Taiwan Paiho (TPE:9938) Operating Income: NT$2,571 Mil (TTM As of Dec. 2025)

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TPE:9938 Taiwan Paiho Ltd TPE:9938
78 GF Score
Price NT$45.60
GF Value NT$68.73
Valuation Possible Value Trap
! 7 Warning Signs
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What is Taiwan Paiho Operating Income?

Taiwan Paiho TPE:9938 +0.66% 78 Operating Income is NT$2,571 Mil as of Dec. 2025. GuruFocus rates TPE:9938 with a GF Score™ of 78/100 and a GF Value™ of NT$68.73 (Possible Value Trap). The stock has 7 warning signs investors should review.

Taiwan Paiho's Operating Income for the three months ended in Dec. 2025 was NT$409 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was NT$2,571 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Taiwan Paiho's Operating Income for the three months ended in Dec. 2025 was NT$409 Mil. Taiwan Paiho's Revenue for the three months ended in Dec. 2025 was NT$3,767 Mil. Therefore, Taiwan Paiho's Operating Margin % for the quarter that ended in Dec. 2025 was 10.86%.

Warning Sign:

Taiwan Paiho Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -5.8%.

Taiwan Paiho's 5-Year average Growth Rate for Operating Margin % was -5.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Taiwan Paiho's annualized ROC % for the quarter that ended in Dec. 2025 was 4.11%. Taiwan Paiho's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 8.46%.


Taiwan Paiho  (TPE:9938) Operating Income Explanation

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

Taiwan Paiho's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=1636.044 * ( 1 - 27.92% )/( (28715.24 + 28699.153)/ 2 )
=1179.2605152/28707.1965
=4.11 %

where

Invested Capital(Q: Sep. 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))
=32497.036 - 2448.919 - ( 3564.502 - max(0, 10588.525 - 11921.402+3564.502))
=28715.24

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))
=34159.201 - 2549.945 - ( 4139.403 - max(0, 9882.642 - 12792.745+4139.403))
=28699.153

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

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

Taiwan Paiho's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2028.924/( ( (18115.051 + max(5501.508, 0)) + (18558.824 + max(5765.111, 0)) )/ 2 )
=2028.924/( ( 23616.559 + 24323.935 )/ 2 )
=2028.924/23970.247
=8.46 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2840.371 + 4369.875 + 811.047) - (2448.919 + 0 + 70.866)
=5501.508

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2665.087 + 4779.82 + 968.186) - (2549.945 + 0 + 98.037)
=5765.111

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Taiwan Paiho's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=409.011/3766.866
=10.86 %

* 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.


Taiwan Paiho Operating Income Related Terms


Taiwan Paiho Operating Income Historical Data

* Premium members only.

The historical data trend for Taiwan Paiho'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.

Taiwan Paiho Operating Income Chart

Taiwan Paiho 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 3,996.51 2,617.21 1,060.64 2,756.55 2,570.55

Taiwan Paiho Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 566.87 892.18 527.30 742.06 409.01
TPE:9938
78GF Score
Taiwan Paiho Ltd TPE:9938
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Taiwan Paiho 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 Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was NT$2,571 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$2,571 Mil mean?
Taiwan Paiho (TPE:9938) has a Operating Income of NT$2,571 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Taiwan Paiho and its competitors.
Is Taiwan Paiho's Operating Income too high?
Taiwan Paiho's current Operating Income is NT$2,571 Mil. Overall, Taiwan Paiho has a GF Score™ of 78/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Taiwan Paiho's Operating Income compare to competitors?
Taiwan Paiho's Operating Income of NT$2,571 Mil can be compared against companies in the Manufacturing - Apparel & Accessories 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 Manufacturing - Apparel & Accessories company?
A good Operating Income depends on the Manufacturing - Apparel & Accessories 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 Taiwan Paiho and its competitors. Taiwan Paiho's current Operating Income is NT$2,571 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiwan Paiho stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Paiho (TPE:9938) is currently considered Possible Value Trap. The stock's GF Value™ is NT$68.73, compared to a current price of NT$45.60 — trading 33.7% below its estimated fair value. The current Operating Income is NT$2,571 Mil. Taiwan Paiho's overall GF Score™ is 78/100 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 Taiwan Paiho (TPE:9938), the current Operating Income is NT$2,571 Mil as of Dec. 2025. 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 Taiwan Paiho (TPE:9938) Overvalued in 2026?

Based on GuruFocus' analysis, Taiwan Paiho stock appears to be undervalued. The current stock price of NT$45.60 is trading 33.7% below its estimated GF Value™ of NT$68.73. GuruFocus considers Taiwan Paiho to be Possible Value Trap.

Key valuation signals for TPE:9938:

  • Operating Income: NT$2,571 Mil
  • GF Value™: NT$68.73 vs. price of NT$45.60 (33.7% below fair value)
  • GF Score™: 78/100 with 7 warning signs

No single metric tells the full story. See the TPE:9938 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Taiwan Paiho Business Description

Address No. 575, Hegang Road, Hemei Township, Changhua County, Changhua, TWN, 508004
Taiwan Paiho Ltd manufactures and sells touch fasteners, webbing, shoelaces, elastic, easy tape, and related superficial materials, as well as residential buildings constructed by entrusted construction contractors. The Group is also engaged in the construction business, including the sale of housing, shopping centers, and office buildings constructed by entrusted construction contractors. The Group operates through two reportable segments: Production, which generates maximum revenue, and Construction. Its business mainly operates in Taiwan, China, and Vietnam, with maximum revenue generated from Vietnam.
78GF Score

Get the complete analysis for TPE:9938

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

NT$45.60
Price
NT$68.73
GF Value