:AI70) has a current Operating Income of €15.04 Mil. The stock's GF Value™ is €663.15, compared to a current price of €530.00 — trading 20.1% below its estimated fair value. The current Operating Income is €15.04 Mil. Tokaido REIT's overall GF Score™ is 44/100 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 Tokaido REIT (FRA:AI70), the current Operating Income is €15.04 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 (FRA:AI70) Overvalued in 2026?

Based on GuruFocus' analysis, Tokaido REIT stock appears to be undervalued. The current stock price of €530.00 is trading 20.1% below its estimated GF Value™ of €663.15.

Key valuation signals for FRA:AI70:

  • Operating Income: €15.04 Mil
  • GF Value™: €663.15 vs. price of €530.00 (20.1% below fair value)
  • GF Score™: 44/100 with 4 warning signs

No single metric tells the full story. See the FRA:AI70 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tokaido REIT Business Description

Industry Real EstateREITs
Other Exchanges 2989:Japan
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.
44GF Score

Get the complete analysis for FRA:AI70

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

€530.00
Price
€663.15
GF Value