Merlin Properties SOCIMIMRPRF +0.56%77 Pretax Margin % is 53.66% as of Mar. 2026, which is 51% below its 10-year median of 110.02. GuruFocus rates MRPRF with a GF Score™ of 77/100 and a GF Value™ of $12.56 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 927 REITs companies, Merlin Properties SOCIMI ranks better than 93.2% on this metric.
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
Merlin Properties SOCIMI Pretax Margin % Related Terms
Merlin Properties SOCIMI Pretax 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: Pretax Margin % Comparison
For the REIT - Office subindustry, Merlin Properties SOCIMI's Pretax Margin %, along with its competitors' market caps and Pretax 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 Pretax Margin % vs REITs Industry
For the REITs industry and Real Estate sector, Merlin Properties SOCIMI's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where Merlin Properties SOCIMI's Pretax Margin % falls into.
* 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 Pretax Margin % of 53.66% as of Mar. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Merlin Properties SOCIMI and its competitors. This is 51% below median its historical median of 110.02. According to the industry distribution chart, Merlin Properties SOCIMI ranks #63 out of 927 companies in the REITs industry, placing it in the top 6.8%.
Is Merlin Properties SOCIMI's Pretax Margin % too high?
Merlin Properties SOCIMI's current Pretax Margin % of 53.66% is 51% below median its 10-year median of 110.02. The REITs industry median Pretax Margin % is 46.93. Merlin Properties SOCIMI's value of 53.66% is 14.3% above this industry median. Based on the distribution chart, Merlin Properties SOCIMI ranks #63 out of 927 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 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Merlin Properties SOCIMI's Pretax Margin % compare to BXP and ARE?
According to the REITs industry distribution chart, Merlin Properties SOCIMI ranks #63 out of 927 companies for Pretax Margin %. This places Merlin Properties SOCIMI in the top 7% of its industry — outperforming the majority of peers. The industry median Pretax Margin % is 46.93. Merlin Properties SOCIMI's value of 53.66% is 14.3% above this benchmark. While the company's 10-year median is 110.02 vs. the industry median of 46.93, 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 Pretax Margin % for a REITs company?
The median Pretax Margin % among REITs companies is 46.93, based on 927 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Merlin Properties SOCIMI's current Pretax Margin % of 53.66% is 14.3% 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 Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Merlin Properties SOCIMI and its competitors. For the REITs industry, the median Pretax Margin % is 46.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merlin Properties SOCIMI's current Pretax Margin % is 53.66%, which is 51% below median its own 10-year median of 110.02. 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 Pretax Margin % is 53.66%, which is 51% below median its 10-year median of 110.02 and 14.3% above the REITs industry median of 46.93. Merlin Properties SOCIMI's overall GF Score™ is 77/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For Merlin Properties SOCIMI (MRPRF), the current Pretax Margin % is 53.66% 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:
Pretax Margin %: 53.66% (51% below median its 10-year median of 110.02)
GF Value™: $12.56 vs. price of $17.90 (42.5% above fair value)
Industry Position: 14.3% above the REITs median (#63 of 927)
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.
77GF Score
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