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JG Summit Holdings (JGS) PHP

JG Summit Holdings is a Philippine conglomerate with core businesses in food manufacturing, air transportation, banking, real estate development, and petrochemicals. Its major subsidiaries include Universal Robina Corporation, Cebu Pacific Air, Robinsons Bank, and Robinsons Land Corporation.

Sector: Conglomerate

PH_JGS

Price chart

16.72 PHPDay -1.53%

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
16.72 PHP · -1.53%
Market cap
125.8 bn PHP

Growth

Δ revenue y/y
4.5%
Δ EBITDA y/y
-17.3%

Multiples

P/E (LTM)
2.4x
P/B (FY)
0.3x
P/E (ann.)
4.1x
EV/EBITDA (LTM)
5.4x
EV/EBITDA (ann.)
3.5x

Cash return

Dividend yield
2.7%
FCF yield (LTM)
14.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+70.6%
↓ 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 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)OK100.1
y/y 4.5%
14.0
y/y -21.7%
—
y/y —
—
y/y —
7.6
y/y -54.1%
——969.0
y/y -7.6%
412.5
y/y -16.9%
7.3%≈ 239.0Link
2026-03-31Q1 2026 (3M)PARTIAL99.9
y/y 1.8%
17.1
y/y 24.0%
8.6
y/y -1.1%
25.7
y/y 14.3%
9.4
y/y 16.3%
20.5-9.1989.1
y/y -5.2%
416.2
y/y -13.2%
9.1%239.0Link
2025-12-31Q4 2025 (3M)PARTIAL91.0
y/y -10.5%
24.1
y/y -1.5%
9.4
y/y 24.4%
33.5
y/y 4.6%
20.7
y/y 186.6%
27.8-25.9969.9
y/y -7.0%
404.6
y/y -14.7%
11.5%245.9Report (PDF)
2025-09-30Q3 2025 (3M)OK83.5
y/y -6.3%
10.7
y/y 21.4%
9.0
y/y 13.9%
19.8
y/y 17.8%
6.9
y/y 28.1%
8.8-5.61049.9
y/y 2.4%
501.9
y/y 5.0%
1.9%248.4Link
2025-06-30Q2 2025 (3M)OK95.9
y/y 5.0%
17.9
y/y 31.7%
8.8
y/y —
26.8
y/y 96.8%
16.6
y/y 116.0%
16.5-5.41048.1
y/y 4.5%
496.3
y/y 5.9%
13.6%253.1Link
2025-03-31Q1 2025 (3M)PARTIAL98.2
y/y 1.6%
13.8
y/y -3.0%
8.7
y/y —
22.5
y/y —
8.1
y/y -47.1%
12.7-5.11043.7
y/y 5.4%
479.7
y/y 5.6%
6.8%261.3Link
2024-12-31Q4 2024 (3M)OK101.7
y/y 10.5%
24.4
y/y 89.3%
7.6
y/y -4.4%
32.0
y/y 53.6%
7.2
y/y -8.3%
14.9-24.81042.5
y/y -6.3%
474.1
y/y 6.5%
7.5%232.1Report (PDF)
2024-09-30Q3 2024 (3M)OK89.1
y/y 1.2%
8.8
y/y -31.9%
7.9
y/y 4.6%
16.8
y/y -18.5%
5.4
y/y -33.7%
14.0-12.81025.8
y/y -4.9%
478.0
y/y 9.6%
1.5%266.2Link
2024-06-30Q2 2024 (3M)OK91.3
y/y 12.6%
13.6
y/y 9.4%
—
y/y —
13.6
y/y -29.4%
7.7
y/y -15.1%
17.0-11.71003.1
y/y -6.6%
468.6
y/y 7.7%
6.6%267.7Link
2024-03-31Q1 2024 (3M)PARTIAL96.6
y/y —
14.2
y/y —
—
y/y —
—
y/y —
15.2
y/y —
10.8-13.8989.9
y/y —
454.4
y/y —
13.5%≈ 218.7Link
2023-12-31Q4 2023 (3M)PARTIAL92.1
y/y —
12.9
y/y —
7.9
y/y —
20.8
y/y —
7.9
y/y —
0.6-14.11112.3
y/y —
445.1
y/y —
7.6%218.7Report (PDF)
2023-09-30Q3 2023 (3M)OK88.0
y/y —
13.0
y/y —
7.6
y/y —
20.6
y/y —
8.2
y/y —
10.4-15.91078.1
y/y —
436.0
y/y —
2.5%223.4Link
2023-06-30Q2 2023 (3M)OK81.0
y/y —
12.4
y/y —
6.8
y/y —
19.3
y/y —
9.0
y/y —
26.5-10.01074.5
y/y —
434.9
y/y —
—203.1Link

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

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)303 526
− Cash & equivalents64 542
Net debt238 983

Net debt / LTM EBITDA: 3.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

025 00050 00075 000100 000125 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)

-10 000010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₱ mln)

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

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.48x of reported net profit; after capex, -0.29x.
year2024
cash flow / profit1.48x
accruals, % of assets-1.6%
Last twelve months (to 2026-06-30): 1.65x of profit came back as operating cash flow.
net debt / EBITDA 2.5x · EBIT covers interest 3.2x · capex 2.5x 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: +70.6%

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)
= (25 728 − 22 515) × 4.11
13 205
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (125 751 + 238 983) ÷ 105 736
3.4x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (3.4 + 10) ÷ 2
6.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 22 366 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (13 205 × 6.7 + 0) ÷ 125 751
+70.6%

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
  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -3% vs +10% the year before — a -12.9 pp move. 3-year CAGR —.
revenue growth by year: 2024 +10% · 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 HoldingsPhilippines1.54.0x
Alliance Global GroupPhilippines1.24.3x
SM Investments CorporationPhilippines10.15.6x
Aboitiz Equity VenturesPhilippines3.58.7x
Ayala CorporationPhilippines5.321.4x
Group median5.6x
Group average8.8x
This companyPhilippines2.05.4x

Group median 5.6x; this company 5.4x — a 3% discount.

Group average 8.8x; against the average this company is at a 38% discount. The average sits 56% above the median: Ayala Corporation (21.4x) skews the group.

At the adjusted group median the market cap would be +11% 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.jgsummit.com.ph/investor-relations#disclosures

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 JG Summit Holdings (JGS) — from primary filings.

Frequently asked questions

What is JG Summit Holdings (JGS)'s P/E ratio?
JG Summit Holdings (JGS) trades at a P/E of 2.4x (price to trailing 12-month earnings).
What is JG Summit Holdings (JGS)'s EV/EBITDA?
JG Summit Holdings (JGS) trades at 5.4x EV/EBITDA.
What is JG Summit Holdings (JGS)'s P/B ratio?
JG Summit Holdings (JGS) trades at a P/B of 0.3x.
What is JG Summit Holdings (JGS)'s dividend yield?
JG Summit Holdings (JGS)'s trailing 12-month dividend yield is 2.7%.
What is JG Summit Holdings (JGS)'s return on equity (ROE)?
JG Summit Holdings (JGS)'s ROE is 7.3%.
What is JG Summit Holdings (JGS)'s market capitalization?
JG Summit Holdings (JGS)'s market cap is 125.8 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