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'underlying business' is a correct usage in written English.
You can use it to refer to the essential or fundamental aspects of a business. For example, "The underlying business of this organization is to provide healthcare services to the local community."
Exact(58)
"We try to buy businesses at substantial discounts to the underlying business value," he added.
During this whole mess the underlying business has performed very well.
Jason Ader, an analyst at William Blair & Company, said it could reflect underlying business issues.
Or are they troubled firms whose executives have turned to wild conspiracy theories to divert attention from underlying business problems?
"…our underlying business remains exceptionally strong," he said.
Still, underlying business basics still rule just as they did when the PC changed everything.
This way I can concentrate on what matters most: underlying business fundamentals.
First is the underlying business model of your old-economy picks.
Be fully apprised of the underlying business problems and credit quality.
Invest with a view to underlying business values, and with plenty of diversification.
Similar(1)
But the underlying business-to-business side allows retailers to do realtime pricing.
Related(20)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com