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VulcabrasBSP:VULC3 -0.14%91 Operating Margin % is 15.69% as of Mar. 2026, which is 6% below its 10-year median of 16.76. GuruFocus rates BSP:VULC3 with a GF Score™ of 91/100 and a GF Value™ of R$19.70 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,039 Manufacturing - Apparel & Accessories companies, Vulcabras ranks better than 96.05% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Vulcabras's Operating Income for the
three
months ended in Mar. 2026 was R$122 Mil. Vulcabras's Revenue for the
three
months ended in Mar. 2026 was R$776 Mil. Therefore, Vulcabras's Operating Margin % for the quarter that ended in Mar. 2026 was 15.69%.
Good Sign:
Vulcabras SA operating margin is expanding. Margin expansion is usually a good sign.
The historical rank and industry rank for Vulcabras's Operating Margin % or its related term are showing as below:
BSP:VULC3'
s Operating Margin % Range Over the Past 10 Years
Min: 3.11 Med: 16.76 Max: 21.1
Current: 21
BSP:VULC3's Operating Margin % is ranked better than 96.05% of 1039
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 4.09
vs BSP:VULC3: 21.00
Vulcabras's 5-Year Average Operating Margin % Growth Rate was 33.40% per year.
Vulcabras's Operating Income for the
three
months ended in Mar. 2026 was R$122 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was R$763 Mil.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
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 Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) 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.
Vulcabras Operating Margin % Related Terms
Vulcabras Operating Margin % Historical Data
* Premium members only.
The historical data trend for Vulcabras's Operating Margin % 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.
BSP:VULC3 vs NKE, DECK, ONON: Operating Margin % Comparison
For the Footwear & Accessories subindustry, Vulcabras's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Vulcabras Operating Margin % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Vulcabras's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Vulcabras's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Vulcabras's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* 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.
Vulcabras (BSP:VULC3) has a Operating Margin % of 15.69% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Vulcabras and its competitors. This is near median its historical median of 16.76. Over the past decade, Vulcabras' Operating Margin % has ranged from 3.11 to 21.10. According to the industry distribution chart, Vulcabras ranks #41 out of 1039 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 3.9%.
Is Vulcabras' Operating Margin % too high?
Vulcabras' current Operating Margin % of 15.69% is near median its 10-year median of 16.76. Over the past 10 years, this metric has ranged from a low of 3.11 to a high of 21.10. The Manufacturing - Apparel & Accessories industry median Operating Margin % is 4.09. Vulcabras' value of 15.69% is 283.6% above this industry median. Based on the distribution chart, Vulcabras ranks #41 out of 1039 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers. Overall, Vulcabras has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Vulcabras' Operating Margin % compare to NKE and DECK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Vulcabras ranks #41 out of 1039 companies for Operating Margin %. This places Vulcabras in the top 4% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 4.09. Vulcabras' value of 15.69% is 283.6% above this benchmark. Historically, Vulcabras' own Operating Margin % has ranged from 3.11 to 21.10 over the past decade. While the company's 10-year median is 16.76 vs. the industry median of 4.09, Vulcabras has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for a Manufacturing - Apparel & Accessories company?
The median Operating Margin % among Manufacturing - Apparel & Accessories companies is 4.09, based on 1,039 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Vulcabras's current Operating Margin % of 15.69% is 283.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Vulcabras and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Operating Margin % is 4.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Vulcabras's current Operating Margin % is 15.69%, which is near median its own 10-year median of 16.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vulcabras stock overvalued right now?
Based on GuruFocus' analysis, Vulcabras (BSP:VULC3) is currently considered Modestly Undervalued. The stock's GF Value™ is R$19.70, compared to a current price of R$14.34 — trading 27.2% below its estimated fair value. The current Operating Margin % is 15.69%, which is near median its 10-year median of 16.76 and 283.6% above the Manufacturing - Apparel & Accessories industry median of 4.09. Vulcabras' overall GF Score™ is 91/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Vulcabras (BSP:VULC3), the current Operating Margin % is 15.69% 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 Vulcabras (BSP:VULC3) Overvalued in 2026?
Based on GuruFocus' analysis, Vulcabras stock appears to be undervalued.
The current stock price of R$14.34 is trading 27.2% below its estimated GF Value™ of R$19.70.
GuruFocus considers Vulcabras to be Modestly Undervalued.
Key valuation signals for BSP:VULC3:
Operating Margin %: 15.69% (near median its 10-year median of 16.76)
GF Value™: R$19.70 vs. price of R$14.34 (27.2% below fair value)
Industry Position: 283.6% above the Manufacturing - Apparel & Accessories median (#41 of 1039)
No single metric tells the full story. See the BSP:VULC3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Vulcabras SA is a Brazil-based company engaged in the trading and production of apparel and accessories products, particularly sportswear and professional footwear. The company manages its own brands like Azaleia, Dijean, Olk, Olympikus, Opanka, and Vulcabras, as well as third-party brands like Mizuno and Under Armour. Along with its subsidiaries, it operates in the segment of production and sale of synthetic footwear for the domestic and foreign markets. The majority of the group's revenue is generated from the sale of sports shoes. Geographically, it derives maximum revenue from the domestic market.
91GF Score
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