KDX Realty Investment (TSE:8972) Operating Income: 円39,789 Mil (TTM As of Apr. 2026)

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TSE:8972 KDX Realty Investment Corp TSE:8972
71 GF Score
Price 円156,100.00
GF Value 円175,076.72
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is KDX Realty Investment Operating Income?

KDX Realty Investment TSE:8972 -2.07% 71 Operating Income is 円39,789 Mil as of Apr. 2026. GuruFocus rates TSE:8972 with a GF Score™ of 71/100 and a GF Value™ of 円175,076.72 (Modestly Undervalued). The stock has 4 warning signs investors should review.

KDX Realty Investment's Operating Income for the six months ended in Apr. 2026 was 円20,036 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was 円39,789 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. KDX Realty Investment's Operating Income for the six months ended in Apr. 2026 was 円20,036 Mil. KDX Realty Investment's Revenue for the six months ended in Apr. 2026 was 円39,841 Mil. Therefore, KDX Realty Investment's Operating Margin % for the quarter that ended in Apr. 2026 was 50.29%.

Good Sign:

KDX Realty Investment Corp operating margin is expanding. Margin expansion is usually a good sign.

KDX Realty Investment's 5-Year average Growth Rate for Operating Margin % was 1.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. KDX Realty Investment's annualized ROC % for the quarter that ended in Apr. 2026 was 3.05%. KDX Realty Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 3.33%.


KDX Realty Investment  (TSE:8972) Operating Income Explanation

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

KDX Realty Investment's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

ROC % (Q: Apr. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Oct. 2025 ) + Invested Capital (Q: Apr. 2026 ))/ count )
=40071.788 * ( 1 - 0% )/( (1285825.598 + 1342463.051)/ 2 )
=40071.788/1314144.3245
=3.05 %

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))
=1254659.245 - 6572.467 - ( 49663.15 - max(0, 120186.839 - 82448.019+49663.15))
=1285825.598

Invested Capital(Q: Apr. 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))
=1276295.728 - 6053.284 - ( 38315.782 - max(0, 144871.609 - 72651.002+38315.782))
=1342463.051

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

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

KDX Realty Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Apr. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Oct. 2025  Q: Apr. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=39698.522/( ( (1156433.474 + max(19758.03, 0)) + (1186756.011 + max(21523.611, 0)) )/ 2 )
=39698.522/( ( 1176191.504 + 1208279.622 )/ 2 )
=39698.522/1192235.563
=3.33 %

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)
=(1168.908 + 0 + 31615.961) - (6572.467 + 0 + 6454.372)
=19758.03

Working Capital(Q: Apr. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1351.716 + 0 + 32983.504) - (6053.284 + 0 + 6758.325)
=21523.611

When net working capital is negative, 0 is used.

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

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

KDX Realty Investment's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Apr. 2026 )/Revenue (Q: Apr. 2026 )
=20035.894/39841.052
=50.29 %

* 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.


KDX Realty Investment Operating Income Related Terms


KDX Realty Investment Operating Income Historical Data

* Premium members only.

The historical data trend for KDX Realty Investment'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.

KDX Realty Investment Operating Income Chart

KDX Realty Investment Annual Data
Trend Oct16 Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 14,848.83 14,807.25 15,749.14 40,479.78 39,212.58

KDX Realty Investment Semi-Annual Data
Oct16 Apr17 Oct17 Apr18 Oct18 Apr19 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Apr25 Oct25 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 20,657.47 19,822.31 19,458.99 19,753.59 20,035.89
TSE:8972
71GF Score
KDX Realty Investment Corp TSE:8972
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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KDX Realty Investment 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 Apr. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was 円39,789 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39,789 Mil mean?
KDX Realty Investment (TSE:8972) has a Operating Income of 円39,789 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on KDX Realty Investment and its competitors.
Is KDX Realty Investment's Operating Income too high?
KDX Realty Investment's current Operating Income is 円39,789 Mil. Overall, KDX Realty Investment has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does KDX Realty Investment's Operating Income compare to VICI and WPC?
KDX Realty Investment's Operating Income of 円39,789 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 KDX Realty Investment and its competitors. KDX Realty Investment's current Operating Income is 円39,789 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KDX Realty Investment stock overvalued right now?
Based on GuruFocus' analysis, KDX Realty Investment (TSE:8972) is currently considered Modestly Undervalued. The stock's GF Value™ is 円175,076.72, compared to a current price of 円156,100.00 — trading 10.8% below its estimated fair value. The current Operating Income is 円39,789 Mil. KDX Realty Investment's overall GF Score™ is 71/100 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 KDX Realty Investment (TSE:8972), the current Operating Income is 円39,789 Mil as of Apr. 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 KDX Realty Investment (TSE:8972) Overvalued in 2026?

Based on GuruFocus' analysis, KDX Realty Investment stock appears to be undervalued. The current stock price of 円156,100.00 is trading 10.8% below its estimated GF Value™ of 円175,076.72. GuruFocus considers KDX Realty Investment to be Modestly Undervalued.

Key valuation signals for TSE:8972:

  • Operating Income: 円39,789 Mil
  • GF Value™: 円175,076.72 vs. price of 円156,100.00 (10.8% below fair value)
  • GF Score™: 71/100 with 4 warning signs

No single metric tells the full story. See the TSE:8972 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


KDX Realty Investment Business Description

Industry Real EstateREITs
Address 2-1-6 Uchisaiwaicho, Chiyoda-ku, Tokyo, JPN, 105-0004
KDX Realty Investment Corp is a Japan-based real estate investment trust. It is engaged in the business of investing in office and residential buildings. The company has around 100 properties, which include Mid-sized Office Buildings and other office buildings, central urban properties, residential properties, and others. The company owns properties in 5 Central wards of Tokyo, Tokyo Metropolitan area, and other regional areas.
71GF Score

Get the complete analysis for TSE:8972

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

円156,100.00
Price
円175,076.72
GF Value