NISTF (Nippon Steel) Operating Income: $2,807 Mil (TTM As of Mar. 2026)

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NISTF Nippon Steel Corp NISTF
72 GF Score
Price $3.54
GF Value $4.77
Valuation Modestly Undervalued
! 8 Warning Signs
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What is Nippon Steel Operating Income?

Nippon Steel NISTF -1.12% 72 Operating Income is $2,807 Mil as of Mar. 2026. GuruFocus rates NISTF with a GF Score™ of 72/100 and a GF Value™ of $4.77 (Modestly Undervalued). The stock has 8 warning signs investors should review.

Nippon Steel's Operating Income for the three months ended in Mar. 2026 was $865 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $2,807 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Nippon Steel's Operating Income for the three months ended in Mar. 2026 was $865 Mil. Nippon Steel's Revenue for the three months ended in Mar. 2026 was $17,689 Mil. Therefore, Nippon Steel's Operating Margin % for the quarter that ended in Mar. 2026 was 4.89%.

Good Sign:

Nippon Steel Corp operating margin is expanding. Margin expansion is usually a good sign.

Nippon Steel's 5-Year average Growth Rate for Operating Margin % was 14.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Nippon Steel's annualized ROC % for the quarter that ended in Mar. 2026 was 2.62%. Nippon Steel's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 7.13%.


Nippon Steel  (OTCPK:NISTF) Operating Income Explanation

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

Nippon Steel'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 )
=3459.708 * ( 1 - 43.82% )/( (74157.457 + 74143.073)/ 2 )
=1943.6639544/74150.265
=2.62 %

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))
=92634.352 - 14896.309 - ( 3580.586 - max(0, 29977.687 - 33630.215+3580.586))
=74157.457

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))
=92389.296 - 14994.659 - ( 3251.564 - max(0, 18733.523 - 33334.258+3251.564))
=74143.073

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

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

Nippon Steel'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 )
=3761.872/( ( (38418.882 + max(14493.896, 0)) + (38057.463 + max(14537.95, 0)) )/ 2 )
=3761.872/( ( 52912.778 + 52595.413 )/ 2 )
=3761.872/52754.0955
=7.13 %

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)
=(11157.509 + 17599.089 + 1293.031) - (14896.309 + 0 + 659.424)
=14493.896

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(11143.155 + 17494.106 + 1445.433) - (14994.659 + 0 + 550.085)
=14537.95

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 %:

Nippon Steel'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 )
=864.927/17688.715
=4.89 %

* 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.


Nippon Steel Operating Income Related Terms


Nippon Steel Operating Income Historical Data

* Premium members only.

The historical data trend for Nippon Steel'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.

Nippon Steel Operating Income Chart

Nippon Steel 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 6,102.77 6,086.45 4,841.40 3,732.36 2,701.72

Nippon Steel 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 691.63 447.14 779.82 715.50 864.93
NISTF
72GF Score
Nippon Steel Corp NISTF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Nippon Steel 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 $2,807 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 $2,807 Mil mean?
Nippon Steel (NISTF) has a Operating Income of $2,807 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Nippon Steel and its competitors.
Is Nippon Steel's Operating Income too high?
Nippon Steel's current Operating Income is $2,807 Mil. Overall, Nippon Steel has a GF Score™ of 72/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nippon Steel's Operating Income compare to NUE and STLD?
Nippon Steel's Operating Income of $2,807 Mil can be compared against companies in the Steel 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 Steel company?
A good Operating Income depends on the Steel 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 Nippon Steel and its competitors. Nippon Steel's current Operating Income is $2,807 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Steel stock overvalued right now?
Based on GuruFocus' analysis, Nippon Steel (NISTF) is currently considered Modestly Undervalued. The stock's GF Value™ is $4.77, compared to a current price of $3.54 — trading 25.8% below its estimated fair value. The current Operating Income is $2,807 Mil. Nippon Steel's overall GF Score™ is 72/100 with 8 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 Nippon Steel (NISTF), the current Operating Income is $2,807 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 Nippon Steel (NISTF) Overvalued in 2026?

Based on GuruFocus' analysis, Nippon Steel stock appears to be undervalued. The current stock price of $3.54 is trading 25.8% below its estimated GF Value™ of $4.77. GuruFocus considers Nippon Steel to be Modestly Undervalued.

Key valuation signals for NISTF:

  • Operating Income: $2,807 Mil
  • GF Value™: $4.77 vs. price of $3.54 (25.8% below fair value)
  • GF Score™: 72/100 with 8 warning signs

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


Nippon Steel Business Description

Address 2-6-1 Marunouchi, Chiyoda-ku, Tokyo, JPN, 100-8071
Nippon Steel Corp is mainly engaged in the steel manufacturing business, engineering business, chemical & material business, and system solution business. The company operates through four business segments. The Chemicals & Materials segment manufactures and sells coal chemicals, petrochemicals, electronic materials, semiconductors, carbon fibers, composites, and processed metal products. The Engineering segment handles industrial machinery, steel structures, construction contracting, waste disposal, recycling, and energy supply. The Steel segment focuses on the production and sale of steel products. The System Solutions segment provides IT consulting, outsourcing, and related services. It generates the majority of its revenue from the Steel segment.
72GF Score

Get the complete analysis for NISTF

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

$3.54
Price
$4.77
GF Value