NPONF (Nippon Prologis REIT) Operating Income: $225.2 Mil (TTM As of Nov. 2025)


NPONF Nippon Prologis REIT Inc NPONF
71 GF Score
Price $532.49
GF Value $565.44
! 7 Warning Signs
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What is Nippon Prologis REIT Operating Income?

Nippon Prologis REIT NPONF +13.38% 71 Operating Income is $225.2 Mil as of Nov. 2025. GuruFocus rates NPONF with a GF Score™ of 71/100 and a GF Value™ of $565.44. The stock has 7 warning signs investors should review.

Nippon Prologis REIT's Operating Income for the six months ended in Nov. 2025 was $108.6 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Nov. 2025 was $225.2 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Nippon Prologis REIT's Operating Income for the six months ended in Nov. 2025 was $108.6 Mil. Nippon Prologis REIT's Revenue for the six months ended in Nov. 2025 was $226.1 Mil. Therefore, Nippon Prologis REIT's Operating Margin % for the quarter that ended in Nov. 2025 was 48.01%.

Nippon Prologis REIT's 5-Year average Growth Rate for Operating Margin % was -0.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Nippon Prologis REIT's annualized ROC % for the quarter that ended in Nov. 2025 was 3.58%. Nippon Prologis REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Nov. 2025 was 3.71%.


Nippon Prologis REIT  (OTCPK:NPONF) Operating Income Explanation

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

Nippon Prologis REIT's annualized ROC % for the quarter that ended in Nov. 2025 is calculated as:

ROC % (Q: Nov. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: May. 2025 ) + Invested Capital (Q: Nov. 2025 ))/ count )
=217.14 * ( 1 - 0.01% )/( (6285.826 + 5853.331)/ 2 )
=217.118286/6069.5785
=3.58 %

where

Invested Capital(Q: May. 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))
=6193.613 - 17.861 - ( 95.211 - max(0, 287.762 - 177.688+95.211))
=6285.826

Invested Capital(Q: Nov. 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))
=5800.465 - 39.813 - ( 143.41 - max(0, 303.158 - 210.479+143.41))
=5853.331

Note: The Operating Income data used here is two times the semi-annual (Nov. 2025) data.

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

Nippon Prologis REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Nov. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Nov. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: May. 2025  Q: Nov. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=214.936/( ( (6004.358 + max(1.098, 0)) + (5580.381 + max(-34.337, 0)) )/ 2 )
=214.936/( ( 6005.456 + 5580.381 )/ 2 )
=214.936/5792.9185
=3.71 %

where Working Capital is:

Working Capital(Q: May. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(13.984 + 0 + 68.493) - (17.861 + 0 + 63.518)
=1.098

Working Capital(Q: Nov. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(12.133 + 0 + 54.936) - (39.813 + 0 + 61.593)
=-34.337

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Nov. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Nippon Prologis REIT's Operating Margin % for the quarter that ended in Nov. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Nov. 2025 )/Revenue (Q: Nov. 2025 )
=108.57/226.12
=48.01 %

* 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 Prologis REIT Operating Income Related Terms


Nippon Prologis REIT Operating Income Historical Data

* Premium members only.

The historical data trend for Nippon Prologis REIT'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 Prologis REIT Operating Income Chart

Nippon Prologis REIT Annual Data
Trend Nov15 Nov16 Nov17 Nov18 Nov19 Nov20 Nov21 Nov23 Nov24 Nov25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 209.35 204.34 173.07 178.23 217.52

Nippon Prologis REIT Semi-Annual Data
Nov15 May16 Nov16 May17 Nov17 May18 Nov18 May19 Nov19 May20 Nov20 May21 Nov21 May22 May23 Nov23 May24 Nov24 May25 Nov25
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 90.58 87.98 89.02 116.67 108.57
NPONF
71GF Score
Nippon Prologis REIT Inc NPONF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Nippon Prologis REIT 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 Nov. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $225.2 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 $225.2 Mil mean?
Nippon Prologis REIT (NPONF) has a Operating Income of $225.2 Mil as of Nov. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Nippon Prologis REIT and its competitors.
Is Nippon Prologis REIT's Operating Income too high?
Nippon Prologis REIT's current Operating Income is $225.2 Mil. Overall, Nippon Prologis REIT has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.
How does Nippon Prologis REIT's Operating Income compare to PLD and PSA?
Nippon Prologis REIT's Operating Income of $225.2 Mil can be compared against companies in the REITs 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 REITs company?
A good Operating Income depends on the REITs 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 Prologis REIT and its competitors. Nippon Prologis REIT's current Operating Income is $225.2 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Prologis REIT stock overvalued right now?
Nippon Prologis REIT (NPONF) has a current Operating Income of $225.2 Mil. The stock's GF Value™ is $565.44, compared to a current price of $532.49 — trading 5.8% below its estimated fair value. The current Operating Income is $225.2 Mil. Nippon Prologis REIT's overall GF Score™ is 71/100 with 7 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 Prologis REIT (NPONF), the current Operating Income is $225.2 Mil as of Nov. 2025. 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 Prologis REIT (NPONF) Overvalued in 2026?

Based on GuruFocus' analysis, Nippon Prologis REIT stock appears to be undervalued. The current stock price of $532.49 is trading 5.8% below its estimated GF Value™ of $565.44.

Key valuation signals for NPONF:

  • Operating Income: $225.2 Mil
  • GF Value™: $565.44 vs. price of $532.49 (5.8% below fair value)
  • GF Score™: 71/100 with 7 warning signs

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


Nippon Prologis REIT Business Description

Industry Real EstateREITs
Other Exchanges 3283:Japan
Address 7-3, Marunouchi 2-chome, Tokyo Building 22nd Floor, Chiyoda-ku, Tokyo, JPN, 100-6422
Nippon Prologis REIT Inc is focused on logistics facilities in Japan. Its investment objective is to maximize unit holder value through a portfolio that generates stable income and achieves steady growth. It invests in high quality Class-A logistics facilities, owning and operating them for medium- to long-term purposes.
71GF Score

Get the complete analysis for NPONF

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

$532.49
Price
$565.44
GF Value