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Kcell JSCXKAZ:KCEL +0.22%57 Operating Margin % is 19.20% as of Mar. 2026, which is 14% below its 10-year median of 22.44. GuruFocus rates XKAZ:KCEL with a GF Score™ of 57/100 and a GF Value™ of ₸3,652.09 (Modestly Undervalued). The stock has 9 warning signs investors should review. Among 364 Telecommunication Services companies, Kcell JSC ranks better than 72.8% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Kcell JSC's Operating Income for the
three
months ended in Mar. 2026 was ₸12,870 Mil. Kcell JSC's Revenue for the
three
months ended in Mar. 2026 was ₸67,028 Mil. Therefore, Kcell JSC's Operating Margin % for the quarter that ended in Mar. 2026 was 19.20%.
Warning Sign:
Kcell JSC operating margin has been in a 5-year decline. The average rate of decline per year is -9.6%.
The historical rank and industry rank for Kcell JSC's Operating Margin % or its related term are showing as below:
XKAZ:KCEL'
s Operating Margin % Range Over the Past 10 Years
Min: 15.01 Med: 22.44 Max: 30.3
Current: 18.87
XKAZ:KCEL's Operating Margin % is ranked better than 72.8% of 364
companies
in the Telecommunication Services industry
Industry Median: 9.725
vs XKAZ:KCEL: 18.87
Kcell JSC's 5-Year Average Operating Margin % Growth Rate was -9.60% per year.
Kcell JSC's Operating Income for the
three
months ended in Mar. 2026 was ₸12,870 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₸49,582 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.
Kcell JSC Operating Margin % Related Terms
Kcell JSC Operating Margin % Historical Data
* Premium members only.
The historical data trend for Kcell JSC'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.
XKAZ:KCEL vs VZ, TMUS, T: Operating Margin % Comparison
For the Telecom Services subindustry, Kcell JSC'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.
Kcell JSC Operating Margin % vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Kcell JSC's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Kcell JSC'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.
Kcell JSC'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.
Kcell JSC (XKAZ:KCEL) has a Operating Margin % of 19.20% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Kcell JSC and its competitors. This is 14% below median its historical median of 22.44. Over the past decade, Kcell JSC's Operating Margin % has ranged from 15.01 to 30.30. According to the industry distribution chart, Kcell JSC ranks #99 out of 364 companies in the Telecommunication Services industry, placing it in the top 27.2%.
Is Kcell JSC's Operating Margin % too high?
Kcell JSC's current Operating Margin % of 19.20% is 14% below median its 10-year median of 22.44. Over the past 10 years, this metric has ranged from a low of 15.01 to a high of 30.30. The Telecommunication Services industry median Operating Margin % is 9.73. Kcell JSC's value of 19.20% is 97.4% above this industry median. Based on the distribution chart, Kcell JSC ranks #99 out of 364 companies in the Telecommunication Services industry, which is above the industry midpoint. Overall, Kcell JSC has a GF Score™ of 57/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kcell JSC's Operating Margin % compare to VZ and TMUS?
According to the Telecommunication Services industry distribution chart, Kcell JSC ranks #99 out of 364 companies for Operating Margin %. This puts Kcell JSC in the upper half of its industry. The industry median Operating Margin % is 9.73. Kcell JSC's value of 19.20% is 97.4% above this benchmark. Historically, Kcell JSC's own Operating Margin % has ranged from 15.01 to 30.30 over the past decade. While the company's 10-year median is 22.44 vs. the industry median of 9.73, Kcell JSC 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 Telecommunication Services company?
The median Operating Margin % among Telecommunication Services companies is 9.73, based on 364 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. Kcell JSC's current Operating Margin % of 19.20% is 97.4% 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 Kcell JSC and its competitors. For the Telecommunication Services industry, the median Operating Margin % is 9.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kcell JSC's current Operating Margin % is 19.20%, which is 14% below median its own 10-year median of 22.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kcell JSC stock overvalued right now?
Based on GuruFocus' analysis, Kcell JSC (XKAZ:KCEL) is currently considered Modestly Undervalued. The stock's GF Value™ is ₸3,652.09, compared to a current price of ₸3,235.98 — trading 11.4% below its estimated fair value. The current Operating Margin % is 19.20%, which is 14% below median its 10-year median of 22.44 and 97.4% above the Telecommunication Services industry median of 9.73. Kcell JSC's overall GF Score™ is 57/100 with 9 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 Kcell JSC (XKAZ:KCEL), the current Operating Margin % is 19.20% 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 Kcell JSC (XKAZ:KCEL) Overvalued in 2026?
Based on GuruFocus' analysis, Kcell JSC stock appears to be undervalued.
The current stock price of ₸3,235.98 is trading 11.4% below its estimated GF Value™ of ₸3,652.09.
GuruFocus considers Kcell JSC to be Modestly Undervalued.
Key valuation signals for XKAZ:KCEL:
Operating Margin %: 19.20% (14% below median its 10-year median of 22.44)
GF Value™: ₸3,652.09 vs. price of ₸3,235.98 (11.4% below fair value)
Industry Position: 97.4% above the Telecommunication Services median (#99 of 364)
No single metric tells the full story. See the XKAZ:KCEL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kcell JSC is a Kazakhstan-based company. It is engaged in providing mobile telecommunications services to both individuals and organizations including voice, SMS, MMS and data transmission. It offers Internet access and value-added services, including mobile content. The company is involved in designing, constructing and operating a cellular telecommunications network in the Republic of Kazakhstan using GSM (Global System for Mobile Communications) standard. It operates its business through Kcell which targets the mass market, corporate subscribers, public organizations as well as high-net-worth individuals. The company generates revenue from the sale of voice and other services, data service, handsets, and value-added services.
57GF Score
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