GBSMF (Ginebran Miguel) Operating Income: $177 Mil (TTM As of Mar. 2026)

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GBSMF Ginebra San Miguel Inc GBSMF
90 GF Score
Price $2.09
GF Value $2.35
! 1 Warning Sign
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What is Ginebran Miguel Operating Income?

Ginebran Miguel GBSMF 90 Operating Income is $177 Mil as of Mar. 2026. GuruFocus rates GBSMF with a GF Score™ of 90/100 and a GF Value™ of $2.35. The stock has 1 warning sign investors should review.

Ginebran Miguel's Operating Income for the three months ended in Mar. 2026 was $46 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $177 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ginebran Miguel's Operating Income for the three months ended in Mar. 2026 was $46 Mil. Ginebran Miguel's Revenue for the three months ended in Mar. 2026 was $273 Mil. Therefore, Ginebran Miguel's Operating Margin % for the quarter that ended in Mar. 2026 was 16.91%.

Good Sign:

Ginebra San Miguel Inc operating margin is expanding. Margin expansion is usually a good sign.

Ginebran Miguel's 5-Year average Growth Rate for Operating Margin % was 6.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ginebran Miguel's annualized ROC % for the quarter that ended in Mar. 2026 was 75.94%. Ginebran Miguel's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 154.04%.


Ginebran Miguel  (OTCPK:GBSMF) Operating Income Explanation

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

Ginebran Miguel'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 )
=184.98 * ( 1 - 24.7% )/( (197.48 + 169.357)/ 2 )
=139.28994/183.4185
=75.94 %

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))
=577.763 - 135.034 - ( 245.249 - max(0, 135.638 - 424.34+245.249))
=197.48

Invested Capital(Q: Mar. 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))
=640.368 - 179.209 - ( 291.802 - max(0, 179.549 - 488.171+291.802))
=169.357

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

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

Ginebran Miguel'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 )
=200.428/( ( (101.376 + max(41.613, 0)) + (100.077 + max(17.16, 0)) )/ 2 )
=200.428/( ( 142.989 + 117.237 )/ 2 )
=200.428/130.113
=154.04 %

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)
=(34.297 + 122.767 + 19.754) - (135.034 + 0 + 0.17100000000002)
=41.613

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(29.496 + 136.009 + 30.864) - (179.209 + 0 + 0)
=17.16

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 %:

Ginebran Miguel'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 )
=46.245/273.448
=16.91 %

* 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.


Ginebran Miguel Operating Income Related Terms


Ginebran Miguel Operating Income Historical Data

* Premium members only.

The historical data trend for Ginebran Miguel'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.

Ginebran Miguel Operating Income Chart

Ginebran Miguel 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 87.23 98.65 112.50 141.21 170.70

Ginebran Miguel 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 40.28 40.67 41.80 47.95 46.25
GBSMF
90GF Score
Ginebra San Miguel Inc GBSMF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Ginebran Miguel 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 $177 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 $177 Mil mean?
Ginebran Miguel (GBSMF) has a Operating Income of $177 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ginebran Miguel and its competitors.
Is Ginebran Miguel's Operating Income too high?
Ginebran Miguel's current Operating Income is $177 Mil. Overall, Ginebran Miguel has a GF Score™ of 90/100, reflecting its overall financial health beyond just this single metric.
How does Ginebran Miguel's Operating Income compare to BF.B?
Ginebran Miguel's Operating Income of $177 Mil can be compared against companies in the Beverages - 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 - Alcoholic company?
A good Operating Income depends on the Beverages - 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 Ginebran Miguel and its competitors. Ginebran Miguel's current Operating Income is $177 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ginebran Miguel stock overvalued right now?
Ginebran Miguel (GBSMF) has a current Operating Income of $177 Mil. The stock's GF Value™ is $2.35, compared to a current price of $2.09 — trading 11.1% below its estimated fair value. The current Operating Income is $177 Mil. Ginebran Miguel's overall GF Score™ is 90/100 with 1 warning sign 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 Ginebran Miguel (GBSMF), the current Operating Income is $177 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 Ginebran Miguel (GBSMF) Overvalued in 2026?

Based on GuruFocus' analysis, Ginebran Miguel stock appears to be undervalued. The current stock price of $2.09 is trading 11.1% below its estimated GF Value™ of $2.35.

Key valuation signals for GBSMF:

  • Operating Income: $177 Mil
  • GF Value™: $2.35 vs. price of $2.09 (11.1% below fair value)
  • GF Score™: 90/100 with 1 warning sign

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


Ginebran Miguel Business Description

Other Exchanges GSMI:Philippines
Address St. Francis Street, Ortigas Center, 3rd and 6th Floor, San Miguel Properties Centre, Mandaluyong, PHL, 1550
Ginebra San Miguel Inc manufactures and sells alcoholic beverages in the Philippines. It offers alcoholic beverages, under the following brand names: Ginebra San Miguel gin, GSM Blue, GSM Blue Flavors, Ginebra San Miguel Premium Gin, Antonov Vodka, Primera Light Brandy, Vino Kulafu, and Antonov vodka.
90GF Score

Get the complete analysis for GBSMF

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

$2.09
Price
$2.35
GF Value