Merafe Resources (JSE:MRF) EBIT: R190 Mil (TTM As of Dec. 2025)


JSE:MRF Merafe Resources Ltd JSE:MRF
64 GF Score
Price R1.28
GF Value R0.99
Valuation Modestly Overvalued
! 9 Warning Signs
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What is Merafe Resources EBIT?

Merafe Resources JSE:MRF 64 EBIT is R190 Mil as of Dec. 2025. GuruFocus rates JSE:MRF with a GF Score™ of 64/100 and a GF Value™ of R0.99 (Modestly Overvalued). The stock has 9 warning signs investors should review.

Merafe Resources's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2025 was R-117 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was R190 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Merafe Resources's annualized ROC % for the quarter that ended in Dec. 2025 was 0.86%. Merafe Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -6.40%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Merafe Resources's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 11.49%.


Merafe Resources  (JSE:MRF) EBIT Explanation

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

Merafe Resources'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 )
=45.088 * ( 1 - 22.06% )/( (4143.426 + 3989.739)/ 2 )
=35.1415872/4066.5825
=0.86 %

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))
=6005.75 - 720.459 - ( 1141.865 - max(0, 744.656 - 4761.844+1141.865))
=4143.426

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))
=6056.006 - 515.893 - ( 1550.374 - max(0, 966.928 - 4739.687+1550.374))
=3989.739

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:

Merafe Resources'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 )
=-233.088/( ( (1111.772 + max(2876.571, 0)) + (1164.892 + max(2131.993, 0)) )/ 2 )
=-233.088/( ( 3988.343 + 3296.885 )/ 2 )
=-233.088/3642.614
=-6.40 %

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)
=(1068.321 + 2472.073 + 79.585) - (720.459 + 0 + 22.949)
=2876.571

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1107.19 + 1898.609 + 91.769) - (515.893 + 0 + 449.682)
=2131.993

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:

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

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=189.931/1653.231
=11.49 %

* 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.


Merafe Resources EBIT Related Terms


Merafe Resources EBIT Historical Data

* Premium members only.

The historical data trend for Merafe Resources's EBIT 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.

Merafe Resources EBIT Chart

Merafe Resources Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2,326.83 1,949.67 2,353.45 886.51 189.93

Merafe Resources 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 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 890.32 1,003.79 -117.28 306.48 -116.54

Merafe Resources EBIT Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Merafe Resources'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.


Merafe Resources EV-to-EBIT vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Merafe Resources's EV-to-EBIT distribution charts can be found below:

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


JSE:MRF
64GF Score
Merafe Resources Ltd JSE:MRF
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
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Merafe Resources 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 R190 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 EBIT →
What does a EBIT of R190 Mil mean?
Merafe Resources (JSE:MRF) has a EBIT of R190 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Merafe Resources.
Is Merafe Resources' EBIT too high?
Merafe Resources' current EBIT is R190 Mil. Overall, Merafe Resources has a GF Score™ of 64/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Merafe Resources' EBIT compare to competitors?
Merafe Resources' EBIT of R190 Mil can be compared against companies in the Metals & Mining 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 a Metals & Mining company?
A good EBIT depends on the Metals & Mining 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 Merafe Resources. Merafe Resources's current EBIT is R190 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merafe Resources stock overvalued right now?
Based on GuruFocus' analysis, Merafe Resources (JSE:MRF) is currently considered Modestly Overvalued. The stock's GF Value™ is R0.99, compared to a current price of R1.28 — trading 29.3% above its estimated fair value. The current EBIT is R190 Mil. Merafe Resources' overall GF Score™ is 64/100 with 9 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 Merafe Resources (JSE:MRF), the current EBIT is R190 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 Merafe Resources (JSE:MRF) Overvalued in 2026?

Based on GuruFocus' analysis, Merafe Resources stock appears to be overvalued. The current stock price of R1.28 is trading 29.3% above its estimated GF Value™ of R0.99. GuruFocus considers Merafe Resources to be Modestly Overvalued.

Key valuation signals for JSE:MRF:

  • EBIT: R190 Mil
  • GF Value™: R0.99 vs. price of R1.28 (29.3% above fair value)
  • GF Score™: 64/100 with 9 warning signs

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


Merafe Resources Business Description

Other Exchanges RZT:Germany
Address 35 Ballyclare Drive, Building B, 2nd Floor, Ballyoaks Office Park, Bryanston, Johannesburg, GT, ZAF, 2191
Merafe Resources Ltd through its wholly-owned subsidiary, Merafe Ferrochrome and Mining Proprietary Limited, participates in chrome mining and the beneficiation of chrome ore into ferrochrome. The Glencore-Merafe Chrome Venture (Venture) operates five ferrochrome smelters, twenty-two ferrochrome furnaces, and nine mines, situated in the North-West, Limpopo, and Mpumalanga provinces of South Africa. The company has operating mines namel Marikana West; and Kroondal Gemini. The Group has one reportable segment being the mining and beneficiation of chrome ore into ferrochrome and associated minerals. Geographically, it has its presence in Africa, Americas, Asia, China, Indonesia, Other Asia, and Europe.
64GF Score

Get the complete analysis for JSE:MRF

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

R1.28
Price
R0.99
GF Value