MAX Co (TSE:6454) Operating Income: 円18,556 Mil (TTM As of Jun. 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:6454 MAX Co Ltd TSE:6454
69 GF Score
Price 円1,832.00
GF Value 円1,226.08
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is MAX Co Operating Income?

MAX Co TSE:6454 -1.29% 69 Operating Income is 円18,556 Mil as of Jun. 2026. GuruFocus rates TSE:6454 with a GF Score™ of 69/100 and a GF Value™ of 円1,226.08 (Significantly Overvalued). The stock has 4 warning signs investors should review.

MAX Co's Operating Income for the three months ended in Jun. 2026 was 円5,882 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was 円18,556 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. MAX Co's Operating Income for the three months ended in Jun. 2026 was 円5,882 Mil. MAX Co's Revenue for the three months ended in Jun. 2026 was 円28,334 Mil. Therefore, MAX Co's Operating Margin % for the quarter that ended in Jun. 2026 was 20.76%.

Good Sign:

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

MAX Co's 5-Year average Growth Rate for Operating Margin % was 12.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. MAX Co's annualized ROC % for the quarter that ended in Jun. 2026 was 18.73%. MAX Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 52.03%.


MAX Co  (TSE:6454) Operating Income Explanation

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

MAX Co's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=23528 * ( 1 - 29% )/( (85385 + 92983)/ 2 )
=16704.88/89184
=18.73 %

where

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

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

MAX Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=24416/( ( (27398 + max(18977, 0)) + (27720 + max(19757, 0)) )/ 2 )
=24416/( ( 46375 + 47477 )/ 2 )
=24416/46926
=52.03 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(14772 + 15471 + 4038) - (9182 + 0 + 6122)
=18977

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(15403 + 16760 + 4115) - (5976 + 0 + 10545)
=19757

When net working capital is negative, 0 is used.

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

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

MAX Co's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=5882/28334
=20.76 %

* 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.


MAX Co Operating Income Related Terms


MAX Co Operating Income Historical Data

* Premium members only.

The historical data trend for MAX 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.

MAX Co Operating Income Chart

MAX 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 7,499.00 9,926.00 12,601.00 14,468.00 17,571.00

MAX Co Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 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 4,897.00 4,574.00 4,303.00 3,797.00 5,882.00
TSE:6454
69GF Score
MAX Co Ltd TSE:6454
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

MAX 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 Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円18,556 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18,556 Mil mean?
MAX Co (TSE:6454) has a Operating Income of 円18,556 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on MAX Co and its competitors.
Is MAX Co's Operating Income too high?
MAX Co's current Operating Income is 円18,556 Mil. Overall, MAX Co has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does MAX Co's Operating Income compare to SNA and RBC?
MAX Co's Operating Income of 円18,556 Mil can be compared against companies in the Industrial Products 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 an Industrial Products company?
A good Operating Income depends on the Industrial Products 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 MAX Co and its competitors. MAX Co's current Operating Income is 円18,556 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MAX Co stock overvalued right now?
Based on GuruFocus' analysis, MAX Co (TSE:6454) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,226.08, compared to a current price of 円1,832.00 — trading 49.4% above its estimated fair value. The current Operating Income is 円18,556 Mil. MAX Co's overall GF Score™ is 69/100 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 MAX Co (TSE:6454), the current Operating Income is 円18,556 Mil as of Jun. 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 MAX Co (TSE:6454) Overvalued in 2026?

Based on GuruFocus' analysis, MAX Co stock appears to be overvalued. The current stock price of 円1,832.00 is trading 49.4% above its estimated GF Value™ of 円1,226.08. GuruFocus considers MAX Co to be Significantly Overvalued.

Key valuation signals for TSE:6454:

  • Operating Income: 円18,556 Mil
  • GF Value™: 円1,226.08 vs. price of 円1,832.00 (49.4% above fair value)
  • GF Score™: 69/100 with 4 warning signs

No single metric tells the full story. See the TSE:6454 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


MAX Co Business Description

Address 6-6 Nihonbashi Hakozakicho, Chuo-ku, Tokyo, JPN, 103-8502
MAX Co Ltd manufactures and distributes office supplies and industrial equipment. The company operates through office equipment, industrial equipment, and home care and rehabilitation (HCR) equipment divisions. It mainly offers products such as hand-held staplers and automatic staplers, numbering tools, check writers, and other office supplies. It also markets fastening devices for various purposes such as concrete reinforcing bar tying machines, air compressors, and rechargeable tools.
69GF Score

Get the complete analysis for TSE:6454

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

円1,832.00
Price
円1,226.08
GF Value