Malta International Airport (MAL:MIA) Operating Income: €77.5 Mil (TTM As of Dec. 2025)

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MAL:MIA Malta International Airport PLC MAL:MIA
100 GF Score
Price €6.10
GF Value €8.10
Valuation Modestly Undervalued
! 1 Warning Sign
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What is Malta International Airport Operating Income?

Malta International Airport MAL:MIA 100 Operating Income is €77.5 Mil as of Dec. 2025. GuruFocus rates MAL:MIA with a GF Score™ of 100/100 and a GF Value™ of €8.10 (Modestly Undervalued). The stock has 1 warning sign investors should review.

Malta International Airport's Operating Income for the six months ended in Dec. 2025 was €39.4 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €77.5 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Malta International Airport's Operating Income for the six months ended in Dec. 2025 was €39.4 Mil. Malta International Airport's Revenue for the six months ended in Dec. 2025 was €85.1 Mil. Therefore, Malta International Airport's Operating Margin % for the quarter that ended in Dec. 2025 was 46.27%.

Malta International Airport'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. Malta International Airport's annualized ROC % for the quarter that ended in Dec. 2025 was 14.95%. Malta International Airport's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 30.82%.

Malta International Airport  (MAL:MIA) Operating Income Explanation

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

Malta International Airport'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 )
=78.738 * ( 1 - 35.29% )/( (304.106 + 377.665)/ 2 )
=50.9513598/340.8855
=14.95 %

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))
=394.702 - 103.12 - ( 52.777 - max(0, 103.12 - 90.596+52.777))
=304.106

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))
=372.449 - 10.208 - ( 20.081 - max(0, 67.958 - 52.534+20.081))
=377.665

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:

Malta International Airport'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 )
=80.246/( ( (260.989 + max(-65.301, 0)) + (259.719 + max(-43.332, 0)) )/ 2 )
=80.246/( ( 260.989 + 259.719 )/ 2 )
=80.246/260.354
=30.82 %

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)
=(36.328 + 1.491 + 0) - (103.12 + 0 + 0)
=-65.301

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(17.121 + 1.849 + 5.656) - (10.208 + 0 + 57.75)
=-43.332

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 %:

Malta International Airport'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 )
=39.369/85.083
=46.27 %

* 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.

Malta International Airport Operating Income Related Terms

Malta International Airport Operating Income Historical Data

* Premium members only.

The historical data trend for Malta International Airport'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.

Malta International Airport Operating Income Chart

Malta International Airport 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 13.04 43.62 63.03 72.53 77.46

Malta International Airport 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 35.49 34.40 38.13 38.09 39.37
MAL:MIA
100GF Score
Malta International Airport PLC MAL:MIA
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Malta International Airport 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 €77.5 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 €77.5 Mil mean?
Malta International Airport (MAL:MIA) has a Operating Income of €77.5 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Malta International Airport and its competitors.
Is Malta International Airport's Operating Income too high?
Malta International Airport's current Operating Income is €77.5 Mil. Overall, Malta International Airport has a GF Score™ of 100/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Malta International Airport's Operating Income compare to JOBY and CAAP?
Malta International Airport's Operating Income of €77.5 Mil can be compared against companies in the Transportation 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 Transportation company?
A good Operating Income depends on the Transportation 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 Malta International Airport and its competitors. Malta International Airport's current Operating Income is €77.5 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Malta International Airport stock overvalued right now?
Based on GuruFocus' analysis, Malta International Airport (MAL:MIA) is currently considered Modestly Undervalued. The stock's GF Value™ is €8.10, compared to a current price of €6.10 — trading 24.7% below its estimated fair value. The current Operating Income is €77.5 Mil. Malta International Airport's overall GF Score™ is 100/100 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 Malta International Airport (MAL:MIA), the current Operating Income is €77.5 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 Malta International Airport (MAL:MIA) Overvalued in 2026?

Based on GuruFocus' analysis, Malta International Airport stock appears to be undervalued. The current stock price of €6.10 is trading 24.7% below its estimated GF Value™ of €8.10. GuruFocus considers Malta International Airport to be Modestly Undervalued.

Key valuation signals for MAL:MIA:

  • Operating Income: €77.5 Mil
  • GF Value™: €8.10 vs. price of €6.10 (24.7% below fair value)
  • GF Score™: 100/100 with 1 warning sign

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

Malta International Airport Business Description

Address Malta International Airport, Luqa, MLT, LQA 4000
Malta International Airport PLC develops, operates, and manages Malta International Airport. Its segments include the Airport Segment, which provides services such as revenue from airport-regulated fees, aviation concessions, and persons with reduced mobility and their associated costs. This segment also includes the operations and maintenance of the terminal, runways, taxiways and aircraft parks. The Retail and Property Segment includes the operations of the various retail outlets within the airport perimeter, advertising sites and rental of offices, warehouses and income from the running of the VIP lounges. Income and costs from Airport Parking Limited, Sky Parks Business Centre Limited and Sky Parks Development Limited are also allocated within the Retail and Property Segment.
100GF Score

Get the complete analysis for MAL:MIA

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

€6.10
Price
€8.10
GF Value