ArcelorMittal South Africa (FRA:ISC1) Operating Income: €-117 Mil (TTM As of Dec. 2025)


FRA:ISC1 ArcelorMittal South Africa Ltd FRA:ISC1
54 GF Score
Price €0.06
GF Value €0.07
! 7 Warning Signs
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What is ArcelorMittal South Africa Operating Income?

ArcelorMittal South Africa FRA:ISC1 -0.81% 54 Operating Income is €-117 Mil as of Dec. 2025. GuruFocus rates FRA:ISC1 with a GF Score™ of 54/100 and a GF Value™ of €0.07. The stock has 7 warning signs investors should review.

ArcelorMittal South Africa's Operating Income for the six months ended in Dec. 2025 was €-87 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €-117 Mil.

Warning Sign:

ArcelorMittal South Africa Ltd has never been profitable in the past 3 years. It lost money every year.

Operating Margin % is calculated as Operating Income divided by its Revenue. ArcelorMittal South Africa's Operating Income for the six months ended in Dec. 2025 was €-87 Mil. ArcelorMittal South Africa's Revenue for the six months ended in Dec. 2025 was €770 Mil. Therefore, ArcelorMittal South Africa's Operating Margin % for the quarter that ended in Dec. 2025 was -11.28%.

ArcelorMittal South Africa'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. ArcelorMittal South Africa's annualized ROC % for the quarter that ended in Dec. 2025 was -23.80%. ArcelorMittal South Africa's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -26.08%.

ArcelorMittal South Africa  (FRA:ISC1) Operating Income Explanation

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

ArcelorMittal South Africa'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 )
=-173.614 * ( 1 - 0.4% )/( (756.225 + 697.043)/ 2 )
=-172.919544/726.634
=-23.80 %

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))
=1315.159 - 539.813 - ( 191.404 - max(0, 857.279 - 876.4+191.404))
=756.225

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))
=1071.819 - 437.687 - ( 79.501 - max(0, 638.799 - 575.888+79.501))
=697.043

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:

ArcelorMittal South Africa'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 )
=-104.514/( ( (361.595 + max(29.338, 0)) + (397.201 + max(13.445, 0)) )/ 2 )
=-104.514/( ( 390.933 + 410.646 )/ 2 )
=-104.514/400.7895
=-26.08 %

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)
=(183.571 + 435.354 + 66.071) - (539.813 + 0 + 115.845)
=29.338

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(97.461 + 339.008 + 59.918) - (437.687 + 0 + 45.255)
=13.445

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 %:

ArcelorMittal South Africa'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 )
=-86.807/769.796
=-11.28 %

* 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.

ArcelorMittal South Africa Operating Income Related Terms

ArcelorMittal South Africa Operating Income Historical Data

* Premium members only.

The historical data trend for ArcelorMittal South Africa'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.

ArcelorMittal South Africa Operating Income Chart

ArcelorMittal South Africa 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 444.79 185.69 -39.52 -199.14 -118.11

ArcelorMittal South Africa 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 -44.64 -31.30 -166.59 -30.02 -86.81
FRA:ISC1
54GF Score
ArcelorMittal South Africa Ltd FRA:ISC1
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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ArcelorMittal South Africa 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 €-117 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 €-117 Mil mean?
ArcelorMittal South Africa (FRA:ISC1) has a Operating Income of €-117 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on ArcelorMittal South Africa and its competitors.
Is ArcelorMittal South Africa's Operating Income too high?
ArcelorMittal South Africa's current Operating Income is €-117 Mil. Overall, ArcelorMittal South Africa has a GF Score™ of 54/100, reflecting its overall financial health beyond just this single metric.
How does ArcelorMittal South Africa's Operating Income compare to NUE and STLD?
ArcelorMittal South Africa's Operating Income of €-117 Mil can be compared against companies in the Steel 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 Steel company?
A good Operating Income depends on the Steel 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 ArcelorMittal South Africa and its competitors. ArcelorMittal South Africa's current Operating Income is €-117 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ArcelorMittal South Africa stock overvalued right now?
ArcelorMittal South Africa (FRA:ISC1) has a current Operating Income of €-117 Mil. The stock's GF Value™ is €0.07, compared to a current price of €0.06 — trading 12.1% below its estimated fair value. The current Operating Income is €-117 Mil. ArcelorMittal South Africa's overall GF Score™ is 54/100 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 ArcelorMittal South Africa (FRA:ISC1), the current Operating Income is €-117 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 ArcelorMittal South Africa (FRA:ISC1) Overvalued in 2026?

Based on GuruFocus' analysis, ArcelorMittal South Africa stock appears to be undervalued. The current stock price of €0.06 is trading 12.1% below its estimated GF Value™ of €0.07.

Key valuation signals for FRA:ISC1:

  • Operating Income: €-117 Mil
  • GF Value™: €0.07 vs. price of €0.06 (12.1% below fair value)
  • GF Score™: 54/100 with 7 warning signs

No single metric tells the full story. See the FRA:ISC1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ArcelorMittal South Africa Business Description

Other Exchanges ACL:South Africa
Address Delfos Boulevard, Main Building, Vanderbijlpark Works, Vanderbijlpark, GT, ZAF, 1911
ArcelorMittal South Africa Ltd is a South Africa-based steel-producing company. The company's operating segments include Steel operations; Non-steel operations; Corporate and others. It generates the majority of total revenue from the Steel Operations segment that consist of Vanderbijlpark plant, Newcastle plant, Vereeniging plant and ArcelorMittal Rail and Structures. The product range consists of hot-rolled coil, plate, coiled rounds, flats, reinforced bars, rounds, billets and channels, and commercial coke among others. The group operates mainly in South Africa. Export sales are mostly sold in sub-Saharan Africa, Asia, Europe, and America.
54GF Score

Get the complete analysis for FRA:ISC1

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

€0.06
Price
€0.07
GF Value