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National Company KazMunayGaz JSC (XKAZ:KMGZ) 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
National Company KazMunayGaz JSC had a gross margin of 23.33% for the quarter that ended in Jun. 2026 => Competition eroding margins
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.
National Company KazMunayGaz JSC Gross Margin % Related Terms
National Company KazMunayGaz JSC Gross Margin % Historical Data
* 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.
National Company KazMunayGaz JSC Gross Margin % Chart
XKAZ:KMGZ vs MPC, VLO, PSX: Gross Margin % Comparison
For the Oil & Gas Refining & Marketing subindustry, National Company KazMunayGaz JSC'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.
National Company KazMunayGaz JSC Gross Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Company KazMunayGaz JSC's Gross Margin % distribution charts can be found below:
* The bar in red indicates where National Company KazMunayGaz JSC'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.
National Company KazMunayGaz JSC (XKAZ:KMGZ) has a Gross Margin % of 23.33% as of Jun. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on National Company KazMunayGaz JSC and its competitors. This is near median its historical median of 23.27. Over the past decade, National Company KazMunayGaz JSC's Gross Margin % has ranged from 15.92 to 26.67. According to the industry distribution chart, National Company KazMunayGaz JSC ranks #512 out of 876 companies in the Oil & Gas industry, placing it in the top 58.4%.
Is National Company KazMunayGaz JSC's Gross Margin % too high?
National Company KazMunayGaz JSC's current Gross Margin % of 23.33% is near median its 10-year median of 23.27. Over the past 10 years, this metric has ranged from a low of 15.92 to a high of 26.67. The Oil & Gas industry median Gross Margin % is 26.97. National Company KazMunayGaz JSC's value of 23.33% is 13.5% below this industry median. Based on the distribution chart, National Company KazMunayGaz JSC ranks #512 out of 876 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, National Company KazMunayGaz JSC has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Company KazMunayGaz JSC's Gross Margin % compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, National Company KazMunayGaz JSC ranks #512 out of 876 companies for Gross Margin %. This places National Company KazMunayGaz JSC in the lower half of its industry. The industry median Gross Margin % is 26.97. National Company KazMunayGaz JSC's value of 23.33% is 13.5% below this benchmark. Historically, National Company KazMunayGaz JSC's own Gross Margin % has ranged from 15.92 to 26.67 over the past decade. While the company's 10-year median is 23.27 vs. the industry median of 26.97, National Company KazMunayGaz JSC has consistently been below 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 Oil & Gas company?
The median Gross Margin % among Oil & Gas companies is 26.97, based on 876 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. National Company KazMunayGaz JSC's current Gross Margin % of 23.33% is 13.5% below 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 National Company KazMunayGaz JSC and its competitors. For the Oil & Gas industry, the median Gross Margin % is 26.97 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Company KazMunayGaz JSC's current Gross Margin % is 23.33%, which is near median its own 10-year median of 23.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Company KazMunayGaz JSC stock overvalued right now?
Based on GuruFocus' analysis, National Company KazMunayGaz JSC (XKAZ:KMGZ) is currently considered Significantly Overvalued. The stock's GF Value™ is ₸18,769.37, compared to a current price of ₸35,560.00 — trading 89.5% above its estimated fair value. The current Gross Margin % is 23.33%, which is near median its 10-year median of 23.27 and 13.5% below the Oil & Gas industry median of 26.97. National Company KazMunayGaz JSC's overall GF Score™ is 65/100 with 7 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 National Company KazMunayGaz JSC (XKAZ:KMGZ), the current Gross Margin % is 23.33% as of Jun. 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 National Company KazMunayGaz JSC (XKAZ:KMGZ) Overvalued in 2026?
Based on GuruFocus' analysis, National Company KazMunayGaz JSC stock appears to be overvalued.
The current stock price of ₸35,560.00 is trading 89.5% above its estimated GF Value™ of ₸18,769.37.
GuruFocus considers National Company KazMunayGaz JSC to be Significantly Overvalued.
Key valuation signals for XKAZ:KMGZ:
Gross Margin %: 23.33% (near median its 10-year median of 23.27)
GF Value™: ₸18,769.37 vs. price of ₸35,560.00 (89.5% above fair value)
Industry Position: 13.5% below the Oil & Gas median (#512 of 876)
No single metric tells the full story. See the XKAZ:KMGZ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Company KazMunayGaz JSC Group's activities comprise the exploration and production of oil and gas, transportation, refining, and marketing of hydrocarbons and petroleum products, with trading activities carried out in the Republic of Kazakhstan. The Group's activity consists of three main operating segments: exploration and production of oil and gas, oil transportation, and refining and trading of crude oil and refined products, which generates maximum revenue. It operates in the UAE, which generates maximum revenue, as well as in Kazakhstan, Romania, Switzerland, the Netherlands, and other countries.
65GF Score
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