Maroc Telecom (CAS:IAM) Operating Income: MAD15,090 Mil (TTM As of Dec. 2025)

What is Maroc Telecom Operating Income?

Maroc Telecom CAS:IAM 78 Operating Income is MAD15,090 Mil as of Dec. 2025. GuruFocus rates CAS:IAM with a GF Score™ of 78/100 and a GF Value™ of MAD99.40 (Fairly Valued). The stock has 4 warning signs investors should review.

Maroc Telecom's Operating Income for the six months ended in Dec. 2025 was MAD7,263 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was MAD15,090 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Maroc Telecom's Operating Income for the six months ended in Dec. 2025 was MAD7,263 Mil. Maroc Telecom's Revenue for the six months ended in Dec. 2025 was MAD19,801 Mil. Therefore, Maroc Telecom's Operating Margin % for the quarter that ended in Dec. 2025 was 36.68%.

Warning Sign:

Maroc Telecom SA operating margin has been in a 5-year decline. The average rate of decline per year is -2.4%.

Maroc Telecom's 5-Year average Growth Rate for Operating Margin % was -2.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Maroc Telecom's annualized ROC % for the quarter that ended in Dec. 2025 was 12.60%. Maroc Telecom's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 33.43%.

Maroc Telecom (CAS:IAM) Operating Income Explanation

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

Maroc Telecom'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 )
=	14526 * ( 1 - 35.66% )	/	( (74949	+	73387)	/ 2 )
=	9346.0284	/	74168
=	12.60 %

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	))
=	70374	-	25602	-	( 2068	-	max(0, 45266	-	15089	+	2068	))
=	74949

	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	))
=	75811	-	26310	-	( 2164	-	max(0, 39054	-	15168	+	2164	))
=	73387

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:

Maroc Telecom'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 )
=	11464	/	( ( (32806 + max(-13433, 0))	+	(35771 + max(-18873, 0)) )	/	2 )
=	11464	/	( ( 32806	+	35771 )	/	2 )
=	11464	/	34288.5
=	33.43 %

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)
=	(12698	+	323	+	0)	-	(25602	+	0	+	852)
=	-13433

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(9394	+	451	+	1182)	-	(26310	+	0	+	3590)
=	-18873

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 %:

Maroc Telecom'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 )
	=	7263	/	19801
	=	36.68 %

* 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.

Maroc Telecom Operating Income Related Terms

Maroc Telecom Operating Income Historical Data

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The historical data trend for Maroc Telecom's Operating Income can be seen below:

Maroc Telecom Operating Income Chart

Maroc Telecom Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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12,907.00

10,357.00

13,013.00

7,542.00

15,090.00

Maroc Telecom 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															7,131.00	-73.00	7,615.00	7,827.00	7,263.00

78GF Score

Maroc Telecom SA CAS:IAM

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

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Maroc Telecom 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 MAD15,090 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of MAD15,090 Mil mean?

Maroc Telecom (CAS:IAM) has a Operating Income of MAD15,090 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Maroc Telecom and its competitors.

Is Maroc Telecom's Operating Income too high?

Maroc Telecom's current Operating Income is MAD15,090 Mil. Overall, Maroc Telecom has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Maroc Telecom's Operating Income compare to TMUS and VZ?

Maroc Telecom's Operating Income of MAD15,090 Mil can be compared against companies in the Telecommunication Services 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 Telecommunication Services company?

A good Operating Income depends on the Telecommunication Services 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 Maroc Telecom and its competitors. Maroc Telecom's current Operating Income is MAD15,090 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Maroc Telecom stock overvalued right now?

Based on GuruFocus' analysis, Maroc Telecom (CAS:IAM) is currently considered Fairly Valued. The stock's GF Value™ is MAD99.40, compared to a current price of MAD92.00 — trading 7.4% below its estimated fair value. The current Operating Income is MAD15,090 Mil. Maroc Telecom's overall GF Score™ is 78/100 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 Maroc Telecom (CAS:IAM), the current Operating Income is MAD15,090 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 Maroc Telecom (CAS:IAM) Overvalued in 2026?

Based on GuruFocus' analysis, Maroc Telecom stock appears to be undervalued. The current stock price of MAD92.00 is trading 7.4% below its estimated GF Value™ of MAD99.40. GuruFocus considers Maroc Telecom to be Fairly Valued.

Key valuation signals for CAS:IAM:

Operating Income: MAD15,090 Mil
GF Value™: MAD99.40 vs. price of MAD92.00 (7.4% below fair value)
GF Score™: 78/100 with 4 warning signs

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

Maroc Telecom Business Description

Industry Communication Services Telecommunication Services

Comparable Companies TSE:9984 SHSE:600941 TMUS VZ T XTER:DTE NSE:BHARTIARTL CMCSA MEX:AMXB TSE:9432 HKSE:00728 TSE:9433 TSE:9434 SAU:7010 SGX:Z74 XPAR:ORA ADX:EAND XSWX:SCMN ASX:TLS TPE:2412

Other Exchanges IAM:France MSPA:Germany

Address Avenue Annakhil, Hay Riad, Rabat, MAR

Website https://www.iam.ma

Maroc Telecom SA telecommunications operator in the Kingdom of Morocco. The company provides a wide range of services covering Fixed-Line and Mobile communications, data transfer, and other value-added services. It operates in the Fixed-Line telephony, Mobile telephony and Internet segments. The Fixed-Line and Mobile operating segments are combined within the Services Division (DGS) and the Networks and Systems Division. The company derives majority revenues from Morocco.

78GF Score

Get the complete analysis for CAS:IAM

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

MAD92.00

Price

MAD99.40

GF Value

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