TOELF (Tokyo Electron) Operating Income: $4,114 Mil (TTM As of Mar. 2026)

What is Tokyo Electron Operating Income?

Tokyo Electron TOELF -1.27% 85 Operating Income is $4,114 Mil as of Mar. 2026. GuruFocus rates TOELF with a GF Score™ of 85/100 and a GF Value™ of $202.71 (Significantly Overvalued). The stock has 8 warning signs investors should review.

Tokyo Electron's Operating Income for the three months ended in Mar. 2026 was $1,296 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $4,114 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Tokyo Electron's Operating Income for the three months ended in Mar. 2026 was $1,296 Mil. Tokyo Electron's Revenue for the three months ended in Mar. 2026 was $4,486 Mil. Therefore, Tokyo Electron's Operating Margin % for the quarter that ended in Mar. 2026 was 28.89%.

Good Sign:

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

Tokyo Electron's 5-Year average Growth Rate for Operating Margin % was 0.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Tokyo Electron's annualized ROC % for the quarter that ended in Mar. 2026 was 29.59%. Tokyo Electron's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 65.02%.

Tokyo Electron (OTCPK:TOELF) Operating Income Explanation

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

Tokyo Electron'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 )
=	5183.78 * ( 1 - 23.98% )	/	( (13289.362	+	13346.83)	/ 2 )
=	3940.709556	/	13318.096
=	29.59 %

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	))
=	16900.33	-	926.954	-	( 2684.014	-	max(0, 3354.539	-	10491.717	+	2684.014	))
=	13289.362

	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	))
=	18029.672	-	1492.513	-	( 3190.329	-	max(0, 4280.504	-	11566.894	+	3190.329	))
=	13346.83

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 Electron'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 )
=	5183.78	/	( ( (3681.243 + max(4453.164, 0))	+	(3713.921 + max(4096.061, 0)) )	/	2 )
=	5183.78	/	( ( 8134.407	+	7809.982 )	/	2 )
=	5183.78	/	7972.1945
=	65.02 %

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)
=	(2575.41	+	4652.336	+	579.957)	-	(926.954	+	0	+	2427.585)
=	4453.164

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3314.148	+	4493.974	+	568.443)	-	(1492.513	+	0	+	2787.991)
=	4096.061

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 Electron'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 )
	=	1295.945	/	4485.795
	=	28.89 %

* 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 Electron Operating Income Related Terms

Tokyo Electron Operating Income Historical Data

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The historical data trend for Tokyo Electron's Operating Income can be seen below:

Tokyo Electron Operating Income Chart

Tokyo Electron Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Operating Income

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5,053.84

4,621.47

3,045.44

4,678.19

3,938.28

Tokyo Electron 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															1,233.07	1,001.46	1,071.66	744.89	1,295.95

85GF Score

Tokyo Electron Ltd TOELF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Tokyo Electron 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 $4,114 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $4,114 Mil mean?

Tokyo Electron (TOELF) has a Operating Income of $4,114 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Tokyo Electron and its competitors.

Is Tokyo Electron's Operating Income too high?

Tokyo Electron's current Operating Income is $4,114 Mil. Overall, Tokyo Electron has a GF Score™ of 85/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Tokyo Electron's Operating Income compare to AMAT and LRCX?

Tokyo Electron's Operating Income of $4,114 Mil can be compared against companies in the Semiconductors 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 Semiconductors company?

A good Operating Income depends on the Semiconductors 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 Electron and its competitors. Tokyo Electron's current Operating Income is $4,114 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Tokyo Electron stock overvalued right now?

Based on GuruFocus' analysis, Tokyo Electron (TOELF) is currently considered Significantly Overvalued. The stock's GF Value™ is $202.71, compared to a current price of $457.28 — trading 125.6% above its estimated fair value. The current Operating Income is $4,114 Mil. Tokyo Electron's overall GF Score™ is 85/100 with 8 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 Electron (TOELF), the current Operating Income is $4,114 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 Electron (TOELF) Overvalued in 2026?

Based on GuruFocus' analysis, Tokyo Electron stock appears to be overvalued. The current stock price of $457.28 is trading 125.6% above its estimated GF Value™ of $202.71. GuruFocus considers Tokyo Electron to be Significantly Overvalued.

Key valuation signals for TOELF:

Operating Income: $4,114 Mil
GF Value™: $202.71 vs. price of $457.28 (125.6% above fair value)
GF Score™: 85/100 with 8 warning signs

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

Tokyo Electron Business Description

Industry Technology Semiconductors

Comparable Companies TSE:6857 TSE:6146 TSE:6920 TSE:5016 TSE:7735 TSE:6525 TSE:3436 TSE:6323 TSE:7729 TSE:6871 XAMS:ASML AMAT LRCX KLAC SZSE:002371 TER SHSE:688012 XAMS:ASM SHSE:688820 SZSE:301666

Other Exchanges TOELY:USA 8035:Japan TKY:Germany

Address 5-3-1 Akasaka, 38th Floor, Akasaka Biz Tower, Minato-ku, Tokyo, JPN, 107-6325

Website https://www.tel.co.jp

Tokyo Electron is a major supplier of semiconductor fabrication tools. It operates primarily in the etching, deposition, and cleaning segments, which involve adding and removing materials to and from semiconductor wafers. Customers include leading-edge logic, foundry, and memory chipmakers such as Samsung Electronics, Intel, TSMC, and SK Hynix.

85GF Score

Get the complete analysis for TOELF

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

$457.28

Price

$202.71

GF Value

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