Meiji Holdings Co (STU:3M0) Operating Income : €498 Mil (TTM As of Dec. 2024)

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What is Meiji Holdings Co Operating Income?

Meiji Holdings Co's Operating Income for the three months ended in Dec. 2024 was €137 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2024 was €498 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Meiji Holdings Co's Operating Income for the three months ended in Dec. 2024 was €137 Mil. Meiji Holdings Co's Revenue for the three months ended in Dec. 2024 was €1,900 Mil. Therefore, Meiji Holdings Co's Operating Margin % for the quarter that ended in Dec. 2024 was 7.21%.

Warning Sign:

Meiji Holdings Co Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -1.5%.

Meiji Holdings Co's 5-Year average Growth Rate for Operating Margin % was -1.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Meiji Holdings Co's annualized ROC % for the quarter that ended in Dec. 2024 was 6.28%. Meiji Holdings Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 was 13.93%.

Meiji Holdings Co Operating Income Historical Data

The historical data trend for Meiji Holdings Co'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.

* Premium members only.

Meiji Holdings Co Operating Income Chart

Meiji Holdings Co Annual Data

Trend

Mar15

Mar16

Mar17

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Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Operating Income

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863.34

819.62

711.55

527.11

517.80

Meiji Holdings Co Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Operating Income	Get a 7-Day Free Trial															160.93	89.72	120.64	150.60	136.98

Meiji Holdings Co 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 Dec. 2024 adds up the quarterly data reported by the company within the most recent 12 months, which was €498 Mil.

Meiji Holdings Co (STU:3M0) Operating Income Explanation

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

Meiji Holdings Co's annualized ROC % for the quarter that ended in Dec. 2024 is calculated as:

	ROC % (Q: Dec. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2024 )	+	Invested Capital (Q: Dec. 2024 ))	/ count )
=	547.912 * ( 1 - 29.2% )	/	( (6153.705	+	6200.037)	/ 2 )
=	387.921696	/	6176.871
=	6.28 %

where

	Invested Capital		(Q: Sep. 2024 )
=	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	))
=	7410.526	-	760.103	-	( 496.718	-	max(0, 1950.58	-	3409.284	+	496.718	))
=	6153.705

	Invested Capital		(Q: Dec. 2024 )
=	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	))
=	7558.544	-	780.128	-	( 578.379	-	max(0, 2102.63	-	3578.607	+	578.379	))
=	6200.037

Note: The Operating Income data used here is four times the quarterly (Dec. 2024) data.

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

Meiji Holdings Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2024		Q: Dec. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	600.86	/	( ( (3005.581 + max(1298.968, 0))	+	(3000.681 + max(1319.125, 0)) )	/	2 )
=	600.86	/	( ( 4304.549	+	4319.806 )	/	2 )
=	600.86	/	4312.1775
=	13.93 %

where Working Capital is:

	Working Capital		(Q: Sep. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1260.514	+	1414.332	+	237.72)	-	(760.103	+	0	+	853.495)
=	1298.968

	Working Capital		(Q: Dec. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1440.103	+	1292.756	+	267.369)	-	(780.128	+	0	+	900.975)
=	1319.125

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2024) EBIT data.

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

Meiji Holdings Co's Operating Margin % for the quarter that ended in Dec. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2024 )	/	Revenue (Q: Dec. 2024 )
	=	136.978	/	1900.013
	=	7.21 %

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.

Meiji Holdings Co Operating Income Related Terms

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Meiji Holdings Co Business Description

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GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Meiji Holdings Co Ltd (STU:3M0) » Definitions » Operating Income

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MEJHY:USA 2269:Japan

Address

4-16, Kyobashi 2-chome, Chuo-ku, Tokyo, JPN, 104-0031

Website

http://www.meiji.com

Meiji Holdings was established in April 2009 as a merged entity of Meiji Dairies, Japan's largest dairy company, and Meiji Seika, the country's number-two confectionery maker. The amalgamation was propelled by a surge in commodity prices, Japan's aging and shrinking population, and fierce competition. The food business, comprising dairy and confectionery operations, represents more than 80% of the group's sales and 70% of profits. The rest mainly comes from the pharmaceutical business, specializing in antibacterial and generic drugs, as well as vaccines. Overseas food operations, mainly in China, the US, and Southeast Asia, comprise merely 6.5% of the group sales are in red due to a surge in investment in China's new factories and fierce price competition initiated by Chinese dairy makers.

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