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Ayala Corporation (AC) USD

At a glance: strengths & risks
✓Profit growing (+41%)✓Margins improving (16%→19%)✗High leverage (10.7x EBITDA)

Sector: Conglomerate

PH_AC

Price chart

490 PHPDay -3.35%

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
490 PHP · -3.35%
Market cap
4.9 bn USD

Growth

Δ revenue y/y
-1.6%
Δ EBITDA y/y
-3.9%

Multiples

P/E (LTM)
17.1x
P/B (FY)
0.4x
P/E (ann.)
4.3x
EV/EBITDA (LTM)
58.9x
EV/EBITDA (ann.)
14.8x

Cash return

Dividend yield
1.9%
FCF yield (LTM)
-9.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
-13.6%
↓ details

Liquidity

Daily turnover
—

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 USD, 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 USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-03-31Q1 2026 (3M)PARTIAL1.4
y/y -1.6%
0.2
y/y -8.1%
0.1
y/y 7.6%
0.3
y/y -3.9%
0.3
y/y -6.6%
0.0-9.631.9
y/y 3.0%
13.6
y/y 5.6%
8.4%11.6Link
2025-12-31Q4 2025 (3M)PARTIAL0.0
y/y 5.8%
0.0
y/y 3.2%
0.0
y/y -2.8%
0.0
y/y 2.2%
0.0
y/y 114.6%
0.1-14.932.1
y/y 6.5%
13.7
y/y 9.9%
11.0%11.5Link
2025-09-30Q3 2025 (3M)OK0.0
y/y 3.2%
0.0
y/y 3.9%
0.0
y/y 5.8%
0.0
y/y 4.2%
0.0
y/y 64.5%
0.1-9.231.8
y/y 3.9%
13.6
y/y 5.2%
0.0%11.0Link
2025-06-30Q2 2025 (3M)OK0.0
y/y -0.6%
0.0
y/y 23.8%
0.0
y/y 3.2%
0.0
y/y 19.8%
0.0
y/y -20.2%
0.0-7.732.1
y/y 11.8%
13.6
y/y 12.5%
0.0%11.2Link
2025-03-31Q1 2025 (3M)PARTIAL1.4
y/y —
0.2
y/y —
0.1
y/y —
0.3
y/y —
0.3
y/y —
0.1-5.531.0
y/y 6.2%
12.9
y/y 3.8%
9.7%11.1Link
2024-12-31Q4 2024 (3M)PARTIAL0.0
y/y 2.0%
0.0
y/y -31.5%
0.0
y/y 53.6%
0.0
y/y -24.3%
0.0
y/y 99.4%
0.0-4.730.1
y/y 3.9%
12.5
y/y 2.7%
8.5%10.6Link
2024-09-30Q3 2024 (3M)OK0.0
y/y 6.8%
0.0
y/y 28.3%
0.0
y/y 2.9%
0.0
y/y 23.6%
0.0
y/y 20.4%
0.1-11.630.6
y/y 10.3%
12.9
y/y 7.9%
0.0%10.7Link
2024-06-30Q2 2024 (3M)OK0.0
y/y 4.7%
0.0
y/y 6.3%
0.0
y/y 9.8%
0.0
y/y 6.9%
0.0
y/y 128.5%
0.0-18.628.7
y/y 4.6%
12.1
y/y 5.4%
0.0%8.3Link
2024-03-31Q1 2024 (3M)OK0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.1-10.129.2
y/y —
12.4
y/y —
0.0%507.0Link
2023-12-31Q4 2023 (3M)PARTIAL0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0-16.629.0
y/y —
12.2
y/y —
—465.6Report (PDF)
2023-09-30Q3 2023 (3M)OK0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.02.727.8
y/y —
12.0
y/y —
0.0%449.8Link
2023-06-30Q2 2023 (3M)OK0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0-10.127.5
y/y —
11.5
y/y —
—466.0Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)2 527
Long-term debt (incl. LT leases)10 192
− Cash & equivalents1 161
Net debt11 558

Net debt / LTM EBITDA: 41.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

-2 00002 0004 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-150%-100%-50%0%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₱ mln)

-300-200-10001002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₱ mln)

0200 000400 000600 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Worth a look
In a typical year of 2024–2025 operating cash flow came to 0.17x of reported net profit; after capex, -0.41x.
year20242025
cash flow / profit0.12x0.23x
accruals, % of assets3.1%3.5%
Last twelve months (to 2025-Q2): 0.21x of profit came back as operating cash flow.
net debt / EBITDA 10.7x · capex 2.3x of depreciation
● Net debt / EBITDA 10.7x at the last full year.
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: -13.6%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (278 − 289) × 1.01
-11
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (4 930 + 11 558) ÷ 280
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (30.0 + 10) ÷ 2
20.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -446 + 0 + 0 − 0
-446
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-11 × 20.0 + -446) ÷ 4 930
-13.6%

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

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Investor reporting (IR): https://www.ayala.com/investor-relations#reports

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 Ayala Corporation (AC) — from primary filings.

Ayala Corporation is a Philippine conglomerate with diversified interests spanning real estate, banking, telecommunications, water infrastructure, and renewable energy. It operates through major subsidiaries including Ayala Land, Bank of the Philippine Islands, and Globe Telecom.

Frequently asked questions

What is Ayala Corporation (AC)'s P/E ratio?
Ayala Corporation (AC) trades at a P/E of 17.1x (price to trailing 12-month earnings).
What is Ayala Corporation (AC)'s EV/EBITDA?
Ayala Corporation (AC) trades at 58.9x EV/EBITDA.
What is Ayala Corporation (AC)'s P/B ratio?
Ayala Corporation (AC) trades at a P/B of 0.4x.
What is Ayala Corporation (AC)'s dividend yield?
Ayala Corporation (AC)'s trailing 12-month dividend yield is 1.9%.
What is Ayala Corporation (AC)'s return on equity (ROE)?
Ayala Corporation (AC)'s ROE is 8.4%.
What is Ayala Corporation (AC)'s market capitalization?
Ayala Corporation (AC)'s market cap is 4.9 bn USD.

See also: Philippine Stocks (2026): Where the Value Really Is (and the Traps) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map