MAWAF (Maruwa Co) Operating Income: $164.0 Mil (TTM As of Mar. 2026)


MAWAF Maruwa Co Ltd MAWAF
92 GF Score
Price $274.00
GF Value $164.56
! 7 Warning Signs
View Full Analysis

What is Maruwa Co Operating Income?

Maruwa Co MAWAF 92 Operating Income is $164.0 Mil as of Mar. 2026. GuruFocus rates MAWAF with a GF Score™ of 92/100 and a GF Value™ of $164.56. The stock has 7 warning signs investors should review.

Maruwa Co's Operating Income for the three months ended in Mar. 2026 was $49.5 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $164.0 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Maruwa Co's Operating Income for the three months ended in Mar. 2026 was $49.5 Mil. Maruwa Co's Revenue for the three months ended in Mar. 2026 was $140.2 Mil. Therefore, Maruwa Co's Operating Margin % for the quarter that ended in Mar. 2026 was 35.28%.

Good Sign:

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

Maruwa Co's 5-Year average Growth Rate for Operating Margin % was 5.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Maruwa Co's annualized ROC % for the quarter that ended in Mar. 2026 was 26.27%. Maruwa Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 43.82%.

Maruwa Co  (OTCPK:MAWAF) Operating Income Explanation

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

Maruwa 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 )
=197.904 * ( 1 - 29.68% )/( (509.194 + 550.218)/ 2 )
=139.1660928/529.706
=26.27 %

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))
=979.187 - 34.884 - ( 435.109 - max(0, 72.514 - 645.807+435.109))
=509.194

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))
=1025.26 - 51.65 - ( 423.392 - max(0, 93.621 - 650.197+423.392))
=550.218

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

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

Maruwa 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 )
=209.02/( ( (321.675 + max(138.184, 0)) + (360.953 + max(133.184, 0)) )/ 2 )
=209.02/( ( 459.859 + 494.137 )/ 2 )
=209.02/476.998
=43.82 %

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)
=(89.388 + 91.992 + 29.318) - (34.884 + 0 + 37.63)
=138.184

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(86.153 + 102.683 + 37.969) - (51.65 + 0 + 41.971)
=133.184

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 %:

Maruwa 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 )
=49.476/140.223
=35.28 %

* 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.

Maruwa Co Operating Income Related Terms

Maruwa Co Operating Income Historical Data

* Premium members only.

The historical data trend for Maruwa 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.

Maruwa Co Operating Income Chart

Maruwa 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 153.62 150.69 132.17 180.56 157.40

Maruwa 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 48.17 41.54 32.74 40.29 49.48
MAWAF
92GF Score
Maruwa Co Ltd MAWAF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Maruwa 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 $164.0 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 $164.0 Mil mean?
Maruwa Co (MAWAF) has a Operating Income of $164.0 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Maruwa Co and its competitors.
Is Maruwa Co's Operating Income too high?
Maruwa Co's current Operating Income is $164.0 Mil. Overall, Maruwa Co has a GF Score™ of 92/100, reflecting its overall financial health beyond just this single metric.
How does Maruwa Co's Operating Income compare to APH and GLW?
Maruwa Co's Operating Income of $164.0 Mil can be compared against companies in the Hardware 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 Hardware company?
A good Operating Income depends on the Hardware 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 Maruwa Co and its competitors. Maruwa Co's current Operating Income is $164.0 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Maruwa Co stock overvalued right now?
Maruwa Co (MAWAF) has a current Operating Income of $164.0 Mil. The stock's GF Value™ is $164.56, compared to a current price of $274.00 — trading 66.5% above its estimated fair value. The current Operating Income is $164.0 Mil. Maruwa Co's overall GF Score™ is 92/100 with 7 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 Maruwa Co (MAWAF), the current Operating Income is $164.0 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 Maruwa Co (MAWAF) Overvalued in 2026?

Based on GuruFocus' analysis, Maruwa Co stock appears to be overvalued. The current stock price of $274.00 is trading 66.5% above its estimated GF Value™ of $164.56.

Key valuation signals for MAWAF:

  • Operating Income: $164.0 Mil
  • GF Value™: $164.56 vs. price of $274.00 (66.5% above fair value)
  • GF Score™: 92/100 with 7 warning signs

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

Maruwa Co Business Description

Other Exchanges 5344:JapanMAW:UK6X5:Germany
Address 83 Minami Honjigaharacho 3-chome, Aichi Prefecture, Owariasahi, JPN, 488-0044
Maruwa Co Ltd engages in the production and sale of ceramics and electronics parts. The company operates in two business divisions, namely the Ceramic parts business and the Lighting equipment business. The Ceramic Parts business segment manufactures and sells electronic components, ceramic substrates, and semiconductor manufacturing equipment. The Lighting Equipment business segment produces and markets LED lighting products alongside conventional lighting equipment. It generates the majority of its revenue from the Ceramic parts business segment.
92GF Score

Get the complete analysis for MAWAF

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

$274.00
Price
$164.56
GF Value