Afriquia Gaz (CAS:GAZ) Operating Income: MAD1,168 Mil (TTM As of Dec. 2025)

What is Afriquia Gaz Operating Income?

Afriquia Gaz CAS:GAZ 81 Operating Income is MAD1,168 Mil as of Dec. 2025. GuruFocus rates CAS:GAZ with a GF Score™ of 81/100 and a GF Value™ of MAD4,379.51 (Modestly Undervalued). The stock has 5 warning signs investors should review.

Afriquia Gaz's Operating Income for the six months ended in Dec. 2025 was MAD600 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was MAD1,168 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Afriquia Gaz's Operating Income for the six months ended in Dec. 2025 was MAD600 Mil. Afriquia Gaz's Revenue for the six months ended in Dec. 2025 was MAD4,273 Mil. Therefore, Afriquia Gaz's Operating Margin % for the quarter that ended in Dec. 2025 was 14.04%.

Good Sign:

Afriquia Gaz operating margin is expanding. Margin expansion is usually a good sign.

Afriquia Gaz's 5-Year average Growth Rate for Operating Margin % was 1.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Afriquia Gaz's annualized ROC % for the quarter that ended in Dec. 2025 was 11.61%. Afriquia Gaz's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 28.95%.

Afriquia Gaz (CAS:GAZ) Operating Income Explanation

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

Afriquia Gaz'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 )
=	1199.938 * ( 1 - 39.26% )	/	( (6360.21	+	6194.568)	/ 2 )
=	728.8423412	/	6277.389
=	11.61 %

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	))
=	9109.178	-	3565.721	-	( 1022.821	-	max(0, 4279.482	-	3462.729	+	1022.821	))
=	6360.21

	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	))
=	9256.362	-	3661.84	-	( 1039.041	-	max(0, 4100.437	-	3500.391	+	1039.041	))
=	6194.568

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:

Afriquia Gaz'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 )
=	1219.506	/	( ( (4170.921 + max(-2690.414, 0))	+	(4253.651 + max(-2373.575, 0)) )	/	2 )
=	1219.506	/	( ( 4170.921	+	4253.651 )	/	2 )
=	1219.506	/	4212.286
=	28.95 %

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)
=	(762.4	+	695.455	+	8.9629999999997)	-	(3565.721	+	0	+	591.511)
=	-2690.414

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(699.636	+	890.607	+	3.989)	-	(3661.84	+	0	+	305.967)
=	-2373.575

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 %:

Afriquia Gaz'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 )
	=	599.969	/	4273.45
	=	14.04 %

* 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.

Afriquia Gaz Operating Income Related Terms

Afriquia Gaz Operating Income Historical Data

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The historical data trend for Afriquia Gaz's Operating Income can be seen below:

Afriquia Gaz Operating Income Chart

Afriquia Gaz Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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678.95

879.76

1,074.78

1,189.97

1,167.93

Afriquia Gaz 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															526.40	550.75	639.22	567.96	599.97

81GF Score

Afriquia Gaz CAS:GAZ

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Afriquia Gaz 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 MAD1,168 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of MAD1,168 Mil mean?

Afriquia Gaz (CAS:GAZ) has a Operating Income of MAD1,168 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Afriquia Gaz and its competitors.

Is Afriquia Gaz's Operating Income too high?

Afriquia Gaz's current Operating Income is MAD1,168 Mil. Overall, Afriquia Gaz has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Afriquia Gaz's Operating Income compare to VLO and MPC?

Afriquia Gaz's Operating Income of MAD1,168 Mil can be compared against companies in the Oil & Gas 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 an Oil & Gas company?

A good Operating Income depends on the Oil & Gas 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 Afriquia Gaz and its competitors. Afriquia Gaz's current Operating Income is MAD1,168 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Afriquia Gaz stock overvalued right now?

Based on GuruFocus' analysis, Afriquia Gaz (CAS:GAZ) is currently considered Modestly Undervalued. The stock's GF Value™ is MAD4,379.51, compared to a current price of MAD3,700.00 — trading 15.5% below its estimated fair value. The current Operating Income is MAD1,168 Mil. Afriquia Gaz's overall GF Score™ is 81/100 with 5 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 Afriquia Gaz (CAS:GAZ), the current Operating Income is MAD1,168 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 Afriquia Gaz (CAS:GAZ) Overvalued in 2026?

Based on GuruFocus' analysis, Afriquia Gaz stock appears to be undervalued. The current stock price of MAD3,700.00 is trading 15.5% below its estimated GF Value™ of MAD4,379.51. GuruFocus considers Afriquia Gaz to be Modestly Undervalued.

Key valuation signals for CAS:GAZ:

Operating Income: MAD1,168 Mil
GF Value™: MAD4,379.51 vs. price of MAD3,700.00 (15.5% below fair value)
GF Score™: 81/100 with 5 warning signs

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

Afriquia Gaz Business Description

Industry Energy Oil & Gas

Comparable Companies CAS:TMA NSE:RELIANCE VLO MPC PSX XKAZ:KMGZ OHEL:NESTE NSE:IOC TSE:5020 TPE:6505 BOM:500547 SUN DINO XKRX:096770 BUD:MOL TSE:5019 IST:TUPRS NSE:HINDPETRO XKRX:267250 LSE:DCC

Address 139 Boulevard Moulay Ismail, Casablanca, MAR, 20700

Website http://www.afriquiagaz.com

Afriquia Gaz is a Morocco-based company engaged in the business of distributing liquefied petroleum gas (LPG) such as butane, propane and its by-products. The company is also involved in the import, export, trade, refining, storage, stocking, transportation, deposit and administration of LPG. It markets its products under five brands namely Afriquia Gaz, Tissir Gaz, Campingaz, Ultragaz and National Gaz.

81GF Score

Get the complete analysis for CAS:GAZ

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

MAD3,700.00

Price

MAD4,379.51

GF Value

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