TOPPY (Toppan Holdings) Operating Income: $439 Mil (TTM As of Mar. 2026)


TOPPY Toppan Holdings Inc TOPPY
82 GF Score
Price $16.11
GF Value $14.83
Valuation Fairly Valued
! 7 Warning Signs
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What is Toppan Holdings Operating Income?

Toppan Holdings TOPPY -7.44% 82 Operating Income is $439 Mil as of Mar. 2026. GuruFocus rates TOPPY with a GF Score™ of 82/100 and a GF Value™ of $14.83 (Fairly Valued). The stock has 7 warning signs investors should review.

Toppan Holdings's Operating Income for the three months ended in Mar. 2026 was $141 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $439 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Toppan Holdings's Operating Income for the three months ended in Mar. 2026 was $141 Mil. Toppan Holdings's Revenue for the three months ended in Mar. 2026 was $3,039 Mil. Therefore, Toppan Holdings's Operating Margin % for the quarter that ended in Mar. 2026 was 4.62%.

Toppan Holdings'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. Toppan Holdings's annualized ROC % for the quarter that ended in Mar. 2026 was 2.16%. Toppan Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.21%.


Toppan Holdings  (OTCPK:TOPPY) Operating Income Explanation

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

Toppan Holdings'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 )
=562.028 * ( 1 - 53% )/( (12154.699 + 12353.792)/ 2 )
=264.15316/12254.2455
=2.16 %

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))
=15749.254 - 1183.292 - ( 2411.263 - max(0, 3703.486 - 6969.105+2411.263))
=12154.699

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))
=16121.379 - 986.15 - ( 2781.437 - max(0, 3965.48 - 7396.169+2781.437))
=12353.792

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

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

Toppan Holdings'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 )
=477.708/( ( (3967.04 + max(1958.432, 0)) + (4119.939 + max(1596.425, 0)) )/ 2 )
=477.708/( ( 5925.472 + 5716.364 )/ 2 )
=477.708/5820.918
=8.21 %

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)
=(2884.379 + 1185.3 + 488.163) - (1183.292 + 0 + 1416.118)
=1958.432

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3015.004 + 1144.025 + 455.703) - (986.15 + 0 + 2032.157)
=1596.425

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 %:

Toppan Holdings'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 )
=140.507/3038.945
=4.62 %

* 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.


Toppan Holdings Operating Income Related Terms


Toppan Holdings Operating Income Historical Data

* Premium members only.

The historical data trend for Toppan Holdings'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.

Toppan Holdings Operating Income Chart

Toppan Holdings 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 619.95 573.39 496.29 570.72 422.94

Toppan Holdings 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 206.12 93.76 76.05 128.44 140.51
TOPPY
82GF Score
Toppan Holdings Inc TOPPY
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Toppan Holdings 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 $439 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 $439 Mil mean?
Toppan Holdings (TOPPY) has a Operating Income of $439 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Toppan Holdings and its competitors.
Is Toppan Holdings' Operating Income too high?
Toppan Holdings' current Operating Income is $439 Mil. Overall, Toppan Holdings has a GF Score™ of 82/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Toppan Holdings' Operating Income compare to HON and MMM?
Toppan Holdings' Operating Income of $439 Mil can be compared against companies in the Conglomerates 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 Conglomerates company?
A good Operating Income depends on the Conglomerates 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 Toppan Holdings and its competitors. Toppan Holdings's current Operating Income is $439 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toppan Holdings stock overvalued right now?
Based on GuruFocus' analysis, Toppan Holdings (TOPPY) is currently considered Fairly Valued. The stock's GF Value™ is $14.83, compared to a current price of $16.11 — trading 8.6% above its estimated fair value. The current Operating Income is $439 Mil. Toppan Holdings' overall GF Score™ is 82/100 with 7 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 Toppan Holdings (TOPPY), the current Operating Income is $439 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 Toppan Holdings (TOPPY) Overvalued in 2026?

Based on GuruFocus' analysis, Toppan Holdings stock appears to be overvalued. The current stock price of $16.11 is trading 8.6% above its estimated GF Value™ of $14.83. GuruFocus considers Toppan Holdings to be Fairly Valued.

Key valuation signals for TOPPY:

  • Operating Income: $439 Mil
  • GF Value™: $14.83 vs. price of $16.11 (8.6% above fair value)
  • GF Score™: 82/100 with 7 warning signs

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


Toppan Holdings Business Description

Address 1-5-1 Taito, Taito-ku, Tokyo, JPN, 110-8560
Toppan Holdings Inc provides products and services geared toward printing technologies. Its product portfolio of printing technologies consists of in-store advertisements, books, magnetic cards, floor filters, wallpaper, flexible packaging, and other solutions. The company operates three business segments: information and communication (the majority of total revenue), electronics, and living and industry. Toppan Printing provides secure documents, such as credit cards, coupons, and business forms, and offers a mix of marketing materials to increase diversification. It utilizes sales promotion personnel, printing press operators, and research personnel to develop solutions for customers. Operations and sales are located in Japan.
82GF Score

Get the complete analysis for TOPPY

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

$16.11
Price
$14.83
GF Value