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Spinneys AED

At a glance: strengths & risks
✓Revenue growing (+13%)✓Profit growing (+12%)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 5.2 vs avg 8.3)

Sector: Grocery retail

AE_SPINNEYS

Price chart

1.31 AEDDay 3.15%

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
1.31 AED · 3.15%
Market cap
4.6 bn AED

Growth

Δ revenue y/y
-1.6%
Δ EBITDA y/y
0.6%

Multiples

P/E (LTM)
13.1x
3y avg: 17.3x
P/B (FY)
11.3x
P/E (ann.)
12.6x
EV/EBITDA (LTM)
5.2x
3y avg: 8.3x
EV/EBITDA (ann.)
5.1x

Cash return

Dividend yield
5.3%
FCF yield (LTM)
16.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+17.0%
↓ details

Liquidity

Daily turnover (listing)
1.7 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 M 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.

DatePeriodStatusRevenueM AEDOperating profitM AEDD&AM AEDEBITDAM AEDNet profitM AEDOperating CFM AEDCapex + M&AM AEDAssetsM AEDEquityM AEDROE (annualized)Net debtM AEDSource
2026-06-30Q2 2026 (3M)OK895.1
y/y -1.6%
107.0
y/y -0.0%
76.2
y/y 1.5%
183.1
y/y 0.6%
90.6
y/y 5.7%
166.73.92497.8
y/y 8.0%
449.4
y/y 21.7%
89.5%-837.9Link
2026-03-31Q1 2026 (3M)OK1014.2
y/y 11.9%
105.6
y/y 0.9%
76.8
y/y 7.4%
182.4
y/y 3.6%
91.6
y/y 3.4%
157.8-25.52426.9
y/y 6.0%
360.7
y/y 27.1%
95.6%-119.7Link
2025-12-31Q4 2025 (3M)OK1053.4
y/y 13.7%
149.7
y/y 8.7%
75.2
y/y 14.4%
224.9
y/y 10.6%
123.8
y/y 10.5%
297.0-36.22435.8
y/y 11.1%
405.8
y/y 35.6%
99.0%-103.5Link
2025-09-30Q3 2025 (3M)OK777.3
y/y 10.8%
56.3
y/y 18.6%
73.9
y/y 10.1%
130.2
y/y 13.6%
43.2
y/y 8.9%
97.0-35.82226.9
y/y 12.1%
284.0
y/y 46.9%
17.7%-72.8Link
2025-06-30Q2 2025 (3M)OK909.7
y/y 16.2%
107.0
y/y 22.6%
75.0
y/y 15.6%
182.0
y/y 19.6%
85.7
y/y 13.8%
210.3-30.72312.6
y/y 10.5%
369.2
y/y 42.0%
105.0%-99.4Link
2025-03-31Q1 2025 (3M)OK906.5
y/y 11.3%
104.7
y/y 16.4%
71.5
y/y 23.5%
176.1
y/y 19.2%
88.6
y/y 14.7%
175.6-21.72289.0
y/y 15.5%
283.8
y/y 50.5%
121.6%-236.3Link
2024-12-31Q4 2024 (3M)OK926.7
y/y 14.8%
137.7
y/y 12.5%
65.8
y/y 56.4%
203.4
y/y 23.7%
112.0
y/y 16.0%
246.6-39.92192.8
y/y 18.2%
299.2
y/y 163.2%
123.5%-53.9Link
2024-09-30Q3 2024 (3M)OK701.4
y/y 14.9%
47.5
y/y 13.1%
67.1
y/y 7.5%
114.6
y/y 9.8%
39.7
y/y 24.7%
-10.2-15.41987.2
y/y —
193.3
y/y —
23.4%-110.1Link
2024-06-30Q2 2024 (3M)OK782.8
y/y 8.9%
87.3
y/y 20.0%
64.9
y/y -1.2%
152.2
y/y 9.9%
75.3
y/y 22.4%
161.4-36.12092.7
y/y —
260.1
y/y —
134.3%-195.3Link
2024-03-31Q1 2024 (3M)OK814.8
y/y 10.9%
89.9
y/y 21.6%
57.9
y/y -6.6%
147.8
y/y 8.7%
77.2
y/y 16.6%
188.6-22.41981.8
y/y —
188.5
y/y 456.1%
204.4%-262.7Link
2023-12-31Q4 2023 (3M)OK807.1
y/y —
122.4
y/y —
42.0
y/y —
164.4
y/y —
96.6
y/y —
414.8-36.21855.6
y/y —
113.7
y/y —
—-346.9Link
2023-09-30Q3 2023 (3M)PARTIAL610.5
y/y —
42.0
y/y —
62.4
y/y —
104.4
y/y —
31.8
y/y —
94.8-21.5—
y/y —
—
y/y —
—-346.9Link
2023-06-30Q2 2023 (3M)PARTIAL718.6
y/y —
72.7
y/y —
65.7
y/y —
138.4
y/y —
61.5
y/y —
160.5-19.0—
y/y —
—
y/y —
—-346.9Link
2023-03-31Q1 2023 (3M)PARTIAL734.9
y/y —
74.0
y/y —
62.0
y/y —
136.0
y/y —
66.2
y/y —
101.3-12.6—
y/y —
33.9
y/y —
—-346.9Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AED mln)

02505007501 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-10%0%10%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (AED mln)

-200-10001002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (AED mln)

-1 000-800-600-400-20002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 2.29x of reported net profit; after capex, 1.92x.
year202320242025
cash flow / profit3.01x1.93x2.29x
accruals, % of assets-27.8%-12.9%-18.0%
Last twelve months (to 2026-06-30): 2.06x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · capex 0.4x of depreciation
● Capex is 42% of depreciation - the asset base is being consumed faster than replaced.
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.

Fundamental value creation

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

Value created per year: +16.9%

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)
= (183 − 182) × 3.94
5
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (4 572 + -838) ÷ 721
5.2x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (5.2 + 10) ÷ 2
7.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 738 + 0 + 0 − 0
738
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (5 × 7.6 + 738) ÷ 4 572
+16.9%

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 steady →
Last-year revenue growth +13% vs +12% the year before — a +0.7 pp move. 3-year CAGR —.
revenue growth by year: 2024 +12% · 2025 +13%
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
2026-03-250.036 AEDEx-dividend: 0.036 AED per sharePaidYahoo Finance (ex-div)
2025-08-150.0332 AEDEx-dividend: 0.0332 AED per sharePaidYahoo Finance (ex-div)
2025-03-260.028 AEDEx-dividend: 0.028 AED per sharePaidYahoo Finance (ex-div)
2024-08-160.0285 AEDEx-dividend: 0.0285 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=SPINNEYS

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 Spinneys — from primary filings.

Frequently asked questions

What is Spinneys's P/E ratio?
Spinneys trades at a P/E of 13.1x (price to trailing 12-month earnings).
What is Spinneys's EV/EBITDA?
Spinneys trades at 5.2x EV/EBITDA.
What is Spinneys's P/B ratio?
Spinneys trades at a P/B of 11.3x.
What is Spinneys's dividend yield?
Spinneys's trailing 12-month dividend yield is 5.3%.
What is Spinneys's return on equity (ROE)?
Spinneys's ROE is 89.5%.
What is Spinneys's market capitalization?
Spinneys's market cap is 4.6 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