Asukanet Co (TSE:2438) Operating Income: 円392 Mil (TTM As of Apr. 2026)

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TSE:2438 Asukanet Co Ltd TSE:2438
58 GF Score
Price 円342.00
GF Value 円509.16
Valuation Significantly Undervalued
! 3 Warning Signs
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What is Asukanet Co Operating Income?

Asukanet Co TSE:2438 -1.44% 58 Operating Income is 円392 Mil as of Apr. 2026. GuruFocus rates TSE:2438 with a GF Score™ of 58/100 and a GF Value™ of 円509.16 (Significantly Undervalued). The stock has 3 warning signs investors should review.

Asukanet Co's Operating Income for the six months ended in Apr. 2026 was 円360 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was 円392 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Asukanet Co's Operating Income for the six months ended in Apr. 2026 was 円360 Mil. Asukanet Co's Revenue for the six months ended in Apr. 2026 was 円3,785 Mil. Therefore, Asukanet Co's Operating Margin % for the quarter that ended in Apr. 2026 was 9.52%.

Warning Sign:

Asukanet Co Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -7.7%.

Asukanet Co's 5-Year average Growth Rate for Operating Margin % was -7.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Asukanet Co's annualized ROC % for the quarter that ended in Apr. 2026 was 12.37%. Asukanet Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 26.19%.


Asukanet Co  (TSE:2438) Operating Income Explanation

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

Asukanet Co's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

ROC % (Q: Apr. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Oct. 2025 ) + Invested Capital (Q: Apr. 2026 ))/ count )
=720.83 * ( 1 - 25.14% )/( (4341.23 + 4381.427)/ 2 )
=539.613338/4361.3285
=12.37 %

where

Invested Capital(Q: Oct. 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))
=6254.697 - 597.166 - ( 1316.301 - max(0, 997.283 - 2744.95+1316.301))
=4341.23

Invested Capital(Q: Apr. 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))
=6223.323 - 453.692 - ( 1388.204 - max(0, 882.817 - 2827.279+1388.204))
=4381.427

Note: The Operating Income data used here is two times the semi-annual (Apr. 2026) data.

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

Asukanet Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Apr. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Oct. 2025  Q: Apr. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=720.83/( ( (2321.207 + max(431.366, 0)) + (2195.095 + max(556.258, 0)) )/ 2 )
=720.83/( ( 2752.573 + 2751.353 )/ 2 )
=720.83/2751.963
=26.19 %

where Working Capital is:

Working Capital(Q: Oct. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(856.961 + 512.482 + 59.206) - (597.166 + 0 + 400.117)
=431.366

Working Capital(Q: Apr. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(846.243 + 507.383 + 85.449) - (453.692 + 0 + 429.125)
=556.258

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Apr. 2026) EBIT data.

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

Asukanet Co's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Apr. 2026 )/Revenue (Q: Apr. 2026 )
=360.415/3785.406
=9.52 %

* 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.


Asukanet Co Operating Income Related Terms


Asukanet Co Operating Income Historical Data

* Premium members only.

The historical data trend for Asukanet 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.

Asukanet Co Operating Income Chart

Asukanet Co Annual Data
Trend Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25 Apr26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 439.96 585.36 447.45 173.66 391.82

Asukanet Co Semi-Annual Data
Oct16 Apr17 Oct17 Apr18 Oct18 Apr19 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Apr25 Oct25 Apr26
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 357.05 15.88 157.79 31.41 360.42
TSE:2438
58GF Score
Asukanet Co Ltd TSE:2438
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Asukanet 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 Apr. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was 円392 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 円392 Mil mean?
Asukanet Co (TSE:2438) has a Operating Income of 円392 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Asukanet Co and its competitors.
Is Asukanet Co's Operating Income too high?
Asukanet Co's current Operating Income is 円392 Mil. Overall, Asukanet Co has a GF Score™ of 58/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Asukanet Co's Operating Income compare to ROL and SCI?
Asukanet Co's Operating Income of 円392 Mil can be compared against companies in the Personal Services 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 Personal Services company?
A good Operating Income depends on the Personal Services 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 Asukanet Co and its competitors. Asukanet Co's current Operating Income is 円392 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asukanet Co stock overvalued right now?
Based on GuruFocus' analysis, Asukanet Co (TSE:2438) is currently considered Significantly Undervalued. The stock's GF Value™ is 円509.16, compared to a current price of 円342.00 — trading 32.8% below its estimated fair value. The current Operating Income is 円392 Mil. Asukanet Co's overall GF Score™ is 58/100 with 3 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 Asukanet Co (TSE:2438), the current Operating Income is 円392 Mil as of Apr. 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 Asukanet Co (TSE:2438) Overvalued in 2026?

Based on GuruFocus' analysis, Asukanet Co stock appears to be undervalued. The current stock price of 円342.00 is trading 32.8% below its estimated GF Value™ of 円509.16. GuruFocus considers Asukanet Co to be Significantly Undervalued.

Key valuation signals for TSE:2438:

  • Operating Income: 円392 Mil
  • GF Value™: 円509.16 vs. price of 円342.00 (32.8% below fair value)
  • GF Score™: 58/100 with 3 warning signs

No single metric tells the full story. See the TSE:2438 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Asukanet Co Business Description

Address 3-28-14 Gion, Asaminami-ku, Hiroshima, JPN
Asukanet Co Ltd is engaged in the business of memorial design services which provides digital processing services for portraits of deceased persons, and the provision of funeral-related production services. It is also engaged in the manufacture and sale of individual photo albums. It is also involved in the research and marketing activities related to aerial imaging technology.
58GF Score

Get the complete analysis for TSE:2438

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

円342.00
Price
円509.16
GF Value