Merlin Properties SOCIMIMRPRF +0.56%81 Operating Margin % is 67.93% as of Mar. 2026, which is 10% below its 10-year median of 75.54. GuruFocus rates MRPRF with a GF Score™ of 81/100 and a GF Value™ of $12.56 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 750 REITs companies, Merlin Properties SOCIMI ranks better than 79.73% on this metric.
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.
Merlin Properties SOCIMI Operating Margin % Related Terms
Merlin Properties SOCIMI Operating Margin % Historical Data
* 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.
MRPRF vs BXP, ARE, VNO: Operating Margin % Comparison
For the REIT - Office subindustry, Merlin Properties SOCIMI'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.
Merlin Properties SOCIMI Operating Margin % vs REITs Industry
For the REITs industry and Real Estate sector, Merlin Properties SOCIMI's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Merlin Properties SOCIMI'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.
Merlin Properties SOCIMI'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.
Merlin Properties SOCIMI (MRPRF) has a Operating Margin % of 67.93% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Merlin Properties SOCIMI and its competitors. This is 10% below median its historical median of 75.54. Over the past decade, Merlin Properties SOCIMI's Operating Margin % has ranged from 72.13 to 82.04. According to the industry distribution chart, Merlin Properties SOCIMI ranks #152 out of 750 companies in the REITs industry, placing it in the top 20.3%.
Is Merlin Properties SOCIMI's Operating Margin % too high?
Merlin Properties SOCIMI's current Operating Margin % of 67.93% is 10% below median its 10-year median of 75.54. Over the past 10 years, this metric has ranged from a low of 72.13 to a high of 82.04. The REITs industry median Operating Margin % is 52.67. Merlin Properties SOCIMI's value of 67.93% is 29% above this industry median. Based on the distribution chart, Merlin Properties SOCIMI ranks #152 out of 750 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Merlin Properties SOCIMI has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Merlin Properties SOCIMI's Operating Margin % compare to BXP and ARE?
According to the REITs industry distribution chart, Merlin Properties SOCIMI ranks #152 out of 750 companies for Operating Margin %. This places Merlin Properties SOCIMI in the top 20% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 52.67. Merlin Properties SOCIMI's value of 67.93% is 29% above this benchmark. Historically, Merlin Properties SOCIMI's own Operating Margin % has ranged from 72.13 to 82.04 over the past decade. While the company's 10-year median is 75.54 vs. the industry median of 52.67, Merlin Properties SOCIMI 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 REITs company?
The median Operating Margin % among REITs companies is 52.67, based on 750 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. Merlin Properties SOCIMI's current Operating Margin % of 67.93% is 29% 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 Merlin Properties SOCIMI and its competitors. For the REITs industry, the median Operating Margin % is 52.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merlin Properties SOCIMI's current Operating Margin % is 67.93%, which is 10% below median its own 10-year median of 75.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merlin Properties SOCIMI stock overvalued right now?
Based on GuruFocus' analysis, Merlin Properties SOCIMI (MRPRF) is currently considered Significantly Overvalued. The stock's GF Value™ is $12.56, compared to a current price of $17.90 — trading 42.5% above its estimated fair value. The current Operating Margin % is 67.93%, which is 10% below median its 10-year median of 75.54 and 29% above the REITs industry median of 52.67. Merlin Properties SOCIMI's overall GF Score™ is 81/100 with 7 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 Merlin Properties SOCIMI (MRPRF), the current Operating Margin % is 67.93% 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 Merlin Properties SOCIMI (MRPRF) Overvalued in 2026?
Based on GuruFocus' analysis, Merlin Properties SOCIMI stock appears to be overvalued.
The current stock price of $17.90 is trading 42.5% above its estimated GF Value™ of $12.56.
GuruFocus considers Merlin Properties SOCIMI to be Significantly Overvalued.
Key valuation signals for MRPRF:
Operating Margin %: 67.93% (10% below median its 10-year median of 75.54)
GF Value™: $12.56 vs. price of $17.90 (42.5% above fair value)
Industry Position: 29% above the REITs median (#152 of 750)
No single metric tells the full story. See the MRPRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Merlin Properties is Spain's largest listed SOCIMI/REIT, managing a EUR 12.6 billion portfolio across offices, logistics, shopping centers, and data centers. Over the coming years, it will bring 730 MW of data center capacity online, increasing its gross rental income contribution from just 6% in 2025 to 65% by 2032. Its total GRI will more than triple to EUR 1.8 billion, driven by this "Mega" plan. Additionally, it has a pipeline of 4.4 GW worth of land at varying stages of readiness it can develop.
81GF Score
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