Lottomatica Group SpA (MIL:LTMC) Operating Income: €500 Mil (TTM As of Mar. 2026)

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MIL:LTMC Lottomatica Group SpA MIL:LTMC
79 GF Score
Price €25.62
GF Value €17.83
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Lottomatica Group SpA Operating Income?

Lottomatica Group SpA MIL:LTMC +0.39% 79 Operating Income is €500 Mil as of Mar. 2026. GuruFocus rates MIL:LTMC with a GF Score™ of 79/100 and a GF Value™ of €17.83 (Significantly Overvalued). The stock has 8 warning signs investors should review.

Lottomatica Group SpA's Operating Income for the three months ended in Mar. 2026 was €149 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €500 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Lottomatica Group SpA's Operating Income for the three months ended in Mar. 2026 was €149 Mil. Lottomatica Group SpA's Revenue for the three months ended in Mar. 2026 was €600 Mil. Therefore, Lottomatica Group SpA's Operating Margin % for the quarter that ended in Mar. 2026 was 24.82%.

Lottomatica Group SpA'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. Lottomatica Group SpA's annualized ROC % for the quarter that ended in Mar. 2026 was 12.47%. Lottomatica Group SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 237.62%.

Lottomatica Group SpA  (MIL:LTMC) Operating Income Explanation

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

Lottomatica Group 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 )
=595.584 * ( 1 - 31.46% )/( (3285.502 + 3259.294)/ 2 )
=408.2132736/3272.398
=12.47 %

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))
=3502.869 - 634.738 - ( 145.079 - max(0, 825.986 - 408.615+145.079))
=3285.502

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))
=3461.207 - 590.574 - ( 120.655 - max(0, 777.154 - 388.493+120.655))
=3259.294

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

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

Lottomatica Group 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 )
=536.08/( ( (229.578 + max(-582.82, 0)) + (221.621 + max(-531.898, 0)) )/ 2 )
=536.08/( ( 229.578 + 221.621 )/ 2 )
=536.08/225.5995
=237.62 %

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)
=(74.07 + 1.63 + 141.704) - (634.738 + 0 + 165.486)
=-582.82

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(65.637 + 1.486 + 151.662) - (590.574 + 0 + 160.109)
=-531.898

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 %:

Lottomatica Group 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 )
=148.896/599.975
=24.82 %

* 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.

Lottomatica Group SpA Operating Income Related Terms

Lottomatica Group SpA Operating Income Historical Data

* Premium members only.

The historical data trend for Lottomatica Group SpA'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.

Lottomatica Group SpA Operating Income Chart

Lottomatica Group SpA Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial 38.61 246.09 325.40 370.88 451.31

Lottomatica Group SpA Quarterly Data
Dec20 Dec21 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 126.47 110.95 95.26 145.33 148.90
MIL:LTMC
79GF Score
Lottomatica Group SpA MIL:LTMC
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Lottomatica Group 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 €500 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 €500 Mil mean?
Lottomatica Group SpA (MIL:LTMC) has a Operating Income of €500 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Lottomatica Group SpA and its competitors.
Is Lottomatica Group SpA's Operating Income too high?
Lottomatica Group SpA's current Operating Income is €500 Mil. Overall, Lottomatica Group SpA has a GF Score™ of 79/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Lottomatica Group SpA's Operating Income compare to FLUT and DKNG?
Lottomatica Group SpA's Operating Income of €500 Mil can be compared against companies in the Travel & Leisure 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 Travel & Leisure company?
A good Operating Income depends on the Travel & Leisure 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 Lottomatica Group SpA and its competitors. Lottomatica Group SpA's current Operating Income is €500 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lottomatica Group SpA stock overvalued right now?
Based on GuruFocus' analysis, Lottomatica Group SpA (MIL:LTMC) is currently considered Significantly Overvalued. The stock's GF Value™ is €17.83, compared to a current price of €25.62 — trading 43.7% above its estimated fair value. The current Operating Income is €500 Mil. Lottomatica Group SpA's overall GF Score™ is 79/100 with 8 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 Lottomatica Group SpA (MIL:LTMC), the current Operating Income is €500 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 Lottomatica Group SpA (MIL:LTMC) Overvalued in 2026?

Based on GuruFocus' analysis, Lottomatica Group SpA stock appears to be overvalued. The current stock price of €25.62 is trading 43.7% above its estimated GF Value™ of €17.83. GuruFocus considers Lottomatica Group SpA to be Significantly Overvalued.

Key valuation signals for MIL:LTMC:

  • Operating Income: €500 Mil
  • GF Value™: €17.83 vs. price of €25.62 (43.7% above fair value)
  • GF Score™: 79/100 with 8 warning signs

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

Lottomatica Group SpA Business Description

Address Via degli Aldobrandeschi, 300, Rome, ITA, 00163
Lottomatica Group SpA is an operator on the gaming market authorized by the Customs and Monopolies Agency. The group operates in various sectors namely Online (sports betting and online games); Betting (sports bets and games on a physical network); Gaming (AWP and VLT entertainment machines, direct management of gaming halls and proprietary AWPs) and d VLT (video lottery terminals) entertainment device networks and management of owned gaming halls and AWPs (Gaming Franchise).
79GF Score

Get the complete analysis for MIL:LTMC

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

€25.62
Price
€17.83
GF Value