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Manila Electric (Meralco) PHP

Manila Electric Company (Meralco) is the largest electric power distribution utility in the Philippines, primarily serving the Manila metropolitan area and surrounding provinces. It purchases electricity from power generation companies and delivers it to residential, commercial, and industrial customers through its distribution network.

At a glance: strengths & risks
✓Revenue growing (+25% y/y, Q2 2026)✓Profit growing (+24% y/y, Q2 2026)

Sector: Utilities

PH_MER

Price chart

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
—
Market cap
541.0 bn PHP

Growth

Δ revenue y/y
24.7%
Δ EBITDA y/y
21.4%

Multiples

P/E (LTM)
12.2x
P/B (FY)
2.4x
P/E (ann.)
8.3x
EV/EBITDA (LTM)
10.8x
EV/EBITDA (ann.)
11.5x

Cash return

Dividend yield
5.9%
FCF yield (LTM)
-7.5%

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)OK162.9
y/y 24.7%
5.7
y/y 13.4%
—
y/y —
—
y/y —
5.2
y/y 24.1%
——841.0
y/y 11.5%
229.6
y/y 14.9%
29.3%≈ 125.2Link
2026-03-31Q1 2026 (3M)PARTIAL120.8
y/y 5.5%
10.3
y/y -10.2%
4.3
y/y 7.2%
14.5
y/y -5.7%
11.2
y/y 2.0%
3.5-19.4829.8
y/y 12.6%
216.9
y/y 14.3%
20.3%125.2Link
2025-12-31Q4 2025 (3M)PARTIAL125.6
y/y 9.2%
9.0
y/y 4.3%
2.8
y/y -71.8%
11.8
y/y -36.6%
14.3
y/y 18.2%
47.4-27.5823.9
y/y 33.3%
223.5
y/y 20.3%
22.8%125.2Link
2025-09-30Q3 2025 (3M)OK126.5
y/y 7.3%
14.0
y/y 22.1%
4.0
y/y -3.1%
18.0
y/y 15.4%
13.6
y/y 20.4%
3.6-31.6791.7
y/y 34.5%
222.3
y/y 27.3%
8.6%125.2Link
2025-06-30Q2 2025 (3M)OK130.7
y/y -1.7%
14.1
y/y -15.3%
3.1
y/y -34.7%
17.1
y/y -19.5%
13.2
y/y 2.7%
11.3-22.2753.9
y/y 19.4%
199.9
y/y 10.1%
27.1%113.1Link
2025-03-31Q1 2025 (3M)OK114.5
y/y 9.5%
11.5
y/y 3.1%
4.0
y/y -12.3%
15.4
y/y -1.3%
10.9
y/y 14.1%
9.7-25.2737.3
y/y 21.6%
189.8
y/y 15.3%
23.3%84.9Link
2024-12-31Q4 2024 (3M)OK114.9
y/y —
8.6
y/y —
10.0
y/y —
18.6
y/y —
12.1
y/y —
20.3-18.3618.0
y/y —
185.9
y/y —
25.8%≈ 65.3Link
2024-09-30Q3 2024 (3M)OK117.9
y/y 6.8%
11.4
y/y -7.7%
4.1
y/y 2.9%
15.6
y/y -5.1%
11.3
y/y 7.3%
0.4-10.8588.5
y/y 11.6%
174.7
y/y 31.8%
8.5%23.5Link
2024-06-30Q2 2024 (3M)OK132.9
y/y 11.5%
16.6
y/y 32.3%
4.7
y/y 12.5%
21.3
y/y 27.4%
12.8
y/y 31.3%
4.3-0.7631.4
y/y 23.0%
181.6
y/y 38.5%
29.7%2.5Link
2024-03-31Q1 2024 (3M)OK104.5
y/y —
11.1
y/y —
4.5
y/y —
15.6
y/y —
9.6
y/y —
17.1-9.3606.2
y/y —
164.5
y/y —
23.1%—Link
2023-12-31Q4 2023 (3M)OK108.4
y/y —
9.7
y/y —
4.0
y/y —
13.6
y/y —
9.6
y/y —
21.1-7.1588.4
y/y —
168.1
y/y —
25.6%—Link
2023-09-30Q3 2023 (3M)OK110.4
y/y —
12.4
y/y —
4.0
y/y —
16.4
y/y —
10.5
y/y —
29.8-4.0527.5
y/y —
132.5
y/y —
10.7%—Link
2023-06-30Q2 2023 (3M)OK119.2
y/y —
12.6
y/y —
4.2
y/y —
16.7
y/y —
9.8
y/y —
7.9-8.9513.5
y/y —
131.1
y/y —
——Link

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

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)213 430
− Cash & equivalents88 220
Net debt125 210

Net debt / LTM EBITDA: 2.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

050 000100 000150 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₱ mln)

-100 000-50 000050 000100 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₱ mln)

050 000100 000150 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2024–2025 operating cash flow came to 1.16x of reported net profit; after capex, -0.31x.
year20242025
cash flow / profit0.90x1.42x
accruals, % of assets0.7%-2.6%
Last twelve months (to 2026-03-31): 1.26x of profit came back as operating cash flow.
net debt / EBITDA 1.4x · capex 2.3x 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 →

Peer comparison

Group: Utilities. 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
Inter RAORussia2.40.1x0.1x
IDGC Center & VolgaRussia0.81.0x1.2x
MosenergoRussia0.81.0x1.3x
Rosseti Moscow RegionRussia1.11.4x1.7x
FGC UESRussia1.71.8x2.2x
IDGC UralRussia0.71.9x2.4x
LenenergoRussia2.12.0x2.4x
NEXTERA ENERGY INCUS170.017.8x3.7x
RushydroRussia2.43.5x4.3x
DEWA (Dubai Electricity & Water)UAE37.39.6x4.6x
CemigBrazil6.16.4x4.8x
En+ GroupRussia2.96.4x7.8x
Group median2.0x2.4x
Group average4.4x3.0x
This companyPhilippines8.710.8x10.8x

Group median 2.0x as traded, 2.4x adjusted; this company 10.8x — a 351% premium.

Group average 4.4x as traded, 3.0x adjusted; against the average this company is at a 256% premium. The average sits 27% above the median: En+ Group (7.8x) skews the group.

At the adjusted group median the market cap would be -96% 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 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividends

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

Investor reporting (IR): https://company.meralco.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 Manila Electric (Meralco) — from primary filings.

Frequently asked questions

What is Manila Electric (Meralco)'s P/E ratio?
Manila Electric (Meralco) trades at a P/E of 12.2x (price to trailing 12-month earnings).
What is Manila Electric (Meralco)'s EV/EBITDA?
Manila Electric (Meralco) trades at 10.8x EV/EBITDA.
What is Manila Electric (Meralco)'s P/B ratio?
Manila Electric (Meralco) trades at a P/B of 2.4x.
What is Manila Electric (Meralco)'s dividend yield?
Manila Electric (Meralco)'s trailing 12-month dividend yield is 5.9%.
What is Manila Electric (Meralco)'s return on equity (ROE)?
Manila Electric (Meralco)'s ROE is 29.3%.
What is Manila Electric (Meralco)'s market capitalization?
Manila Electric (Meralco)'s market cap is 541.0 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