JRONY (Jeronimo Martins SGPS) Operating Income: $1,449 Mil (TTM As of Mar. 2026)


JRONY Jeronimo Martins SGPS SA JRONY
87 GF Score
Price $37.32
GF Value $52.77
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Jeronimo Martins SGPS Operating Income?

Jeronimo Martins SGPS JRONY -0.93% 87 Operating Income is $1,449 Mil as of Mar. 2026. GuruFocus rates JRONY with a GF Score™ of 87/100 and a GF Value™ of $52.77 (Modestly Undervalued). The stock has 5 warning signs investors should review.

Jeronimo Martins SGPS's Operating Income for the three months ended in Mar. 2026 was $306 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $1,449 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Jeronimo Martins SGPS's Operating Income for the three months ended in Mar. 2026 was $306 Mil. Jeronimo Martins SGPS's Revenue for the three months ended in Mar. 2026 was $10,294 Mil. Therefore, Jeronimo Martins SGPS's Operating Margin % for the quarter that ended in Mar. 2026 was 2.98%.

Warning Sign:

Jeronimo Martins SGPS SA operating margin has been in a 5-year decline. The average rate of decline per year is -1.6%.

Jeronimo Martins SGPS's 5-Year average Growth Rate for Operating Margin % was -1.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Jeronimo Martins SGPS's annualized ROC % for the quarter that ended in Mar. 2026 was 5.72%. Jeronimo Martins SGPS's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 10.06%.

Jeronimo Martins SGPS  (OTCPK:JRONY) Operating Income Explanation

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

Jeronimo Martins SGPS'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 )
=1225.432 * ( 1 - 25.79% )/( (15982.435 + 15804.625)/ 2 )
=909.3930872/15893.53
=5.72 %

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))
=19974.239 - 7976.581 - ( 2655.738 - max(0, 10549.18 - 6564.403+2655.738))
=15982.435

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))
=19559.538 - 7313.295 - ( 2110.983 - max(0, 9761.85 - 6203.468+2110.983))
=15804.625

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

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

Jeronimo Martins SGPS'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 )
=1193.064/( ( (11881.733 + max(-5937.939, 0)) + (11836.994 + max(-5292.486, 0)) )/ 2 )
=1193.064/( ( 11881.733 + 11836.994 )/ 2 )
=1193.064/11859.3635
=10.06 %

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)
=(91.335 + 2663.934 + 215.457) - (7976.581 + 0 + 932.084)
=-5937.939

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(104.046 + 2752.601 + 219.653) - (7313.295 + 0 + 1055.491)
=-5292.486

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 %:

Jeronimo Martins SGPS'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 )
=306.358/10293.642
=2.98 %

* 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.

Jeronimo Martins SGPS Operating Income Related Terms

Jeronimo Martins SGPS Operating Income Historical Data

* Premium members only.

The historical data trend for Jeronimo Martins SGPS'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.

Jeronimo Martins SGPS Operating Income Chart

Jeronimo Martins SGPS 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 926.55 1,060.38 1,331.52 1,157.07 1,439.11

Jeronimo Martins SGPS 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 269.19 329.87 435.45 377.05 306.36
JRONY
87GF Score
Jeronimo Martins SGPS SA JRONY
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Jeronimo Martins SGPS 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 $1,449 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 $1,449 Mil mean?
Jeronimo Martins SGPS (JRONY) has a Operating Income of $1,449 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Jeronimo Martins SGPS and its competitors.
Is Jeronimo Martins SGPS's Operating Income too high?
Jeronimo Martins SGPS's current Operating Income is $1,449 Mil. Overall, Jeronimo Martins SGPS has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Jeronimo Martins SGPS's Operating Income compare to SYY and USFD?
Jeronimo Martins SGPS's Operating Income of $1,449 Mil can be compared against companies in the Retail - Defensive 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 - Defensive company?
A good Operating Income depends on the Retail - Defensive 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 Jeronimo Martins SGPS and its competitors. Jeronimo Martins SGPS's current Operating Income is $1,449 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jeronimo Martins SGPS stock overvalued right now?
Based on GuruFocus' analysis, Jeronimo Martins SGPS (JRONY) is currently considered Modestly Undervalued. The stock's GF Value™ is $52.77, compared to a current price of $37.32 — trading 29.3% below its estimated fair value. The current Operating Income is $1,449 Mil. Jeronimo Martins SGPS's overall GF Score™ is 87/100 with 5 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 Jeronimo Martins SGPS (JRONY), the current Operating Income is $1,449 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 Jeronimo Martins SGPS (JRONY) Overvalued in 2026?

Based on GuruFocus' analysis, Jeronimo Martins SGPS stock appears to be undervalued. The current stock price of $37.32 is trading 29.3% below its estimated GF Value™ of $52.77. GuruFocus considers Jeronimo Martins SGPS to be Modestly Undervalued.

Key valuation signals for JRONY:

  • Operating Income: $1,449 Mil
  • GF Value™: $52.77 vs. price of $37.32 (29.3% below fair value)
  • GF Score™: 87/100 with 5 warning signs

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

Jeronimo Martins SGPS Business Description

Address Rua Actor Antonio Silva, No. 7, Lisboa, PRT, 1649-033
Jeronimo Martins SGPS SA is engaged in food distribution business. It operates food retail business in Poland, Portugal, and Colombia. Its business areas include food distribution, Agribusiness, and Specialised retail. Its segments include Portugal Retail: comprises the business unit of JMR (Pingo Doce supermarkets); Portugal Cash & Carry: includes the business unit Recheio; Poland Retail: the business unit which operates under Biedronka banner in this country; Poland Health and Beauty: includes the Hebe banner business unit in Poland, also includes the operations of its subsidiaries in Czechia and Slovakia; Colombia Retail: the business unit which operates under Ara banner; and Others. It derives the majority of the revenue from Poland Retail business segment.
87GF Score

Get the complete analysis for JRONY

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

$37.32
Price
$52.77
GF Value