CENTRAL REIT Investment (TSE:3488) Operating Income: 円1,862 Mil (TTM As of Feb. 2026)

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TSE:3488 CENTRAL REIT Investment Corp TSE:3488
60 GF Score
Price 円103,700.00
GF Value 円131,608.35
Valuation Modestly Undervalued
! 4 Warning Signs
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What is CENTRAL REIT Investment Operating Income?

CENTRAL REIT Investment TSE:3488 +0.39% 60 Operating Income is 円1,862 Mil as of Feb. 2026. GuruFocus rates TSE:3488 with a GF Score™ of 60/100 and a GF Value™ of 円131,608.35 (Modestly Undervalued). The stock has 4 warning signs investors should review.

CENTRAL REIT Investment's Operating Income for the six months ended in Feb. 2026 was 円936 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was 円1,862 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. CENTRAL REIT Investment's Operating Income for the six months ended in Feb. 2026 was 円936 Mil. CENTRAL REIT Investment's Revenue for the six months ended in Feb. 2026 was 円2,157 Mil. Therefore, CENTRAL REIT Investment's Operating Margin % for the quarter that ended in Feb. 2026 was 43.41%.

CENTRAL REIT Investment's 5-Year average Growth Rate for Operating Margin % was -0.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. CENTRAL REIT Investment's annualized ROC % for the quarter that ended in Feb. 2026 was 3.76%. CENTRAL REIT Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 3.91%.


CENTRAL REIT Investment  (TSE:3488) Operating Income Explanation

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

CENTRAL REIT Investment's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Aug. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=1872.296 * ( 1 - 0.11% )/( (49976.015 + 49552.935)/ 2 )
=1870.2364744/49764.475
=3.76 %

where

Invested Capital(Q: Aug. 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))
=48799.221 - 279.963 - ( 976.566 - max(0, 5431.822 - 3975.065+976.566))
=49976.015

Invested Capital(Q: Feb. 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))
=48956.214 - 300.124 - ( 1087.645 - max(0, 4935.314 - 4038.469+1087.645))
=49552.935

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

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

CENTRAL REIT Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Aug. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1831.354/( ( (44542.84 + max(2422.677, 0)) + (44459.744 + max(2365.51, 0)) )/ 2 )
=1831.354/( ( 46965.517 + 46825.254 )/ 2 )
=1831.354/46895.3855
=3.91 %

where Working Capital is:

Working Capital(Q: Aug. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(67.438 + 0 + 2931.061) - (279.963 + 0 + 295.859)
=2422.677

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(67.371 + 0 + 2883.453) - (300.124 + 0 + 285.19)
=2365.51

When net working capital is negative, 0 is used.

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

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

CENTRAL REIT Investment's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=936.148/2156.766
=43.41 %

* 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.


CENTRAL REIT Investment Operating Income Related Terms


CENTRAL REIT Investment Operating Income Historical Data

* Premium members only.

The historical data trend for CENTRAL REIT Investment'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.

CENTRAL REIT Investment Operating Income Chart

CENTRAL REIT Investment Annual Data
Trend Aug18 Aug19 Aug20 Aug21 Aug22 Aug23 Aug24 Aug25
Operating Income
Get a 7-Day Free Trial 1,417.83 2,068.89 1,791.54 1,858.01 1,851.21

CENTRAL REIT Investment Semi-Annual Data
Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
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 922.91 935.10 925.60 925.60 936.15
TSE:3488
60GF Score
CENTRAL REIT Investment Corp TSE:3488
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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CENTRAL REIT Investment 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 Feb. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was 円1,862 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1,862 Mil mean?
CENTRAL REIT Investment (TSE:3488) has a Operating Income of 円1,862 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on CENTRAL REIT Investment and its competitors.
Is CENTRAL REIT Investment's Operating Income too high?
CENTRAL REIT Investment's current Operating Income is 円1,862 Mil. Overall, CENTRAL REIT Investment has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does CENTRAL REIT Investment's Operating Income compare to VICI and WPC?
CENTRAL REIT Investment's Operating Income of 円1,862 Mil can be compared against companies in the REITs 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 REITs company?
A good Operating Income depends on the REITs 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 CENTRAL REIT Investment and its competitors. CENTRAL REIT Investment's current Operating Income is 円1,862 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CENTRAL REIT Investment stock overvalued right now?
Based on GuruFocus' analysis, CENTRAL REIT Investment (TSE:3488) is currently considered Modestly Undervalued. The stock's GF Value™ is 円131,608.35, compared to a current price of 円103,700.00 — trading 21.2% below its estimated fair value. The current Operating Income is 円1,862 Mil. CENTRAL REIT Investment's overall GF Score™ is 60/100 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 CENTRAL REIT Investment (TSE:3488), the current Operating Income is 円1,862 Mil as of Feb. 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 CENTRAL REIT Investment (TSE:3488) Overvalued in 2026?

Based on GuruFocus' analysis, CENTRAL REIT Investment stock appears to be undervalued. The current stock price of 円103,700.00 is trading 21.2% below its estimated GF Value™ of 円131,608.35. GuruFocus considers CENTRAL REIT Investment to be Modestly Undervalued.

Key valuation signals for TSE:3488:

  • Operating Income: 円1,862 Mil
  • GF Value™: 円131,608.35 vs. price of 円103,700.00 (21.2% below fair value)
  • GF Score™: 60/100 with 4 warning signs

No single metric tells the full story. See the TSE:3488 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


CENTRAL REIT Investment Business Description

Industry Real EstateREITs
Address 1-11-30 Akasaka, Minato-ku, Tokyo, JPN, 107-0052
CENTRAL REIT Investment Corp, formerly XYMAX REIT Investment Corp works as a real estate manager. The company offers a range of services including leasing, managing, brokerage, consulting, and other services. It operates properties including office, retail, logistics and hotel buildings based on contract.
60GF Score

Get the complete analysis for TSE:3488

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

円103,700.00
Price
円131,608.35
GF Value