TKGSF (Tokyo Gas Co) Operating Income: $1,304 Mil (TTM As of Mar. 2026)


TKGSF Tokyo Gas Co Ltd TKGSF
72 GF Score
Price $38.20
GF Value $26.24
Valuation Significantly Overvalued
! 3 Warning Signs
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What is Tokyo Gas Co Operating Income?

Tokyo Gas Co TKGSF 72 Operating Income is $1,304 Mil as of Mar. 2026. GuruFocus rates TKGSF with a GF Score™ of 72/100 and a GF Value™ of $26.24 (Significantly Overvalued). The stock has 3 warning signs investors should review.

Tokyo Gas Co's Operating Income for the three months ended in Mar. 2026 was $374 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $1,304 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Tokyo Gas Co's Operating Income for the three months ended in Mar. 2026 was $374 Mil. Tokyo Gas Co's Revenue for the three months ended in Mar. 2026 was $5,011 Mil. Therefore, Tokyo Gas Co's Operating Margin % for the quarter that ended in Mar. 2026 was 7.47%.

Good Sign:

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

Tokyo Gas Co's 5-Year average Growth Rate for Operating Margin % was 4.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Tokyo Gas Co's annualized ROC % for the quarter that ended in Mar. 2026 was 6.41%. Tokyo Gas Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 17.64%.


Tokyo Gas Co  (OTCPK:TKGSF) Operating Income Explanation

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

Tokyo 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 )
=1497.808 * ( 1 - 6.49% )/( (21372.485 + 22359.325)/ 2 )
=1400.6002608/21865.905
=6.41 %

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))
=23832.236 - 884.142 - ( 1575.609 - max(0, 4350.755 - 6227.598+1575.609))
=21372.485

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))
=24528.622 - 990.202 - ( 1179.095 - max(0, 4431.643 - 6521.12+1179.095))
=22359.325

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

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

Tokyo 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 )
=1775.544/( ( (9041.516 + max(745.271, 0)) + (8967.071 + max(1377.944, 0)) )/ 2 )
=1775.544/( ( 9786.787 + 10345.015 )/ 2 )
=1775.544/10065.901
=17.64 %

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)
=(2541.962 + 1078.055 + 1031.972) - (884.142 + 0 + 3022.576)
=745.271

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2672.616 + 997.122 + 1672.287) - (990.202 + 0 + 2973.879)
=1377.944

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 %:

Tokyo 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 )
=374.452/5010.71
=7.47 %

* 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.


Tokyo Gas Co Operating Income Related Terms


Tokyo Gas Co Operating Income Historical Data

* Premium members only.

The historical data trend for Tokyo 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.

Tokyo Gas Co Operating Income Chart

Tokyo 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 1,075.47 3,153.25 1,449.38 892.88 1,245.74

Tokyo 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 403.45 432.74 221.62 275.56 374.45
TKGSF
72GF Score
Tokyo Gas Co Ltd TKGSF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Tokyo 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 $1,304 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 $1,304 Mil mean?
Tokyo Gas Co (TKGSF) has a Operating Income of $1,304 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Tokyo Gas Co and its competitors.
Is Tokyo Gas Co's Operating Income too high?
Tokyo Gas Co's current Operating Income is $1,304 Mil. Overall, Tokyo Gas Co has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tokyo Gas Co's Operating Income compare to ATO and NI?
Tokyo Gas Co's Operating Income of $1,304 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 Tokyo Gas Co and its competitors. Tokyo Gas Co's current Operating Income is $1,304 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tokyo Gas Co stock overvalued right now?
Based on GuruFocus' analysis, Tokyo Gas Co (TKGSF) is currently considered Significantly Overvalued. The stock's GF Value™ is $26.24, compared to a current price of $38.20 — trading 45.6% above its estimated fair value. The current Operating Income is $1,304 Mil. Tokyo Gas Co's overall GF Score™ is 72/100 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 Tokyo Gas Co (TKGSF), the current Operating Income is $1,304 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 Tokyo Gas Co (TKGSF) Overvalued in 2026?

Based on GuruFocus' analysis, Tokyo Gas Co stock appears to be overvalued. The current stock price of $38.20 is trading 45.6% above its estimated GF Value™ of $26.24. GuruFocus considers Tokyo Gas Co to be Significantly Overvalued.

Key valuation signals for TKGSF:

  • Operating Income: $1,304 Mil
  • GF Value™: $26.24 vs. price of $38.20 (45.6% above fair value)
  • GF Score™: 72/100 with 3 warning signs

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


Tokyo Gas Co Business Description

Address 1-5-20 Kaigan, Minato-ku, Tokyo, JPN, 105-8527
Tokyo Gas Co Ltd is a Japanese utility company involved in the production, generation, and supply of natural gas and electricity. Tokyo Gas segments its operations into Gas, Electric Power, Overseas, and Other business units. The company's Gas division generates the vast majority of its total revenue through the supply and sale of natural gas to, namely, the Tokyo metropolitan area and other Japanese urban areas. Tokyo Gas' supply of natural gas is fairly evenly distributed amongst residential, commercial, industrial, and power generation customers. The company's Electric Power business also represents a significant income stream. This division operates a portfolio of cogeneration and natural gas-fired thermal power plants primarily located in the Tokyo area.
72GF Score

Get the complete analysis for TKGSF

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

$38.20
Price
$26.24
GF Value