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Ayala Land (ALI) USD

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 (-14% y/y, Q1 2026)✗Profit falling (-20% y/y, Q1 2026)✗High leverage (4.7x EBITDA)

Sector: Real Estate

PH_ALI

Price chart

15.06 PHPDay 2.45%

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
15.06 PHP · 2.45%
Market cap
3.4 bn USD

Growth

Δ revenue y/y
-16.1%
Δ EBITDA y/y
-18.0%

Multiples

P/E (LTM)
4.8x
P/B (FY)
0.5x
P/E (ann.)
7.6x
EV/EBITDA (LTM)
6.5x
EV/EBITDA (ann.)
12.1x

Cash return

Dividend yield
4.2%
FCF yield (LTM)
-14.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
-86.4%
↓ 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 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)OK0.6
y/y -16.1%
0.1
y/y -23.1%
0.0
y/y 2.6%
0.2
y/y -18.0%
0.1
y/y -22.3%
0.0-1.716.7
y/y 2.6%
6.4
y/y 2.3%
7.0%5.5Link
2025-12-31Q4 2025 (3M)PARTIAL1.2
y/y 21.6%
0.5
y/y 89.6%
0.0
y/y 6.9%
0.6
y/y 78.2%
0.3
y/y 95.1%
0.2-2.816.9
y/y 6.9%
6.5
y/y 5.8%
12.3%5.4Report (PDF)
2025-09-30Q3 2025 (3M)OK0.7
y/y -5.2%
0.2
y/y -8.3%
0.0
y/y 5.1%
0.3
y/y -6.4%
0.2
y/y -10.0%
0.1-5.416.6
y/y 4.1%
6.4
y/y 0.9%
3.1%5.2Link
2025-06-30Q2 2025 (3M)OK0.7
y/y -7.1%
0.3
y/y 12.6%
0.0
y/y 1.7%
0.3
y/y 10.9%
0.2
y/y 7.8%
0.1-0.616.7
y/y 10.5%
6.4
y/y 12.2%
9.8%5.3Link
2025-03-31Q1 2025 (3M)OK0.8
y/y 2.6%
0.2
y/y 9.2%
0.0
y/y -2.1%
0.2
y/y 6.8%
0.1
y/y 8.9%
0.1-2.916.3
y/y 6.5%
6.3
y/y 7.1%
9.3%5.0Link
2024-12-31Q4 2024 (3M)PARTIAL1.0
y/y —
0.3
y/y —
0.0
y/y —
0.3
y/y —
0.2
y/y —
0.5-1.015.8
y/y —
6.2
y/y —
9.6%4.8Link
2024-09-30Q3 2024 (3M)OK0.7
y/y 21.8%
0.3
y/y 8.8%
0.0
y/y -4.4%
0.3
y/y 6.7%
0.2
y/y 33.5%
0.0-3.816.0
y/y 12.1%
6.3
y/y 13.6%
3.7%4.8Link
2024-06-30Q2 2024 (3M)OK0.8
y/y 18.7%
0.2
y/y 7.3%
0.0
y/y 4.7%
0.3
y/y 6.9%
0.1
y/y 15.9%
0.1-1.215.1
y/y 4.9%
5.7
y/y 3.2%
9.9%4.5Link
2024-03-31Q1 2024 (3M)OK0.7
y/y —
0.2
y/y —
0.0
y/y —
0.2
y/y —
0.1
y/y —
0.0-0.715.3
y/y —
5.8
y/y —
9.2%4.7Link
2023-12-31Q4 2023 (3M)OK0.9
y/y —
0.2
y/y —
0.0
y/y —
0.3
y/y —
0.1
y/y —
0.2-2.215.3
y/y —
5.8
y/y —
7.7%222.2Link
2023-09-30Q3 2023 (3M)OK0.6
y/y —
0.2
y/y —
0.0
y/y —
0.3
y/y —
0.1
y/y —
0.1-1.614.2
y/y —
5.5
y/y —
3.0%214.3Link
2023-06-30Q2 2023 (3M)OK0.6
y/y —
0.2
y/y —
0.0
y/y —
0.3
y/y —
0.1
y/y —
0.2-1.514.4
y/y —
5.6
y/y —
—219.7Link

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

Short-term debt (incl. ST leases)1 240
Long-term debt (incl. LT leases)4 613
− Cash & equivalents341
Net debt5 512

Net debt / LTM EBITDA: 4.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

02505007501 0001 2502023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-25%0%25%50%75%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)

050 000100 000150 000200 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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 2026-03-31): 0.54x of profit came back as operating cash flow.
net debt / EBITDA 4.7x · 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: -86.7%

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)
= (185 − 226) × 7.41
-300
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (3 437 + 5 512) ÷ 1 372
6.5x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (6.5 + 10) ÷ 2
8.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -497 + 0 + 0 − 0
-497
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-300 × 8.3 + -497) ÷ 3 437
-86.7%

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.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 4.8x (price to trailing 12-month earnings).
What is Ayala Land (ALI)'s EV/EBITDA?
Ayala Land (ALI) trades at 6.5x EV/EBITDA.
What is Ayala Land (ALI)'s P/B ratio?
Ayala Land (ALI) trades at a P/B of 0.5x.
What is Ayala Land (ALI)'s dividend yield?
Ayala Land (ALI)'s trailing 12-month dividend yield is 4.2%.
What is Ayala Land (ALI)'s return on equity (ROE)?
Ayala Land (ALI)'s ROE is 7.0%.
What is Ayala Land (ALI)'s market capitalization?
Ayala Land (ALI)'s market cap is 3.4 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