Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
San MiguelPHS:SMC 76 Net Margin % is 1.76% as of Mar. 2026, which is 2% below its 10-year median of 1.79. GuruFocus rates PHS:SMC with a GF Score™ of 76/100 and a GF Value™ of ₱82.74 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 554 Conglomerates companies, San Miguel ranks worse than 68.23% on this metric.
Net margin is calculated as Net Income divided by its Revenue. San Miguel's Net Income for the
three
months ended in Mar. 2026 was ₱7,559 Mil. San Miguel's Revenue for the
three
months ended in Mar. 2026 was ₱428,321 Mil. Therefore, San Miguel's net margin for the quarter that ended in Mar. 2026 was 1.76%.
The historical rank and industry rank for San Miguel's Net Margin % or its related term are showing as below:
PHS:SMC'
s Net Margin % Range Over the Past 10 Years
Min: -0.86 Med: 1.79 Max: 4.27
Current: 1.2
PHS:SMC's Net Margin % is ranked worse than 68.23% of 554
companies
in the Conglomerates industry
Industry Median: 4.225
vs PHS:SMC: 1.20
San Miguel (PHS:SMC) Net Margin % Explanation
Although Net Income and Earnings-per-Share (EPS) are the most widely used parameter in measuring a company's profitability and valuation, it is the least reliable. The reason is that reported earnings can be manipulated easily by adjusting any numbers such as Depreciation, Depletion and Amotorization and non-recurring items.
But the long term trend of the net margin is a good indicator of the competitiveness and health of the business.
San Miguel Net Margin % Related Terms
San Miguel Net Margin % Historical Data
* Premium members only.
The historical data trend for San Miguel's Net 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.
For the Conglomerates subindustry, San Miguel's Net Margin %, along with its competitors' market caps and Net 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.
San Miguel Net Margin % vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, San Miguel's Net Margin % distribution charts can be found below:
* The bar in red indicates where San Miguel's Net 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.
San Miguel (PHS:SMC) has a Net Margin % of 1.76% as of Mar. 2026. Net margin is the ratio of total net income to net sales. View historical data on San Miguel and its competitors. This is near median its historical median of 1.79. According to the industry distribution chart, San Miguel ranks #378 out of 554 companies in the Conglomerates industry, placing it in the top 68.2%.
Is San Miguel's Net Margin % too high?
San Miguel's current Net Margin % of 1.76% is near median its 10-year median of 1.79. The Conglomerates industry median Net Margin % is 4.23. San Miguel's value of 1.76% is 58.3% below this industry median. Based on the distribution chart, San Miguel ranks #378 out of 554 companies in the Conglomerates industry, which is below the industry midpoint. Overall, San Miguel has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does San Miguel's Net Margin % compare to HON and MMM?
According to the Conglomerates industry distribution chart, San Miguel ranks #378 out of 554 companies for Net Margin %. This places San Miguel in the lower half of its industry. The industry median Net Margin % is 4.23. San Miguel's value of 1.76% is 58.3% below this benchmark. While the company's 10-year median is 1.79 vs. the industry median of 4.23, San Miguel 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 Net Margin % for a Conglomerates company?
The median Net Margin % among Conglomerates companies is 4.23, based on 554 companies in the industry. Companies in the top quartile (top 25%) have a Net Margin % significantly above this median, while those in the bottom quartile fall well below. However, Net Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. San Miguel's current Net Margin % of 1.76% is 58.3% 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 Net Margin % mean?
A high Net Margin % can signal that a stock is expensive relative to its fundamentals. Net margin is the ratio of total net income to net sales. View historical data on San Miguel and its competitors. For the Conglomerates industry, the median Net Margin % is 4.23 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. San Miguel's current Net Margin % is 1.76%, which is near median its own 10-year median of 1.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is San Miguel stock overvalued right now?
Based on GuruFocus' analysis, San Miguel (PHS:SMC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱82.74, compared to a current price of ₱65.00 — trading 21.4% below its estimated fair value. The current Net Margin % is 1.76%, which is near median its 10-year median of 1.79 and 58.3% below the Conglomerates industry median of 4.23. San Miguel's overall GF Score™ is 76/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Margin % calculated?
Net Margin % is calculated from a company's financial statements. For San Miguel (PHS:SMC), the current Net Margin % is 1.76% as of Mar. 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 San Miguel (PHS:SMC) Overvalued in 2026?
Based on GuruFocus' analysis, San Miguel stock appears to be undervalued.
The current stock price of ₱65.00 is trading 21.4% below its estimated GF Value™ of ₱82.74.
GuruFocus considers San Miguel to be Modestly Undervalued.
Key valuation signals for PHS:SMC:
Net Margin %: 1.76% (near median its 10-year median of 1.79)
GF Value™: ₱82.74 vs. price of ₱65.00 (21.4% below fair value)
Industry Position: 58.3% below the Conglomerates median (#378 of 554)
No single metric tells the full story. See the PHS:SMC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
San Miguel Corp, through its subsidiaries, operates in various reportable business segments, including food and beverage, packaging, energy, fuel and oil, infrastructure, cement, and real estate property management and development. Maximum revenue is generated from the fuel and oil segment, which is engaged in refining crude oil and marketing and distribution of refined petroleum products.
76GF Score
Get the complete analysis for PHS:SMC
Net Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
PHS:SMC has been successfully added to your 
