Munsin Garment (ROCO:2916) Operating Income: NT$272 Mil (TTM As of Jun. 2026)

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ROCO:2916 Munsin Garment Corp ROCO:2916
78 GF Score
Price NT$40.25
GF Value NT$46.66
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Munsin Garment Operating Income?

Munsin Garment ROCO:2916 +0.25% 78 Operating Income is NT$272 Mil as of Jun. 2026. GuruFocus rates ROCO:2916 with a GF Score™ of 78/100 and a GF Value™ of NT$46.66 (Modestly Undervalued). The stock has 4 warning signs investors should review.

Munsin Garment's Operating Income for the three months ended in Jun. 2026 was NT$54 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was NT$272 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Munsin Garment's Operating Income for the three months ended in Jun. 2026 was NT$54 Mil. Munsin Garment's Revenue for the three months ended in Jun. 2026 was NT$468 Mil. Therefore, Munsin Garment's Operating Margin % for the quarter that ended in Jun. 2026 was 11.63%.

Good Sign:

Munsin Garment Corp operating margin is expanding. Margin expansion is usually a good sign.

Munsin Garment's 5-Year average Growth Rate for Operating Margin % was 15.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Munsin Garment's annualized ROC % for the quarter that ended in Jun. 2026 was 11.48%. Munsin Garment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 21.63%.


Munsin Garment  (ROCO:2916) Operating Income Explanation

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

Munsin Garment's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=217.448 * ( 1 - 20% )/( (1422.212 + 1608.214)/ 2 )
=173.9584/1515.213
=11.48 %

where

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))
=2192.41 - 505.119 - ( 265.079 - max(0, 639.099 - 1454.124+265.079))
=1422.212

Invested Capital(Q: Jun. 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))
=1967.034 - 199.159 - ( 159.661 - max(0, 359.427 - 1240.749+159.661))
=1608.214

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

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

Munsin Garment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=265.12/( ( (463.841 + max(661.613, 0)) + (461.592 + max(864.694, 0)) )/ 2 )
=265.12/( ( 1125.454 + 1326.286 )/ 2 )
=265.12/1225.87
=21.63 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(270.342 + 907.454 + 11.115) - (505.119 + 0 + 22.179)
=661.613

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(231.281 + 798.316 + 48.553) - (199.159 + 0 + 14.297)
=864.694

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.

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

Munsin Garment's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=54.362/467.548
=11.63 %

* 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.


Munsin Garment Operating Income Related Terms


Munsin Garment Operating Income Historical Data

* Premium members only.

The historical data trend for Munsin Garment'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.

Munsin Garment Operating Income Chart

Munsin Garment Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 123.42 209.90 280.06 277.43 278.24

Munsin Garment Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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 57.54 17.56 117.28 82.39 54.36
ROCO:2916
78GF Score
Munsin Garment Corp ROCO:2916
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Munsin Garment 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 Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was NT$272 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 NT$272 Mil mean?
Munsin Garment (ROCO:2916) has a Operating Income of NT$272 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Munsin Garment and its competitors.
Is Munsin Garment's Operating Income too high?
Munsin Garment's current Operating Income is NT$272 Mil. Overall, Munsin Garment has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Munsin Garment's Operating Income compare to RL and LEVI?
Munsin Garment's Operating Income of NT$272 Mil can be compared against companies in the Manufacturing - Apparel & Accessories 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 Manufacturing - Apparel & Accessories company?
A good Operating Income depends on the Manufacturing - Apparel & Accessories 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 Munsin Garment and its competitors. Munsin Garment's current Operating Income is NT$272 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Munsin Garment stock overvalued right now?
Based on GuruFocus' analysis, Munsin Garment (ROCO:2916) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$46.66, compared to a current price of NT$40.25 — trading 13.7% below its estimated fair value. The current Operating Income is NT$272 Mil. Munsin Garment's overall GF Score™ is 78/100 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 Munsin Garment (ROCO:2916), the current Operating Income is NT$272 Mil as of Jun. 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 Munsin Garment (ROCO:2916) Overvalued in 2026?

Based on GuruFocus' analysis, Munsin Garment stock appears to be undervalued. The current stock price of NT$40.25 is trading 13.7% below its estimated GF Value™ of NT$46.66. GuruFocus considers Munsin Garment to be Modestly Undervalued.

Key valuation signals for ROCO:2916:

  • Operating Income: NT$272 Mil
  • GF Value™: NT$46.66 vs. price of NT$40.25 (13.7% below fair value)
  • GF Score™: 78/100 with 4 warning signs

No single metric tells the full story. See the ROCO:2916 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Munsin Garment Business Description

Address Wuquan 6th Road, No. 18, Wugu District, New Taipei City, TWN
Munsin Garment Corp is mainly engaged in the manufacturing and sale of various garments and knitwear; acting as a product distribution, bidding, and quoting agent for domestic and international brands; and the import and export trade operations related to these business activities. The company deals in men's and women's apparel products of various international brands, such as Munsingwear, Le Coq Sportif, Pou Dou Dou, Eminento, Nara CamiCie, Hazzy, and others. Geographically, all of its revenue is derived from Taiwan.
78GF Score

Get the complete analysis for ROCO:2916

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

NT$40.25
Price
NT$46.66
GF Value