CEZ ASWAR:CEZ -0.28%82 Operating Margin % is 25.96% as of Mar. 2026, which is 44% above its 10-year median of 18.04. GuruFocus rates WAR:CEZ with a GF Score™ of 82/100 and a GF Value™ of zł188.81 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 499 Utilities - Regulated companies, CEZ AS ranks better than 71.74% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. CEZ AS's Operating Income for the
three
months ended in Mar. 2026 was zł3,804 Mil. CEZ AS's Revenue for the
three
months ended in Mar. 2026 was zł14,652 Mil. Therefore, CEZ AS's Operating Margin % for the quarter that ended in Mar. 2026 was 25.96%.
Good Sign:
CEZ AS operating margin is expanding. Margin expansion is usually a good sign.
The historical rank and industry rank for CEZ AS's Operating Margin % or its related term are showing as below:
WAR:CEZ'
s Operating Margin % Range Over the Past 10 Years
Min: 11.39 Med: 18.04 Max: 25.69
Current: 23.15
WAR:CEZ's Operating Margin % is ranked better than 71.74% of 499
companies
in the Utilities - Regulated industry
Industry Median: 14.97
vs WAR:CEZ: 23.15
CEZ AS's 5-Year Average Operating Margin % Growth Rate was 8.50% per year.
CEZ AS's Operating Income for the
three
months ended in Mar. 2026 was zł3,804 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was zł13,024 Mil.
Warning Sign:
CEZ AS has recorded a loss in operating income at least once over the past 3 years.
CEZ AS (WAR:CEZ) Operating Margin % Explanation
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.
CEZ AS Operating Margin % Related Terms
CEZ AS Operating Margin % Historical Data
* Premium members only.
The historical data trend for CEZ AS'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.
WAR:CEZ vs NEE, SO, DUK: Operating Margin % Comparison
For the Utilities - Regulated Electric subindustry, CEZ AS'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.
CEZ AS Operating Margin % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, CEZ AS's Operating Margin % distribution charts can be found below:
* The bar in red indicates where CEZ AS'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.
CEZ AS'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.
CEZ AS (WAR:CEZ) has a Operating Margin % of 25.96% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on CEZ AS and its competitors. This is 44% above median its historical median of 18.04. Over the past decade, CEZ AS's Operating Margin % has ranged from 11.39 to 25.69. According to the industry distribution chart, CEZ AS ranks #141 out of 499 companies in the Utilities - Regulated industry, placing it in the top 28.3%.
Is CEZ AS's Operating Margin % too high?
CEZ AS's current Operating Margin % of 25.96% is 44% above median its 10-year median of 18.04. Over the past 10 years, this metric has ranged from a low of 11.39 to a high of 25.69. The Utilities - Regulated industry median Operating Margin % is 14.97. CEZ AS's value of 25.96% is 73.4% above this industry median. Based on the distribution chart, CEZ AS ranks #141 out of 499 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, CEZ AS has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CEZ AS's Operating Margin % compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, CEZ AS ranks #141 out of 499 companies for Operating Margin %. This puts CEZ AS in the upper half of its industry. The industry median Operating Margin % is 14.97. CEZ AS's value of 25.96% is 73.4% above this benchmark. Historically, CEZ AS's own Operating Margin % has ranged from 11.39 to 25.69 over the past decade. While the company's 10-year median is 18.04 vs. the industry median of 14.97, CEZ AS 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 an Utilities - Regulated company?
The median Operating Margin % among Utilities - Regulated companies is 14.97, based on 499 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. CEZ AS's current Operating Margin % of 25.96% is 73.4% 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 CEZ AS and its competitors. For the Utilities - Regulated industry, the median Operating Margin % is 14.97 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CEZ AS's current Operating Margin % is 25.96%, which is 44% above median its own 10-year median of 18.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CEZ AS stock overvalued right now?
Based on GuruFocus' analysis, CEZ AS (WAR:CEZ) is currently considered Modestly Overvalued. The stock's GF Value™ is zł188.81, compared to a current price of zł211.60 — trading 12.1% above its estimated fair value. The current Operating Margin % is 25.96%, which is 44% above median its 10-year median of 18.04 and 73.4% above the Utilities - Regulated industry median of 14.97. CEZ AS's overall GF Score™ is 82/100 with 6 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 CEZ AS (WAR:CEZ), the current Operating Margin % is 25.96% 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 CEZ AS (WAR:CEZ) Overvalued in 2026?
Based on GuruFocus' analysis, CEZ AS stock appears to be overvalued.
The current stock price of zł211.60 is trading 12.1% above its estimated GF Value™ of zł188.81.
GuruFocus considers CEZ AS to be Modestly Overvalued.
Key valuation signals for WAR:CEZ:
Operating Margin %: 25.96% (44% above median its 10-year median of 18.04)
GF Value™: zł188.81 vs. price of zł211.60 (12.1% above fair value)
Industry Position: 73.4% above the Utilities - Regulated median (#141 of 499)
No single metric tells the full story. See the WAR:CEZ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CEZ AS is a Czech energy company of which the government of the Czech Republic is the majority shareholder. The core business of the company is the generation, distribution, trade, and sale of electricity and heat, coal mining, trading in commodities and provision of complex energy services, distribution, trade, and sale of natural gas, and the provision of telecommunications services. Total energy production is mainly split between facilities utilizing thermal and nuclear inputs. CEZ segments comprise Generation; Distribution; Sales and Mining. The group operates mainly in Czechia and in Central and Western European markets.
82GF Score
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