Excelsior Medical Co (TPE:4104) Operating Income: NT$736 Mil (TTM As of Mar. 2026)

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TPE:4104 Excelsior Medical Co Ltd TPE:4104
87 GF Score
Price NT$71.20
GF Value NT$87.81
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Excelsior Medical Co Operating Income?

Excelsior Medical Co TPE:4104 +1.14% 87 Operating Income is NT$736 Mil as of Mar. 2026. GuruFocus rates TPE:4104 with a GF Score™ of 87/100 and a GF Value™ of NT$87.81 (Modestly Undervalued). The stock has 5 warning signs investors should review.

Excelsior Medical Co's Operating Income for the three months ended in Mar. 2026 was NT$187 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was NT$736 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Excelsior Medical Co's Operating Income for the three months ended in Mar. 2026 was NT$187 Mil. Excelsior Medical Co's Revenue for the three months ended in Mar. 2026 was NT$2,343 Mil. Therefore, Excelsior Medical Co's Operating Margin % for the quarter that ended in Mar. 2026 was 7.97%.

Good Sign:

Excelsior Medical Co Ltd operating margin is expanding. Margin expansion is usually a good sign.

Excelsior Medical Co's 5-Year average Growth Rate for Operating Margin % was 0.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Excelsior Medical Co's annualized ROC % for the quarter that ended in Mar. 2026 was 5.39%. Excelsior Medical Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 117.72%.


Excelsior Medical Co  (TPE:4104) Operating Income Explanation

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

Excelsior Medical 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 )
=746.724 * ( 1 - 19.54% )/( (11597.539 + 10696.666)/ 2 )
=600.8141304/11147.1025
=5.39 %

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))
=18977.197 - 3845.185 - ( 3534.473 - max(0, 6192.003 - 10366.292+3534.473))
=11597.539

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))
=19463.903 - 4951.619 - ( 3815.618 - max(0, 6342.897 - 10813.275+3815.618))
=10696.666

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

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

Excelsior Medical 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 )
=1207.956/( ( (1028.119 + max(-1308.369, 0)) + (1024.06 + max(-2233.011, 0)) )/ 2 )
=1207.956/( ( 1028.119 + 1024.06 )/ 2 )
=1207.956/1026.0895
=117.72 %

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)
=(1769.796 + 1391.669 + 232.175) - (3845.185 + 0 + 856.824)
=-1308.369

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1892.835 + 1408.9 + 282.259) - (4951.619 + 0 + 865.386)
=-2233.011

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 %:

Excelsior Medical 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 )
=186.681/2342.958
=7.97 %

* 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.


Excelsior Medical Co Operating Income Related Terms


Excelsior Medical Co Operating Income Historical Data

* Premium members only.

The historical data trend for Excelsior Medical 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.

Excelsior Medical Co Operating Income Chart

Excelsior Medical Co 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 603.49 620.75 696.13 749.67 725.41

Excelsior Medical 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 175.88 198.25 182.96 168.33 186.68
TPE:4104
87GF Score
Excelsior Medical Co Ltd TPE:4104
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Excelsior Medical 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 NT$736 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$736 Mil mean?
Excelsior Medical Co (TPE:4104) has a Operating Income of NT$736 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Excelsior Medical Co and its competitors.
Is Excelsior Medical Co's Operating Income too high?
Excelsior Medical Co's current Operating Income is NT$736 Mil. Overall, Excelsior Medical Co has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Excelsior Medical Co's Operating Income compare to MCK and COR?
Excelsior Medical Co's Operating Income of NT$736 Mil can be compared against companies in the Medical Distribution 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 Medical Distribution company?
A good Operating Income depends on the Medical Distribution 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 Excelsior Medical Co and its competitors. Excelsior Medical Co's current Operating Income is NT$736 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Excelsior Medical Co stock overvalued right now?
Based on GuruFocus' analysis, Excelsior Medical Co (TPE:4104) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$87.81, compared to a current price of NT$71.20 — trading 18.9% below its estimated fair value. The current Operating Income is NT$736 Mil. Excelsior Medical Co's overall GF Score™ is 87/100 with 5 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 Excelsior Medical Co (TPE:4104), the current Operating Income is NT$736 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 Excelsior Medical Co (TPE:4104) Overvalued in 2026?

Based on GuruFocus' analysis, Excelsior Medical Co stock appears to be undervalued. The current stock price of NT$71.20 is trading 18.9% below its estimated GF Value™ of NT$87.81. GuruFocus considers Excelsior Medical Co to be Modestly Undervalued.

Key valuation signals for TPE:4104:

  • Operating Income: NT$736 Mil
  • GF Value™: NT$87.81 vs. price of NT$71.20 (18.9% below fair value)
  • GF Score™: 87/100 with 5 warning signs

No single metric tells the full story. See the TPE:4104 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Excelsior Medical Co Business Description

Address Zhongzheng Road, No. 880, 17th Floor, Zhonghe District, New Taipei City, TWN, 235
Excelsior Medical Co Ltd is engaged in the sale of medical supplies and medicines, home medical devices, and medical equipment with brand names of local and foreign manufacturers. Its product offerings include Fasflo hollow fiber dialyzer, Renabio sodium chloride injection, acid concentrates, Sunder blood purification tubing set, JMS blood bags, etc. The Group's reportable segments include Excelsior, Dynamic, Arich, and Others. Maximum revenue is generated from the Excelsior segment. Geographically, it derives key revenue from Taiwan and also has a presence in Hong Kong, China, the Philippines, Malaysia, and Indonesia.
87GF Score

Get the complete analysis for TPE:4104

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

NT$71.20
Price
NT$87.81
GF Value