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Emaar Development (EMAARDEV) AED

At a glance: strengths & risks
✓Revenue growing (+44%)✓Profit growing (+48%)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 0.8 vs avg 2.2)

Sector: Real estate development

AE_EMAARDEV

Price chart

13.1 AEDDay -3.68%

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
13.1 AED · -3.68%
Market cap
53.2 bn AED

Growth

Δ revenue y/y
32.1%
Δ EBITDA y/y
37.4%

Multiples

P/E (LTM)
4.1x
3y avg: 5.7x
P/B (FY)
1.3x
P/E (ann.)
5.0x
EV/EBITDA (LTM)
0.8x
3y avg: 2.2x
EV/EBITDA (ann.)
0.9x

Cash return

Dividend yield
7.6%
FCF yield (LTM)
16.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+58.2%
↓ details

Liquidity

Daily turnover (listing)
19.1 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)OK6.5
y/y 32.1%
3.2
y/y 37.7%
0.0
y/y -50.9%
3.2
y/y 37.4%
2.6
y/y 43.6%
-2.30.089.4
y/y 32.6%
44.0
y/y 35.0%
24.9%-41.1Link
2026-03-31Q1 2026 (3M)OK6.9
y/y 36.5%
3.2
y/y 34.9%
0.0
y/y 27.6%
3.2
y/y 34.9%
2.9
y/y 52.4%
5.10.089.1
y/y 38.2%
40.8
y/y 30.5%
28.5%-46.8Link
2025-12-31Q4 2025 (3M)OK9.8
y/y 47.6%
4.9
y/y 48.9%
0.0
y/y 60.4%
4.9
y/y 48.9%
4.3
y/y 40.7%
5.90.080.9
y/y 36.1%
41.3
y/y 30.6%
29.4%-41.3Link
2025-09-30Q3 2025 (3M)OK7.7
y/y 50.1%
3.8
y/y 49.5%
0.0
y/y -6.8%
3.8
y/y 49.4%
3.2
y/y 57.1%
3.10.072.4
y/y 15.8%
35.8
y/y 17.9%
12.7%-35.1Link
2025-06-30Q2 2025 (3M)OK4.9
y/y 28.0%
2.3
y/y 41.8%
0.0
y/y 211.0%
2.3
y/y 42.0%
1.8
y/y 52.2%
6.00.067.4
y/y 15.9%
32.6
y/y 17.6%
23.0%-32.4Link
2025-03-31Q1 2025 (3M)OK5.0
y/y 43.3%
2.4
y/y 52.0%
0.0
y/y 0.8%
2.4
y/y 52.0%
1.9
y/y 48.3%
6.00.064.5
y/y 18.0%
31.2
y/y 10.9%
24.4%-29.8Link
2024-12-31Q4 2024 (3M)OK6.7
y/y 46.5%
3.3
y/y -0.6%
0.0
y/y 1.5%
3.3
y/y -0.6%
3.1
y/y 19.2%
2.90.059.4
y/y 21.6%
31.6
y/y 19.4%
24.6%-23.6Link
2024-09-30Q3 2024 (3M)OK5.1
y/y 76.4%
2.5
y/y 22.2%
0.0
y/y -53.1%
2.5
y/y 22.0%
2.1
y/y 9.9%
4.20.062.6
y/y 38.3%
30.4
y/y 33.5%
9.5%-27.3Link
2024-06-30Q2 2024 (3M)OK3.8
y/y 84.2%
1.6
y/y 115.6%
0.0
y/y -37.4%
1.6
y/y 115.0%
1.2
y/y 8.0%
4.00.058.2
y/y 31.2%
27.7
y/y 35.5%
17.3%-23.7Link
2024-03-31Q1 2024 (3M)OK3.5
y/y 47.7%
1.6
y/y 45.9%
0.0
y/y -4.7%
1.6
y/y 45.8%
1.3
y/y 22.2%
-0.20.054.6
y/y 27.3%
28.2
y/y 32.3%
18.9%-20.4Link
2023-12-31Q4 2023 (3M)OK4.6
y/y —
3.3
y/y —
0.0
y/y —
3.3
y/y —
2.6
y/y —
0.40.048.9
y/y —
26.5
y/y —
26.9%-18.4Link
2023-09-30Q3 2023 (3M)OK2.9
y/y —
2.1
y/y —
0.0
y/y —
2.1
y/y —
1.9
y/y —
2.40.045.2
y/y —
22.7
y/y —
11.6%-17.5Link
2023-06-30Q2 2023 (3M)OK2.1
y/y —
0.8
y/y —
0.0
y/y —
0.8
y/y —
1.1
y/y —
3.70.044.3
y/y —
20.5
y/y —
21.4%-15.2Link
2023-03-31Q1 2023 (3M)OK2.4
y/y —
1.1
y/y —
0.0
y/y —
1.1
y/y —
1.1
y/y —
3.20.042.9
y/y —
21.3
y/y —
—-12.9Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AED mln)

02 0004 0006 0008 00010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (AED mln)

02 0004 0006 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (AED mln)

-50 000-40 000-30 000-20 000-10 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 1.67x of reported net profit; after capex, 1.67x.
year2022202320242025
cash flow / profit2.26x1.47x1.44x1.86x
accruals, % of assets-11.3%-6.4%-5.6%-12.0%
Last twelve months (to 2026-06-30): 0.90x of profit came back as operating cash flow.
net debt / EBITDA -3.1x · capex 0.4x 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.

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 bn
Q1 2025
backlog 'crossed AED 100bn'
16.5100.0
H1 202540.6117.7
Q1 2026
+22% YoY
20.1—

Source: Emaar press releases (Q1 2026, Q1 2025, FY announcements)

Fundamental value creation

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

Value created per year: +58.3%

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)
= (3 220 − 2 343) × 4.70
4 127
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (53 200 + -41 117) ÷ 15 147
0.8x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (0.8 + 10) ÷ 2
5.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 8 728 + 0 + 0 − 0
8 728
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (4 127 × 5.4 + 8 728) ÷ 53 200
+58.3%

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 decelerating ▼
Last-year revenue growth +44% vs +61% the year before — a -17.1 pp move. 3-year CAGR +34%.
revenue growth by year: 2023 +3% · 2024 +61% · 2025 +44%
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)
2025-04-040.68 AEDEx-dividend: 0.68 AED per sharePaidYahoo Finance (ex-div)
2024-05-020.52 AEDEx-dividend: 0.52 AED per sharePaidYahoo Finance (ex-div)
2023-04-270.52 AEDEx-dividend: 0.52 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=EMAARDEV

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 Development (EMAARDEV) — from primary filings.

Frequently asked questions

What is Emaar Development (EMAARDEV)'s P/E ratio?
Emaar Development (EMAARDEV) trades at a P/E of 4.1x (price to trailing 12-month earnings).
What is Emaar Development (EMAARDEV)'s EV/EBITDA?
Emaar Development (EMAARDEV) trades at 0.8x EV/EBITDA.
What is Emaar Development (EMAARDEV)'s P/B ratio?
Emaar Development (EMAARDEV) trades at a P/B of 1.3x.
What is Emaar Development (EMAARDEV)'s dividend yield?
Emaar Development (EMAARDEV)'s trailing 12-month dividend yield is 7.6%.
What is Emaar Development (EMAARDEV)'s return on equity (ROE)?
Emaar Development (EMAARDEV)'s ROE is 24.9%.
What is Emaar Development (EMAARDEV)'s market capitalization?
Emaar Development (EMAARDEV)'s market cap is 53.2 bn AED.

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