AFMA (CAS:AFM) EBIT: MAD107.5 Mil (TTM As of Dec. 2025)

What is AFMA EBIT?

AFMA CAS:AFM 84 EBIT is MAD107.5 Mil as of Dec. 2025. GuruFocus rates CAS:AFM with a GF Score™ of 84/100 and a GF Value™ of MAD1,572.88 (Modestly Undervalued). The stock has 4 warning signs investors should review.

AFMA's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2025 was MAD33.9 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was MAD107.5 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. AFMA's annualized ROC % for the quarter that ended in Dec. 2025 was 16.50%. AFMA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 61.42%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. AFMA's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 8.09%.

AFMA (CAS:AFM) EBIT Explanation

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

AFMA's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	95.034 * ( 1 - 31.81% )	/	( (447.238	+	338.108)	/ 2 )
=	64.8036846	/	392.673
=	16.50 %

where

	Invested Capital		(Q: Jun. 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	))
=	1581.303	-	1176.214	-	( 61.681	-	max(0, 1412.773	-	1370.624	+	61.681	))
=	447.238

	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	))
=	1183.27	-	873.801	-	( 23.323	-	max(0, 999.296	-	970.657	+	23.323	))
=	338.108

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

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

AFMA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	67.752	/	( ( (110.192 + max(-171.117, 0))	+	(110.412 + max(-107.377, 0)) )	/	2 )
=	67.752	/	( ( 110.192	+	110.412 )	/	2 )
=	67.752	/	110.302
=	61.42 %

where Working Capital is:

	Working Capital		(Q: Jun. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1182.235	+	0	+	-0.00099999999997635)	-	(1176.214	+	0	+	177.137)
=	-171.117

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(840.445	+	0	+	-0.00099999999997635)	-	(873.801	+	0	+	74.02)
=	-107.377

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

AFMA's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2025 )
	=	107.47	/	1329.078
	=	8.09 %

* 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.

AFMA EBIT Related Terms

AFMA EBIT Historical Data

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The historical data trend for AFMA's EBIT can be seen below:

AFMA EBIT Chart

AFMA Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

EBIT

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92.51

96.72

99.74

111.13

107.47

AFMA Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
EBIT	Get a 7-Day Free Trial															35.55	69.25	41.88	73.59	33.88

CAS:AFM vs MRSH, AON, AJG: EBIT Comparison

For the Insurance Brokers subindustry, AFMA's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.

AFMA EV-to-EBIT vs Insurance Industry

For the Insurance industry and Financial Services sector, AFMA's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where AFMA's EV-to-EBIT falls into.

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84GF Score

AFMA SA CAS:AFM

EBIT is just one metric. See GF Score™, valuation, warning signs, and more.

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AFMA EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was MAD107.5 Mil.

Frequently Asked Questions Learn more about EBIT →

What does a EBIT of MAD107.5 Mil mean?

AFMA (CAS:AFM) has a EBIT of MAD107.5 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on AFMA.

Is AFMA's EBIT too high?

AFMA's current EBIT is MAD107.5 Mil. Overall, AFMA has a GF Score™ of 84/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does AFMA's EBIT compare to MRSH and AON?

AFMA's EBIT of MAD107.5 Mil can be compared against companies in the Insurance industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good EBIT for an Insurance company?

A good EBIT depends on the Insurance industry context. However, EBIT 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 EBIT mean?

A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on AFMA. AFMA's current EBIT is MAD107.5 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is AFMA stock overvalued right now?

Based on GuruFocus' analysis, AFMA (CAS:AFM) is currently considered Modestly Undervalued. The stock's GF Value™ is MAD1,572.88, compared to a current price of MAD1,240.00 — trading 21.2% below its estimated fair value. The current EBIT is MAD107.5 Mil. AFMA's overall GF Score™ is 84/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is EBIT calculated?

EBIT is calculated from a company's financial statements. For AFMA (CAS:AFM), the current EBIT is MAD107.5 Mil as of Dec. 2025. 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 AFMA (CAS:AFM) Overvalued in 2026?

Based on GuruFocus' analysis, AFMA stock appears to be undervalued. The current stock price of MAD1,240.00 is trading 21.2% below its estimated GF Value™ of MAD1,572.88. GuruFocus considers AFMA to be Modestly Undervalued.

Key valuation signals for CAS:AFM:

EBIT: MAD107.5 Mil
GF Value™: MAD1,572.88 vs. price of MAD1,240.00 (21.2% below fair value)
GF Score™: 84/100 with 4 warning signs

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

AFMA Business Description

Industry Financial Services Insurance

Comparable Companies CAS:SAH MRSH AON AJG WTW BRO ERIE BOM:543390 NP ARX ASX:SDF CRVL SAU:8313 ASX:AUB BWIN XSGO:BANVIDA LIFE GSHD CRD.A LSE:SBRE

Address 22, Moulay Youssef bd, Casablanca, MAR, 20 070

Website http://www.afma.ma

AFMA SA provides insurance brokerage services in Morocco. It offers insurance products including Damage Insurance, Insurance Operating Losses, Civil Responsibilities, Car insurance, Transport Insurance, Construction-Related Insurance, Insurance of Persons and Credit insurance. It provides insurance services to both individuals and corporate clients.

84GF Score

Get the complete analysis for CAS:AFM

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

MAD1,240.00

Price

MAD1,572.88

GF Value

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