San Miguel (PHS:SMC) Operating Income: ₱197,639 Mil (TTM As of Mar. 2026)


PHS:SMC San Miguel Corp PHS:SMC
76 GF Score
Price ₱67.60
GF Value ₱82.76
Valuation Modestly Undervalued
! 5 Warning Signs
View Full Analysis

What is San Miguel Operating Income?

San Miguel PHS:SMC +0.37% 76 Operating Income is ₱197,639 Mil as of Mar. 2026. GuruFocus rates PHS:SMC with a GF Score™ of 76/100 and a GF Value™ of ₱82.76 (Modestly Undervalued). The stock has 5 warning signs investors should review.

San Miguel's Operating Income for the three months ended in Mar. 2026 was ₱59,621 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₱197,639 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. San Miguel's Operating Income for the three months ended in Mar. 2026 was ₱59,621 Mil. San Miguel's Revenue for the three months ended in Mar. 2026 was ₱428,321 Mil. Therefore, San Miguel's Operating Margin % for the quarter that ended in Mar. 2026 was 13.92%.

Good Sign:

San Miguel Corp operating margin is expanding. Margin expansion is usually a good sign.

San Miguel's 5-Year average Growth Rate for Operating Margin % was 2.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. San Miguel's annualized ROC % for the quarter that ended in Mar. 2026 was 8.74%. San Miguel's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 19.87%.

San Miguel  (PHS:SMC) Operating Income Explanation

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

San Miguel'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 )
=238484 * ( 1 - 15.38% )/( (2282628 + 2332766)/ 2 )
=201805.1608/2307697
=8.74 %

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))
=2726160 - 275877 - ( 352714 - max(0, 715287 - 882942+352714))
=2282628

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))
=2947566 - 430654 - ( 424462 - max(0, 898869 - 1083015+424462))
=2332766

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

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

San Miguel'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 )
=201568/( ( (864750 + max(162247, 0)) + (853797 + max(148315, 0)) )/ 2 )
=201568/( ( 1026997 + 1002112 )/ 2 )
=201568/1014554.5
=19.87 %

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)
=(179993 + 148874 + 133795) - (275877 + 0 + 24538)
=162247

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(185094 + 248921 + 144954) - (430654 + 0 + 0)
=148315

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 %:

San Miguel'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 )
=59621/428321
=13.92 %

* 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.

San Miguel Operating Income Related Terms

San Miguel Operating Income Historical Data

* Premium members only.

The historical data trend for San Miguel'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.

San Miguel Operating Income Chart

San Miguel 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 111,732.00 108,127.00 144,804.00 163,139.00 183,623.00

San Miguel 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 45,605.00 42,053.00 49,726.00 46,239.00 59,621.00
PHS:SMC
76GF Score
San Miguel Corp PHS:SMC
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

San Miguel 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 ₱197,639 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 ₱197,639 Mil mean?
San Miguel (PHS:SMC) has a Operating Income of ₱197,639 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on San Miguel and its competitors.
Is San Miguel's Operating Income too high?
San Miguel's current Operating Income is ₱197,639 Mil. Overall, San Miguel has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does San Miguel's Operating Income compare to HON and MMM?
San Miguel's Operating Income of ₱197,639 Mil can be compared against companies in the Conglomerates 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 Conglomerates company?
A good Operating Income depends on the Conglomerates 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 San Miguel and its competitors. San Miguel's current Operating Income is ₱197,639 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is San Miguel stock overvalued right now?
Based on GuruFocus' analysis, San Miguel (PHS:SMC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱82.76, compared to a current price of ₱67.60 — trading 18.3% below its estimated fair value. The current Operating Income is ₱197,639 Mil. San Miguel's overall GF Score™ is 76/100 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 San Miguel (PHS:SMC), the current Operating Income is ₱197,639 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 San Miguel (PHS:SMC) Overvalued in 2026?

Based on GuruFocus' analysis, San Miguel stock appears to be undervalued. The current stock price of ₱67.60 is trading 18.3% below its estimated GF Value™ of ₱82.76. GuruFocus considers San Miguel to be Modestly Undervalued.

Key valuation signals for PHS:SMC:

  • Operating Income: ₱197,639 Mil
  • GF Value™: ₱82.76 vs. price of ₱67.60 (18.3% below fair value)
  • GF Score™: 76/100 with 5 warning signs

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

San Miguel Business Description

Address No. 40 San Miguel Avenue, P.O. Box 271, Manila Central Post Office, Metro Manila, Mandaluyong, PHL, 1550
San Miguel Corp, through its subsidiaries, operates in various reportable business segments, including food and beverage, packaging, energy, fuel and oil, infrastructure, cement, and real estate property management and development. Maximum revenue is generated from the fuel and oil segment, which is engaged in refining crude oil and marketing and distribution of refined petroleum products.
76GF Score

Get the complete analysis for PHS:SMC

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

₱67.60
Price
₱82.76
GF Value