Sesa SpA (MIL:SES) Operating Income: €90 Mil (TTM As of Jan. 2026)


MIL:SES Sesa SpA MIL:SES
94 GF Score
Price €95.70
GF Value €107.84
Valuation Modestly Undervalued
! 11 Warning Signs
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What is Sesa SpA Operating Income?

Sesa SpA MIL:SES +3.01% 94 Operating Income is €90 Mil as of Jan. 2026. GuruFocus rates MIL:SES with a GF Score™ of 94/100 and a GF Value™ of €107.84 (Modestly Undervalued). The stock has 11 warning signs investors should review.

Sesa SpA's Operating Income for the three months ended in Jan. 2026 was €32 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jan. 2026 was €90 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Sesa SpA's Operating Income for the three months ended in Jan. 2026 was €32 Mil. Sesa SpA's Revenue for the three months ended in Jan. 2026 was €1,089 Mil. Therefore, Sesa SpA's Operating Margin % for the quarter that ended in Jan. 2026 was 2.90%.

Warning Sign:

Sesa SpA operating margin has been in a 5-year decline. The average rate of decline per year is -1.3%.

Sesa SpA's 5-Year average Growth Rate for Operating Margin % was -1.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Sesa SpA's annualized ROC % for the quarter that ended in Jan. 2026 was 7.98%. Sesa SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 was 156.06%.

Sesa SpA  (MIL:SES) Operating Income Explanation

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

Sesa SpA's annualized ROC % for the quarter that ended in Jan. 2026 is calculated as:

ROC % (Q: Jan. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Oct. 2025 ) + Invested Capital (Q: Jan. 2026 ))/ count )
=126.46 * ( 1 - 23.51% )/( (1055.171 + 1370.1)/ 2 )
=96.729254/1212.6355
=7.98 %

where

Invested Capital(Q: Oct. 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))
=2178.145 - 799.825 - ( 464.096 - max(0, 1088.049 - 1411.198+464.096))
=1055.171

Invested Capital(Q: Jan. 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))
=2521.769 - 917.174 - ( 515.775 - max(0, 1487.234 - 1721.729+515.775))
=1370.1

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

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

Sesa SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jan. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Oct. 2025  Q: Jan. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=266.424/( ( (168.506 + max(-94.7, 0)) + (172.94 + max(-206.47, 0)) )/ 2 )
=266.424/( ( 168.506 + 172.94 )/ 2 )
=266.424/170.723
=156.06 %

where Working Capital is:

Working Capital(Q: Oct. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(618.657 + 174.091 + 30.763) - (799.825 + 0 + 118.386)
=-94.7

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(847.783 + 161.264 + 22.995) - (917.174 + 0 + 321.338)
=-206.47

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jan. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Sesa SpA's Operating Margin % for the quarter that ended in Jan. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jan. 2026 )/Revenue (Q: Jan. 2026 )
=31.615/1088.967
=2.90 %

* 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.

Sesa SpA Operating Income Related Terms

Sesa SpA Operating Income Historical Data

* Premium members only.

The historical data trend for Sesa 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.

Sesa SpA Operating Income Chart

Sesa SpA Annual Data
Trend Apr16 Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 69.29 87.05 108.63 111.15 82.39

Sesa SpA Quarterly Data
Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26
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 30.87 17.93 21.97 18.42 31.62
MIL:SES
94GF Score
Sesa SpA MIL:SES
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Sesa 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 Jan. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €90 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 €90 Mil mean?
Sesa SpA (MIL:SES) has a Operating Income of €90 Mil as of Jan. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Sesa SpA and its competitors.
Is Sesa SpA's Operating Income too high?
Sesa SpA's current Operating Income is €90 Mil. Overall, Sesa SpA has a GF Score™ of 94/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Sesa SpA's Operating Income compare to IBM and ACN?
Sesa SpA's Operating Income of €90 Mil can be compared against companies in the Software 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 Software company?
A good Operating Income depends on the Software 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 Sesa SpA and its competitors. Sesa SpA's current Operating Income is €90 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sesa SpA stock overvalued right now?
Based on GuruFocus' analysis, Sesa SpA (MIL:SES) is currently considered Modestly Undervalued. The stock's GF Value™ is €107.84, compared to a current price of €95.70 — trading 11.3% below its estimated fair value. The current Operating Income is €90 Mil. Sesa SpA's overall GF Score™ is 94/100 with 11 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 Sesa SpA (MIL:SES), the current Operating Income is €90 Mil as of Jan. 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 Sesa SpA (MIL:SES) Overvalued in 2026?

Based on GuruFocus' analysis, Sesa SpA stock appears to be undervalued. The current stock price of €95.70 is trading 11.3% below its estimated GF Value™ of €107.84. GuruFocus considers Sesa SpA to be Modestly Undervalued.

Key valuation signals for MIL:SES:

  • Operating Income: €90 Mil
  • GF Value™: €107.84 vs. price of €95.70 (11.3% below fair value)
  • GF Score™: 94/100 with 11 warning signs

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

Sesa SpA Business Description

Address Via Piovola No. 138, Empoli, ITA, 50053
Sesa SpA and its subsidiaries are in the business of the distribution of value-added IT solutions and products. The firm functions through the Business Services Sector, Value Added Distribution, Corporate Sector, and the Software and System Integration segment. The activities of these segments include the distribution of software and hardware technologies, the supply of IT services and solutions, administrative and financial services, organization, planning, and control, management of information technologies, human resources, general, corporate, and legal affairs, activities related to logistics services and cloud computing.
94GF Score

Get the complete analysis for MIL:SES

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

€95.70
Price
€107.84
GF Value