eBASE Co (TSE:3835) Operating Income: 円1,414 Mil (TTM As of Mar. 2026)

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TSE:3835 eBASE Co Ltd TSE:3835
71 GF Score
Price 円425.00
GF Value 円648.64
Valuation Significantly Undervalued
! 2 Warning Signs
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What is eBASE Co Operating Income?

eBASE Co TSE:3835 +0.47% 71 Operating Income is 円1,414 Mil as of Mar. 2026. GuruFocus rates TSE:3835 with a GF Score™ of 71/100 and a GF Value™ of 円648.64 (Significantly Undervalued). The stock has 2 warning signs investors should review.

eBASE Co's Operating Income for the three months ended in Mar. 2026 was 円649 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was 円1,414 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. eBASE Co's Operating Income for the three months ended in Mar. 2026 was 円649 Mil. eBASE Co's Revenue for the three months ended in Mar. 2026 was 円1,645 Mil. Therefore, eBASE Co's Operating Margin % for the quarter that ended in Mar. 2026 was 39.46%.

Good Sign:

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

eBASE Co's 5-Year average Growth Rate for Operating Margin % was 1.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. eBASE Co's annualized ROC % for the quarter that ended in Mar. 2026 was 68.40%. eBASE Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 703.20%.


eBASE Co  (TSE:3835) Operating Income Explanation

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

eBASE 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 )
=2596.704 * ( 1 - 27.72% )/( (2829.808 + 2657.921)/ 2 )
=1876.8976512/2743.8645
=68.40 %

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))
=7608.046 - 93.943 - ( 4684.295 - max(0, 496.562 - 5604.086+4684.295))
=2829.808

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))
=8098.611 - 358.388 - ( 5082.302 - max(0, 697.207 - 6053.996+5082.302))
=2657.921

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

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

eBASE 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 )
=2596.704/( ( (55.334 + max(423.229, 0)) + (56.617 + max(203.361, 0)) )/ 2 )
=2596.704/( ( 478.563 + 259.978 )/ 2 )
=2596.704/369.2705
=703.20 %

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)
=(713.796 + 6.16 + 199.835) - (93.943 + 0 + 402.619)
=423.229

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(866.364 + 1.522 + 32.682000000001) - (358.388 + 0 + 338.819)
=203.361

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 %:

eBASE 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 )
=649.176/1645.295
=39.46 %

* 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.


eBASE Co Operating Income Related Terms


eBASE Co Operating Income Historical Data

* Premium members only.

The historical data trend for eBASE 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.

eBASE Co Operating Income Chart

eBASE 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 1,081.71 1,365.80 1,651.27 1,731.67 1,431.75

eBASE 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 147.59 403.17 231.82 649.18 129.63
TSE:3835
71GF Score
eBASE Co Ltd TSE:3835
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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eBASE 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1,414 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1,414 Mil mean?
eBASE Co (TSE:3835) has a Operating Income of 円1,414 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on eBASE Co and its competitors.
Is eBASE Co's Operating Income too high?
eBASE Co's current Operating Income is 円1,414 Mil. Overall, eBASE Co has a GF Score™ of 71/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does eBASE Co's Operating Income compare to QH and SHOP?
eBASE Co's Operating Income of 円1,414 Mil can be compared against companies in the Software 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 Software company?
A good Operating Income depends on the Software 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 eBASE Co and its competitors. eBASE Co's current Operating Income is 円1,414 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is eBASE Co stock overvalued right now?
Based on GuruFocus' analysis, eBASE Co (TSE:3835) is currently considered Significantly Undervalued. The stock's GF Value™ is 円648.64, compared to a current price of 円425.00 — trading 34.5% below its estimated fair value. The current Operating Income is 円1,414 Mil. eBASE Co's overall GF Score™ is 71/100 with 2 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 eBASE Co (TSE:3835), the current Operating Income is 円1,414 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 eBASE Co (TSE:3835) Overvalued in 2026?

Based on GuruFocus' analysis, eBASE Co stock appears to be undervalued. The current stock price of 円425.00 is trading 34.5% below its estimated GF Value™ of 円648.64. GuruFocus considers eBASE Co to be Significantly Undervalued.

Key valuation signals for TSE:3835:

  • Operating Income: 円1,414 Mil
  • GF Value™: 円648.64 vs. price of 円425.00 (34.5% below fair value)
  • GF Score™: 71/100 with 2 warning signs

No single metric tells the full story. See the TSE:3835 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


eBASE Co Business Description

Address 5-chome, 4-9 Toyosaki, Osaka, JPN
eBASE Co Ltd is engaged in the planning, development, sales and maintenance of e BASE series which is a content management software. The solutions provided by the company include food industry solutions, residential industry solutions, printing industry solutions, data pool solution, and sales support solutions.
71GF Score

Get the complete analysis for TSE:3835

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

円425.00
Price
円648.64
GF Value