THOGF (Toho Gas Co) Operating Income: $215 Mil (TTM As of Mar. 2026)


THOGF Toho Gas Co Ltd THOGF
74 GF Score
Price $6.44
GF Value $6.08
! 3 Warning Signs
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What is Toho Gas Co Operating Income?

Toho Gas Co THOGF 74 Operating Income is $215 Mil as of Mar. 2026. GuruFocus rates THOGF with a GF Score™ of 74/100 and a GF Value™ of $6.08. The stock has 3 warning signs investors should review.

Toho Gas Co's Operating Income for the three months ended in Mar. 2026 was $38 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $215 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Toho Gas Co's Operating Income for the three months ended in Mar. 2026 was $38 Mil. Toho Gas Co's Revenue for the three months ended in Mar. 2026 was $1,170 Mil. Therefore, Toho Gas Co's Operating Margin % for the quarter that ended in Mar. 2026 was 3.21%.

Good Sign:

Toho Gas Co Ltd operating margin is expanding. Margin expansion is usually a good sign.

Toho Gas Co's 5-Year average Growth Rate for Operating Margin % was 9.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Toho Gas Co's annualized ROC % for the quarter that ended in Mar. 2026 was 2.59%. Toho Gas Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 11.96%.

Toho Gas Co  (OTCPK:THOGF) Operating Income Explanation

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

Toho Gas Co'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 )
=150.364 * ( 1 - 21.87% )/( (4499.131 + 4563.629)/ 2 )
=117.4793932/4531.38
=2.59 %

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))
=4983.299 - 288.003 - ( 196.165 - max(0, 731.142 - 1133.72+196.165))
=4499.131

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))
=5101.085 - 266.425 - ( 271.031 - max(0, 693.837 - 1139.752+271.031))
=4563.629

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

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

Toho Gas Co'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 )
=247.26/( ( (1860.001 + max(217.958, 0)) + (1869.454 + max(186.227, 0)) )/ 2 )
=247.26/( ( 2077.959 + 2055.681 )/ 2 )
=247.26/2066.82
=11.96 %

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)
=(521.553 + 205.169 + 210.833) - (288.003 + 0 + 431.594)
=217.958

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(482.037 + 179.383 + 207.301) - (266.425 + 0 + 416.069)
=186.227

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 %:

Toho Gas Co'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 )
=37.591/1170.121
=3.21 %

* 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.

Toho Gas Co Operating Income Related Terms

Toho Gas Co Operating Income Historical Data

* Premium members only.

The historical data trend for Toho Gas 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.

Toho Gas Co Operating Income Chart

Toho Gas Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 150.60 327.27 224.25 207.22 200.30

Toho Gas Co 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 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 60.92 137.32 26.89 12.84 37.59
THOGF
74GF Score
Toho Gas Co Ltd THOGF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Toho Gas 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 Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $215 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 $215 Mil mean?
Toho Gas Co (THOGF) has a Operating Income of $215 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Toho Gas Co and its competitors.
Is Toho Gas Co's Operating Income too high?
Toho Gas Co's current Operating Income is $215 Mil. Overall, Toho Gas Co has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does Toho Gas Co's Operating Income compare to ATO and NI?
Toho Gas Co's Operating Income of $215 Mil can be compared against companies in the Utilities - Regulated 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 an Utilities - Regulated company?
A good Operating Income depends on the Utilities - Regulated 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 Toho Gas Co and its competitors. Toho Gas Co's current Operating Income is $215 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toho Gas Co stock overvalued right now?
Toho Gas Co (THOGF) has a current Operating Income of $215 Mil. The stock's GF Value™ is $6.08, compared to a current price of $6.44 — trading 5.9% above its estimated fair value. The current Operating Income is $215 Mil. Toho Gas Co's overall GF Score™ is 74/100 with 3 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 Toho Gas Co (THOGF), the current Operating Income is $215 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 Toho Gas Co (THOGF) Overvalued in 2026?

Based on GuruFocus' analysis, Toho Gas Co stock appears to be overvalued. The current stock price of $6.44 is trading 5.9% above its estimated GF Value™ of $6.08.

Key valuation signals for THOGF:

  • Operating Income: $215 Mil
  • GF Value™: $6.08 vs. price of $6.44 (5.9% above fair value)
  • GF Score™: 74/100 with 3 warning signs

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

Toho Gas Co Business Description

Other Exchanges 9533:Japan59W:Germany
Address 19-18 Sakuradacho, Atsuta-ku, Aichi Prefecture, Nagoya, JPN, 456-8511
Toho Gas Co Ltd is a Japan-based company engaged in the supply of energy and related services, including electricity, gas, and liquefied petroleum gas (LPG). The company operates in three business segments. The Electricity segment engages in the sale of electricity. The Gas segment handles the manufacture and sale of gas, gas appliances, consignment supply, and plumbing work. The LPG and Other Energies segment covers the sale of LPG, related equipment, natural gas, heat supply, and coke. The Others segment includes contract processing, real estate management, and other ancillary businesses. It generates the majority of its revenue from the Gas segment.
74GF Score

Get the complete analysis for THOGF

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

$6.44
Price
$6.08
GF Value