Nippon Kodoshi (TSE:3891) Operating Income: 円3,533 Mil (TTM As of Mar. 2026)

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TSE:3891 Nippon Kodoshi Corp TSE:3891
69 GF Score
Price 円6,810.00
GF Value 円2,537.40
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is Nippon Kodoshi Operating Income?

Nippon Kodoshi TSE:3891 -5.15% 69 Operating Income is 円3,533 Mil as of Mar. 2026. GuruFocus rates TSE:3891 with a GF Score™ of 69/100 and a GF Value™ of 円2,537.40 (Significantly Overvalued). The stock has 3 warning signs investors should review.

Nippon Kodoshi's Operating Income for the three months ended in Mar. 2026 was 円887 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was 円3,533 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Nippon Kodoshi's Operating Income for the three months ended in Mar. 2026 was 円887 Mil. Nippon Kodoshi's Revenue for the three months ended in Mar. 2026 was 円4,734 Mil. Therefore, Nippon Kodoshi's Operating Margin % for the quarter that ended in Mar. 2026 was 18.73%.

Warning Sign:

Nippon Kodoshi Corp operating margin has been in a 5-year decline. The average rate of decline per year is -3.4%.

Nippon Kodoshi's 5-Year average Growth Rate for Operating Margin % was -3.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Nippon Kodoshi's annualized ROC % for the quarter that ended in Mar. 2026 was 9.52%. Nippon Kodoshi's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 12.56%.


Nippon Kodoshi  (TSE:3891) Operating Income Explanation

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

Nippon Kodoshi'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 )
=3546.444 * ( 1 - 21.69% )/( (29929.797 + 28408.644)/ 2 )
=2777.2202964/29169.2205
=9.52 %

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))
=35865.664 - 1589.448 - ( 4346.419 - max(0, 6540.728 - 18408.071+4346.419))
=29929.797

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))
=35609.369 - 2458.875 - ( 4741.85 - max(0, 5837.138 - 17740.252+4741.85))
=28408.644

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 Kodoshi'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 )
=3302.744/( ( (15822.73 + max(11565.89, 0)) + (15758.771 + max(9461.172, 0)) )/ 2 )
=3302.744/( ( 27388.62 + 25219.943 )/ 2 )
=3302.744/26304.2815
=12.56 %

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)
=(6099.243 + 7649.286 + 313.123) - (1589.448 + 0 + 906.314)
=11565.89

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4975.964 + 7813.639 + 208.799) - (2458.875 + 0 + 1078.355)
=9461.172

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 Kodoshi'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 )
=886.611/4734.186
=18.73 %

* 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 Kodoshi Operating Income Related Terms


Nippon Kodoshi Operating Income Historical Data

* Premium members only.

The historical data trend for Nippon Kodoshi'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 Kodoshi Operating Income Chart

Nippon Kodoshi 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 4,066.58 3,327.25 1,719.23 2,460.65 3,533.41

Nippon Kodoshi Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Mar25 Jun25 Sep25 Dec25 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 0.00 856.37 928.00 862.43 886.61
TSE:3891
69GF Score
Nippon Kodoshi Corp TSE:3891
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Nippon Kodoshi 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3,533 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3,533 Mil mean?
Nippon Kodoshi (TSE:3891) has a Operating Income of 円3,533 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Nippon Kodoshi and its competitors.
Is Nippon Kodoshi's Operating Income too high?
Nippon Kodoshi's current Operating Income is 円3,533 Mil. Overall, Nippon Kodoshi has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nippon Kodoshi's Operating Income compare to APH and GLW?
Nippon Kodoshi's Operating Income of 円3,533 Mil can be compared against companies in the Hardware 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 Hardware company?
A good Operating Income depends on the Hardware 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 Kodoshi and its competitors. Nippon Kodoshi's current Operating Income is 円3,533 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Kodoshi stock overvalued right now?
Based on GuruFocus' analysis, Nippon Kodoshi (TSE:3891) is currently considered Significantly Overvalued. The stock's GF Value™ is 円2,537.40, compared to a current price of 円6,810.00 — trading 168.4% above its estimated fair value. The current Operating Income is 円3,533 Mil. Nippon Kodoshi's overall GF Score™ is 69/100 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 Nippon Kodoshi (TSE:3891), the current Operating Income is 円3,533 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 Kodoshi (TSE:3891) Overvalued in 2026?

Based on GuruFocus' analysis, Nippon Kodoshi stock appears to be overvalued. The current stock price of 円6,810.00 is trading 168.4% above its estimated GF Value™ of 円2,537.40. GuruFocus considers Nippon Kodoshi to be Significantly Overvalued.

Key valuation signals for TSE:3891:

  • Operating Income: 円3,533 Mil
  • GF Value™: 円2,537.40 vs. price of 円6,810.00 (168.4% above fair value)
  • GF Score™: 69/100 with 3 warning signs

No single metric tells the full story. See the TSE:3891 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Nippon Kodoshi Business Description

Address 648 Hirooka-kami, Haruno-Cho, Kochi, JPN, 781 0395
Nippon Kodoshi Corp manufactures separators for aluminium electrolytic capacitors and batteries. The company is engaged in the fusion of paper and electronics, the search for new materials, and finding applications in electronic components.
69GF Score

Get the complete analysis for TSE:3891

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

円6,810.00
Price
円2,537.40
GF Value