NELEF (Nitto Kogyo) Operating Income: $101 Mil (TTM As of Mar. 2026)

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NELEF Nitto Kogyo Corp NELEF
94 GF Score
Price $21.65
GF Value $21.76
! 1 Warning Sign
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What is Nitto Kogyo Operating Income?

Nitto Kogyo NELEF 94 Operating Income is $101 Mil as of Mar. 2026. GuruFocus rates NELEF with a GF Score™ of 94/100 and a GF Value™ of $21.76. The stock has 1 warning sign investors should review.

Nitto Kogyo's Operating Income for the three months ended in Mar. 2026 was $28 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $101 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Nitto Kogyo's Operating Income for the three months ended in Mar. 2026 was $28 Mil. Nitto Kogyo's Revenue for the three months ended in Mar. 2026 was $333 Mil. Therefore, Nitto Kogyo's Operating Margin % for the quarter that ended in Mar. 2026 was 8.43%.

Nitto Kogyo's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Nitto Kogyo's annualized ROC % for the quarter that ended in Mar. 2026 was 10.93%. Nitto Kogyo's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 16.65%.


Nitto Kogyo  (OTCPK:NELEF) Operating Income Explanation

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

Nitto Kogyo'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 )
=112.096 * ( 1 - 17.34% )/( (842.337 + 852.815)/ 2 )
=92.6585536/847.576
=10.93 %

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))
=1159.196 - 125.37 - ( 191.489 - max(0, 238.104 - 664.907+191.489))
=842.337

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))
=1167.733 - 91.989 - ( 222.929 - max(0, 222.135 - 664.156+222.929))
=852.815

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

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

Nitto Kogyo'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 )
=107.512/( ( (384.941 + max(280.948, 0)) + (380.722 + max(245.175, 0)) )/ 2 )
=107.512/( ( 665.889 + 625.897 )/ 2 )
=107.512/645.893
=16.65 %

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)
=(277.324 + 181.086 + 15.008) - (125.37 + 0 + 67.1)
=280.948

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(215.052 + 164.265 + 61.91) - (91.989 + 0 + 104.063)
=245.175

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 %:

Nitto Kogyo'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 )
=28.024/332.506
=8.43 %

* 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.


Nitto Kogyo Operating Income Related Terms


Nitto Kogyo Operating Income Historical Data

* Premium members only.

The historical data trend for Nitto Kogyo'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.

Nitto Kogyo Operating Income Chart

Nitto Kogyo 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 72.85 61.15 79.88 90.12 97.34

Nitto Kogyo 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 27.73 12.83 23.26 36.60 28.02
NELEF
94GF Score
Nitto Kogyo Corp NELEF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Nitto Kogyo 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 $101 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 $101 Mil mean?
Nitto Kogyo (NELEF) has a Operating Income of $101 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Nitto Kogyo and its competitors.
Is Nitto Kogyo's Operating Income too high?
Nitto Kogyo's current Operating Income is $101 Mil. Overall, Nitto Kogyo has a GF Score™ of 94/100, reflecting its overall financial health beyond just this single metric.
How does Nitto Kogyo's Operating Income compare to VRT and BE?
Nitto Kogyo's Operating Income of $101 Mil can be compared against companies in the Industrial Products 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 an Industrial Products company?
A good Operating Income depends on the Industrial Products 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 Nitto Kogyo and its competitors. Nitto Kogyo's current Operating Income is $101 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nitto Kogyo stock overvalued right now?
Nitto Kogyo (NELEF) has a current Operating Income of $101 Mil. The stock's GF Value™ is $21.76, compared to a current price of $21.65 — trading 0.5% below its estimated fair value. The current Operating Income is $101 Mil. Nitto Kogyo's overall GF Score™ is 94/100 with 1 warning sign 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 Nitto Kogyo (NELEF), the current Operating Income is $101 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 Nitto Kogyo (NELEF) Overvalued in 2026?

Based on GuruFocus' analysis, Nitto Kogyo stock appears to be undervalued. The current stock price of $21.65 is trading 0.5% below its estimated GF Value™ of $21.76.

Key valuation signals for NELEF:

  • Operating Income: $101 Mil
  • GF Value™: $21.76 vs. price of $21.65 (0.5% below fair value)
  • GF Score™: 94/100 with 1 warning sign

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


Nitto Kogyo Business Description

Other Exchanges 6651:Japan
Address 2201, Kanihara, Nagakute-cho, Aichi County, Tokyo, JPN, 480-1189
Nitto Kogyo Corp is a Japan-based company which provides a wide range of product materials, such as electric circuit panelboard powered high-pressure equipment, such as information and communications-related materials. It is engaged in manufacture and sales of electric and mechanical equipment such as high-voltage power-receiving equipment, panel boards, home panel boards, charging stations, optical junction boxes, metal enclosures, plastic enclosures, racks, breakers, switches, thermal management products, and so on. The company is also in Power Generation and sales business.
94GF Score

Get the complete analysis for NELEF

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

$21.65
Price
$21.76
GF Value