Nippon Felt Co (TSE:3512) Operating Income: 円410 Mil (TTM As of Mar. 2026)

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TSE:3512 Nippon Felt Co Ltd TSE:3512
49 GF Score
Price 円969.00
GF Value 円457.97
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Nippon Felt Co Operating Income?

Nippon Felt Co TSE:3512 +0.21% 49 Operating Income is 円410 Mil as of Mar. 2026. GuruFocus rates TSE:3512 with a GF Score™ of 49/100 and a GF Value™ of 円457.97 (Significantly Overvalued). The stock has 4 warning signs investors should review.

Nippon Felt Co's Operating Income for the three months ended in Mar. 2026 was 円105 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was 円410 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Nippon Felt Co's Operating Income for the three months ended in Mar. 2026 was 円105 Mil. Nippon Felt Co's Revenue for the three months ended in Mar. 2026 was 円2,297 Mil. Therefore, Nippon Felt Co's Operating Margin % for the quarter that ended in Mar. 2026 was 4.56%.

Warning Sign:

Nippon Felt Co Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -1.1%.

Nippon Felt Co's 5-Year average Growth Rate for Operating Margin % was -1.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Nippon Felt Co's annualized ROC % for the quarter that ended in Mar. 2026 was 1.39%. Nippon Felt Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 4.43%.


Nippon Felt Co  (TSE:3512) Operating Income Explanation

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

Nippon Felt 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 )
=418.844 * ( 1 - 19.78% )/( (23896.131 + 24329.865)/ 2 )
=335.9966568/24112.998
=1.39 %

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))
=27328.097 - 613.866 - ( 2818.1 - max(0, 2465.26 - 10595.867+2818.1))
=23896.131

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))
=28052.98 - 514.715 - ( 3208.4 - max(0, 2319.149 - 10514.29+3208.4))
=24329.865

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

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

Nippon Felt 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 )
=510.284/( ( (5625.047 + max(6112.507, 0)) + (5526.562 + max(5786.741, 0)) )/ 2 )
=510.284/( ( 11737.554 + 11313.303 )/ 2 )
=510.284/11525.4285
=4.43 %

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)
=(4002.859 + 3583.62 + 191.288) - (613.866 + 0 + 1051.394)
=6112.507

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3537.404 + 3613.148 + 155.338) - (514.715 + 0 + 1004.434)
=5786.741

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 %:

Nippon Felt 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 )
=104.711/2297.154
=4.56 %

* 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.


Nippon Felt Co Operating Income Related Terms


Nippon Felt Co Operating Income Historical Data

* Premium members only.

The historical data trend for Nippon Felt 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.

Nippon Felt Co Operating Income Chart

Nippon Felt Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 629.44 824.51 468.90 200.29 443.08

Nippon Felt Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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 117.87 151.01 69.49 104.71 84.61
TSE:3512
49GF Score
Nippon Felt Co Ltd TSE:3512
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Nippon Felt 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 円410 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410 Mil mean?
Nippon Felt Co (TSE:3512) has a Operating Income of 円410 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Nippon Felt Co and its competitors.
Is Nippon Felt Co's Operating Income too high?
Nippon Felt Co's current Operating Income is 円410 Mil. Overall, Nippon Felt Co has a GF Score™ of 49/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nippon Felt Co's Operating Income compare to MMM and HON?
Nippon Felt Co's Operating Income of 円410 Mil can be compared against companies in the Conglomerates 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 Conglomerates company?
A good Operating Income depends on the Conglomerates 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 Nippon Felt Co and its competitors. Nippon Felt Co's current Operating Income is 円410 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Felt Co stock overvalued right now?
Based on GuruFocus' analysis, Nippon Felt Co (TSE:3512) is currently considered Significantly Overvalued. The stock's GF Value™ is 円457.97, compared to a current price of 円969.00 — trading 111.6% above its estimated fair value. The current Operating Income is 円410 Mil. Nippon Felt Co's overall GF Score™ is 49/100 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 Nippon Felt Co (TSE:3512), the current Operating Income is 円410 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 Nippon Felt Co (TSE:3512) Overvalued in 2026?

Based on GuruFocus' analysis, Nippon Felt Co stock appears to be overvalued. The current stock price of 円969.00 is trading 111.6% above its estimated GF Value™ of 円457.97. GuruFocus considers Nippon Felt Co to be Significantly Overvalued.

Key valuation signals for TSE:3512:

  • Operating Income: 円410 Mil
  • GF Value™: 円457.97 vs. price of 円969.00 (111.6% above fair value)
  • GF Score™: 49/100 with 4 warning signs

No single metric tells the full story. See the TSE:3512 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Nippon Felt Co Business Description

Address 1-7-1 Akabane Nishi, Kita-ku, Tokyo, JPN, 115-0055
Nippon Felt Co Ltd is a Japan-based company engages in producing, finishing, and selling felts for making paper, pulp, slate, and other industrial applications. It also involved in producing and selling various types of textile products and other industrial chemicals.
49GF Score

Get the complete analysis for TSE:3512

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

円969.00
Price
円457.97
GF Value