OJIPF (Oji Holdings) Operating Income: $227 Mil (TTM As of Mar. 2026)

What is Oji Holdings Operating Income?

Oji Holdings OJIPF 65 Operating Income is $227 Mil as of Mar. 2026. GuruFocus rates OJIPF with a GF Score™ of 65/100 and a GF Value™ of $5.27. The stock has 7 warning signs investors should review.

Oji Holdings's Operating Income for the three months ended in Mar. 2026 was $50 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $227 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Oji Holdings's Operating Income for the three months ended in Mar. 2026 was $50 Mil. Oji Holdings's Revenue for the three months ended in Mar. 2026 was $2,954 Mil. Therefore, Oji Holdings's Operating Margin % for the quarter that ended in Mar. 2026 was 1.69%.

Warning Sign:

Oji Holdings Corp operating margin has been in a 5-year decline. The average rate of decline per year is -21.8%.

Oji Holdings's 5-Year average Growth Rate for Operating Margin % was -21.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Oji Holdings's annualized ROC % for the quarter that ended in Mar. 2026 was 0.80%. Oji Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 10.57%.

Oji Holdings (OTCPK:OJIPF) Operating Income Explanation

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

Oji 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 )
=	199.468 * ( 1 - 41.33% )	/	( (14594.972	+	14702.283)	/ 2 )
=	117.0278756	/	14648.6275
=	0.80 %

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	))
=	16870.949	-	1875.637	-	( 400.34	-	max(0, 4798.987	-	5389.507	+	400.34	))
=	14594.972

	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	))
=	16932.81	-	1896.363	-	( 472.477	-	max(0, 4730.824	-	5064.988	+	472.477	))
=	14702.283

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

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

Oji 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 )
=	1149.236	/	( ( (8676.574 + max(2363.306, 0))	+	(8853.114 + max(1857.537, 0)) )	/	2 )
=	1149.236	/	( ( 11039.88	+	10710.651 )	/	2 )
=	1149.236	/	10875.2655
=	10.57 %

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)
=	(2668.787	+	1999.493	+	320.887)	-	(1875.637	+	0	+	750.224)
=	2363.306

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(2314.48	+	1927.022	+	150.917)	-	(1896.363	+	0	+	638.519)
=	1857.537

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 %:

Oji 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 )
	=	49.867	/	2954.059
	=	1.69 %

* 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.

Oji Holdings Operating Income Related Terms

Oji Holdings Operating Income Historical Data

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The historical data trend for Oji Holdings's Operating Income can be seen below:

Oji Holdings Operating Income Chart

Oji Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Operating Income

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1,013.01

634.58

484.61

454.11

217.93

Oji 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															70.96	25.64	88.11	63.73	49.87

65GF Score

Oji Holdings Corp OJIPF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Oji 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 $227 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $227 Mil mean?

Oji Holdings (OJIPF) has a Operating Income of $227 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Oji Holdings and its competitors.

Is Oji Holdings' Operating Income too high?

Oji Holdings' current Operating Income is $227 Mil. Overall, Oji Holdings has a GF Score™ of 65/100, reflecting its overall financial health beyond just this single metric.

How does Oji Holdings' Operating Income compare to competitors?

Oji Holdings' Operating Income of $227 Mil can be compared against companies in the Forest 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 a Forest Products company?

A good Operating Income depends on the Forest 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 Oji Holdings and its competitors. Oji Holdings's current Operating Income is $227 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Oji Holdings stock overvalued right now?

Oji Holdings (OJIPF) has a current Operating Income of $227 Mil. The stock's GF Value™ is $5.27, compared to a current price of $5.80 — trading 10.1% above its estimated fair value. The current Operating Income is $227 Mil. Oji Holdings' overall GF Score™ is 65/100 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 Oji Holdings (OJIPF), the current Operating Income is $227 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 Oji Holdings (OJIPF) Overvalued in 2026?

Based on GuruFocus' analysis, Oji Holdings stock appears to be overvalued. The current stock price of $5.80 is trading 10.1% above its estimated GF Value™ of $5.27.

Key valuation signals for OJIPF:

Operating Income: $227 Mil
GF Value™: $5.27 vs. price of $5.80 (10.1% above fair value)
GF Score™: 65/100 with 7 warning signs

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

Oji Holdings Business Description

Industry Basic Materials Forest Products

Comparable Companies TSE:3863 TSE:3880 TSE:3865 TSE:8032 TSE:3708 TSE:9274 TSE:3864 TSE:3877 TSE:7487 TSE:3513 OHEL:UPM BSP:SUZB3 OSTO:SCA A SZSE:002078 OSTO:HOLM A LSE:MNDI BSP:KLBN3 HKSE:02689 XSGO:CMPC SHSE:603733

Other Exchanges 3861:Japan OJI:Germany

Address 7-5 Ginza, 4-chome, Chuo-ku, Tokyo, JPN, 104-0061

Website https://www.ojiholdings.co.jp

Oji Holdings Corp through its group companies, is engaged in the production and distribution of pulp, paper products, and converted paper products. The company operates through five segments. The Functional Materials segment covers specialty paper, thermal paper, adhesives, and films. The Living and Industrial Materials segment includes corrugated base paper, paperboard, packaging paper, household paper, and disposable diapers. The Print Information Media segment engages in newsprint, printing, publishing, and information paper. The Resource and Environmental Business segment spans pulp, energy, afforestation, and wood processing. The Others segment comprises trading, eco-friendly packaging, logistics, engineering, real estate, and liquid cartons.

65GF Score

Get the complete analysis for OJIPF

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

$5.80

Price

$5.27

GF Value

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