Taiwan Special Chemicals (ROCO:4772) Operating Income: NT$1,081 Mil (TTM As of Mar. 2026)

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ROCO:4772 Taiwan Special Chemicals Corp ROCO:4772
63 GF Score
Price NT$254.00
GF Value NT$712.34
Valuation Possible Value Trap
! 1 Warning Sign
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What is Taiwan Special Chemicals Operating Income?

Taiwan Special Chemicals ROCO:4772 +0.99% 63 Operating Income is NT$1,081 Mil as of Mar. 2026. GuruFocus rates ROCO:4772 with a GF Score™ of 63/100 and a GF Value™ of NT$712.34 (Possible Value Trap). The stock has 1 warning sign investors should review.

Taiwan Special Chemicals's Operating Income for the three months ended in Mar. 2026 was NT$345 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was NT$1,081 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Taiwan Special Chemicals's Operating Income for the three months ended in Mar. 2026 was NT$345 Mil. Taiwan Special Chemicals's Revenue for the three months ended in Mar. 2026 was NT$857 Mil. Therefore, Taiwan Special Chemicals's Operating Margin % for the quarter that ended in Mar. 2026 was 40.24%.

Taiwan Special Chemicals's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Taiwan Special Chemicals's annualized ROC % for the quarter that ended in Mar. 2026 was 22.63%. Taiwan Special Chemicals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 66.61%.


Taiwan Special Chemicals  (ROCO:4772) Operating Income Explanation

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

Taiwan Special Chemicals'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 )
=1378.632 * ( 1 - 22.57% )/( (4756.326 + 4675.901)/ 2 )
=1067.4747576/4716.1135
=22.63 %

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))
=7215.903 - 447.841 - ( 2011.736 - max(0, 637.34 - 2740.324+2011.736))
=4756.326

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))
=7537.802 - 957.863 - ( 2255.963 - max(0, 1116.168 - 3020.206+2255.963))
=4675.901

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

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

Taiwan Special Chemicals'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 )
=1423.448/( ( (2091.888 + max(127.247, 0)) + (2054.773 + max(-316.683, 0)) )/ 2 )
=1423.448/( ( 2219.135 + 2054.773 )/ 2 )
=1423.448/2136.954
=66.61 %

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)
=(469.458 + 235.64 + 23.146) - (447.841 + 0 + 153.156)
=127.247

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(448.056 + 254.258 + 60.828) - (957.863 + 0 + 121.962)
=-316.683

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 %:

Taiwan Special Chemicals'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 )
=344.658/856.585
=40.24 %

* 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.


Taiwan Special Chemicals Operating Income Related Terms


Taiwan Special Chemicals Operating Income Historical Data

* Premium members only.

The historical data trend for Taiwan Special Chemicals'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.

Taiwan Special Chemicals Operating Income Chart

Taiwan Special Chemicals Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial 195.31 180.65 137.80 364.67 845.59

Taiwan Special Chemicals Quarterly Data
Dec19 Dec20 Dec21 Jun22 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 108.86 130.47 272.74 333.51 344.66
ROCO:4772
63GF Score
Taiwan Special Chemicals Corp ROCO:4772
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Taiwan Special Chemicals 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 NT$1,081 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$1,081 Mil mean?
Taiwan Special Chemicals (ROCO:4772) has a Operating Income of NT$1,081 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Taiwan Special Chemicals and its competitors.
Is Taiwan Special Chemicals' Operating Income too high?
Taiwan Special Chemicals' current Operating Income is NT$1,081 Mil. Overall, Taiwan Special Chemicals has a GF Score™ of 63/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Taiwan Special Chemicals' Operating Income compare to LIN and SHW?
Taiwan Special Chemicals' Operating Income of NT$1,081 Mil can be compared against companies in the Chemicals 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 Chemicals company?
A good Operating Income depends on the Chemicals 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 Taiwan Special Chemicals and its competitors. Taiwan Special Chemicals's current Operating Income is NT$1,081 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiwan Special Chemicals stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Special Chemicals (ROCO:4772) is currently considered Possible Value Trap. The stock's GF Value™ is NT$712.34, compared to a current price of NT$254.00 — trading 64.3% below its estimated fair value. The current Operating Income is NT$1,081 Mil. Taiwan Special Chemicals' overall GF Score™ is 63/100 with 1 warning sign 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 Taiwan Special Chemicals (ROCO:4772), the current Operating Income is NT$1,081 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 Taiwan Special Chemicals (ROCO:4772) Overvalued in 2026?

Based on GuruFocus' analysis, Taiwan Special Chemicals stock appears to be undervalued. The current stock price of NT$254.00 is trading 64.3% below its estimated GF Value™ of NT$712.34. GuruFocus considers Taiwan Special Chemicals to be Possible Value Trap.

Key valuation signals for ROCO:4772:

  • Operating Income: NT$1,081 Mil
  • GF Value™: NT$712.34 vs. price of NT$254.00 (64.3% below fair value)
  • GF Score™: 63/100 with 1 warning sign

No single metric tells the full story. See the ROCO:4772 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Taiwan Special Chemicals Business Description

Address No.1, Zhangbin West 3rd Road, Xianxi Township, Changhua County, Changhua, TWN, 507
Taiwan Special Chemicals Corp develops and manufactures semiconductor specialty gases (SEG) and semiconductor chemical materials (SEC), and is engaged in the sale and production of precision chemical materials, as well as the cleaning, maintenance, and refurbishment services for semiconductor equipment and components. It generates maximum revenue from the sale of specialty chemical materials. Geographically, the company generates maximum revenue from Taiwan, followed by other Asian regions, America, Northeast Asia (Japan and Korea), and Europe.
63GF Score

Get the complete analysis for ROCO:4772

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

NT$254.00
Price
NT$712.34
GF Value