Fuluhashi Epo (TSE:9221) Operating Income: 円1,162 Mil (TTM As of Mar. 2026)

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TSE:9221 Fuluhashi Epo Corp TSE:9221
73 GF Score
Price 円1,150.00
GF Value 円1,138.13
Valuation Fairly Valued
! 2 Warning Signs
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What is Fuluhashi Epo Operating Income?

Fuluhashi Epo TSE:9221 73 Operating Income is 円1,162 Mil as of Mar. 2026. GuruFocus rates TSE:9221 with a GF Score™ of 73/100 and a GF Value™ of 円1,138.13 (Fairly Valued). The stock has 2 warning signs investors should review.

Fuluhashi Epo's Operating Income for the three months ended in Mar. 2026 was 円345 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was 円1,162 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Fuluhashi Epo's Operating Income for the three months ended in Mar. 2026 was 円345 Mil. Fuluhashi Epo's Revenue for the three months ended in Mar. 2026 was 円2,586 Mil. Therefore, Fuluhashi Epo's Operating Margin % for the quarter that ended in Mar. 2026 was 13.36%.

Good Sign:

Fuluhashi Epo Corp operating margin is expanding. Margin expansion is usually a good sign.

Fuluhashi Epo's 5-Year average Growth Rate for Operating Margin % was 8.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fuluhashi Epo's annualized ROC % for the quarter that ended in Mar. 2026 was 7.61%. Fuluhashi Epo's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 15.37%.


Fuluhashi Epo  (TSE:9221) Operating Income Explanation

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

Fuluhashi Epo's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=1381.532 * ( 1 - 16.11% )/( (14756.796 + 15689.275)/ 2 )
=1158.9671948/15223.0355
=7.61 %

where

Invested Capital(Q: Dec. 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))
=13229.411 - 284.575 - ( 1048.511 - max(0, 4290.914 - 2478.954+1048.511))
=14756.796

Invested Capital(Q: Mar. 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))
=13869.268 - 333.187 - ( 1122.972 - max(0, 4767.372 - 2614.178+1122.972))
=15689.275

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

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

Fuluhashi Epo's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1533.524/( ( (9609.901 + max(171.936, 0)) + (10070.685 + max(99.462999999999, 0)) )/ 2 )
=1533.524/( ( 9781.837 + 10170.148 )/ 2 )
=1533.524/9975.9925
=15.37 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1103.666 + 190.576 + 136.201) - (284.575 + 0 + 973.932)
=171.936

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1146.981 + 189.053 + 155.172) - (333.187 + 0 + 1058.556)
=99.462999999999

When net working capital is negative, 0 is used.

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

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

Fuluhashi Epo's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=345.383/2585.966
=13.36 %

* 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.


Fuluhashi Epo Operating Income Related Terms


Fuluhashi Epo Operating Income Historical Data

* Premium members only.

The historical data trend for Fuluhashi Epo'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.

Fuluhashi Epo Operating Income Chart

Fuluhashi Epo Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial 787.43 839.03 1,039.69 1,152.77 1,174.77

Fuluhashi Epo Quarterly Data
Mar20 Mar21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 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 281.78 222.81 324.81 345.38 269.48
TSE:9221
73GF Score
Fuluhashi Epo Corp TSE:9221
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Fuluhashi Epo 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 Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was 円1,162 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1,162 Mil mean?
Fuluhashi Epo (TSE:9221) has a Operating Income of 円1,162 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fuluhashi Epo and its competitors.
Is Fuluhashi Epo's Operating Income too high?
Fuluhashi Epo's current Operating Income is 円1,162 Mil. Overall, Fuluhashi Epo has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fuluhashi Epo's Operating Income compare to WM and RSG?
Fuluhashi Epo's Operating Income of 円1,162 Mil can be compared against companies in the Waste Management 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 Waste Management company?
A good Operating Income depends on the Waste Management 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 Fuluhashi Epo and its competitors. Fuluhashi Epo's current Operating Income is 円1,162 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fuluhashi Epo stock overvalued right now?
Based on GuruFocus' analysis, Fuluhashi Epo (TSE:9221) is currently considered Fairly Valued. The stock's GF Value™ is 円1,138.13, compared to a current price of 円1,150.00 — trading 1% above its estimated fair value. The current Operating Income is 円1,162 Mil. Fuluhashi Epo's overall GF Score™ is 73/100 with 2 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 Fuluhashi Epo (TSE:9221), the current Operating Income is 円1,162 Mil as of Mar. 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 Fuluhashi Epo (TSE:9221) Overvalued in 2026?

Based on GuruFocus' analysis, Fuluhashi Epo stock appears to be overvalued. The current stock price of 円1,150.00 is trading 1% above its estimated GF Value™ of 円1,138.13. GuruFocus considers Fuluhashi Epo to be Fairly Valued.

Key valuation signals for TSE:9221:

  • Operating Income: 円1,162 Mil
  • GF Value™: 円1,138.13 vs. price of 円1,150.00 (1% above fair value)
  • GF Score™: 73/100 with 2 warning signs

No single metric tells the full story. See the TSE:9221 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Fuluhashi Epo Business Description

Address 1-13-13 Kanayama, Kanayama Place, Naka-ku, Nagoya, JPN, 460-0022
Fuluhashi Epo Corp provides environmental solutions, such as recycling wood waste, selling recycled wood chips as fuel or raw material products, and recycling construction by-products generated at construction sites. In addition, it is involved in manufacturing and selling logistics equipment that takes into consideration the entire process from collection to recycling, and purchasing and selling used logistics equipment. The group's reportable segments are the biomaterials business and the resource recycling business. The majority of its revenue is generated from the biomaterials business, which is engaged in the contract processing of wood waste materials and the manufacture and sale of wood resource chips (raw material chips and fuel chips).
73GF Score

Get the complete analysis for TSE:9221

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

円1,150.00
Price
円1,138.13
GF Value