Tenmaya Store Co (TSE:9846) Operating Income: 円2,185 Mil (TTM As of Feb. 2026)

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TSE:9846 Tenmaya Store Co Ltd TSE:9846
71 GF Score
Price 円1,006.00
GF Value 円1,010.04
Valuation Fairly Valued
! 3 Warning Signs
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What is Tenmaya Store Co Operating Income?

Tenmaya Store Co TSE:9846 +0.20% 71 Operating Income is 円2,185 Mil as of Feb. 2026. GuruFocus rates TSE:9846 with a GF Score™ of 71/100 and a GF Value™ of 円1,010.04 (Fairly Valued). The stock has 3 warning signs investors should review.

Tenmaya Store Co's Operating Income for the six months ended in Feb. 2026 was 円1,116 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was 円2,185 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Tenmaya Store Co's Operating Income for the six months ended in Feb. 2026 was 円1,116 Mil. Tenmaya Store Co's Revenue for the six months ended in Feb. 2026 was 円29,695 Mil. Therefore, Tenmaya Store Co's Operating Margin % for the quarter that ended in Feb. 2026 was 3.76%.

Good Sign:

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

Tenmaya Store Co's 5-Year average Growth Rate for Operating Margin % was 3.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Tenmaya Store Co's annualized ROC % for the quarter that ended in Feb. 2026 was 3.54%. Tenmaya Store Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 6.38%.


Tenmaya Store Co  (TSE:9846) Operating Income Explanation

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

Tenmaya Store Co'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 )
=2231.156 * ( 1 - 24.63% )/( (45871.176 + 49222.701)/ 2 )
=1681.6222772/47546.9385
=3.54 %

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))
=44470.954 - 4113.934 - ( 795.154 - max(0, 12165.498 - 6651.342+795.154))
=45871.176

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))
=45506.25 - 3285.593 - ( 581.519 - max(0, 12833.481 - 5831.437+581.519))
=49222.701

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:

Tenmaya Store Co'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 )
=2041.436/( ( (31089.281 + max(-5098.787, 0)) + (32908.328 + max(-4252.907, 0)) )/ 2 )
=2041.436/( ( 31089.281 + 32908.328 )/ 2 )
=2041.436/31998.8045
=6.38 %

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)
=(1927.393 + 1663.22 + 2265.575) - (4113.934 + 0 + 6841.041)
=-5098.787

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1559.018 + 1729.144 + 1961.756) - (3285.593 + 0 + 6217.232)
=-4252.907

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 %:

Tenmaya Store Co'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 )
=1115.578/29694.875
=3.76 %

* 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.


Tenmaya Store Co Operating Income Related Terms


Tenmaya Store Co Operating Income Historical Data

* Premium members only.

The historical data trend for Tenmaya Store 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.

Tenmaya Store Co Operating Income Chart

Tenmaya Store Co Annual Data
Trend Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2,147.66 2,063.79 2,277.16 2,283.85 2,185.05

Tenmaya Store Co 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 1,320.54 1,195.09 1,088.76 1,069.47 1,115.58
TSE:9846
71GF Score
Tenmaya Store Co Ltd TSE:9846
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Tenmaya Store 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 Feb. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was 円2,185 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2,185 Mil mean?
Tenmaya Store Co (TSE:9846) has a Operating Income of 円2,185 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Tenmaya Store Co and its competitors.
Is Tenmaya Store Co's Operating Income too high?
Tenmaya Store Co's current Operating Income is 円2,185 Mil. Overall, Tenmaya Store Co has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Tenmaya Store Co's Operating Income compare to KR?
Tenmaya Store Co's Operating Income of 円2,185 Mil can be compared against companies in the Retail - Defensive 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 Retail - Defensive company?
A good Operating Income depends on the Retail - Defensive 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 Tenmaya Store Co and its competitors. Tenmaya Store Co's current Operating Income is 円2,185 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tenmaya Store Co stock overvalued right now?
Based on GuruFocus' analysis, Tenmaya Store Co (TSE:9846) is currently considered Fairly Valued. The stock's GF Value™ is 円1,010.04, compared to a current price of 円1,006.00 — trading 0.4% below its estimated fair value. The current Operating Income is 円2,185 Mil. Tenmaya Store Co's overall GF Score™ is 71/100 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 Tenmaya Store Co (TSE:9846), the current Operating Income is 円2,185 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 Tenmaya Store Co (TSE:9846) Overvalued in 2026?

Based on GuruFocus' analysis, Tenmaya Store Co stock appears to be undervalued. The current stock price of 円1,006.00 is trading 0.4% below its estimated GF Value™ of 円1,010.04. GuruFocus considers Tenmaya Store Co to be Fairly Valued.

Key valuation signals for TSE:9846:

  • Operating Income: 円2,185 Mil
  • GF Value™: 円1,010.04 vs. price of 円1,006.00 (0.4% below fair value)
  • GF Score™: 71/100 with 3 warning signs

No single metric tells the full story. See the TSE:9846 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Tenmaya Store Co Business Description

Address Okamachi 13-16, Kita Ward, Okayama, JPN, 700-8502
Tenmaya Store Co Ltd is a Japan-based company involved in the retail trade of groceries, miscellaneous goods, and clothing.
71GF Score

Get the complete analysis for TSE:9846

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

円1,006.00
Price
円1,010.04
GF Value