Japan Exchange Group (FRA:OSK) Operating Income: €648 Mil (TTM As of Mar. 2026)


FRA:OSK Japan Exchange Group Inc FRA:OSK
86 GF Score
Price €11.50
GF Value €9.78
Valuation Modestly Overvalued
! 8 Warning Signs
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What is Japan Exchange Group Operating Income?

Japan Exchange Group FRA:OSK -1.71% 86 Operating Income is €648 Mil as of Mar. 2026. GuruFocus rates FRA:OSK with a GF Score™ of 86/100 and a GF Value™ of €9.78 (Modestly Overvalued). The stock has 8 warning signs investors should review.

Japan Exchange Group's Operating Income for the three months ended in Mar. 2026 was €188 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €648 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Japan Exchange Group's Operating Income for the three months ended in Mar. 2026 was €188 Mil. Japan Exchange Group's Revenue for the three months ended in Mar. 2026 was €323 Mil. Therefore, Japan Exchange Group's Operating Margin % for the quarter that ended in Mar. 2026 was 58.36%.

Good Sign:

Japan Exchange Group Inc operating margin is expanding. Margin expansion is usually a good sign.

Japan Exchange Group's 5-Year average Growth Rate for Operating Margin % was 1.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Japan Exchange Group's annualized ROC % for the quarter that ended in Mar. 2026 was 0.14%. Japan Exchange Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 1,107.96%.

Japan Exchange Group  (FRA:OSK) Operating Income Explanation

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

Japan Exchange Group'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 )
=752.932 * ( 1 - 29.79% )/( (391819.56 + 389082.224)/ 2 )
=528.6335572/390450.892
=0.14 %

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))
=392933.279 - 92.605 - ( 1268.312 - max(0, 390929.694 - 391950.808+1268.312))
=391819.56

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))
=390298.53 - 174.829 - ( 1496.232 - max(0, 388284.185 - 389325.662+1496.232))
=389082.224

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

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

Japan Exchange Group'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 )
=770.312/( ( (72.197 + max(-69.18399999995, 0)) + (66.853 + max(-168.60900000005, 0)) )/ 2 )
=770.312/( ( 72.197 + 66.853 )/ 2 )
=770.312/69.525
=1,107.96 %

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)
=(131.275 + 0 + 390551.221) - (92.605 + 0 + 390659.075)
=-69.18399999995

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(134.458 + 0 + 387694.972) - (174.829 + 0 + 387823.21)
=-168.60900000005

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 %:

Japan Exchange Group'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 )
=188.233/322.538
=58.36 %

* 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.

Japan Exchange Group Operating Income Related Terms

Japan Exchange Group Operating Income Historical Data

* Premium members only.

The historical data trend for Japan Exchange Group'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.

Japan Exchange Group Operating Income Chart

Japan Exchange Group 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 554.44 467.71 528.20 712.55 485.63

Japan Exchange Group 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 127.53 148.11 149.34 162.63 188.23
FRA:OSK
86GF Score
Japan Exchange Group Inc FRA:OSK
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Japan Exchange Group 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 €648 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 €648 Mil mean?
Japan Exchange Group (FRA:OSK) has a Operating Income of €648 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Japan Exchange Group and its competitors.
Is Japan Exchange Group's Operating Income too high?
Japan Exchange Group's current Operating Income is €648 Mil. Overall, Japan Exchange Group has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Japan Exchange Group's Operating Income compare to SPGI and CME?
Japan Exchange Group's Operating Income of €648 Mil can be compared against companies in the Capital Markets 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 Capital Markets company?
A good Operating Income depends on the Capital Markets 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 Japan Exchange Group and its competitors. Japan Exchange Group's current Operating Income is €648 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Exchange Group stock overvalued right now?
Based on GuruFocus' analysis, Japan Exchange Group (FRA:OSK) is currently considered Modestly Overvalued. The stock's GF Value™ is €9.78, compared to a current price of €11.50 — trading 17.6% above its estimated fair value. The current Operating Income is €648 Mil. Japan Exchange Group's overall GF Score™ is 86/100 with 8 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 Japan Exchange Group (FRA:OSK), the current Operating Income is €648 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 Japan Exchange Group (FRA:OSK) Overvalued in 2026?

Based on GuruFocus' analysis, Japan Exchange Group stock appears to be overvalued. The current stock price of €11.50 is trading 17.6% above its estimated GF Value™ of €9.78. GuruFocus considers Japan Exchange Group to be Modestly Overvalued.

Key valuation signals for FRA:OSK:

  • Operating Income: €648 Mil
  • GF Value™: €9.78 vs. price of €11.50 (17.6% above fair value)
  • GF Score™: 86/100 with 8 warning signs

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

Japan Exchange Group Business Description

Address 2-1 Kabutocho, Nihonbashi, Chuo-ku, Tokyo, JPN, 103-8224
Japan Exchange Group is a vertically integrated securities exchange business, which includes the Tokyo Stock Exchange, Osaka Exchange, and Tokyo Commodity Exchange. JPX ranks among the top five largest stock exchange operators in the world by market capitalization, and its Nikkei 225 and Topix derivatives products are some of the most widely traded derivatives products in the world.
86GF Score

Get the complete analysis for FRA:OSK

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

€11.50
Price
€9.78
GF Value