Fukuoka REIT (TSE:8968) Operating Income: 円9,014 Mil (TTM As of Feb. 2026)

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TSE:8968 Fukuoka REIT Corp TSE:8968
64 GF Score
Price 円175,800.00
GF Value 円176,580.78
Valuation Fairly Valued
! 8 Warning Signs
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What is Fukuoka REIT Operating Income?

Fukuoka REIT TSE:8968 -0.68% 64 Operating Income is 円9,014 Mil as of Feb. 2026. GuruFocus rates TSE:8968 with a GF Score™ of 64/100 and a GF Value™ of 円176,580.78 (Fairly Valued). The stock has 8 warning signs investors should review.

Fukuoka REIT's Operating Income for the six months ended in Feb. 2026 was 円4,488 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was 円9,014 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Fukuoka REIT's Operating Income for the six months ended in Feb. 2026 was 円4,488 Mil. Fukuoka REIT's Revenue for the six months ended in Feb. 2026 was 円10,823 Mil. Therefore, Fukuoka REIT's Operating Margin % for the quarter that ended in Feb. 2026 was 41.47%.

Good Sign:

Fukuoka REIT Corp operating margin is expanding. Margin expansion is usually a good sign.

Fukuoka REIT's 5-Year average Growth Rate for Operating Margin % was 1.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fukuoka REIT's annualized ROC % for the quarter that ended in Feb. 2026 was 3.88%. Fukuoka REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 4.16%.


Fukuoka REIT  (TSE:8968) Operating Income Explanation

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

Fukuoka REIT's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Aug. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=8975.332 * ( 1 - 0.03% )/( (230893.393 + 231180.163)/ 2 )
=8972.6394004/231036.778
=3.88 %

where

Invested Capital(Q: Aug. 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))
=226809.414 - 986.45 - ( 3109.604 - max(0, 15390.487 - 10320.058+3109.604))
=230893.393

Invested Capital(Q: Feb. 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))
=227423.118 - 1597.724 - ( 5815.414 - max(0, 17022.804 - 11668.035+5815.414))
=231180.163

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

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

Fukuoka REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Aug. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=8782.968/( ( (209683.233 + max(2919.967, 0)) + (208756.655 + max(1329.817, 0)) )/ 2 )
=8782.968/( ( 212603.2 + 210086.472 )/ 2 )
=8782.968/211344.836
=4.16 %

where Working Capital is:

Working Capital(Q: Aug. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1386.433 + 0 + 5824.021) - (986.45 + 0 + 3304.037)
=2919.967

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1359.739 + 0 + 4492.882) - (1597.724 + 0 + 2925.08)
=1329.817

When net working capital is negative, 0 is used.

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

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

Fukuoka REIT's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=4487.666/10822.543
=41.47 %

* 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.


Fukuoka REIT Operating Income Related Terms


Fukuoka REIT Operating Income Historical Data

* Premium members only.

The historical data trend for Fukuoka REIT'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.

Fukuoka REIT Operating Income Chart

Fukuoka REIT Annual Data
Trend Aug15 Aug16 Aug17 Aug18 Aug19 Aug20 Aug21 Aug22 Aug23 Aug24
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6,240.36 6,266.68 6,367.74 6,596.30 7,328.86

Fukuoka REIT Semi-Annual Data
Aug16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
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 3,664.43 3,664.43 4,408.33 4,526.52 4,487.67
TSE:8968
64GF Score
Fukuoka REIT Corp TSE:8968
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Fukuoka REIT 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 Feb. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was 円9,014 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9,014 Mil mean?
Fukuoka REIT (TSE:8968) has a Operating Income of 円9,014 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fukuoka REIT and its competitors.
Is Fukuoka REIT's Operating Income too high?
Fukuoka REIT's current Operating Income is 円9,014 Mil. Overall, Fukuoka REIT has a GF Score™ of 64/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fukuoka REIT's Operating Income compare to VICI and WPC?
Fukuoka REIT's Operating Income of 円9,014 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 Fukuoka REIT and its competitors. Fukuoka REIT's current Operating Income is 円9,014 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fukuoka REIT stock overvalued right now?
Based on GuruFocus' analysis, Fukuoka REIT (TSE:8968) is currently considered Fairly Valued. The stock's GF Value™ is 円176,580.78, compared to a current price of 円175,800.00 — trading 0.4% below its estimated fair value. The current Operating Income is 円9,014 Mil. Fukuoka REIT's overall GF Score™ is 64/100 with 8 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 Fukuoka REIT (TSE:8968), the current Operating Income is 円9,014 Mil as of Feb. 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 Fukuoka REIT (TSE:8968) Overvalued in 2026?

Based on GuruFocus' analysis, Fukuoka REIT stock appears to be undervalued. The current stock price of 円175,800.00 is trading 0.4% below its estimated GF Value™ of 円176,580.78. GuruFocus considers Fukuoka REIT to be Fairly Valued.

Key valuation signals for TSE:8968:

  • Operating Income: 円9,014 Mil
  • GF Value™: 円176,580.78 vs. price of 円175,800.00 (0.4% below fair value)
  • GF Score™: 64/100 with 8 warning signs

No single metric tells the full story. See the TSE:8968 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Fukuoka REIT Business Description

Industry Real EstateREITs
Address 1-2-25 Sumiyoshi, Hakata, Fukuoka, JPN, 812-0018
Fukuoka REIT Corp is an REIT based in Japan. The company manages a portfolio with a focus on entertainment retail facilities and office buildings in the Fukuoka metropolitan area and other neighbouring areas in the Kyushu region. Fukuoka REIT's asset manager, Fukuoka Realty, provides real estate management, acquisition, arrangement of new property, fundraising, and other operations under contracts. The firm diversifies in retail, office buildings, and other types of property, including residences, hotels, logistics facilities, and public and other facilities. Retail property represents more than half of the portfolio assets.
64GF Score

Get the complete analysis for TSE:8968

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

円175,800.00
Price
円176,580.78
GF Value