SMI - Ste Metallurgique d'Imiter (CAS:SMI) Operating Income: MAD579 Mil (TTM As of Dec. 2025)


CAS:SMI SMI - Ste Metallurgique d'Imiter CAS:SMI
72 GF Score
Price MAD6,218.00
GF Value MAD3,444.77
Valuation Significantly Overvalued
! 2 Warning Signs
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What is SMI - Ste Metallurgique d'Imiter Operating Income?

SMI - Ste Metallurgique d'Imiter CAS:SMI +1.11% 72 Operating Income is MAD579 Mil as of Dec. 2025. GuruFocus rates CAS:SMI with a GF Score™ of 72/100 and a GF Value™ of MAD3,444.77 (Significantly Overvalued). The stock has 2 warning signs investors should review.

SMI - Ste Metallurgique d'Imiter's Operating Income for the six months ended in Dec. 2025 was MAD435 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was MAD579 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. SMI - Ste Metallurgique d'Imiter's Operating Income for the six months ended in Dec. 2025 was MAD435 Mil. SMI - Ste Metallurgique d'Imiter's Revenue for the six months ended in Dec. 2025 was MAD938 Mil. Therefore, SMI - Ste Metallurgique d'Imiter's Operating Margin % for the quarter that ended in Dec. 2025 was 46.42%.

SMI - Ste Metallurgique d'Imiter's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. SMI - Ste Metallurgique d'Imiter's annualized ROC % for the quarter that ended in Dec. 2025 was 36.67%. SMI - Ste Metallurgique d'Imiter's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 123.32%.

SMI - Ste Metallurgique d'Imiter  (CAS:SMI) Operating Income Explanation

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

SMI - Ste Metallurgique d'Imiter'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 )
=870.514 * ( 1 - 32.35% )/( (1465.841 + 1745.758)/ 2 )
=588.902721/1605.7995
=36.67 %

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))
=1876.339 - 393.777 - ( 16.721 - max(0, 415.697 - 1182.448+16.721))
=1465.841

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))
=2124.286 - 367.571 - ( 10.957 - max(0, 412.119 - 1439.147+10.957))
=1745.758

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:

SMI - Ste Metallurgique d'Imiter'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 )
=857.874/( ( (516.322 + max(131.637, 0)) + (515.42 + max(227.897, 0)) )/ 2 )
=857.874/( ( 647.959 + 743.317 )/ 2 )
=857.874/695.638
=123.32 %

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)
=(343.963 + 196.322 + 7.0490000000002) - (393.777 + 0 + 21.92)
=131.637

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(446.89 + 190.663 + 2.4629999999997) - (367.571 + 0 + 44.548)
=227.897

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 %:

SMI - Ste Metallurgique d'Imiter'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 )
=435.257/937.641
=46.42 %

* 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.

SMI - Ste Metallurgique d'Imiter Operating Income Related Terms

SMI - Ste Metallurgique d'Imiter Operating Income Historical Data

* Premium members only.

The historical data trend for SMI - Ste Metallurgique d'Imiter'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.

SMI - Ste Metallurgique d'Imiter Operating Income Chart

SMI - Ste Metallurgique d'Imiter 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 -103.01 -5.29 195.14 224.85 578.68

SMI - Ste Metallurgique d'Imiter 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 173.88 119.24 105.61 143.42 435.26
CAS:SMI
72GF Score
SMI - Ste Metallurgique d'Imiter CAS:SMI
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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SMI - Ste Metallurgique d'Imiter 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 MAD579 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 MAD579 Mil mean?
SMI - Ste Metallurgique d'Imiter (CAS:SMI) has a Operating Income of MAD579 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on SMI - Ste Metallurgique d'Imiter and its competitors.
Is SMI - Ste Metallurgique d'Imiter's Operating Income too high?
SMI - Ste Metallurgique d'Imiter's current Operating Income is MAD579 Mil. Overall, SMI - Ste Metallurgique d'Imiter has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SMI - Ste Metallurgique d'Imiter's Operating Income compare to competitors?
SMI - Ste Metallurgique d'Imiter's Operating Income of MAD579 Mil can be compared against companies in the Metals & Mining 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 Metals & Mining company?
A good Operating Income depends on the Metals & Mining 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 SMI - Ste Metallurgique d'Imiter and its competitors. SMI - Ste Metallurgique d'Imiter's current Operating Income is MAD579 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SMI - Ste Metallurgique d'Imiter stock overvalued right now?
Based on GuruFocus' analysis, SMI - Ste Metallurgique d'Imiter (CAS:SMI) is currently considered Significantly Overvalued. The stock's GF Value™ is MAD3,444.77, compared to a current price of MAD6,218.00 — trading 80.5% above its estimated fair value. The current Operating Income is MAD579 Mil. SMI - Ste Metallurgique d'Imiter's overall GF Score™ is 72/100 with 2 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 SMI - Ste Metallurgique d'Imiter (CAS:SMI), the current Operating Income is MAD579 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 SMI - Ste Metallurgique d'Imiter (CAS:SMI) Overvalued in 2026?

Based on GuruFocus' analysis, SMI - Ste Metallurgique d'Imiter stock appears to be overvalued. The current stock price of MAD6,218.00 is trading 80.5% above its estimated GF Value™ of MAD3,444.77. GuruFocus considers SMI - Ste Metallurgique d'Imiter to be Significantly Overvalued.

Key valuation signals for CAS:SMI:

  • Operating Income: MAD579 Mil
  • GF Value™: MAD3,444.77 vs. price of MAD6,218.00 (80.5% above fair value)
  • GF Score™: 72/100 with 2 warning signs

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

SMI - Ste Metallurgique d'Imiter Business Description

Address Twin Center, Tour A, PO Box 5199, Angle Boulevards Zerktouni et Al Massira Al Khadra, Casablanca, MAR
SMI - Ste Metallurgique d'Imiter is a Morocco-based company engaged in the mining industry. The company's product portfolio consists of precious metals such as Silver and Gold, Copper, Zinc, Cobalt cathode, Arsenic, Nickel and many more. Its Morocco project consists of Bouskour and Tizert. The Bouskour project is located approximately 80 kilometers southeast of the city of Ouarzazate. Its Tizert project is situated approximately 80 kilometers east of the city of Agadir in the province of Taroudant. The company's Africa project comprises of Gold projects, Tri-K projects, Pumpi project, and Assosa and Budur projects.
72GF Score

Get the complete analysis for CAS:SMI

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

MAD6,218.00
Price
MAD3,444.77
GF Value