IIJIF (Internet Initiative Japan) Operating Income: $229 Mil (TTM As of Mar. 2026)

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IIJIF Internet Initiative Japan Inc IIJIF
94 GF Score
Price $18.51
GF Value $18.15
! 6 Warning Signs
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What is Internet Initiative Japan Operating Income?

Internet Initiative Japan IIJIF -3.09% 94 Operating Income is $229 Mil as of Mar. 2026. GuruFocus rates IIJIF with a GF Score™ of 94/100 and a GF Value™ of $18.15. The stock has 6 warning signs investors should review.

Internet Initiative Japan's Operating Income for the three months ended in Mar. 2026 was $66 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $229 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Internet Initiative Japan's Operating Income for the three months ended in Mar. 2026 was $66 Mil. Internet Initiative Japan's Revenue for the three months ended in Mar. 2026 was $605 Mil. Therefore, Internet Initiative Japan's Operating Margin % for the quarter that ended in Mar. 2026 was 10.85%.

Good Sign:

Internet Initiative Japan Inc operating margin is expanding. Margin expansion is usually a good sign.

Internet Initiative Japan's 5-Year average Growth Rate for Operating Margin % was 5.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Internet Initiative Japan's annualized ROC % for the quarter that ended in Mar. 2026 was 10.94%. Internet Initiative Japan's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 47.11%.


Internet Initiative Japan  (OTCPK:IIJIF) Operating Income Explanation

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

Internet Initiative Japan'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 )
=262.74 * ( 1 - 24.9% )/( (1813.224 + 1794.209)/ 2 )
=197.31774/1803.7165
=10.94 %

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))
=2155.424 - 214.752 - ( 278.517 - max(0, 790.046 - 917.494+278.517))
=1813.224

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))
=2186.332 - 249.536 - ( 262.02 - max(0, 816.352 - 958.939+262.02))
=1794.209

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

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

Internet Initiative Japan'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 )
=275.492/( ( (522.451 + max(32.801, 0)) + (530.77 + max(83.645, 0)) )/ 2 )
=275.492/( ( 555.252 + 614.415 )/ 2 )
=275.492/584.8335
=47.11 %

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)
=(326.64 + 35.09 + 232.98) - (214.752 + 0 + 347.157)
=32.801

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(391.246 + 44.945 + 239.648) - (249.536 + 0 + 342.658)
=83.645

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 %:

Internet Initiative Japan'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 )
=65.685/605.384
=10.85 %

* 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.


Internet Initiative Japan Operating Income Related Terms


Internet Initiative Japan Operating Income Historical Data

* Premium members only.

The historical data trend for Internet Initiative Japan'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.

Internet Initiative Japan Operating Income Chart

Internet Initiative Japan 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 198.58 203.65 193.76 201.96 219.53

Internet Initiative Japan 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 63.06 41.74 63.28 57.88 65.69
IIJIF
94GF Score
Internet Initiative Japan Inc IIJIF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Internet Initiative Japan 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 $229 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 $229 Mil mean?
Internet Initiative Japan (IIJIF) has a Operating Income of $229 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Internet Initiative Japan and its competitors.
Is Internet Initiative Japan's Operating Income too high?
Internet Initiative Japan's current Operating Income is $229 Mil. Overall, Internet Initiative Japan has a GF Score™ of 94/100, reflecting its overall financial health beyond just this single metric.
How does Internet Initiative Japan's Operating Income compare to VZ and TMUS?
Internet Initiative Japan's Operating Income of $229 Mil can be compared against companies in the Telecommunication Services 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 Telecommunication Services company?
A good Operating Income depends on the Telecommunication Services 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 Internet Initiative Japan and its competitors. Internet Initiative Japan's current Operating Income is $229 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Internet Initiative Japan stock overvalued right now?
Internet Initiative Japan (IIJIF) has a current Operating Income of $229 Mil. The stock's GF Value™ is $18.15, compared to a current price of $18.51 — trading 2% above its estimated fair value. The current Operating Income is $229 Mil. Internet Initiative Japan's overall GF Score™ is 94/100 with 6 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 Internet Initiative Japan (IIJIF), the current Operating Income is $229 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 Internet Initiative Japan (IIJIF) Overvalued in 2026?

Based on GuruFocus' analysis, Internet Initiative Japan stock appears to be overvalued. The current stock price of $18.51 is trading 2% above its estimated GF Value™ of $18.15.

Key valuation signals for IIJIF:

  • Operating Income: $229 Mil
  • GF Value™: $18.15 vs. price of $18.51 (2% above fair value)
  • GF Score™: 94/100 with 6 warning signs

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


Internet Initiative Japan Business Description

Address Iidabashi Grand Bloom, 2-10-2 Fujimi, Chiyoda-ku, Tokyo, JPN, 102-0071
Internet Initiative Japan Inc. is a provider of a variety of services including Internet access, outsourcing, and systems integration. Its Internet access services span dial-up, mobile, and broadband technologies. Its wide area network services allow secure data sharing over Internet virtual private networks, independently developed routers, and closed wide area networks. Its outsourcing services include cloud, content delivery, data center, and security services. The firm generates nearly all its revenue in Japan.
94GF Score

Get the complete analysis for IIJIF

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

$18.51
Price
$18.15
GF Value