Frontierby eninvs

Language: EN / RU

← Region

Ayala Land (ALI) PHP

Ayala Land is a Philippine real estate developer that plans, develops, and manages large-scale integrated mixed-use estates, residential subdivisions, and commercial properties. It also engages in property management, leasing, and construction services.

At a glance: strengths & risks
✗Revenue declining (-5% y/y, Q2 2026)✗Profit falling (-10% y/y, Q2 2026)✗Margins compressing (46%→33%, Q2 2026)

Sector: Real Estate

PH_ALI

Price chart

15.7 PHPDay 0.38%

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
15.7 PHP · 0.38%
Market cap
224.4 bn PHP

Growth

Δ revenue y/y
-5.1%
Δ EBITDA y/y
-32.2%

Multiples

P/E (LTM)
5.2x
P/B (FY)
0.6x
P/E (ann.)
7.1x
EV/EBITDA (LTM)
4.1x
EV/EBITDA (ann.)
11.3x

Cash return

Dividend yield
4.6%
FCF yield (LTM)
4.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
-117.4%
↓ 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
2026-06-30Q2 2026 (3M)OK37.5
y/y -5.1%
9.6
y/y -39.0%
2.8
y/y 9.9%
12.4
y/y -32.2%
7.9
y/y -10.3%
0.9-6.81020.6
y/y 8.4%
398.4
y/y 9.6%
8.0%337.4Link
2026-03-31Q1 2026 (3M)OK37.5
y/y -13.9%
8.2
y/y -21.1%
2.7
y/y 5.3%
11.0
y/y -15.8%
6.7
y/y -20.2%
1.8-1.71014.9
y/y 8.8%
388.6
y/y 8.5%
6.9%334.5Link
2025-12-31Q4 2025 (3M)OK68.4
y/y 23.2%
30.5
y/y 92.0%
2.7
y/y 8.3%
33.2
y/y 80.6%
17.7
y/y 97.7%
10.5-2.8997.4
y/y 8.6%
385.1
y/y 7.4%
12.1%320.2Report (PDF)
2025-09-30Q3 2025 (3M)OK38.8
y/y -5.3%
14.2
y/y -8.4%
2.7
y/y 5.0%
16.9
y/y -6.5%
8.6
y/y -10.1%
5.8-5.4967.0
y/y 8.2%
370.0
y/y 4.9%
3.1%304.2Link
2025-06-30Q2 2025 (3M)OK39.5
y/y -8.7%
15.8
y/y 10.7%
2.6
y/y -0.0%
18.4
y/y 9.0%
8.8
y/y 6.0%
4.5-0.6941.6
y/y 6.8%
363.6
y/y 8.4%
9.7%298.4Link
2025-03-31Q1 2025 (3M)OK43.6
y/y 6.2%
10.4
y/y 13.1%
2.6
y/y 1.3%
13.0
y/y 10.6%
8.4
y/y 12.8%
8.2-2.9932.9
y/y 8.5%
358.2
y/y 9.0%
9.4%287.1Link
2024-12-31Q4 2024 (3M)PARTIAL55.5
y/y —
15.9
y/y —
2.5
y/y —
18.4
y/y —
9.0
y/y —
27.7-1.0918.8
y/y —
358.5
y/y —
9.6%278.1Link
2024-09-30Q3 2024 (3M)OK40.9
y/y 24.4%
15.5
y/y 11.1%
2.6
y/y -2.4%
18.1
y/y 8.9%
9.5
y/y 36.4%
-1.7-3.8894.1
y/y 11.0%
352.9
y/y 12.4%
3.7%268.4Link
2024-06-30Q2 2024 (3M)OK43.3
y/y 23.3%
14.3
y/y 11.4%
2.6
y/y 8.8%
16.8
y/y 11.0%
8.3
y/y 20.3%
3.1-1.2881.9
y/y 10.8%
335.4
y/y 9.1%
10.0%264.3Link
2024-03-31Q1 2024 (3M)OK41.0
y/y —
9.2
y/y —
2.6
y/y —
11.8
y/y —
7.4
y/y —
2.1-0.7860.0
y/y —
328.5
y/y —
9.2%263.4Link
2023-12-31Q4 2023 (3M)OK49.9
y/y —
13.6
y/y —
2.1
y/y —
15.6
y/y —
6.1
y/y —
13.1-2.2846.6
y/y —
319.9
y/y —
7.7%222.2Link
2023-09-30Q3 2023 (3M)OK32.9
y/y —
13.9
y/y —
2.7
y/y —
16.6
y/y —
7.0
y/y —
6.4-1.6805.6
y/y —
313.9
y/y —
3.0%214.3Link
2023-06-30Q2 2023 (3M)OK35.1
y/y —
12.8
y/y —
2.4
y/y —
15.2
y/y —
6.9
y/y —
9.7-1.5795.7
y/y —
307.5
y/y —
—219.7Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)77 072
Long-term debt (incl. LT leases)277 305
− Cash & equivalents16 955
Net debt337 423

Net debt / LTM EBITDA: 2.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

020 00040 00060 00080 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

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

-15 000-10 000-5 00005 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₱ mln)

0100 000200 000300 000400 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is broadly cash-backed
In a typical year of 2024–2025 operating cash flow came to 0.77x of reported net profit; after capex, 0.55x.
year20242025
cash flow / profit0.91x0.64x
accruals, % of assets0.3%1.7%
Last twelve months (to 2026-06-30): 0.47x of profit came back as operating cash flow.
net debt / EBITDA 2.2x · EBIT covers interest 4.2x · capex 0.8x 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 →

Fundamental value creation

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

Value created per year: -117.4%

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)
= (12 449 − 18 354) × 5.91
-25 439
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (224 393 + 337 423) ÷ 73 517
7.6x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (7.6 + 10) ÷ 2
8.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -39 045 + 0 + 0 − 0
-39 045
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-25 439 × 8.8 + -39 045) ÷ 224 393
-117.4%

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
  • EBITDA-growth term clamped to ±market cap

Peer comparison

Group: Real Estate. Each peer is shown as it trades and re-priced onto this company's market (Philippines) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Emaar PropertiesUAE26.83.9x2.2x
Aldar PropertiesUAE16.06.6x3.8x
Megaworld CorporationPhilippines1.14.4x4.4x
MultiplanBrazil3.69.9x8.2x
SM Prime HoldingsPhilippines7.710.4x10.4x
Group median6.6x4.4x
Group average7.0x5.8x
This companyPhilippines3.54.1x4.1x

Group median 6.6x as traded, 4.4x adjusted; this company 4.1x — a 6% discount.

Group average 7.0x as traded, 5.8x adjusted; against the average this company is at a 30% discount. The average sits 33% above the median: SM Prime Holdings (10.4x) skews the group.

At the adjusted group median the market cap would be +17% 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 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

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

Investor reporting (IR): https://www.ayalaland.com.ph/investors#annual-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 Land (ALI) — from primary filings.

Frequently asked questions

What is Ayala Land (ALI)'s P/E ratio?
Ayala Land (ALI) trades at a P/E of 5.2x (price to trailing 12-month earnings).
What is Ayala Land (ALI)'s EV/EBITDA?
Ayala Land (ALI) trades at 4.1x EV/EBITDA.
What is Ayala Land (ALI)'s P/B ratio?
Ayala Land (ALI) trades at a P/B of 0.6x.
What is Ayala Land (ALI)'s dividend yield?
Ayala Land (ALI)'s trailing 12-month dividend yield is 4.6%.
What is Ayala Land (ALI)'s return on equity (ROE)?
Ayala Land (ALI)'s ROE is 8.0%.
What is Ayala Land (ALI)'s market capitalization?
Ayala Land (ALI)'s market cap is 224.4 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