Lian Hwa Foods (TPE:1231) Operating Income: NT$1,218 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.

TPE:1231 Lian Hwa Foods Corp TPE:1231
90 GF Score
Price NT$80.30
GF Value NT$92.80
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Lian Hwa Foods Operating Income?

Lian Hwa Foods TPE:1231 -0.37% 90 Operating Income is NT$1,218 Mil as of Mar. 2026. GuruFocus rates TPE:1231 with a GF Score™ of 90/100 and a GF Value™ of NT$92.80 (Modestly Undervalued). The stock has 4 warning signs investors should review.

Lian Hwa Foods's Operating Income for the three months ended in Mar. 2026 was NT$319 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was NT$1,218 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Lian Hwa Foods's Operating Income for the three months ended in Mar. 2026 was NT$319 Mil. Lian Hwa Foods's Revenue for the three months ended in Mar. 2026 was NT$3,349 Mil. Therefore, Lian Hwa Foods's Operating Margin % for the quarter that ended in Mar. 2026 was 9.51%.

Warning Sign:

Lian Hwa Foods Corp operating margin has been in a 5-year decline. The average rate of decline per year is -1.3%.

Lian Hwa Foods's 5-Year average Growth Rate for Operating Margin % was -1.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Lian Hwa Foods's annualized ROC % for the quarter that ended in Mar. 2026 was 9.01%. Lian Hwa Foods's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 13.84%.


Lian Hwa Foods  (TPE:1231) Operating Income Explanation

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

Lian Hwa Foods'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 )
=1274.324 * ( 1 - 16.24% )/( (11511.445 + 12177.022)/ 2 )
=1067.3737824/11844.2335
=9.01 %

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))
=14972.468 - 2215.415 - ( 1245.608 - max(0, 4230.574 - 6163.334+1245.608))
=11511.445

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))
=15442.895 - 1897.592 - ( 1368.281 - max(0, 4427.766 - 6292.926+1368.281))
=12177.022

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

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

Lian Hwa Foods'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 )
=1476.772/( ( (7661.629 + max(2633.778, 0)) + (8077.563 + max(2969.942, 0)) )/ 2 )
=1476.772/( ( 10295.407 + 11047.505 )/ 2 )
=1476.772/10671.456
=13.84 %

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)
=(2412.95 + 2136.521 + 335.915) - (2215.415 + 0 + 36.193)
=2633.778

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2429.527 + 2125.607 + 346.32) - (1897.592 + 0 + 33.92)
=2969.942

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 %:

Lian Hwa Foods'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 )
=318.581/3348.538
=9.51 %

* 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.


Lian Hwa Foods Operating Income Related Terms


Lian Hwa Foods Operating Income Historical Data

* Premium members only.

The historical data trend for Lian Hwa Foods'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.

Lian Hwa Foods Operating Income Chart

Lian Hwa Foods Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 946.25 1,177.60 909.85 1,043.15 1,140.35

Lian Hwa Foods 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 240.92 223.51 260.30 415.62 318.58
TPE:1231
90GF Score
Lian Hwa Foods Corp TPE:1231
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Lian Hwa Foods 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 NT$1,218 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 NT$1,218 Mil mean?
Lian Hwa Foods (TPE:1231) has a Operating Income of NT$1,218 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Lian Hwa Foods and its competitors.
Is Lian Hwa Foods' Operating Income too high?
Lian Hwa Foods' current Operating Income is NT$1,218 Mil. Overall, Lian Hwa Foods has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Lian Hwa Foods' Operating Income compare to KHC and GIS?
Lian Hwa Foods' Operating Income of NT$1,218 Mil can be compared against companies in the Consumer Packaged Goods 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 Consumer Packaged Goods company?
A good Operating Income depends on the Consumer Packaged Goods 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 Lian Hwa Foods and its competitors. Lian Hwa Foods's current Operating Income is NT$1,218 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lian Hwa Foods stock overvalued right now?
Based on GuruFocus' analysis, Lian Hwa Foods (TPE:1231) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$92.80, compared to a current price of NT$80.30 — trading 13.5% below its estimated fair value. The current Operating Income is NT$1,218 Mil. Lian Hwa Foods' overall GF Score™ is 90/100 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 Lian Hwa Foods (TPE:1231), the current Operating Income is NT$1,218 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 Lian Hwa Foods (TPE:1231) Overvalued in 2026?

Based on GuruFocus' analysis, Lian Hwa Foods stock appears to be undervalued. The current stock price of NT$80.30 is trading 13.5% below its estimated GF Value™ of NT$92.80. GuruFocus considers Lian Hwa Foods to be Modestly Undervalued.

Key valuation signals for TPE:1231:

  • Operating Income: NT$1,218 Mil
  • GF Value™: NT$92.80 vs. price of NT$80.30 (13.5% below fair value)
  • GF Score™: 90/100 with 4 warning signs

No single metric tells the full story. See the TPE:1231 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Lian Hwa Foods Business Description

Address No. 148, Dihua Street, Section 1, Datong District, Taipei, TWN
Lian Hwa Foods Corp is engaged in the manufacturing, processing, trading, and wholesale and retail of seaweed, squid, pasta, rice bran, beans, nuts, melon seeds, jams, beverages, sugar, candy, biscuits, peanut butter and other products or processed products, and various sea and land products, frozen processed foods and canned foods. It operates in two divisions: Snack Food Division and RTE (Ready-to-Eat) Foods Division. The RTE (Ready-to-Eat) Foods Division derives majority of the revenue from Taiwan. Its brands include KOLOKO Crispy Pea Snacks, VIVA Nuts, CADINA Snacks, Moto-Moto-Yama Seaweed, Chef Hoka Instant Pasta, and Lucky Star Snacks.
90GF Score

Get the complete analysis for TPE:1231

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

NT$80.30
Price
NT$92.80
GF Value