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Emaar Development (EMAARDEV) AED

Emaar Development PJSC develops and sells residential and commercial properties in the United Arab Emirates, primarily as a subsidiary of Emaar Properties. It also provides development management services and engages in related construction and real estate activities.

At a glance: strengths & risks
✓Revenue growing (+32% y/y, Q2 2026)✓Profit growing (+44% y/y, Q2 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 0.6 vs avg 3.8)

Sector: Real estate development

AE_EMAARDEV

Price chart

12.5 AEDDay -2.19%

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
12.5 AED · -2.19%
Market cap
50.0 bn AED

Growth

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

Multiples

P/E (LTM)
3.8x
3y avg: 5.7x
P/B (FY)
1.2x
P/E (ann.)
4.7x
EV/EBITDA (LTM)
0.6x
3y avg: 3.8x
EV/EBITDA (ann.)
0.7x

Cash return

Dividend yield
8.2%
FCF yield (LTM)
34.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+61.1%
↓ details

Liquidity

Daily turnover (listing)
14.2 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%
2.90.089.4
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%-18.4Report (PDF)
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

Net debt structure (leases included, IFRS 16) 2023-12-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents18 422
Net debt-18 422

Net debt / LTM EBITDA: -1.2x

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%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) (AED mln)

02 0004 0006 0008 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): 1.29x 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.

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 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: +61.1%

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)
= (50 000 + -41 117) ÷ 15 147
0.6x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (0.6 + 10) ÷ 2
5.3x
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 × 5.3 + 8 728) ÷ 50 000
+61.1%

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 3.8x (price to trailing 12-month earnings).
What is Emaar Development (EMAARDEV)'s EV/EBITDA?
Emaar Development (EMAARDEV) trades at 0.6x EV/EBITDA.
What is Emaar Development (EMAARDEV)'s P/B ratio?
Emaar Development (EMAARDEV) trades at a P/B of 1.2x.
What is Emaar Development (EMAARDEV)'s dividend yield?
Emaar Development (EMAARDEV)'s trailing 12-month dividend yield is 8.2%.
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 50.0 bn AED.

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