Ebro Foods (FRA:AZU) Operating Income: €298 Mil (TTM As of Jun. 2026)

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FRA:AZU Ebro Foods SA FRA:AZU
75 GF Score
Price €18.02
GF Value €15.91
Valuation Modestly Overvalued
! 3 Warning Signs
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What is Ebro Foods Operating Income?

Ebro Foods FRA:AZU +0.90% 75 Operating Income is €298 Mil as of Jun. 2026. GuruFocus rates FRA:AZU with a GF Score™ of 75/100 and a GF Value™ of €15.91 (Modestly Overvalued). The stock has 3 warning signs investors should review.

Ebro Foods's Operating Income for the six months ended in Jun. 2026 was €149 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was €298 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ebro Foods's Operating Income for the six months ended in Jun. 2026 was €149 Mil. Ebro Foods's Revenue for the six months ended in Jun. 2026 was €1,476 Mil. Therefore, Ebro Foods's Operating Margin % for the quarter that ended in Jun. 2026 was 10.06%.

Good Sign:

Ebro Foods SA operating margin is expanding. Margin expansion is usually a good sign.

Ebro Foods's 5-Year average Growth Rate for Operating Margin % was 3.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ebro Foods's annualized ROC % for the quarter that ended in Jun. 2026 was 7.13%. Ebro Foods's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 21.28%.


Ebro Foods  (FRA:AZU) Operating Income Explanation

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

Ebro Foods's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=297.006 * ( 1 - 23.75% )/( (3218.859 + 3135.652)/ 2 )
=226.467075/3177.2555
=7.13 %

where

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))
=3942.802 - 422.889 - ( 301.054 - max(0, 1009.672 - 1675.991+301.054))
=3218.859

Invested Capital(Q: Jun. 2026 )
=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))
=3946.881 - 506.591 - ( 304.638 - max(0, 958.258 - 1652.22+304.638))
=3135.652

Note: The Operating Income data used here is two times the semi-annual (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Ebro Foods's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=336.428/( ( (959.973 + max(569.238, 0)) + (971.715 + max(661.295, 0)) )/ 2 )
=336.428/( ( 1529.211 + 1633.01 )/ 2 )
=336.428/1581.1105
=21.28 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(428.141 + 804.494 + 87.64) - (422.889 + 0 + 328.148)
=569.238

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(451.156 + 819.288 + 43.623) - (506.591 + 0 + 146.181)
=661.295

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Jun. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Ebro Foods's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=148.503/1476.254
=10.06 %

* 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.


Ebro Foods Operating Income Related Terms


Ebro Foods Operating Income Historical Data

* Premium members only.

The historical data trend for Ebro Foods'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.

Ebro Foods Operating Income Chart

Ebro Foods 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 208.55 233.87 287.45 303.41 309.04

Ebro Foods Semi-Annual Data
Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
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 154.95 154.36 156.41 149.55 148.50
FRA:AZU
75GF Score
Ebro Foods SA FRA:AZU
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Ebro Foods 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 Jun. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was €298 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 €298 Mil mean?
Ebro Foods (FRA:AZU) has a Operating Income of €298 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ebro Foods and its competitors.
Is Ebro Foods' Operating Income too high?
Ebro Foods' current Operating Income is €298 Mil. Overall, Ebro Foods has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ebro Foods' Operating Income compare to KHC and GIS?
Ebro Foods' Operating Income of €298 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 Ebro Foods and its competitors. Ebro Foods's current Operating Income is €298 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ebro Foods stock overvalued right now?
Based on GuruFocus' analysis, Ebro Foods (FRA:AZU) is currently considered Modestly Overvalued. The stock's GF Value™ is €15.91, compared to a current price of €18.02 — trading 13.3% above its estimated fair value. The current Operating Income is €298 Mil. Ebro Foods' overall GF Score™ is 75/100 with 3 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 Ebro Foods (FRA:AZU), the current Operating Income is €298 Mil as of Jun. 2026. 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 Ebro Foods (FRA:AZU) Overvalued in 2026?

Based on GuruFocus' analysis, Ebro Foods stock appears to be overvalued. The current stock price of €18.02 is trading 13.3% above its estimated GF Value™ of €15.91. GuruFocus considers Ebro Foods to be Modestly Overvalued.

Key valuation signals for FRA:AZU:

  • Operating Income: €298 Mil
  • GF Value™: €15.91 vs. price of €18.02 (13.3% above fair value)
  • GF Score™: 75/100 with 3 warning signs

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


Ebro Foods Business Description

Address Paseo de la Castellana, n 20, Madrid, ESP, 28046
Ebro Foods SA is a Spanish international food group operating in the pasta, rice, and sauces segments. The company is present in more than 25 countries in Europe, North America, Asia, and Africa, through its wide network of subsidiaries and brands. The core businesses are rice and pasta, offered in dry, fresh, precooked, and frozen varieties. Aside from pasta and rice, Ebro Food offers ready meals, fresh potato, sauces among others. The largest geographical segment for the rice division is in Europe, followed by North America, Asia, and Africa. Pasta, sauces, and other products, accounting for almost half of revenue, are mainly present in Europe and North America.
75GF Score

Get the complete analysis for FRA:AZU

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

€18.02
Price
€15.91
GF Value