ENEOS Holdings (NGO:5020) Operating Income: 円385,605 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.

NGO:5020 ENEOS Holdings Inc NGO:5020
58 GF Score
Price 円1,235.00
GF Value 円792.02
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is ENEOS Holdings Operating Income?

ENEOS Holdings NGO:5020 58 Operating Income is 円385,605 Mil as of Mar. 2026. GuruFocus rates NGO:5020 with a GF Score™ of 58/100 and a GF Value™ of 円792.02 (Significantly Overvalued). The stock has 4 warning signs investors should review.

ENEOS Holdings's Operating Income for the three months ended in Mar. 2026 was 円160,572 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was 円385,605 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. ENEOS Holdings's Operating Income for the three months ended in Mar. 2026 was 円160,572 Mil. ENEOS Holdings's Revenue for the three months ended in Mar. 2026 was 円3,043,091 Mil. Therefore, ENEOS Holdings's Operating Margin % for the quarter that ended in Mar. 2026 was 5.28%.

Warning Sign:

ENEOS Holdings Inc operating margin has been in a 5-year decline. The average rate of decline per year is -11.6%.

ENEOS Holdings's 5-Year average Growth Rate for Operating Margin % was -11.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. ENEOS Holdings's annualized ROC % for the quarter that ended in Mar. 2026 was 7.35%. ENEOS Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 18.30%.


ENEOS Holdings  (NGO:5020) Operating Income Explanation

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

ENEOS Holdings'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 )
=642288 * ( 1 - 27.73% )/( (6259191 + 6376725)/ 2 )
=464181.5376/6317958
=7.35 %

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))
=9031538 - 1837973 - ( 934374 - max(0, 2826703 - 4298447+934374))
=6259191

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))
=9094314 - 1642272 - ( 1075317 - max(0, 2711263 - 4292856+1075317))
=6376725

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

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

ENEOS Holdings'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 )
=796516/( ( (3163085 + max(1191757, 0)) + (3178457 + max(1170742, 0)) )/ 2 )
=796516/( ( 4354842 + 4349199 )/ 2 )
=796516/4352020.5
=18.30 %

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)
=(1555732 + 1622359 + 185982) - (1837973 + 0 + 334343)
=1191757

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1432919 + 1557786 + 226834) - (1642272 + 0 + 404525)
=1170742

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 %:

ENEOS Holdings'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 )
=160572/3043091
=5.28 %

* 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.


ENEOS Holdings Operating Income Related Terms


ENEOS Holdings Operating Income Historical Data

* Premium members only.

The historical data trend for ENEOS Holdings'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.

ENEOS Holdings Operating Income Chart

ENEOS Holdings 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 699,094.00 206,443.00 351,940.00 96,468.00 385,605.00

ENEOS Holdings 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 -155,896.00 43,038.00 101,825.00 80,170.00 160,572.00
NGO:5020
58GF Score
ENEOS Holdings Inc NGO:5020
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ENEOS Holdings 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 円385,605 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 円385,605 Mil mean?
ENEOS Holdings (NGO:5020) has a Operating Income of 円385,605 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on ENEOS Holdings and its competitors.
Is ENEOS Holdings' Operating Income too high?
ENEOS Holdings' current Operating Income is 円385,605 Mil. Overall, ENEOS Holdings has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ENEOS Holdings' Operating Income compare to MPC and VLO?
ENEOS Holdings' Operating Income of 円385,605 Mil can be compared against companies in the Oil & Gas 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 Oil & Gas company?
A good Operating Income depends on the Oil & Gas 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 ENEOS Holdings and its competitors. ENEOS Holdings's current Operating Income is 円385,605 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ENEOS Holdings stock overvalued right now?
Based on GuruFocus' analysis, ENEOS Holdings (NGO:5020) is currently considered Significantly Overvalued. The stock's GF Value™ is 円792.02, compared to a current price of 円1,235.00 — trading 55.9% above its estimated fair value. The current Operating Income is 円385,605 Mil. ENEOS Holdings' overall GF Score™ is 58/100 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 ENEOS Holdings (NGO:5020), the current Operating Income is 円385,605 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 ENEOS Holdings (NGO:5020) Overvalued in 2026?

Based on GuruFocus' analysis, ENEOS Holdings stock appears to be overvalued. The current stock price of 円1,235.00 is trading 55.9% above its estimated GF Value™ of 円792.02. GuruFocus considers ENEOS Holdings to be Significantly Overvalued.

Key valuation signals for NGO:5020:

  • Operating Income: 円385,605 Mil
  • GF Value™: 円792.02 vs. price of 円1,235.00 (55.9% above fair value)
  • GF Score™: 58/100 with 4 warning signs

No single metric tells the full story. See the NGO:5020 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


ENEOS Holdings Business Description

Industry EnergyOil & Gas
Address 1-1-2 Otemachi, Chiyoda-ku, Tokyo, JPN, 100-8162
ENEOS Holdings Inc is engaged in the energy and materials business through its group companies. The company operates six reportable segments: Petroleum Products and Other, Oil and Natural Gas Exploration and Development, Functional Materials, Electricity, Renewable Energy, and Others. Its operations include petroleum refining and sales, oil and gas exploration, production of synthetic and special rubber, power generation, and renewable energy activities such as wind and solar power. The Others segment covers asphalt paving, civil engineering, construction, and real estate rental businesses. It generates the majority of its revenue from the Petroleum Products segment.
58GF Score

Get the complete analysis for NGO:5020

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

円1,235.00
Price
円792.02
GF Value