Ad-Sol Nissin (TSE:3837) Operating Income: 円2,145 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TSE:3837 Ad-Sol Nissin Corp TSE:3837
86 GF Score
Price 円1,422.00
GF Value 円1,278.96
Valuation Modestly Overvalued
View Full Analysis

What is Ad-Sol Nissin Operating Income?

Ad-Sol Nissin TSE:3837 +3.27% 86 Operating Income is 円2,145 Mil as of Mar. 2026. GuruFocus rates TSE:3837 with a GF Score™ of 86/100 and a GF Value™ of 円1,278.96 (Modestly Overvalued).

Ad-Sol Nissin's Operating Income for the six months ended in Mar. 2026 was 円1,042 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was 円2,145 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ad-Sol Nissin's Operating Income for the six months ended in Mar. 2026 was 円1,042 Mil. Ad-Sol Nissin's Revenue for the six months ended in Mar. 2026 was 円8,645 Mil. Therefore, Ad-Sol Nissin's Operating Margin % for the quarter that ended in Mar. 2026 was 12.05%.

Good Sign:

Ad-Sol Nissin Corp operating margin is expanding. Margin expansion is usually a good sign.

Ad-Sol Nissin's 5-Year average Growth Rate for Operating Margin % was 6.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ad-Sol Nissin's annualized ROC % for the quarter that ended in Mar. 2026 was 25.69%. Ad-Sol Nissin's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 98.14%.


Ad-Sol Nissin  (TSE:3837) Operating Income Explanation

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

Ad-Sol Nissin'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: Sep. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=2083.496 * ( 1 - 29.56% )/( (6082.951 + 5340.783)/ 2 )
=1467.6145824/5711.867
=25.69 %

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))
=10451.55 - 1399.479 - ( 2969.12 - max(0, 2169.764 - 7188.983+2969.12))
=6082.951

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))
=10274.008 - 1991.82 - ( 2941.405 - max(0, 2751.251 - 6990.276+2941.405))
=5340.783

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

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

Ad-Sol Nissin'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: Sep. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2083.496/( ( (689.539 + max(2050.099, 0)) + (940.924 + max(565.479, 0)) )/ 2 )
=2083.496/( ( 2739.638 + 1506.403 )/ 2 )
=2083.496/2123.0205
=98.14 %

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)
=(4026.459 + 8.14 + 185.264) - (1399.479 + 0 + 770.285)
=2050.099

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3055.008 + 23.067 + 238.655) - (1991.82 + 0 + 759.431)
=565.479

When net working capital is negative, 0 is used.

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

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

Ad-Sol Nissin'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 )
=1041.748/8644.589
=12.05 %

* 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.


Ad-Sol Nissin Operating Income Related Terms


Ad-Sol Nissin Operating Income Historical Data

* Premium members only.

The historical data trend for Ad-Sol Nissin'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.

Ad-Sol Nissin Operating Income Chart

Ad-Sol Nissin 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 1,088.00 1,210.53 1,437.95 1,710.92 2,145.10

Ad-Sol Nissin Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 728.55 879.62 831.30 1,103.35 1,041.75
TSE:3837
86GF Score
Ad-Sol Nissin Corp TSE:3837
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Ad-Sol Nissin 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 semi-annually data reported by the company within the most recent 12 months, which was 円2,145 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2,145 Mil mean?
Ad-Sol Nissin (TSE:3837) has a Operating Income of 円2,145 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ad-Sol Nissin and its competitors.
Is Ad-Sol Nissin's Operating Income too high?
Ad-Sol Nissin's current Operating Income is 円2,145 Mil. Overall, Ad-Sol Nissin has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ad-Sol Nissin's Operating Income compare to IBM and ACN?
Ad-Sol Nissin's Operating Income of 円2,145 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 Ad-Sol Nissin and its competitors. Ad-Sol Nissin's current Operating Income is 円2,145 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ad-Sol Nissin stock overvalued right now?
Based on GuruFocus' analysis, Ad-Sol Nissin (TSE:3837) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,278.96, compared to a current price of 円1,422.00 — trading 11.2% above its estimated fair value. The current Operating Income is 円2,145 Mil. Ad-Sol Nissin's overall GF Score™ is 86/100. 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 Ad-Sol Nissin (TSE:3837), the current Operating Income is 円2,145 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 Ad-Sol Nissin (TSE:3837) Overvalued in 2026?

Based on GuruFocus' analysis, Ad-Sol Nissin stock appears to be overvalued. The current stock price of 円1,422.00 is trading 11.2% above its estimated GF Value™ of 円1,278.96. GuruFocus considers Ad-Sol Nissin to be Modestly Overvalued.

Key valuation signals for TSE:3837:

  • Operating Income: 円2,145 Mil
  • GF Value™: 円1,278.96 vs. price of 円1,422.00 (11.2% above fair value)
  • GF Score™: 86/100

No single metric tells the full story. See the TSE:3837 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Ad-Sol Nissin Business Description

Address 1-8 Konan 4-chome, Rivage Shinagawa, Minato-ku, Tokyo, JPN, 108-0075
Ad-Sol Nissin Corp develops information systems for enterprises. The company's segments include: Social Infrastructure Business, Advanced Industry Business. The Social Infrastructure Business develops system integration services in social infrastructures such as energy, road, aerospace, and others. Advanced Industry Business promotes Next Generation EV Vehicle, Industrial Equipment, and others.
86GF Score

Get the complete analysis for TSE:3837

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

円1,422.00
Price
円1,278.96
GF Value