Value Golf (TSE:3931) Operating Income: 円57 Mil (TTM As of Jan. 2026)

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TSE:3931 Value Golf Inc TSE:3931
58 GF Score
Price 円1,532.00
GF Value 円1,280.77
Valuation Modestly Overvalued
! 7 Warning Signs
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What is Value Golf Operating Income?

Value Golf TSE:3931 +2.27% 58 Operating Income is 円57 Mil as of Jan. 2026. GuruFocus rates TSE:3931 with a GF Score™ of 58/100 and a GF Value™ of 円1,280.77 (Modestly Overvalued). The stock has 7 warning signs investors should review.

Value Golf's Operating Income for the three months ended in Jan. 2026 was 円-51 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jan. 2026 was 円57 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Value Golf's Operating Income for the three months ended in Jan. 2026 was 円-51 Mil. Value Golf's Revenue for the three months ended in Jan. 2026 was 円1,317 Mil. Therefore, Value Golf's Operating Margin % for the quarter that ended in Jan. 2026 was -3.87%.

Warning Sign:

Value Golf Inc operating margin has been in a 5-year decline. The average rate of decline per year is -16.6%.

Value Golf's 5-Year average Growth Rate for Operating Margin % was -16.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Value Golf's annualized ROC % for the quarter that ended in Jan. 2026 was -5.68%. Value Golf's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 was -31.05%.


Value Golf  (TSE:3931) Operating Income Explanation

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

Value Golf's annualized ROC % for the quarter that ended in Jan. 2026 is calculated as:

ROC % (Q: Jan. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Oct. 2025 ) + Invested Capital (Q: Jan. 2026 ))/ count )
=-204.128 * ( 1 - 49.21% )/( (1571.703 + 2080.338)/ 2 )
=-103.6766112/1826.0205
=-5.68 %

where

Invested Capital(Q: Oct. 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))
=2647.917 - 211.951 - ( 885.625 - max(0, 1329.577 - 2193.84+885.625))
=1571.703

Invested Capital(Q: Jan. 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))
=3184.818 - 347.378 - ( 757.102 - max(0, 1947.816 - 2734.337+757.102))
=2080.338

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

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

Value Golf's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jan. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Oct. 2025  Q: Jan. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-362.144/( ( (30.521 + max(757.682, 0)) + (235.392 + max(1309.236, 0)) )/ 2 )
=-362.144/( ( 788.203 + 1544.628 )/ 2 )
=-362.144/1166.4155
=-31.05 %

where Working Capital is:

Working Capital(Q: Oct. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(319.683 + 690.178 + 298.354) - (211.951 + 0 + 338.582)
=757.682

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(372.963 + 1257.219 + 347.053) - (347.378 + 0 + 320.621)
=1309.236

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jan. 2026) EBIT data.

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

Value Golf's Operating Margin % for the quarter that ended in Jan. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jan. 2026 )/Revenue (Q: Jan. 2026 )
=-51.032/1317.204
=-3.87 %

* 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.


Value Golf Operating Income Related Terms


Value Golf Operating Income Historical Data

* Premium members only.

The historical data trend for Value Golf'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.

Value Golf Operating Income Chart

Value Golf Annual Data
Trend Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 215.07 237.41 61.67 90.03 53.13

Value Golf Quarterly Data
Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
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 18.11 33.26 52.80 -51.03 21.66
TSE:3931
58GF Score
Value Golf Inc TSE:3931
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Value Golf 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 Jan. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円57 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57 Mil mean?
Value Golf (TSE:3931) has a Operating Income of 円57 Mil as of Jan. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Value Golf and its competitors.
Is Value Golf's Operating Income too high?
Value Golf's current Operating Income is 円57 Mil. Overall, Value Golf has a GF Score™ of 58/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Value Golf's Operating Income compare to NYT and WLY?
Value Golf's Operating Income of 円57 Mil can be compared against companies in the Media - Diversified 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 Media - Diversified company?
A good Operating Income depends on the Media - Diversified 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 Value Golf and its competitors. Value Golf's current Operating Income is 円57 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Value Golf stock overvalued right now?
Based on GuruFocus' analysis, Value Golf (TSE:3931) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,280.77, compared to a current price of 円1,532.00 — trading 19.6% above its estimated fair value. The current Operating Income is 円57 Mil. Value Golf's overall GF Score™ is 58/100 with 7 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 Value Golf (TSE:3931), the current Operating Income is 円57 Mil as of Jan. 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 Value Golf (TSE:3931) Overvalued in 2026?

Based on GuruFocus' analysis, Value Golf stock appears to be overvalued. The current stock price of 円1,532.00 is trading 19.6% above its estimated GF Value™ of 円1,280.77. GuruFocus considers Value Golf to be Modestly Overvalued.

Key valuation signals for TSE:3931:

  • Operating Income: 円57 Mil
  • GF Value™: 円1,280.77 vs. price of 円1,532.00 (19.6% above fair value)
  • GF Score™: 58/100 with 7 warning signs

No single metric tells the full story. See the TSE:3931 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Value Golf Business Description

Address Shiba 4-chome Minato-ku, Tokyo Fast Okada Building, 4th and 5th floor, Tokyo, JPN, 108-0014
Value Golf Inc is engaged in the management of golf-related media, issues Golf magazines, and manages WEB services, develops systems and provides ASP services related to golf. It offers value service in both real and WEB. It also has advertisement media production business and medical business which include publication, service management for medical institutions.
58GF Score

Get the complete analysis for TSE:3931

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

円1,532.00
Price
円1,280.77
GF Value