NHNKY (Nihon Kohden) Operating Income: $122 Mil (TTM As of Mar. 2026)

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NHNKY Nihon Kohden Corp NHNKY
68 GF Score
Price $9.92
GF Value $13.75
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Nihon Kohden Operating Income?

Nihon Kohden NHNKY -4.71% 68 Operating Income is $122 Mil as of Mar. 2026. GuruFocus rates NHNKY with a GF Score™ of 68/100 and a GF Value™ of $13.75 (Modestly Undervalued). The stock has 2 warning signs investors should review.

Nihon Kohden's Operating Income for the three months ended in Mar. 2026 was $61 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $122 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Nihon Kohden's Operating Income for the three months ended in Mar. 2026 was $61 Mil. Nihon Kohden's Revenue for the three months ended in Mar. 2026 was $448 Mil. Therefore, Nihon Kohden's Operating Margin % for the quarter that ended in Mar. 2026 was 13.52%.

Warning Sign:

Nihon Kohden Corp operating margin has been in a 5-year decline. The average rate of decline per year is -11.6%.

Nihon Kohden'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. Nihon Kohden's annualized ROC % for the quarter that ended in Mar. 2026 was 16.75%. Nihon Kohden's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 34.98%.


Nihon Kohden  (OTCPK:NHNKY) Operating Income Explanation

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

Nihon Kohden'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 )
=242.268 * ( 1 - 19.36% )/( (1172.318 + 1160.972)/ 2 )
=195.3649152/1166.645
=16.75 %

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))
=1582.67 - 128.16 - ( 282.192 - max(0, 299.631 - 1091.159+282.192))
=1172.318

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))
=1616.673 - 161.435 - ( 294.266 - max(0, 311.49 - 1120.525+294.266))
=1160.972

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

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

Nihon Kohden'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 )
=256.16/( ( (203.944 + max(526.012, 0)) + (203.223 + max(531.633, 0)) )/ 2 )
=256.16/( ( 729.956 + 734.856 )/ 2 )
=256.16/732.406
=34.98 %

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)
=(368.682 + 397.851 + 42.434) - (128.16 + 0 + 154.795)
=526.012

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(415.754 + 352.842 + 57.663) - (161.435 + 0 + 133.191)
=531.633

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 %:

Nihon Kohden'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 )
=60.567/447.976
=13.52 %

* 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.


Nihon Kohden Operating Income Related Terms


Nihon Kohden Operating Income Historical Data

* Premium members only.

The historical data trend for Nihon Kohden'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.

Nihon Kohden Operating Income Chart

Nihon Kohden 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 261.37 158.02 130.77 138.96 118.13

Nihon Kohden 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 65.60 9.70 36.12 15.34 60.57
NHNKY
68GF Score
Nihon Kohden Corp NHNKY
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Nihon Kohden 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 $122 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 $122 Mil mean?
Nihon Kohden (NHNKY) has a Operating Income of $122 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Nihon Kohden and its competitors.
Is Nihon Kohden's Operating Income too high?
Nihon Kohden's current Operating Income is $122 Mil. Overall, Nihon Kohden has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nihon Kohden's Operating Income compare to ABT and SYK?
Nihon Kohden's Operating Income of $122 Mil can be compared against companies in the Medical Devices & Instruments 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 Medical Devices & Instruments company?
A good Operating Income depends on the Medical Devices & Instruments 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 Nihon Kohden and its competitors. Nihon Kohden's current Operating Income is $122 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nihon Kohden stock overvalued right now?
Based on GuruFocus' analysis, Nihon Kohden (NHNKY) is currently considered Modestly Undervalued. The stock's GF Value™ is $13.75, compared to a current price of $9.92 — trading 27.9% below its estimated fair value. The current Operating Income is $122 Mil. Nihon Kohden's overall GF Score™ is 68/100 with 2 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 Nihon Kohden (NHNKY), the current Operating Income is $122 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 Nihon Kohden (NHNKY) Overvalued in 2026?

Based on GuruFocus' analysis, Nihon Kohden stock appears to be undervalued. The current stock price of $9.92 is trading 27.9% below its estimated GF Value™ of $13.75. GuruFocus considers Nihon Kohden to be Modestly Undervalued.

Key valuation signals for NHNKY:

  • Operating Income: $122 Mil
  • GF Value™: $13.75 vs. price of $9.92 (27.9% below fair value)
  • GF Score™: 68/100 with 2 warning signs

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


Nihon Kohden Business Description

Other Exchanges 6849:Japan
Address 1-31-4 Nishiochiai, Shinjuku-ku, Tokyo, JPN, 161-8560
Nihon Kohden Corp is a Japan-based company engaged in the development, manufacturing, and sale of medical electronic equipment. It offers monitoring and diagnostic equipment such as electroencephalographs, electrocardiographs, and patient monitors, along with related systems and consumables. The company operates as a single business segment and manages its activities comprehensively across three reportable regions: Japan, North America, and Other Regions.
68GF Score

Get the complete analysis for NHNKY

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

$9.92
Price
$13.75
GF Value