THYCF (Taiheiyo Cement) Operating Income: $490 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

THYCF Taiheiyo Cement Corp THYCF
72 GF Score
Price $24.22
GF Value $25.56
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is Taiheiyo Cement Operating Income?

Taiheiyo Cement THYCF -10.13% 72 Operating Income is $490 Mil as of Mar. 2026. GuruFocus rates THYCF with a GF Score™ of 72/100 and a GF Value™ of $25.56 (Fairly Valued). The stock has 4 warning signs investors should review.

Taiheiyo Cement's Operating Income for the three months ended in Mar. 2026 was $98 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $490 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Taiheiyo Cement's Operating Income for the three months ended in Mar. 2026 was $98 Mil. Taiheiyo Cement's Revenue for the three months ended in Mar. 2026 was $1,432 Mil. Therefore, Taiheiyo Cement's Operating Margin % for the quarter that ended in Mar. 2026 was 6.85%.

Good Sign:

Taiheiyo Cement Corp operating margin is expanding. Margin expansion is usually a good sign.

Taiheiyo Cement's 5-Year average Growth Rate for Operating Margin % was 11.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Taiheiyo Cement's annualized ROC % for the quarter that ended in Mar. 2026 was 3.24%. Taiheiyo Cement's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 5.72%.


Taiheiyo Cement  (OTCPK:THYCF) Operating Income Explanation

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

Taiheiyo Cement'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 )
=392.08 * ( 1 - 27.13% )/( (8796.465 + 8847.076)/ 2 )
=285.708696/8821.7705
=3.24 %

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))
=9330.417 - 526.941 - ( 564.198 - max(0, 2856.492 - 2863.503+564.198))
=8796.465

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))
=9320.871 - 500.899 - ( 401.55 - max(0, 2627.268 - 2600.164+401.55))
=8847.076

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

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

Taiheiyo Cement'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 )
=314.564/( ( (4613.225 + max(859.495, 0)) + (4721.107 + max(801.191, 0)) )/ 2 )
=314.564/( ( 5472.72 + 5522.298 )/ 2 )
=314.564/5497.509
=5.72 %

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)
=(986.313 + 832.287 + 480.705) - (526.941 + 0 + 912.869)
=859.495

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(932.37 + 864.852 + 388.505) - (500.899 + 0 + 883.637)
=801.191

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 %:

Taiheiyo Cement'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 )
=98.02/1431.643
=6.85 %

* 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.


Taiheiyo Cement Operating Income Related Terms


Taiheiyo Cement Operating Income Historical Data

* Premium members only.

The historical data trend for Taiheiyo Cement'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.

Taiheiyo Cement Operating Income Chart

Taiheiyo Cement 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 393.85 33.35 376.92 521.60 470.25

Taiheiyo Cement 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 90.88 69.63 154.16 168.12 98.02
THYCF
72GF Score
Taiheiyo Cement Corp THYCF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Taiheiyo Cement 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 $490 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 $490 Mil mean?
Taiheiyo Cement (THYCF) has a Operating Income of $490 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Taiheiyo Cement and its competitors.
Is Taiheiyo Cement's Operating Income too high?
Taiheiyo Cement's current Operating Income is $490 Mil. Overall, Taiheiyo Cement has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Taiheiyo Cement's Operating Income compare to CRH and VMC?
Taiheiyo Cement's Operating Income of $490 Mil can be compared against companies in the Building Materials 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 Building Materials company?
A good Operating Income depends on the Building Materials 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 Taiheiyo Cement and its competitors. Taiheiyo Cement's current Operating Income is $490 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiheiyo Cement stock overvalued right now?
Based on GuruFocus' analysis, Taiheiyo Cement (THYCF) is currently considered Fairly Valued. The stock's GF Value™ is $25.56, compared to a current price of $24.22 — trading 5.2% below its estimated fair value. The current Operating Income is $490 Mil. Taiheiyo Cement's overall GF Score™ is 72/100 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 Taiheiyo Cement (THYCF), the current Operating Income is $490 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 Taiheiyo Cement (THYCF) Overvalued in 2026?

Based on GuruFocus' analysis, Taiheiyo Cement stock appears to be undervalued. The current stock price of $24.22 is trading 5.2% below its estimated GF Value™ of $25.56. GuruFocus considers Taiheiyo Cement to be Fairly Valued.

Key valuation signals for THYCF:

  • Operating Income: $490 Mil
  • GF Value™: $25.56 vs. price of $24.22 (5.2% below fair value)
  • GF Score™: 72/100 with 4 warning signs

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


Taiheiyo Cement Business Description

Other Exchanges THYCY:USA5233:Japan
Address 1-1-1 Koishikawa, Bunkyo Garden Gate Tower, Bunkyo-ku, Tokyo, JPN, 112-8503
Taiheiyo Cement Corp is a Japan-based company mainly engaged in the manufacture and sale of cement products. The company operates through four main segments. The Building Materials and Civil Engineering segment handles secondary concrete products and ALC (lightweight aerated concrete). The Cement segment covers various cement types and ready-mixed concrete. The Environmental Business focuses on waste recycling and desulfurization materials. The Resources segment deals with aggregates and limestone products. The Others segment includes real estate, engineering, information processing, finance, transportation, warehousing, chemical products, sports, and power supply. It generates the majority of its revenue from the Cement segment.
72GF Score

Get the complete analysis for THYCF

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

$24.22
Price
$25.56
GF Value