MTN Group (STU:LL6) Operating Income: €3,178 Mil (TTM As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

STU:LL6 MTN Group Ltd STU:LL6
80 GF Score
Price €11.90
GF Value €7.90
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is MTN Group Operating Income?

MTN Group STU:LL6 -0.83% 80 Operating Income is €3,178 Mil as of Dec. 2025. GuruFocus rates STU:LL6 with a GF Score™ of 80/100 and a GF Value™ of €7.90 (Significantly Overvalued). The stock has 8 warning signs investors should review.

MTN Group's Operating Income for the six months ended in Dec. 2025 was €1,757 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was €3,178 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. MTN Group's Operating Income for the six months ended in Dec. 2025 was €1,757 Mil. MTN Group's Revenue for the six months ended in Dec. 2025 was €5,959 Mil. Therefore, MTN Group's Operating Margin % for the quarter that ended in Dec. 2025 was 29.49%.

MTN Group's 5-Year average Growth Rate for Operating Margin % was -0.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. MTN Group's annualized ROC % for the quarter that ended in Dec. 2025 was 11.19%. MTN Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 40.40%.

MTN Group  (STU:LL6) Operating Income Explanation

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

MTN Group'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 )
=3513.878 * ( 1 - 42.41% )/( (16976.751 + 19176.658)/ 2 )
=2023.6423402/18076.7045
=11.19 %

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))
=23157.772 - 6750.61 - ( 5171.99 - max(0, 8204.432 - 7634.843+5171.99))
=16976.751

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))
=25301.945 - 6724.666 - ( 7224.148 - max(0, 10031.597 - 9432.218+7224.148))
=19176.658

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:

MTN Group'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 )
=3710.22/( ( (8973.259 + max(-4718.537, 0)) + (9396.4 + max(-7362.146, 0)) )/ 2 )
=3710.22/( ( 8973.259 + 9396.4 )/ 2 )
=3710.22/9184.8295
=40.40 %

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)
=(1646.589 + 0 + 816.264) - (6750.61 + 0 + 430.78)
=-4718.537

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(941.938 + 66.462 + 225.617) - (6724.666 + 0 + 1871.497)
=-7362.146

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 %:

MTN Group'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 )
=1756.939/5958.574
=29.49 %

* 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.

MTN Group Operating Income Related Terms

MTN Group Operating Income Historical Data

* Premium members only.

The historical data trend for MTN Group'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.

MTN Group Operating Income Chart

MTN Group 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 2,534.89 3,149.56 2,396.49 2,001.71 3,239.15

MTN Group 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 903.28 772.73 1,198.17 1,421.42 1,756.94
STU:LL6
80GF Score
MTN Group Ltd STU:LL6
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

MTN Group 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 €3,178 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 €3,178 Mil mean?
MTN Group (STU:LL6) has a Operating Income of €3,178 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on MTN Group and its competitors.
Is MTN Group's Operating Income too high?
MTN Group's current Operating Income is €3,178 Mil. Overall, MTN Group has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does MTN Group's Operating Income compare to TMUS and VZ?
MTN Group's Operating Income of €3,178 Mil can be compared against companies in the Telecommunication Services 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 Telecommunication Services company?
A good Operating Income depends on the Telecommunication Services 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 MTN Group and its competitors. MTN Group's current Operating Income is €3,178 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MTN Group stock overvalued right now?
Based on GuruFocus' analysis, MTN Group (STU:LL6) is currently considered Significantly Overvalued. The stock's GF Value™ is €7.90, compared to a current price of €11.90 — trading 50.6% above its estimated fair value. The current Operating Income is €3,178 Mil. MTN Group's overall GF Score™ is 80/100 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 MTN Group (STU:LL6), the current Operating Income is €3,178 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 MTN Group (STU:LL6) Overvalued in 2026?

Based on GuruFocus' analysis, MTN Group stock appears to be overvalued. The current stock price of €11.90 is trading 50.6% above its estimated GF Value™ of €7.90. GuruFocus considers MTN Group to be Significantly Overvalued.

Key valuation signals for STU:LL6:

  • Operating Income: €3,178 Mil
  • GF Value™: €7.90 vs. price of €11.90 (50.6% above fair value)
  • GF Score™: 80/100 with 8 warning signs

No single metric tells the full story. See the STU:LL6 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

MTN Group Business Description

Address Innovation Centre 216 - 14th Avenue, Fairland, Roodepoort, Gauteng, Johannesburg, ZAF, 2195
MTN Group Ltd is a mobile telecommunications provider. The company also has a joint venture in Iran. From a product perspective, the majority of its revenue is from voice and data. Other contributors include SMS and sale of devices revenue. MTN also provides enterprise services to small/midsize enterprises and corporate clients. The company owns the mobile infrastructure and data centers. Its segments include Network services, Mobile devices, Interconnect and roaming, Digital and fintech and others. It derives maximum revenue from Network Services segment. Geographically, the company operates across South Africa, Nigeria, South and East Africa (SEA), GHASEA, Middle East and North Africa (MENA). The majority of the company's revenue is earned in and Nigeria.
80GF Score

Get the complete analysis for STU:LL6

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

€11.90
Price
€7.90
GF Value