Belluna CoTSE:9997 +1.62%64 Operating Margin % is 10.44% as of Mar. 2026, which is 60% above its 10-year median of 6.52. GuruFocus rates TSE:9997 with a GF Score™ of 64/100 and a GF Value™ of 円805.77 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,128 Retail - Cyclical companies, Belluna Co ranks better than 70.12% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Belluna Co's Operating Income for the
three
months ended in Mar. 2026 was 円5,609 Mil. Belluna Co's Revenue for the
three
months ended in Mar. 2026 was 円53,738 Mil. Therefore, Belluna Co's Operating Margin % for the quarter that ended in Mar. 2026 was 10.44%.
Warning Sign:
Belluna Co Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -1.4%.
The historical rank and industry rank for Belluna Co's Operating Margin % or its related term are showing as below:
TSE:9997'
s Operating Margin % Range Over the Past 10 Years
Min: 4.7 Med: 6.52 Max: 8.05
Current: 7.56
TSE:9997's Operating Margin % is ranked better than 70.12% of 1128
companies
in the Retail - Cyclical industry
Industry Median: 3.905
vs TSE:9997: 7.56
Belluna Co's 5-Year Average Operating Margin % Growth Rate was -1.40% per year.
Belluna Co's Operating Income for the
three
months ended in Mar. 2026 was 円5,609 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was 円16,478 Mil.
Belluna Co (TSE:9997) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
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 Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) 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.
Belluna Co Operating Margin % Related Terms
Belluna Co Operating Margin % Historical Data
* Premium members only.
The historical data trend for Belluna Co's Operating Margin % 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.
TSE:9997 vs CASY, WSM, ULTA: Operating Margin % Comparison
For the Specialty Retail subindustry, Belluna Co's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Belluna Co Operating Margin % vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Belluna Co's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Belluna Co's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Belluna Co's Operating Margin % for the fiscal year that ended in Mar. 2026 is calculated as
* 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.
Belluna Co (TSE:9997) has a Operating Margin % of 10.44% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Belluna Co and its competitors. This is 60% above median its historical median of 6.52. Over the past decade, Belluna Co's Operating Margin % has ranged from 4.70 to 8.05. According to the industry distribution chart, Belluna Co ranks #337 out of 1128 companies in the Retail - Cyclical industry, placing it in the top 29.9%.
Is Belluna Co's Operating Margin % too high?
Belluna Co's current Operating Margin % of 10.44% is 60% above median its 10-year median of 6.52. Over the past 10 years, this metric has ranged from a low of 4.70 to a high of 8.05. The Retail - Cyclical industry median Operating Margin % is 3.91. Belluna Co's value of 10.44% is 167.3% above this industry median. Based on the distribution chart, Belluna Co ranks #337 out of 1128 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Belluna Co has a GF Score™ of 64/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Belluna Co's Operating Margin % compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Belluna Co ranks #337 out of 1128 companies for Operating Margin %. This puts Belluna Co in the upper half of its industry. The industry median Operating Margin % is 3.91. Belluna Co's value of 10.44% is 167.3% above this benchmark. Historically, Belluna Co's own Operating Margin % has ranged from 4.70 to 8.05 over the past decade. While the company's 10-year median is 6.52 vs. the industry median of 3.91, Belluna Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for a Retail - Cyclical company?
The median Operating Margin % among Retail - Cyclical companies is 3.91, based on 1,128 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Belluna Co's current Operating Margin % of 10.44% is 167.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Belluna Co and its competitors. For the Retail - Cyclical industry, the median Operating Margin % is 3.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Belluna Co's current Operating Margin % is 10.44%, which is 60% above median its own 10-year median of 6.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Belluna Co stock overvalued right now?
Based on GuruFocus' analysis, Belluna Co (TSE:9997) is currently considered Modestly Overvalued. The stock's GF Value™ is 円805.77, compared to a current price of 円943.00 — trading 17% above its estimated fair value. The current Operating Margin % is 10.44%, which is 60% above median its 10-year median of 6.52 and 167.3% above the Retail - Cyclical industry median of 3.91. Belluna Co's overall GF Score™ is 64/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Belluna Co (TSE:9997), the current Operating Margin % is 10.44% 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 Belluna Co (TSE:9997) Overvalued in 2026?
Based on GuruFocus' analysis, Belluna Co stock appears to be overvalued.
The current stock price of 円943.00 is trading 17% above its estimated GF Value™ of 円805.77.
GuruFocus considers Belluna Co to be Modestly Overvalued.
Key valuation signals for TSE:9997:
Operating Margin %: 10.44% (60% above median its 10-year median of 6.52)
GF Value™: 円805.77 vs. price of 円943.00 (17% above fair value)
Industry Position: 167.3% above the Retail - Cyclical median (#337 of 1128)
No single metric tells the full story. See the TSE:9997 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Belluna Co Ltd is primarily a mail-order retailer that sells a wide range of products, including apparel, home furnishings, food, wine, cosmetics, health food, and nursing supplies through catalogs and e-commerce sites. More than 80% of the company's sales come from its mail-order business. Remaining revenue comes from its apparel retail stores; its solution business, which offers outsourced services for Belluna's corporate clients; its finance business, which offers financing services that target mail-order customers; and its property business, which leases office and commercial space and engages in property development. Nearly all the company's sales are in Japan.
64GF Score
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