Ciments du Maroc (CAS:CMA) Operating Income: MAD2,041 Mil (TTM As of Dec. 2025)

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CAS:CMA Ciments du Maroc SA CAS:CMA
73 GF Score
Price MAD1,622.00
GF Value MAD2,557.94
Valuation Significantly Undervalued
! 4 Warning Signs
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What is Ciments du Maroc Operating Income?

Ciments du Maroc CAS:CMA +0.12% 73 Operating Income is MAD2,041 Mil as of Dec. 2025. GuruFocus rates CAS:CMA with a GF Score™ of 73/100 and a GF Value™ of MAD2,557.94 (Significantly Undervalued). The stock has 4 warning signs investors should review.

Ciments du Maroc's Operating Income for the six months ended in Dec. 2025 was MAD1,226 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was MAD2,041 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ciments du Maroc's Operating Income for the six months ended in Dec. 2025 was MAD1,226 Mil. Ciments du Maroc's Revenue for the six months ended in Dec. 2025 was MAD3,256 Mil. Therefore, Ciments du Maroc's Operating Margin % for the quarter that ended in Dec. 2025 was 37.66%.

Warning Sign:

Ciments du Maroc SA operating margin has been in a 5-year decline. The average rate of decline per year is -1.1%.

Ciments du Maroc's 5-Year average Growth Rate for Operating Margin % was -1.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ciments du Maroc's annualized ROC % for the quarter that ended in Dec. 2025 was 32.09%. Ciments du Maroc's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 95.29%.

Ciments du Maroc  (CAS:CMA) Operating Income Explanation

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

Ciments du Maroc'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 )
=2452.558 * ( 1 - 26.08% )/( (5117.27 + 6183.334)/ 2 )
=1812.9308736/5650.302
=32.09 %

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))
=8934.834 - 3224.9 - ( 1329.743 - max(0, 3229.55 - 3822.214+1329.743))
=5117.27

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))
=8892.168 - 1019.391 - ( 1689.443 - max(0, 1019.391 - 3753.057+1689.443))
=6183.334

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:

Ciments du Maroc'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 )
=2444.916/( ( (2058.261 + max(-1277.953, 0)) + (2134.917 + max(938.576, 0)) )/ 2 )
=2444.916/( ( 2058.261 + 3073.493 )/ 2 )
=2444.916/2565.877
=95.29 %

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)
=(1053.393 + 898.204 + 0) - (3224.9 + 0 + 4.6500000000001)
=-1277.953

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(971.779 + 788.837 + 197.351) - (1019.391 + 0 + 0)
=938.576

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. Operating Income is also linked to Operating Margin %:

Ciments du Maroc's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=1226.279/3256.116
=37.66 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Ciments du Maroc Operating Income Related Terms

Ciments du Maroc Operating Income Historical Data

* Premium members only.

The historical data trend for Ciments du Maroc's Operating Income 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.

Ciments du Maroc Operating Income Chart

Ciments du Maroc Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,676.01 1,396.91 1,481.26 1,603.34 2,040.82

Ciments du Maroc Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Operating Income 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 815.47 661.28 942.06 814.54 1,226.28
CAS:CMA
73GF Score
Ciments du Maroc SA CAS:CMA
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Ciments du Maroc Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income 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 MAD2,041 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 Operating Income →
What does a Operating Income of MAD2,041 Mil mean?
Ciments du Maroc (CAS:CMA) has a Operating Income of MAD2,041 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ciments du Maroc and its competitors.
Is Ciments du Maroc's Operating Income too high?
Ciments du Maroc's current Operating Income is MAD2,041 Mil. Overall, Ciments du Maroc has a GF Score™ of 73/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ciments du Maroc's Operating Income compare to CRH and VMC?
Ciments du Maroc's Operating Income of MAD2,041 Mil can be compared against companies in the Building Materials industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Building Materials company?
A good Operating Income depends on the Building Materials industry context. However, Operating Income 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 Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ciments du Maroc and its competitors. Ciments du Maroc's current Operating Income is MAD2,041 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ciments du Maroc stock overvalued right now?
Based on GuruFocus' analysis, Ciments du Maroc (CAS:CMA) is currently considered Significantly Undervalued. The stock's GF Value™ is MAD2,557.94, compared to a current price of MAD1,622.00 — trading 36.6% below its estimated fair value. The current Operating Income is MAD2,041 Mil. Ciments du Maroc's overall GF Score™ is 73/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Ciments du Maroc (CAS:CMA), the current Operating Income is MAD2,041 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 Ciments du Maroc (CAS:CMA) Overvalued in 2026?

Based on GuruFocus' analysis, Ciments du Maroc stock appears to be undervalued. The current stock price of MAD1,622.00 is trading 36.6% below its estimated GF Value™ of MAD2,557.94. GuruFocus considers Ciments du Maroc to be Significantly Undervalued.

Key valuation signals for CAS:CMA:

  • Operating Income: MAD2,041 Mil
  • GF Value™: MAD2,557.94 vs. price of MAD1,622.00 (36.6% below fair value)
  • GF Score™: 73/100 with 4 warning signs

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

Ciments du Maroc Business Description

Address 621. Boulevard Panoramique, Casablanca, MAR, 20150
Ciments du Maroc SA is a cement producer in Morocco and acts as an operator in ready-mixed concrete and aggregates. The product line of the company includes cement, concrete ready-to-use, aggregates, and others. It also offers its customers a Technical Assistance service including maturometry, MBE (Equivalent Concrete Mortar) tests, cement slurry tests or quick identification of cement. The company operates MyCimar portal which allows customers to consult the movements of their activity with the company.
73GF Score

Get the complete analysis for CAS:CMA

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

MAD1,622.00
Price
MAD2,557.94
GF Value