Les Eaux Minerales d'Oulmes (CAS:OUL) Operating Income: MAD285 Mil (TTM As of Dec. 2025)

What is Les Eaux Minerales d'Oulmes Operating Income?

Les Eaux Minerales d'Oulmes CAS:OUL 22 Operating Income is MAD285 Mil as of Dec. 2025. GuruFocus rates CAS:OUL with a GF Score™ of 22/100 and a GF Value™ of MAD1,679.32. The stock has 5 warning signs investors should review.

Les Eaux Minerales d'Oulmes's Operating Income for the six months ended in Dec. 2025 was MAD179 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was MAD285 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Les Eaux Minerales d'Oulmes's Operating Income for the six months ended in Dec. 2025 was MAD179 Mil. Les Eaux Minerales d'Oulmes's Revenue for the six months ended in Dec. 2025 was MAD1,730 Mil. Therefore, Les Eaux Minerales d'Oulmes's Operating Margin % for the quarter that ended in Dec. 2025 was 10.37%.

Good Sign:

Les Eaux Minerales d'Oulmes SA operating margin is expanding. Margin expansion is usually a good sign.

Les Eaux Minerales d'Oulmes's 5-Year average Growth Rate for Operating Margin % was 16.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Les Eaux Minerales d'Oulmes's annualized ROC % for the quarter that ended in Dec. 2025 was 6.13%. Les Eaux Minerales d'Oulmes's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 15.30%.

Les Eaux Minerales d'Oulmes (CAS:OUL) Operating Income Explanation

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

Les Eaux Minerales d'Oulmes'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 )
=	358.73 * ( 1 - 34.95% )	/	( (4081.491	+	3532.626)	/ 2 )
=	233.353865	/	3807.0585
=	6.13 %

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	))
=	4055.017	-	366.573	-	( 185.285	-	max(0, 2110.73	-	1717.683	+	185.285	))
=	4081.491

	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	))
=	3919.529	-	347.002	-	( 135.197	-	max(0, 1411.004	-	1450.905	+	135.197	))
=	3532.626

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:

Les Eaux Minerales d'Oulmes'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 )
=	358.73	/	( ( (2287.171 + max(-1088.207, 0))	+	(2401.129 + max(-311.867, 0)) )	/	2 )
=	358.73	/	( ( 2287.171	+	2401.129 )	/	2 )
=	358.73	/	2344.15
=	15.30 %

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)
=	(533.961	+	488.562	+	-2.2737367544323E-13)	-	(366.573	+	0	+	1744.157)
=	-1088.207

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(541.603	+	557.534	+	-2.2737367544323E-13)	-	(347.002	+	0	+	1064.002)
=	-311.867

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 %:

Les Eaux Minerales d'Oulmes'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 )
	=	179.365	/	1729.933
	=	10.37 %

* 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.

Les Eaux Minerales d'Oulmes Operating Income Related Terms

Les Eaux Minerales d'Oulmes Operating Income Historical Data

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The historical data trend for Les Eaux Minerales d'Oulmes's Operating Income can be seen below:

Les Eaux Minerales d'Oulmes Operating Income Chart

Les Eaux Minerales d'Oulmes Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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121.37

116.76

183.09

238.31

285.34

Les Eaux Minerales d'Oulmes 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															120.97	89.95	148.36	105.97	179.37

22GF Score

Les Eaux Minerales d'Oulmes SA CAS:OUL

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

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Les Eaux Minerales d'Oulmes 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 MAD285 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of MAD285 Mil mean?

Les Eaux Minerales d'Oulmes (CAS:OUL) has a Operating Income of MAD285 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Les Eaux Minerales d'Oulmes and its competitors.

Is Les Eaux Minerales d'Oulmes' Operating Income too high?

Les Eaux Minerales d'Oulmes' current Operating Income is MAD285 Mil. Overall, Les Eaux Minerales d'Oulmes has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.

How does Les Eaux Minerales d'Oulmes' Operating Income compare to KO and PEP?

Les Eaux Minerales d'Oulmes' Operating Income of MAD285 Mil can be compared against companies in the Beverages - Non-Alcoholic 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 Beverages - Non-Alcoholic company?

A good Operating Income depends on the Beverages - Non-Alcoholic 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 Les Eaux Minerales d'Oulmes and its competitors. Les Eaux Minerales d'Oulmes's current Operating Income is MAD285 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Les Eaux Minerales d'Oulmes stock overvalued right now?

Les Eaux Minerales d'Oulmes (CAS:OUL) has a current Operating Income of MAD285 Mil. The stock's GF Value™ is MAD1,679.32, compared to a current price of MAD1,153.00 — trading 31.3% below its estimated fair value. The current Operating Income is MAD285 Mil. Les Eaux Minerales d'Oulmes' overall GF Score™ is 22/100 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 Les Eaux Minerales d'Oulmes (CAS:OUL), the current Operating Income is MAD285 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 Les Eaux Minerales d'Oulmes (CAS:OUL) Overvalued in 2026?

Based on GuruFocus' analysis, Les Eaux Minerales d'Oulmes stock appears to be undervalued. The current stock price of MAD1,153.00 is trading 31.3% below its estimated GF Value™ of MAD1,679.32.

Key valuation signals for CAS:OUL:

Operating Income: MAD285 Mil
GF Value™: MAD1,679.32 vs. price of MAD1,153.00 (31.3% below fair value)
GF Score™: 22/100 with 5 warning signs

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

Les Eaux Minerales d'Oulmes Business Description

Industry Consumer Defensive Beverages - Non-Alcoholic

Comparable Companies KO PEP MNST HKSE:09633 KDP LSE:CCEP LSE:CCH COCSF MEX:AC NSE:VBL COKE SHSE:605499 HKSE:02097 PRMB TSE:2587 SHSE:603156 CELH TSE:2267 IST:CCOLA TSE:2579

Address Industrial zone of Bouskoura, Casablanca, MAR, 20180

Website http://www.leseauxmineralesdoulmes.ma

Les Eaux Minerales d'Oulmes SA is engaged in production and distribution of mineral water. Its products include natural mineral water under the brands Sidi Ali and Ain Atlas; natural sparkling mineral water under the brands Oulmes and Oulmes fruity bubbles; and table water under the brand Bahia.

22GF Score

Get the complete analysis for CAS:OUL

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

MAD1,153.00

Price

MAD1,679.32

GF Value

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