Japan Logistics Fund (TSE:8967) Operating Income: 円13,415 Mil (TTM As of Jan. 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:8967 Japan Logistics Fund Inc TSE:8967
69 GF Score
Price 円95,100.00
GF Value 円99,884.88
Valuation Fairly Valued
! 3 Warning Signs
View Full Analysis

What is Japan Logistics Fund Operating Income?

Japan Logistics Fund TSE:8967 -1.25% 69 Operating Income is 円13,415 Mil as of Jan. 2026. GuruFocus rates TSE:8967 with a GF Score™ of 69/100 and a GF Value™ of 円99,884.88 (Fairly Valued). The stock has 3 warning signs investors should review.

Japan Logistics Fund's Operating Income for the six months ended in Jan. 2026 was 円6,874 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jan. 2026 was 円13,415 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Japan Logistics Fund's Operating Income for the six months ended in Jan. 2026 was 円6,874 Mil. Japan Logistics Fund's Revenue for the six months ended in Jan. 2026 was 円11,934 Mil. Therefore, Japan Logistics Fund's Operating Margin % for the quarter that ended in Jan. 2026 was 57.60%.

Japan Logistics Fund's 5-Year average Growth Rate for Operating Margin % was -0.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Japan Logistics Fund's annualized ROC % for the quarter that ended in Jan. 2026 was 5.00%. Japan Logistics Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 was 5.32%.


Japan Logistics Fund  (TSE:8967) Operating Income Explanation

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

Japan Logistics Fund'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: Jul. 2025 ) + Invested Capital (Q: Jan. 2026 ))/ count )
=13748.864 * ( 1 - 0.01% )/( (273706.019 + 275797.693)/ 2 )
=13747.4891136/274751.856
=5.00 %

where

Invested Capital(Q: Jul. 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))
=271622.427 - 1355.112 - ( 9843.322 - max(0, 18850.927 - 15412.223+9843.322))
=273706.019

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))
=274137.677 - 1975.016 - ( 11203.191 - max(0, 21920.815 - 18285.783+11203.191))
=275797.693

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

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

Japan Logistics Fund'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: Jul. 2025  Q: Jan. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=13673.082/( ( (255587.596 + max(1217.974, 0)) + (255144.246 + max(2061.777, 0)) )/ 2 )
=13673.082/( ( 256805.57 + 257206.023 )/ 2 )
=13673.082/257005.7965
=5.32 %

where Working Capital is:

Working Capital(Q: Jul. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(446.424 + 0 + 5122.477) - (1355.112 + 0 + 2995.815)
=1217.974

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(424.029 + 0 + 6658.563) - (1975.016 + 0 + 3045.799)
=2061.777

When net working capital is negative, 0 is used.

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

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

Japan Logistics Fund'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 )
=6874.432/11933.849
=57.60 %

* 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.


Japan Logistics Fund Operating Income Related Terms


Japan Logistics Fund Operating Income Historical Data

* Premium members only.

The historical data trend for Japan Logistics Fund'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.

Japan Logistics Fund Operating Income Chart

Japan Logistics Fund Annual Data
Trend Jul16 Jul17 Jul18 Jul19 Jul20 Jul21 Jul22 Jul23 Jul24 Jul25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8,816.50 9,910.83 10,563.18 11,056.52 12,385.19

Japan Logistics Fund Semi-Annual Data
Jul16 Jan17 Jul17 Jan18 Jul18 Jan19 Jul19 Jan20 Jul20 Jan21 Jul21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
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 5,301.58 5,754.94 5,844.14 6,541.05 6,874.43
TSE:8967
69GF Score
Japan Logistics Fund Inc TSE:8967
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Japan Logistics Fund 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 semi-annually data reported by the company within the most recent 12 months, which was 円13,415 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13,415 Mil mean?
Japan Logistics Fund (TSE:8967) has a Operating Income of 円13,415 Mil as of Jan. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Japan Logistics Fund and its competitors.
Is Japan Logistics Fund's Operating Income too high?
Japan Logistics Fund's current Operating Income is 円13,415 Mil. Overall, Japan Logistics Fund has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Japan Logistics Fund's Operating Income compare to PLD and PSA?
Japan Logistics Fund's Operating Income of 円13,415 Mil can be compared against companies in the REITs 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 REITs company?
A good Operating Income depends on the REITs 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 Japan Logistics Fund and its competitors. Japan Logistics Fund's current Operating Income is 円13,415 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Logistics Fund stock overvalued right now?
Based on GuruFocus' analysis, Japan Logistics Fund (TSE:8967) is currently considered Fairly Valued. The stock's GF Value™ is 円99,884.88, compared to a current price of 円95,100.00 — trading 4.8% below its estimated fair value. The current Operating Income is 円13,415 Mil. Japan Logistics Fund'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 Japan Logistics Fund (TSE:8967), the current Operating Income is 円13,415 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 Japan Logistics Fund (TSE:8967) Overvalued in 2026?

Based on GuruFocus' analysis, Japan Logistics Fund stock appears to be undervalued. The current stock price of 円95,100.00 is trading 4.8% below its estimated GF Value™ of 円99,884.88. GuruFocus considers Japan Logistics Fund to be Fairly Valued.

Key valuation signals for TSE:8967:

  • Operating Income: 円13,415 Mil
  • GF Value™: 円99,884.88 vs. price of 円95,100.00 (4.8% below fair value)
  • GF Score™: 69/100 with 3 warning signs

No single metric tells the full story. See the TSE:8967 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Japan Logistics Fund Business Description

Industry Real EstateREITs
Address 3-2-1, Nishikanda, Chiyoda-ku, Tokyo, JPN, 101-0065
Japan Logistics Fund Inc is a Real Estate Investment Trust dedicated to investing in logistics properties. Its investment targets shall be real estate used for logistics facilities. The real estate used for data centers and other telecommunication facilities and real estate that is not being used for logistics facilities at the time of acquisition but may be constructed, converted or redeveloped to be used for logistics facilities.
69GF Score

Get the complete analysis for TSE:8967

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

円95,100.00
Price
円99,884.88
GF Value