Mutandis SCA (CAS:MUT) Operating Income: MAD182 Mil (TTM As of Dec. 2025)


CAS:MUT Mutandis SCA CAS:MUT
85 GF Score
Price MAD238.00
GF Value MAD247.04
Valuation Fairly Valued
! 7 Warning Signs
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What is Mutandis SCA Operating Income?

Mutandis SCA CAS:MUT 85 Operating Income is MAD182 Mil as of Dec. 2025. GuruFocus rates CAS:MUT with a GF Score™ of 85/100 and a GF Value™ of MAD247.04 (Fairly Valued). The stock has 7 warning signs investors should review.

Mutandis SCA's Operating Income for the six months ended in Dec. 2025 was MAD92 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was MAD182 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Mutandis SCA's Operating Income for the six months ended in Dec. 2025 was MAD92 Mil. Mutandis SCA's Revenue for the six months ended in Dec. 2025 was MAD1,120 Mil. Therefore, Mutandis SCA's Operating Margin % for the quarter that ended in Dec. 2025 was 8.18%.

Good Sign:

Mutandis SCA operating margin is expanding. Margin expansion is usually a good sign.

Mutandis SCA's 5-Year average Growth Rate for Operating Margin % was 5.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Mutandis SCA's annualized ROC % for the quarter that ended in Dec. 2025 was 4.96%. Mutandis SCA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 16.69%.

Mutandis SCA  (CAS:MUT) Operating Income Explanation

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

Mutandis SCA'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 )
=183.33 * ( 1 - 24.47% )/( (2785.513 + 2798.954)/ 2 )
=138.469149/2792.2335
=4.96 %

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))
=3702.79 - 546.887 - ( 487.837 - max(0, 941.672 - 1312.062+487.837))
=2785.513

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))
=3382.884 - 483.02 - ( 259.728 - max(0, 824.916 - 925.826+259.728))
=2798.954

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:

Mutandis SCA'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 )
=183.332/( ( (892.032 + max(237.926, 0)) + (936.532 + max(131.05, 0)) )/ 2 )
=183.332/( ( 1129.958 + 1067.582 )/ 2 )
=183.332/1098.77
=16.69 %

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)
=(284.65 + 378.794 + 143.849) - (546.887 + 0 + 22.48)
=237.926

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(257.538 + 288.812 + 92.481) - (483.02 + 0 + 24.761)
=131.05

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 %:

Mutandis SCA'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 )
=91.665/1120.097
=8.18 %

* 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.

Mutandis SCA Operating Income Related Terms

Mutandis SCA Operating Income Historical Data

* Premium members only.

The historical data trend for Mutandis SCA'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.

Mutandis SCA Operating Income Chart

Mutandis SCA 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 119.03 171.59 185.30 260.40 181.83

Mutandis SCA Semi-Annual Data
Dec15 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 95.66 157.40 103.00 90.17 91.67
CAS:MUT
85GF Score
Mutandis SCA CAS:MUT
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Mutandis SCA 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 MAD182 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 MAD182 Mil mean?
Mutandis SCA (CAS:MUT) has a Operating Income of MAD182 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Mutandis SCA and its competitors.
Is Mutandis SCA's Operating Income too high?
Mutandis SCA's current Operating Income is MAD182 Mil. Overall, Mutandis SCA has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Mutandis SCA's Operating Income compare to KHC and GIS?
Mutandis SCA's Operating Income of MAD182 Mil can be compared against companies in the Consumer Packaged Goods 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 Consumer Packaged Goods company?
A good Operating Income depends on the Consumer Packaged Goods 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 Mutandis SCA and its competitors. Mutandis SCA's current Operating Income is MAD182 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mutandis SCA stock overvalued right now?
Based on GuruFocus' analysis, Mutandis SCA (CAS:MUT) is currently considered Fairly Valued. The stock's GF Value™ is MAD247.04, compared to a current price of MAD238.00 — trading 3.7% below its estimated fair value. The current Operating Income is MAD182 Mil. Mutandis SCA's overall GF Score™ is 85/100 with 7 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 Mutandis SCA (CAS:MUT), the current Operating Income is MAD182 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 Mutandis SCA (CAS:MUT) Overvalued in 2026?

Based on GuruFocus' analysis, Mutandis SCA stock appears to be undervalued. The current stock price of MAD238.00 is trading 3.7% below its estimated GF Value™ of MAD247.04. GuruFocus considers Mutandis SCA to be Fairly Valued.

Key valuation signals for CAS:MUT:

  • Operating Income: MAD182 Mil
  • GF Value™: MAD247.04 vs. price of MAD238.00 (3.7% below fair value)
  • GF Score™: 85/100 with 7 warning signs

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

Mutandis SCA Business Description

Address 22 Boulevard Abdelkrim Khattabi, Casablanca, MAR, 20100
Mutandis SCA is an industrial and commercial group specializing in consumer goods, pursuing its brand development in Morocco and Africa. Its product categories are AGRI-FOOD and Cleaning Products. The company's products include Seafood products, Fruit Juices, Food Bottles, and Detergents. Mutandis exports its products to more than 40 countries.
85GF Score

Get the complete analysis for CAS:MUT

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

MAD238.00
Price
MAD247.04
GF Value