Tsuzuki Denki Co (FRA:Q73) Operating Income: €45.5 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.

FRA:Q73 Tsuzuki Denki Co Ltd FRA:Q73
61 GF Score
Price €21.20
GF Value €11.45
! 3 Warning Signs
View Full Analysis

What is Tsuzuki Denki Co Operating Income?

Tsuzuki Denki Co FRA:Q73 -0.93% 61 Operating Income is €45.5 Mil as of Mar. 2026. GuruFocus rates FRA:Q73 with a GF Score™ of 61/100 and a GF Value™ of €11.45. The stock has 3 warning signs investors should review.

Tsuzuki Denki Co's Operating Income for the three months ended in Mar. 2026 was €22.7 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €45.5 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Tsuzuki Denki Co's Operating Income for the three months ended in Mar. 2026 was €22.7 Mil. Tsuzuki Denki Co's Revenue for the three months ended in Mar. 2026 was €198.4 Mil. Therefore, Tsuzuki Denki Co's Operating Margin % for the quarter that ended in Mar. 2026 was 11.46%.

Good Sign:

Tsuzuki Denki Co Ltd operating margin is expanding. Margin expansion is usually a good sign.

Tsuzuki Denki Co's 5-Year average Growth Rate for Operating Margin % was 24.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Tsuzuki Denki Co's annualized ROC % for the quarter that ended in Mar. 2026 was 40.32%. Tsuzuki Denki Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 212.50%.

Tsuzuki Denki Co  (FRA:Q73) Operating Income Explanation

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

Tsuzuki Denki 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 )
=90.992 * ( 1 - 30.02% )/( (164.846 + 150.992)/ 2 )
=63.6762016/157.919
=40.32 %

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))
=424.111 - 55.694 - ( 203.571 - max(0, 119.242 - 346.995+203.571))
=164.846

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))
=477.683 - 89.747 - ( 236.944 - max(0, 159.097 - 404.648+236.944))
=150.992

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

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

Tsuzuki Denki 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 )
=100.104/( ( (10.248 + max(47.756, 0)) + (9.888 + max(26.323, 0)) )/ 2 )
=100.104/( ( 58.004 + 36.211 )/ 2 )
=100.104/47.1075
=212.50 %

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)
=(86.865 + 41.507 + 15.052) - (55.694 + 0 + 39.974)
=47.756

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(127.638 + 23.216 + 12.821) - (89.747 + 0 + 47.605)
=26.323

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 %:

Tsuzuki Denki 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 )
=22.748/198.432
=11.46 %

* 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.

Tsuzuki Denki Co Operating Income Related Terms

Tsuzuki Denki Co Operating Income Historical Data

* Premium members only.

The historical data trend for Tsuzuki Denki 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.

Tsuzuki Denki Co Operating Income Chart

Tsuzuki Denki 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 30.73 35.76 39.55 40.23 44.58

Tsuzuki Denki 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 25.33 1.81 12.61 8.30 22.75
FRA:Q73
61GF Score
Tsuzuki Denki Co Ltd FRA:Q73
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tsuzuki Denki 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 €45.5 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 €45.5 Mil mean?
Tsuzuki Denki Co (FRA:Q73) has a Operating Income of €45.5 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Tsuzuki Denki Co and its competitors.
Is Tsuzuki Denki Co's Operating Income too high?
Tsuzuki Denki Co's current Operating Income is €45.5 Mil. Overall, Tsuzuki Denki Co has a GF Score™ of 61/100, reflecting its overall financial health beyond just this single metric.
How does Tsuzuki Denki Co's Operating Income compare to MMM and HON?
Tsuzuki Denki Co's Operating Income of €45.5 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 Tsuzuki Denki Co and its competitors. Tsuzuki Denki Co's current Operating Income is €45.5 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tsuzuki Denki Co stock overvalued right now?
Tsuzuki Denki Co (FRA:Q73) has a current Operating Income of €45.5 Mil. The stock's GF Value™ is €11.45, compared to a current price of €21.20 — trading 85.2% above its estimated fair value. The current Operating Income is €45.5 Mil. Tsuzuki Denki Co's overall GF Score™ is 61/100 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 Tsuzuki Denki Co (FRA:Q73), the current Operating Income is €45.5 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 Tsuzuki Denki Co (FRA:Q73) Overvalued in 2026?

Based on GuruFocus' analysis, Tsuzuki Denki Co stock appears to be overvalued. The current stock price of €21.20 is trading 85.2% above its estimated GF Value™ of €11.45.

Key valuation signals for FRA:Q73:

  • Operating Income: €45.5 Mil
  • GF Value™: €11.45 vs. price of €21.20 (85.2% above fair value)
  • GF Score™: 61/100 with 3 warning signs

No single metric tells the full story. See the FRA:Q73 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tsuzuki Denki Co Business Description

Other Exchanges 8157:Japan
Address Tokyo Art Club Building, 6-19-15 Shinbashi, Minato-ku, Tokyo, JPN, 105-8665
Tsuzuki Denki Co Ltd engages in provision of information network system solution services. Its electronic devices comprise logic ICs, memory ICs, discrete semiconductors, compound semiconductors, relays, connectors, mouse, display panels, circuit boards, communication modules, and other components. The company's information equipment includes hard disks, PC/servers, printers, and other electronic devices; computer supplies, such as toners, ink ribbons, papers, and data media; computer-related products consisting of PC peripherals and network equipment; stationary/office supplies; and office solutions comprising interior design/construction. The company serves customers in the fields of manufacturing, distribution and services, medical and welfare, public and education, and financial.
61GF Score

Get the complete analysis for FRA:Q73

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

€21.20
Price
€11.45
GF Value