Zen Voce (ROCO:3581) Operating Income: NT$148 Mil (TTM As of Jun. 2026)

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ROCO:3581 Zen Voce Corp ROCO:3581
65 GF Score
Price NT$105.00
GF Value NT$58.95
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Zen Voce Operating Income?

Zen Voce ROCO:3581 +4.48% 65 Operating Income is NT$148 Mil as of Jun. 2026. GuruFocus rates ROCO:3581 with a GF Score™ of 65/100 and a GF Value™ of NT$58.95 (Significantly Overvalued). The stock has 2 warning signs investors should review.

Zen Voce's Operating Income for the three months ended in Jun. 2026 was NT$36 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was NT$148 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Zen Voce's Operating Income for the three months ended in Jun. 2026 was NT$36 Mil. Zen Voce's Revenue for the three months ended in Jun. 2026 was NT$440 Mil. Therefore, Zen Voce's Operating Margin % for the quarter that ended in Jun. 2026 was 8.27%.

Warning Sign:

Zen Voce Corp operating margin has been in a 5-year decline. The average rate of decline per year is -13.6%.

Zen Voce's 5-Year average Growth Rate for Operating Margin % was -13.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Zen Voce's annualized ROC % for the quarter that ended in Jun. 2026 was 9.49%. Zen Voce's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 38.82%.


Zen Voce  (ROCO:3581) Operating Income Explanation

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

Zen Voce'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 )
=145.432 * ( 1 - 18.82% )/( (1084.983 + 1402.35)/ 2 )
=118.0616976/1243.6665
=9.49 %

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))
=2244.184 - 345.968 - ( 865.702 - max(0, 1124.644 - 1937.877+865.702))
=1084.983

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))
=2469.552 - 346.183 - ( 721.019 - max(0, 1368.554 - 2151.185+721.019))
=1402.35

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

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

Zen Voce'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 )
=222.136/( ( (138.09 + max(386.234, 0)) + (140.683 + max(479.522, 0)) )/ 2 )
=222.136/( ( 524.324 + 620.205 )/ 2 )
=222.136/572.2645
=38.82 %

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)
=(405.952 + 601.16 + 63.013) - (345.968 + 0 + 337.923)
=386.234

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(402.559 + 915.043 + 90.308) - (346.183 + 0 + 582.205)
=479.522

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 %:

Zen Voce'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 )
=36.358/439.745
=8.27 %

* 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.


Zen Voce Operating Income Related Terms


Zen Voce Operating Income Historical Data

* Premium members only.

The historical data trend for Zen Voce'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.

Zen Voce Operating Income Chart

Zen Voce 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 134.25 156.17 67.35 59.25 125.15

Zen Voce 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 11.06 38.61 47.00 25.99 36.36
ROCO:3581
65GF Score
Zen Voce Corp ROCO:3581
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Zen Voce 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$148 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$148 Mil mean?
Zen Voce (ROCO:3581) has a Operating Income of NT$148 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Zen Voce and its competitors.
Is Zen Voce's Operating Income too high?
Zen Voce's current Operating Income is NT$148 Mil. Overall, Zen Voce has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Zen Voce's Operating Income compare to NVDA and AVGO?
Zen Voce's Operating Income of NT$148 Mil can be compared against companies in the Semiconductors 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 Semiconductors company?
A good Operating Income depends on the Semiconductors 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 Zen Voce and its competitors. Zen Voce's current Operating Income is NT$148 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zen Voce stock overvalued right now?
Based on GuruFocus' analysis, Zen Voce (ROCO:3581) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$58.95, compared to a current price of NT$105.00 — trading 78.1% above its estimated fair value. The current Operating Income is NT$148 Mil. Zen Voce's overall GF Score™ is 65/100 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 Zen Voce (ROCO:3581), the current Operating Income is NT$148 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 Zen Voce (ROCO:3581) Overvalued in 2026?

Based on GuruFocus' analysis, Zen Voce stock appears to be overvalued. The current stock price of NT$105.00 is trading 78.1% above its estimated GF Value™ of NT$58.95. GuruFocus considers Zen Voce to be Significantly Overvalued.

Key valuation signals for ROCO:3581:

  • Operating Income: NT$148 Mil
  • GF Value™: NT$58.95 vs. price of NT$105.00 (78.1% above fair value)
  • GF Score™: 65/100 with 2 warning signs

No single metric tells the full story. See the ROCO:3581 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Zen Voce Business Description

Address No. 53, Jinggong Road, Sinfong Township, Hsinchu, TWN, 30441
Zen Voce Corp is a Taiwan based company engaged in the business of providing semiconductor, optoelectronics and MEMS and LCD's equipment. It offers equipment products which include IC packaging machine design and manufacture of bumping, wafer cutting machine and cleaning machine design and manufacturing, and board cutting machine and cleaning machine design and manufacturing. The test products provided by the company includes Wafer test probe card PCB design and manufacturing, IC test HIFIX and CHANG KIT design and manufacturing, SOCKET IC design and manufacturing test, Acting IC HANDLER, and Acting SOCKET IC burn-in test.
65GF Score

Get the complete analysis for ROCO:3581

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

NT$105.00
Price
NT$58.95
GF Value