AFMACAS:AFM 84 Gross Margin % is 43.32% as of Dec. 2025, which is 14% below its 10-year median of 50.14. 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. Among 59 Insurance companies, AFMA ranks better than 55.93% on this metric.
Gross Margin % is calculated as gross profit divided by its revenue. AFMA's Gross Profit for the
six
months ended in Dec. 2025 was MAD60.2 Mil. AFMA's Revenue for the
six
months ended in Dec. 2025 was MAD138.9 Mil. Therefore, AFMA's Gross Margin % for the quarter that ended in Dec. 2025 was 43.32%.
Warning Sign:
AFMA SA gross margin has been in long-term decline. The average rate of decline per year is -1.6%.
The historical rank and industry rank for AFMA's Gross Margin % or its related term are showing as below:
CAS:AFM'
s Gross Margin % Range Over the Past 10 Years
Min: 47.08 Med: 50.14 Max: 54.11
Current: 47.81
During the past 11 years, the highestGross Margin % of AFMA was 54.11%. The lowest was 47.08%. And the median was 50.14%.
CAS:AFM's Gross Margin % is ranked better than 55.93% of 59
companies
in the Insurance industry
Industry Median: 42.38
vs CAS:AFM: 47.81
AFMA had a gross margin of 43.32% for the quarter that ended in Dec. 2025 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for AFMA was -1.60% per year.
AFMA (CAS:AFM) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
AFMA had a gross margin of 43.32% for the quarter that ended in Dec. 2025 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
AFMA Gross Margin % Related Terms
AFMA Gross Margin % Historical Data
* Premium members only.
The historical data trend for AFMA's Gross 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.
CAS:AFM vs MRSH, AON, AJG: Gross Margin % Comparison
For the Insurance Brokers subindustry, AFMA's Gross Margin %, along with its competitors' market caps and Gross 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.
AFMA Gross Margin % vs Insurance Industry
For the Insurance industry and Financial Services sector, AFMA's Gross Margin % distribution charts can be found below:
* The bar in red indicates where AFMA's Gross Margin % falls into.
* 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
AFMA (CAS:AFM) has a Gross Margin % of 43.32% as of Dec. 2025. Gross margin is the ratio of total gross profit to net sales. View historical data on AFMA and its competitors. This is 14% below median its historical median of 50.14. Over the past decade, AFMA's Gross Margin % has ranged from 47.08 to 54.11. According to the industry distribution chart, AFMA ranks #26 out of 59 companies in the Insurance industry, placing it in the top 44.1%.
Is AFMA's Gross Margin % too high?
AFMA's current Gross Margin % of 43.32% is 14% below median its 10-year median of 50.14. Over the past 10 years, this metric has ranged from a low of 47.08 to a high of 54.11. The Insurance industry median Gross Margin % is 42.38. AFMA's value of 43.32% is 2.2% above this industry median. Based on the distribution chart, AFMA ranks #26 out of 59 companies in the Insurance industry, which is above the industry midpoint. 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 Gross Margin % compare to MRSH and AON?
According to the Insurance industry distribution chart, AFMA ranks #26 out of 59 companies for Gross Margin %. This puts AFMA in the upper half of its industry. The industry median Gross Margin % is 42.38. AFMA's value of 43.32% is 2.2% above this benchmark. Historically, AFMA's own Gross Margin % has ranged from 47.08 to 54.11 over the past decade. While the company's 10-year median is 50.14 vs. the industry median of 42.38, AFMA 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 Gross Margin % for an Insurance company?
The median Gross Margin % among Insurance companies is 42.38, based on 59 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. AFMA's current Gross Margin % of 43.32% is 2.2% 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 Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on AFMA and its competitors. For the Insurance industry, the median Gross Margin % is 42.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. AFMA's current Gross Margin % is 43.32%, which is 14% below median its own 10-year median of 50.14. 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 Gross Margin % is 43.32%, which is 14% below median its 10-year median of 50.14 and 2.2% above the Insurance industry median of 42.38. 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 Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For AFMA (CAS:AFM), the current Gross Margin % is 43.32% 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:
Gross Margin %: 43.32% (14% below median its 10-year median of 50.14)
GF Value™: MAD1,572.88 vs. price of MAD1,240.00 (21.2% below fair value)
Industry Position: 2.2% above the Insurance median (#26 of 59)
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 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
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