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Ayala Corporation (AC) PHP

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.

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

Sector: Conglomerate

PH_AC

Price chart

536 PHPDay -0.74%

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
536 PHP · -0.74%
Market cap
332.5 bn PHP

Growth

Δ revenue y/y
3.4%
Δ EBITDA y/y
19.0%

Multiples

P/E (LTM)
4.8x
P/B (FY)
0.4x
P/E (ann.)
5.2x
EV/EBITDA (LTM)
21.3x
EV/EBITDA (ann.)
14.6x

Cash return

Dividend yield
1.8%
FCF yield (LTM)
-5.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
-52.5%
↓ 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 PHP, 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 PHPOperating profitB PHPD&AB PHPEBITDAB PHPNet profitB PHPOperating CFB PHPCapex + M&AB PHPAssetsB PHPEquityB PHPROE (annualized)Net debtB PHPSource
2026-09-30Q3 2026 (3M)PARTIAL—
y/y —
—
y/y —
-5.1
y/y -100.0%
—
y/y —
—
y/y —
———
y/y —
—
y/y —
—≈ 701.4Report (PDF)
2026-06-30Q2 2026 (3M)PARTIAL87.6
y/y 10.4%
12.6
y/y -44.0%
5.1
y/y 15.9%
17.6
y/y -34.2%
16.1
y/y 5.6%
3.4—1979.9
y/y 9.2%
838.8
y/y 9.4%
7.7%≈ 701.4Link
2026-03-31Q1 2026 (3M)OK81.7
y/y 0.9%
11.5
y/y -5.7%
5.0
y/y 10.4%
16.5
y/y -1.3%
17.0
y/y -4.2%
2.7-9.61937.8
y/y 9.2%
824.2
y/y 11.9%
8.3%701.4Link
2025-12-31Q4 2025 (3M)PARTIAL98.3
y/y 5.8%
22.5
y/y 4.5%
4.4
y/y -1.5%
26.9
y/y 3.5%
25.8
y/y 117.4%
5.1-14.91891.6
y/y 8.1%
809.8
y/y 11.6%
10.8%677.7Report (PDF)
2025-09-30Q3 2025 (3M)OK78.3
y/y 2.7%
24.8
y/y 3.7%
4.6
y/y 5.7%
29.5
y/y 4.0%
28.1
y/y 64.3%
3.4-9.21852.1
y/y 7.9%
792.2
y/y 9.3%
14.4%640.2Link
2025-06-30Q2 2025 (3M)OK79.4
y/y -1.9%
22.4
y/y 21.7%
4.4
y/y 6.0%
26.8
y/y 18.8%
15.2
y/y 0.7%
7.0-7.71813.3
y/y 8.0%
766.9
y/y 8.7%
8.1%635.0Link
2025-03-31Q1 2025 (3M)PARTIAL80.9
y/y 6.8%
12.2
y/y -35.8%
4.5
y/y 13.1%
16.7
y/y -27.4%
17.8
y/y 2.3%
4.2-5.51774.8
y/y 10.3%
736.2
y/y 10.9%
9.7%636.2Link
2024-12-31Q4 2024 (3M)PARTIAL92.9
y/y 15.0%
21.5
y/y -29.3%
4.5
y/y 58.5%
26.0
y/y -21.8%
11.9
y/y 12.9%
-0.2-4.71749.3
y/y 8.7%
725.6
y/y 7.5%
8.5%616.7Link
2024-09-30Q3 2024 (3M)OK76.2
y/y 9.4%
23.9
y/y 31.0%
4.4
y/y 5.1%
28.3
y/y 26.2%
17.1
y/y -11.2%
3.6-11.61716.0
y/y 9.2%
724.9
y/y 6.8%
9.6%600.4Link
2024-06-30Q2 2024 (3M)OK80.9
y/y 11.6%
18.4
y/y 10.4%
4.2
y/y 9.1%
22.6
y/y 10.1%
15.1
y/y 34.6%
0.2-18.61678.6
y/y 10.5%
705.7
y/y 11.4%
8.8%486.9Link
2024-03-31Q1 2024 (3M)OK75.7
y/y —
19.1
y/y —
4.0
y/y —
23.0
y/y —
17.4
y/y —
3.7-10.11608.7
y/y —
664.0
y/y —
10.4%≈ 465.6Link
2023-12-31Q4 2023 (3M)OK80.7
y/y —
30.4
y/y —
2.8
y/y —
33.2
y/y —
10.5
y/y —
12.9-16.61608.7
y/y —
674.9
y/y —
8.2%465.6Report (PDF)
2023-09-30Q3 2023 (3M)OK69.7
y/y —
18.3
y/y —
4.2
y/y —
22.4
y/y —
19.2
y/y —
0.7-7.41572.0
y/y —
678.5
y/y —
11.7%449.8Link
2023-06-30Q2 2023 (3M)OK72.5
y/y —
16.7
y/y —
3.8
y/y —
20.5
y/y —
11.2
y/y —
0.3-10.11518.7
y/y —
633.7
y/y —
—466.0Link

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

Short-term debt (incl. ST leases)153 361
Long-term debt (incl. LT leases)618 528
− Cash & equivalents70 473
Net debt701 415

Net debt / LTM EBITDA: 14.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

020 00040 00060 00080 000100 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-40%-20%0%20%40%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

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

-4 000-2 00002 0004 0006 0008 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash (₱ mln)

0200 000400 000600 000800 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Worth a look
In a typical year of 2023–2025 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 2026-06-30): 0.17x of profit came back as operating cash flow.
net debt / EBITDA 10.7x · EBIT covers interest 1.1x · capex 2.3x of depreciation
● Net debt / EBITDA 10.7x at the last full year.
● EBIT covers interest 1.1x.
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 →

Fundamental value creation

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

Value created per year: -52.5%

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)
= (17 649 − 26 830) × 5.13
-10 094
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (332 544 + 701 415) ÷ 90 483
11.4x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (11.4 + 10) ÷ 2
10.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -66 390 + 0 + 0 − 0
-66 390
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-10 094 × 10.7 + -66 390) ÷ 332 544
-52.5%

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

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • EBITDA-growth term damped to the multi-year FY trend SIZE but kept the latest period direction (down) - the trend pointed the other way

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +3% vs +12% the year before — a -8.9 pp move. 3-year CAGR —.
revenue growth by year: 2024 +12% · 2025 +3%
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).

Peer comparison

Group: Conglomerate. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
DMCI HoldingsPhilippines1.33.6x
Alliance Global GroupPhilippines1.24.3x
JG Summit HoldingsPhilippines2.05.4x
SM Investments CorporationPhilippines10.15.7x
Aboitiz Equity VenturesPhilippines3.58.7x
Group median5.4x
Group average5.5x
This companyPhilippines5.221.3x

Group median 5.4x; this company 21.3x — a 293% premium.

Group average 5.5x; against the average this company is at a 285% premium.

At the adjusted group median the market cap would be -226% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.1x, Russia 3.7x, South Africa 5.3x, Kazakhstan 4.6x, India 16.8x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-28; the company's own is live.

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.

Frequently asked questions

What is Ayala Corporation (AC)'s P/E ratio?
Ayala Corporation (AC) trades at a P/E of 4.8x (price to trailing 12-month earnings).
What is Ayala Corporation (AC)'s EV/EBITDA?
Ayala Corporation (AC) trades at 21.3x 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 1.8%.
What is Ayala Corporation (AC)'s return on equity (ROE)?
Ayala Corporation (AC)'s ROE is 7.7%.
What is Ayala Corporation (AC)'s market capitalization?
Ayala Corporation (AC)'s market cap is 332.5 bn PHP.

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