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Emaar Properties AED

At a glance: strengths & risks
✓Revenue growing (+40%)✓Profit growing (+30%)✓Low leverage (0.0x EBITDA)✓Cheaper than own history (EV/EBITDA 3.8 vs avg 5.7)

Sector: Real estate

AE_EMAAR

Price chart

10.8 AEDDay -1.82%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
10.8 AED · -1.82%
Market cap
97.2 bn AED

Growth

Δ revenue y/y
18.2%
Δ EBITDA y/y
15.0%

Multiples

P/E (LTM)
6.9x
3y avg: 7.5x
P/B (FY)
0.9x
P/E (ann.)
6.6x
EV/EBITDA (LTM)
3.8x
3y avg: 5.7x
EV/EBITDA (ann.)
4.5x

Cash return

Dividend yield
9.2%
FCF yield (LTM)
18.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+9.9%
↓ details

Liquidity

Daily turnover (listing)
23.3 mln AED

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B AED, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB AEDOperating profitB AEDD&AB AEDEBITDAB AEDNet profitB AEDOperating CFB AEDCapex + M&AB AEDAssetsB AEDEquityB AEDROE (annualized)Net debtB AEDSource
2026-06-30Q2 2026 (3M)OK11.5
y/y 18.2%
5.1
y/y 16.6%
0.4
y/y -0.7%
5.5
y/y 15.0%
-1.3
y/y 9.0%
-3.50.1193.0
y/y 15.0%
108.9
y/y 15.5%
13.8%2.2Link
2026-03-31Q1 2026 (3M)OK12.4
y/y 22.8%
5.7
y/y 20.3%
0.5
y/y 25.3%
6.2
y/y 20.7%
5.0
y/y 34.7%
7.5-0.3195.3
y/y 16.0%
103.6
y/y 13.4%
18.9%-2.9Link
2025-12-31Q4 2025 (3M)OK16.5
y/y 40.5%
7.6
y/y 38.7%
0.4
y/y 4.2%
8.1
y/y 36.3%
6.1
y/y 23.1%
9.5-0.2186.7
y/y 16.5%
107.7
y/y 12.1%
17.0%0.1Link
2025-09-30Q3 2025 (3M)OK13.3
y/y 41.4%
5.8
y/y 38.1%
0.4
y/y 10.7%
6.2
y/y 35.8%
4.4
y/y 37.4%
5.1-0.4174.7
y/y 16.2%
99.4
y/y 8.6%
6.0%-7.6Link
2025-06-30Q2 2025 (3M)OK9.7
y/y 26.7%
4.4
y/y 31.9%
0.4
y/y 17.9%
4.8
y/y 30.4%
3.4
y/y 39.3%
9.9-0.2167.7
y/y 17.7%
94.3
y/y 8.0%
14.5%-11.6Link
2025-03-31Q1 2025 (3M)OK10.1
y/y 50.2%
4.8
y/y 52.3%
0.4
y/y 6.6%
5.2
y/y 47.4%
3.7
y/y 27.0%
9.0-0.2168.3
y/y 17.8%
91.3
y/y 2.7%
15.8%-15.9Link
2024-12-31Q4 2024 (3M)OK11.7
y/y 39.8%
5.5
y/y 27.5%
0.4
y/y 5.8%
5.9
y/y 25.7%
5.0
y/y 47.1%
7.30.0160.2
y/y 14.9%
96.1
y/y 10.6%
14.4%1.8Link
2024-09-30Q3 2024 (3M)OK9.4
y/y 53.8%
4.2
y/y 11.3%
0.4
y/y -8.5%
4.6
y/y 9.3%
3.2
y/y -3.3%
7.6-0.2150.2
y/y 9.6%
91.5
y/y 11.7%
4.7%-3.6Link
2024-06-30Q2 2024 (3M)OK7.7
y/y 28.5%
3.3
y/y 39.7%
0.4
y/y 0.9%
3.7
y/y 34.5%
2.4
y/y 39.1%
6.9-0.1142.6
y/y 6.9%
87.3
y/y 12.3%
11.0%-1.5Link
2024-03-31Q1 2024 (3M)OK6.7
y/y 6.9%
3.1
y/y 22.6%
0.4
y/y 4.8%
3.5
y/y 20.4%
2.9
y/y -8.9%
2.7-0.1142.8
y/y 7.2%
88.9
y/y 13.8%
13.3%-3.7Link
2023-12-31Q4 2023 (3M)OK8.4
y/y —
4.3
y/y —
0.4
y/y —
4.7
y/y —
3.4
y/y —
3.8-0.1139.4
y/y —
86.8
y/y —
13.8%-2.5Link
2023-09-30Q3 2023 (3M)OK6.1
y/y —
3.8
y/y —
0.4
y/y —
4.2
y/y —
3.3
y/y —
4.7-0.2137.1
y/y —
81.9
y/y —
5.5%0.5Link
2023-06-30Q2 2023 (3M)OK6.0
y/y —
2.4
y/y —
0.4
y/y —
2.7
y/y —
1.7
y/y —
5.8-0.1133.3
y/y —
77.7
y/y —
8.9%2.3Link
2023-03-31Q1 2023 (3M)OK6.3
y/y —
2.6
y/y —
0.4
y/y —
2.9
y/y —
3.2
y/y —
5.5-0.3133.2
y/y —
78.1
y/y —
—4.7Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AED mln)

05 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%20%40%60%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (AED mln)

-5 00005 00010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (AED mln)

-20 000-15 000-10 000-5 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.86x of reported net profit; after capex, 1.81x.
year2022202320242025
cash flow / profit2.77x1.71x1.81x1.90x
accruals, % of assets-9.2%-5.9%-6.9%-8.5%
Last twelve months (to 2026-06-30): 1.31x of profit came back as operating cash flow.
net debt / EBITDA 0.0x · capex 0.5x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Developer operating data

Property sales and revenue backlog from official press releases (AED bn). Backlog = contracted sales not yet recognized as revenue - a 2-3 year forward revenue indicator.

PeriodSales, AED bnBacklog, AED bnRevenue, AED bnEBITDA, AED bn
Q1 2025
from stated YoY growth rates
19.3126.710.1—
Q1 202622.4163.412.47.2

delivered since 2002: 129 100 units · FY25 dividend: AED 8.9 bn

Source: DFM feeds: Emaar Properties Press Release Q1 2026 (11.05.2026)

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +10.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (5 537 − 4 813) × 4.70
3 403
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (97 226 + 2 172) ÷ 26 030
3.8x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (3.8 + 10) ÷ 2
6.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -13 785 + 0 + 0 − 0
-13 785
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (3 403 × 6.9 + -13 785) ÷ 97 226
+10.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +40% vs +33% the year before — a +6.8 pp move. 3-year CAGR +26%.
revenue growth by year: 2023 +7% · 2024 +33% · 2025 +40%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-04-031 AEDEx-dividend: 1 AED per sharePaidYahoo Finance (ex-div)
2025-04-031 AEDEx-dividend: 1 AED per sharePaidYahoo Finance (ex-div)
2024-05-010.5 AEDEx-dividend: 0.5 AED per sharePaidYahoo Finance (ex-div)
2023-04-260.25 AEDEx-dividend: 0.25 AED per sharePaidYahoo Finance (ex-div)
2022-04-290.15 AEDEx-dividend: 0.15 AED per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.dfm.ae/issuers/listed-securities/securities/company-profile-page?securitysymbol=EMAAR

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Emaar Properties — from primary filings.

Frequently asked questions

What is Emaar Properties's P/E ratio?
Emaar Properties trades at a P/E of 6.9x (price to trailing 12-month earnings).
What is Emaar Properties's EV/EBITDA?
Emaar Properties trades at 3.8x EV/EBITDA.
What is Emaar Properties's P/B ratio?
Emaar Properties trades at a P/B of 0.9x.
What is Emaar Properties's dividend yield?
Emaar Properties's trailing 12-month dividend yield is 9.2%.
What is Emaar Properties's return on equity (ROE)?
Emaar Properties's ROE is 13.8%.
What is Emaar Properties's market capitalization?
Emaar Properties's market cap is 97.2 bn AED.

See also: UAE Stocks (2026): Tax-Free Dividends in Dubai and Abu Dhabi · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map