Cembre SpA (MIL:CMB) Operating Income: €63.4 Mil (TTM As of Mar. 2026)

What is Cembre SpA Operating Income?

Cembre SpA MIL:CMB -0.68% 82 Operating Income is €63.4 Mil as of Mar. 2026. GuruFocus rates MIL:CMB with a GF Score™ of 82/100 and a GF Value™ of €48.33 (Significantly Overvalued).

Cembre SpA's Operating Income for the three months ended in Mar. 2026 was €19.3 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €63.4 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Cembre SpA's Operating Income for the three months ended in Mar. 2026 was €19.3 Mil. Cembre SpA's Revenue for the three months ended in Mar. 2026 was €68.6 Mil. Therefore, Cembre SpA's Operating Margin % for the quarter that ended in Mar. 2026 was 28.11%.

Good Sign:

Cembre SpA operating margin is expanding. Margin expansion is usually a good sign.

Cembre SpA's 5-Year average Growth Rate for Operating Margin % was 5.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Cembre SpA's annualized ROC % for the quarter that ended in Mar. 2026 was 22.66%. Cembre SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 33.80%.

Cembre SpA (MIL:CMB) Operating Income Explanation

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

Cembre SpA'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 )
=	77.112 * ( 1 - 27.12% )	/	( (241.679	+	254.272)	/ 2 )
=	56.1992256	/	247.9755
=	22.66 %

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	))
=	300.528	-	38.406	-	( 20.443	-	max(0, 53.315	-	155.883	+	20.443	))
=	241.679

	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	))
=	311.812	-	43.861	-	( 13.679	-	max(0, 50.093	-	164.264	+	13.679	))
=	254.272

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

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

Cembre SpA'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 )
=	77.392	/	( ( (130.692 + max(94.348, 0))	+	(133.483 + max(99.48, 0)) )	/	2 )
=	77.392	/	( ( 225.04	+	232.963 )	/	2 )
=	77.392	/	229.0015
=	33.80 %

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)
=	(48.665	+	74.895	+	11.607)	-	(38.406	+	0	+	2.413)
=	94.348

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(62.162	+	78.208	+	9.203)	-	(43.861	+	0	+	6.232)
=	99.48

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 %:

Cembre SpA'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 )
	=	19.278	/	68.583
	=	28.11 %

* 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.

Cembre SpA Operating Income Related Terms

Cembre SpA Operating Income Historical Data

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The historical data trend for Cembre SpA's Operating Income can be seen below:

Cembre SpA Operating Income Chart

Cembre SpA Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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34.36

44.51

55.81

54.33

60.31

Cembre SpA 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															16.14	15.50	13.45	15.15	19.28

82GF Score

Cembre SpA MIL:CMB

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Cembre SpA 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 €63.4 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of €63.4 Mil mean?

Cembre SpA (MIL:CMB) has a Operating Income of €63.4 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Cembre SpA and its competitors.

Is Cembre SpA's Operating Income too high?

Cembre SpA's current Operating Income is €63.4 Mil. Overall, Cembre SpA has a GF Score™ of 82/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Cembre SpA's Operating Income compare to VRT and BE?

Cembre SpA's Operating Income of €63.4 Mil can be compared against companies in the Industrial Products 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 an Industrial Products company?

A good Operating Income depends on the Industrial Products 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 Cembre SpA and its competitors. Cembre SpA's current Operating Income is €63.4 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Cembre SpA stock overvalued right now?

Based on GuruFocus' analysis, Cembre SpA (MIL:CMB) is currently considered Significantly Overvalued. The stock's GF Value™ is €48.33, compared to a current price of €87.50 — trading 81% above its estimated fair value. The current Operating Income is €63.4 Mil. Cembre SpA's overall GF Score™ is 82/100. 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 Cembre SpA (MIL:CMB), the current Operating Income is €63.4 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 Cembre SpA (MIL:CMB) Overvalued in 2026?

Based on GuruFocus' analysis, Cembre SpA stock appears to be overvalued. The current stock price of €87.50 is trading 81% above its estimated GF Value™ of €48.33. GuruFocus considers Cembre SpA to be Significantly Overvalued.

Key valuation signals for MIL:CMB:

Operating Income: €63.4 Mil
GF Value™: €48.33 vs. price of €87.50 (81% above fair value)
GF Score™: 82/100

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

Cembre SpA Business Description

Industry Industrials Industrial Products

Comparable Companies MIL:DNR MIL:IRC MIL:ENY MIL:ATON SZSE:300750 XSWX:ABBN VRT BKK:DELTA TSE:6503 BE XKRX:373220 MIL:PRY SZSE:300274 XPAR:LR BSP:WEGE3 SHSE:688808 SHSE:600522 HUBB NVT SZSE:300124

Other Exchanges CMBm:UK 0DXU:UK J0L:Germany

Address Via Serenissima 9, Brescia, ITA, 25135

Website https://www.cembre.it

Cembre SpA specializes in the design, manufacture, and marketing of solutions for the connection and termination of electrical conductors, along with wiring tools. The Group mainly operates in the industrial, railway, and power & utilities markets, offering a comprehensive portfolio across six main categories: electrical connectors and cable accessories; hydraulic, mechanical, and pneumatic tools; cable glands and ducts; terminals and terminal blocks; industrial marking products; and railway-specific equipment. Its key product categories include cable lugs, tools, marking systems, cable glands and cable entry systems, and wiring accessories. The company operates in Italy, the rest of Europe (which generates the majority of its revenue), and the rest of the world.

82GF Score

Get the complete analysis for MIL:CMB

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

€87.50

Price

€48.33

GF Value

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