UNCHF (Unicharm) Operating Income: $656 Mil (TTM As of Mar. 2026)


UNCHF Unicharm Corp UNCHF
85 GF Score
Price $5.35
GF Value $8.75
Valuation Significantly Undervalued
! 4 Warning Signs
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What is Unicharm Operating Income?

Unicharm UNCHF 85 Operating Income is $656 Mil as of Mar. 2026. GuruFocus rates UNCHF with a GF Score™ of 85/100 and a GF Value™ of $8.75 (Significantly Undervalued). The stock has 4 warning signs investors should review.

Unicharm's Operating Income for the three months ended in Mar. 2026 was $200 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $656 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Unicharm's Operating Income for the three months ended in Mar. 2026 was $200 Mil. Unicharm's Revenue for the three months ended in Mar. 2026 was $1,476 Mil. Therefore, Unicharm's Operating Margin % for the quarter that ended in Mar. 2026 was 13.58%.

Warning Sign:

Unicharm Corp operating margin has been in a 5-year decline. The average rate of decline per year is -3.4%.

Unicharm's 5-Year average Growth Rate for Operating Margin % was -3.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Unicharm's annualized ROC % for the quarter that ended in Mar. 2026 was 14.59%. Unicharm's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 43.82%.


Unicharm  (OTCPK:UNCHF) Operating Income Explanation

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

Unicharm'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 )
=801.548 * ( 1 - 25.62% )/( (4091.677 + 4081.642)/ 2 )
=596.1914024/4086.6595
=14.59 %

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))
=7845.146 - 1487.035 - ( 2266.434 - max(0, 1692.801 - 4115.345+2266.434))
=4091.677

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))
=7492.361 - 1295.384 - ( 2115.335 - max(0, 1494.341 - 3833.783+2115.335))
=4081.642

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

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

Unicharm'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 )
=853.452/( ( (1768.579 + max(178.481, 0)) + (1704.987 + max(243.101, 0)) )/ 2 )
=853.452/( ( 1947.06 + 1948.088 )/ 2 )
=853.452/1947.574
=43.82 %

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)
=(992.605 + 791.098 + 65.208) - (1487.035 + 0 + 183.395)
=178.481

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(874.966 + 756.913 + 86.569) - (1295.384 + 0 + 179.963)
=243.101

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 %:

Unicharm'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 )
=200.387/1475.807
=13.58 %

* 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.


Unicharm Operating Income Related Terms


Unicharm Operating Income Historical Data

* Premium members only.

The historical data trend for Unicharm'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.

Unicharm Operating Income Chart

Unicharm Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,039.01 854.04 907.81 876.14 654.07

Unicharm Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 233.02 186.09 200.83 68.39 200.39
UNCHF
85GF Score
Unicharm Corp UNCHF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Unicharm 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 $656 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 $656 Mil mean?
Unicharm (UNCHF) has a Operating Income of $656 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Unicharm and its competitors.
Is Unicharm's Operating Income too high?
Unicharm's current Operating Income is $656 Mil. Overall, Unicharm has a GF Score™ of 85/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Unicharm's Operating Income compare to PG and CL?
Unicharm's Operating Income of $656 Mil can be compared against companies in the Consumer Packaged Goods 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 Consumer Packaged Goods company?
A good Operating Income depends on the Consumer Packaged Goods 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 Unicharm and its competitors. Unicharm's current Operating Income is $656 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Unicharm stock overvalued right now?
Based on GuruFocus' analysis, Unicharm (UNCHF) is currently considered Significantly Undervalued. The stock's GF Value™ is $8.75, compared to a current price of $5.35 — trading 38.9% below its estimated fair value. The current Operating Income is $656 Mil. Unicharm's overall GF Score™ is 85/100 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 Unicharm (UNCHF), the current Operating Income is $656 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 Unicharm (UNCHF) Overvalued in 2026?

Based on GuruFocus' analysis, Unicharm stock appears to be undervalued. The current stock price of $5.35 is trading 38.9% below its estimated GF Value™ of $8.75. GuruFocus considers Unicharm to be Significantly Undervalued.

Key valuation signals for UNCHF:

  • Operating Income: $656 Mil
  • GF Value™: $8.75 vs. price of $5.35 (38.9% below fair value)
  • GF Score™: 85/100 with 4 warning signs

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


Unicharm Business Description

Address 3-5-19, Mita, Sumitomo Fudosan Tokyo Mita Garden Tower, Minato-ku, Tokyo, JPN, 108-8575
Focusing on personal hygiene products utilizing nonwoven fabric, Unicharm is the largest manufacturer of disposable baby diapers and feminine sanitary and adult incontinence products in Japan and Asia. Its personal care business accounted for around 80% of its sales as of 2025, with the balance mainly from pet care. Unicharm generates around 60% of its revenue from overseas, of which nearly three-fourths are from Asia, mostly China, Indonesia, and Thailand. India is the fastest-growing market, followed by Vietnam. Outside Asia, Unicharm operates in Saudi Arabia, the Americas, and Europe. Drugstores, supermarkets, baby product specialty stores, and e-commerce are the key sales channels.
85GF Score

Get the complete analysis for UNCHF

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

$5.35
Price
$8.75
GF Value