NCLTY (Nitori Holdings Co) Operating Income: $801 Mil (TTM As of Mar. 2026)


NCLTY Nitori Holdings Co Ltd NCLTY
86 GF Score
Price $7.39
GF Value $11.25
Valuation Significantly Undervalued
! 4 Warning Signs
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What is Nitori Holdings Co Operating Income?

Nitori Holdings Co NCLTY +3.21% 86 Operating Income is $801 Mil as of Mar. 2026. GuruFocus rates NCLTY with a GF Score™ of 86/100 and a GF Value™ of $11.25 (Significantly Undervalued). The stock has 4 warning signs investors should review.

Nitori Holdings Co's Operating Income for the three months ended in Mar. 2026 was $126 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $801 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Nitori Holdings Co's Operating Income for the three months ended in Mar. 2026 was $126 Mil. Nitori Holdings Co's Revenue for the three months ended in Mar. 2026 was $1,410 Mil. Therefore, Nitori Holdings Co's Operating Margin % for the quarter that ended in Mar. 2026 was 8.95%.

Warning Sign:

Nitori Holdings Co Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -6.1%.

Nitori Holdings Co's 5-Year average Growth Rate for Operating Margin % was -6.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Nitori Holdings Co's annualized ROC % for the quarter that ended in Mar. 2026 was 4.18%. Nitori Holdings Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.91%.


Nitori Holdings Co  (OTCPK:NCLTY) Operating Income Explanation

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

Nitori Holdings 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 )
=504.504 * ( 1 - 25.5% )/( (9096.475 + 8873.388)/ 2 )
=375.85548/8984.9315
=4.18 %

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))
=10130.674 - 567.457 - ( 1335.946 - max(0, 2183.497 - 2650.239+1335.946))
=9096.475

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))
=9902.05 - 559.796 - ( 1157.366 - max(0, 2038.641 - 2507.507+1157.366))
=8873.388

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

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

Nitori Holdings 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 )
=537.348/( ( (5822.923 + max(253.202, 0)) + (5728.444 + max(256.783, 0)) )/ 2 )
=537.348/( ( 6076.125 + 5985.227 )/ 2 )
=537.348/6030.676
=8.91 %

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)
=(517.622 + 734.541 + 62.13) - (567.457 + 0 + 493.634)
=253.202

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(508.354 + 769.882 + 71.905) - (559.796 + 0 + 533.562)
=256.783

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 %:

Nitori Holdings 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 )
=126.126/1410.015
=8.95 %

* 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.


Nitori Holdings Co Operating Income Related Terms


Nitori Holdings Co Operating Income Historical Data

* Premium members only.

The historical data trend for Nitori Holdings 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.

Nitori Holdings Co Operating Income Chart

Nitori Holdings Co Annual Data
Trend Feb15 Feb16 Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Mar24 Mar25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 976.81 1,306.61 1,199.47 815.63 767.49

Nitori Holdings Co Quarterly Data
Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 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 103.89 248.94 147.75 278.61 126.13
NCLTY
86GF Score
Nitori Holdings Co Ltd NCLTY
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Nitori Holdings 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 $801 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 $801 Mil mean?
Nitori Holdings Co (NCLTY) has a Operating Income of $801 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Nitori Holdings Co and its competitors.
Is Nitori Holdings Co's Operating Income too high?
Nitori Holdings Co's current Operating Income is $801 Mil. Overall, Nitori Holdings Co has a GF Score™ of 86/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nitori Holdings Co's Operating Income compare to SN and SGI?
Nitori Holdings Co's Operating Income of $801 Mil can be compared against companies in the Furnishings, Fixtures & Appliances 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 Furnishings, Fixtures & Appliances company?
A good Operating Income depends on the Furnishings, Fixtures & Appliances 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 Nitori Holdings Co and its competitors. Nitori Holdings Co's current Operating Income is $801 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nitori Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, Nitori Holdings Co (NCLTY) is currently considered Significantly Undervalued. The stock's GF Value™ is $11.25, compared to a current price of $7.39 — trading 34.3% below its estimated fair value. The current Operating Income is $801 Mil. Nitori Holdings Co's overall GF Score™ is 86/100 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 Nitori Holdings Co (NCLTY), the current Operating Income is $801 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 Nitori Holdings Co (NCLTY) Overvalued in 2026?

Based on GuruFocus' analysis, Nitori Holdings Co stock appears to be undervalued. The current stock price of $7.39 is trading 34.3% below its estimated GF Value™ of $11.25. GuruFocus considers Nitori Holdings Co to be Significantly Undervalued.

Key valuation signals for NCLTY:

  • Operating Income: $801 Mil
  • GF Value™: $11.25 vs. price of $7.39 (34.3% below fair value)
  • GF Score™: 86/100 with 4 warning signs

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


Nitori Holdings Co Business Description

Other Exchanges NCLTF:USA9843:Japan
Address 6-20 Kamiya 3-chome, Kita-ku, Tokyo, JPN, 115-0043
Nitori Holdings Co Ltd is a Japan-based company engaged in the sale of furniture and interior goods. The company operates through two business segments. The Nitori Business segment is involved in the development, manufacturing, and sale of furniture and interior goods, along with activities such as real estate leasing, advertising, and logistics services. The Shimachu Business segment focuses on the sale of furniture, interior goods, and home center products. It generates the majority of its revenue from the Nitori Business segment.
86GF Score

Get the complete analysis for NCLTY

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

$7.39
Price
$11.25
GF Value