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San MiguelPHS:SMC 76 Pretax Margin % is 6.20% as of Mar. 2026, which is 12% below its 10-year median of 7.07. GuruFocus rates PHS:SMC with a GF Score™ of 76/100 and a GF Value™ of ₱82.74 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 554 Conglomerates companies, San Miguel ranks worse than 51.62% on this metric.
Pre-Tax margin is calculated as Pre-Tax Income divided by its Revenue. San Miguel's Pre-Tax Income for the
three
months ended in Mar. 2026 was ₱26,549 Mil. San Miguel's Revenue for the
three
months ended in Mar. 2026 was ₱428,321 Mil. Therefore, San Miguel's pretax margin for the quarter that ended in Mar. 2026 was 6.20%.
The historical rank and industry rank for San Miguel's Pretax Margin % or its related term are showing as below:
PHS:SMC'
s Pretax Margin % Range Over the Past 10 Years
Min: 2.66 Med: 7.07 Max: 9.83
Current: 6.31
PHS:SMC's Pretax Margin % is ranked worse than 51.62% of 554
companies
in the Conglomerates industry
Industry Median: 6.58
vs PHS:SMC: 6.31
San Miguel (PHS:SMC) Pretax Margin % Explanation
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.
San Miguel Pretax Margin % Related Terms
San Miguel Pretax Margin % Historical Data
* Premium members only.
The historical data trend for San Miguel's Pretax 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.
For the Conglomerates subindustry, San Miguel'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.
San Miguel Pretax Margin % vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, San Miguel's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where San Miguel'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.
San Miguel (PHS:SMC) has a Pretax Margin % of 6.20% as of Mar. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on San Miguel and its competitors. This is 12% below median its historical median of 7.07. Over the past decade, San Miguel's Pretax Margin % has ranged from 2.66 to 9.83. According to the industry distribution chart, San Miguel ranks #286 out of 554 companies in the Conglomerates industry, placing it in the top 51.6%.
Is San Miguel's Pretax Margin % too high?
San Miguel's current Pretax Margin % of 6.20% is 12% below median its 10-year median of 7.07. Over the past 10 years, this metric has ranged from a low of 2.66 to a high of 9.83. The Conglomerates industry median Pretax Margin % is 6.58. San Miguel's value of 6.20% is 5.8% below this industry median. Based on the distribution chart, San Miguel ranks #286 out of 554 companies in the Conglomerates industry, which is below the industry midpoint. Overall, San Miguel has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does San Miguel's Pretax Margin % compare to HON and MMM?
According to the Conglomerates industry distribution chart, San Miguel ranks #286 out of 554 companies for Pretax Margin %. This places San Miguel in the lower half of its industry. The industry median Pretax Margin % is 6.58. San Miguel's value of 6.20% is 5.8% below this benchmark. Historically, San Miguel's own Pretax Margin % has ranged from 2.66 to 9.83 over the past decade. While the company's 10-year median is 7.07 vs. the industry median of 6.58, San Miguel has consistently been below 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 Conglomerates company?
The median Pretax Margin % among Conglomerates companies is 6.58, based on 554 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. San Miguel's current Pretax Margin % of 6.20% is 5.8% below 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 San Miguel and its competitors. For the Conglomerates industry, the median Pretax Margin % is 6.58 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. San Miguel's current Pretax Margin % is 6.20%, which is 12% below median its own 10-year median of 7.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is San Miguel stock overvalued right now?
Based on GuruFocus' analysis, San Miguel (PHS:SMC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱82.74, compared to a current price of ₱65.00 — trading 21.4% below its estimated fair value. The current Pretax Margin % is 6.20%, which is 12% below median its 10-year median of 7.07 and 5.8% below the Conglomerates industry median of 6.58. San Miguel's overall GF Score™ is 76/100 with 5 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 San Miguel (PHS:SMC), the current Pretax Margin % is 6.20% 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 San Miguel (PHS:SMC) Overvalued in 2026?
Based on GuruFocus' analysis, San Miguel stock appears to be undervalued.
The current stock price of ₱65.00 is trading 21.4% below its estimated GF Value™ of ₱82.74.
GuruFocus considers San Miguel to be Modestly Undervalued.
Key valuation signals for PHS:SMC:
Pretax Margin %: 6.20% (12% below median its 10-year median of 7.07)
GF Value™: ₱82.74 vs. price of ₱65.00 (21.4% below fair value)
Industry Position: 5.8% below the Conglomerates median (#286 of 554)
No single metric tells the full story. See the PHS:SMC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
San Miguel Corp, through its subsidiaries, operates in various reportable business segments, including food and beverage, packaging, energy, fuel and oil, infrastructure, cement, and real estate property management and development. Maximum revenue is generated from the fuel and oil segment, which is engaged in refining crude oil and marketing and distribution of refined petroleum products.
76GF Score
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