Mister Spex SE (FRA:MRX) Operating Income: €-23.3 Mil (TTM As of Mar. 2026)

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FRA:MRX Mister Spex SE FRA:MRX
51 GF Score
Price €1.17
GF Value €3.70
Valuation Possible Value Trap
! 4 Warning Signs
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What is Mister Spex SE Operating Income?

Mister Spex SE FRA:MRX -2.50% 51 Operating Income is €-23.3 Mil as of Mar. 2026. GuruFocus rates FRA:MRX with a GF Score™ of 51/100 and a GF Value™ of €3.70 (Possible Value Trap). The stock has 4 warning signs investors should review.

Mister Spex SE's Operating Income for the three months ended in Mar. 2026 was €-5.9 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €-23.3 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Mister Spex SE's Operating Income for the three months ended in Mar. 2026 was €-5.9 Mil. Mister Spex SE's Revenue for the three months ended in Mar. 2026 was €40.7 Mil. Therefore, Mister Spex SE's Operating Margin % for the quarter that ended in Mar. 2026 was -14.57%.

Warning Sign:

Mister Spex SE operating margin has been in a 5-year decline. The average rate of decline per year is -28.8%.

Mister Spex SE's 5-Year average Growth Rate for Operating Margin % was -28.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Mister Spex SE's annualized ROC % for the quarter that ended in Mar. 2026 was -26.65%. Mister Spex SE's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -53.16%.


Mister Spex SE  (FRA:MRX) Operating Income Explanation

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

Mister Spex SE's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-23.752 * ( 1 - 0% )/( (85.049 + 93.226)/ 2 )
=-23.752/89.1375
=-26.65 %

where

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

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

Mister Spex SE's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-22.736/( ( (43.246 + max(-1.491, 0)) + (42.215 + max(0.079999999999991, 0)) )/ 2 )
=-22.736/( ( 43.246 + 42.295 )/ 2 )
=-22.736/42.7705
=-53.16 %

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)
=(1.089 + 24.957 + 6.803) - (13.555 + 0 + 20.785)
=-1.491

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.62 + 25.327 + 9.783) - (7.869 + 0 + 27.781)
=0.079999999999991

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

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

Mister Spex SE's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-5.938/40.748
=-14.57 %

* 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.


Mister Spex SE Operating Income Related Terms


Mister Spex SE Operating Income Historical Data

* Premium members only.

The historical data trend for Mister Spex SE'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.

Mister Spex SE Operating Income Chart

Mister Spex SE Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only -24.07 -30.29 -28.17 -51.50 -23.67

Mister Spex SE Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 -6.34 -4.27 -6.49 -6.58 -5.94
FRA:MRX
51GF Score
Mister Spex SE FRA:MRX
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mister Spex SE 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 Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €-23.3 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 €-23.3 Mil mean?
Mister Spex SE (FRA:MRX) has a Operating Income of €-23.3 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Mister Spex SE and its competitors.
Is Mister Spex SE's Operating Income too high?
Mister Spex SE's current Operating Income is €-23.3 Mil. Overall, Mister Spex SE has a GF Score™ of 51/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Mister Spex SE's Operating Income compare to CASY and WSM?
Mister Spex SE's Operating Income of €-23.3 Mil can be compared against companies in the Retail - Cyclical 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 Retail - Cyclical company?
A good Operating Income depends on the Retail - Cyclical 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 Mister Spex SE and its competitors. Mister Spex SE's current Operating Income is €-23.3 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mister Spex SE stock overvalued right now?
Based on GuruFocus' analysis, Mister Spex SE (FRA:MRX) is currently considered Possible Value Trap. The stock's GF Value™ is €3.70, compared to a current price of €1.17 — trading 68.4% below its estimated fair value. The current Operating Income is €-23.3 Mil. Mister Spex SE's overall GF Score™ is 51/100 with 4 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 Mister Spex SE (FRA:MRX), the current Operating Income is €-23.3 Mil as of Mar. 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 Mister Spex SE (FRA:MRX) Overvalued in 2026?

Based on GuruFocus' analysis, Mister Spex SE stock appears to be undervalued. The current stock price of €1.17 is trading 68.4% below its estimated GF Value™ of €3.70. GuruFocus considers Mister Spex SE to be Possible Value Trap.

Key valuation signals for FRA:MRX:

  • Operating Income: €-23.3 Mil
  • GF Value™: €3.70 vs. price of €1.17 (68.4% below fair value)
  • GF Score™: 51/100 with 4 warning signs

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


Mister Spex SE Business Description

Other Exchanges 0A9V:UKMRX:Germany
Address Hermann-Blankenstein-Strasse 24, Berlin, DEU, 10249
Mister Spex SE is a retail brand in the eyewear market in Europe engaged in the business of online opticians. The company offers products and additional services such as eye examinations for glasses and new adaptations, and annual checks of contact lenses. It has a regional segment, which is German and international, and the majority of the revenue comes from Germany. The products of the company are Sunglasses, Prescription Sunglasses, and Contact Lenses.
51GF Score

Get the complete analysis for FRA:MRX

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

€1.17
Price
€3.70
GF Value