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SM Prime Holdings (SMPH) PHP

SM Prime Holdings is a Philippine real estate company that develops, operates, and leases shopping malls, residential condominiums, and office buildings. It also manages hotels and convention centers, primarily in the Philippines.

At a glance: strengths & risks
✓Revenue growing (+8% y/y, Q2 2026)✗Margins compressing (55%→51%, Q2 2026)✗High leverage (5.2x EBITDA)

Sector: Real Estate

PH_SMPH

Price chart

17.12 PHPDay -4.36%

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
17.12 PHP · -4.36%
Market cap
486.7 bn PHP

Growth

Δ revenue y/y
7.6%
Δ EBITDA y/y
0.5%

Multiples

P/E (LTM)
9.9x
P/B (FY)
1.0x
P/E (ann.)
9.3x
EV/EBITDA (LTM)
10.4x
EV/EBITDA (ann.)
10.1x

Cash return

Dividend yield
2.5%
FCF yield (LTM)
0.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+14.4%
↓ 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)OK38.8
y/y 7.6%
15.7
y/y -1.1%
4.1
y/y 7.3%
19.8
y/y 0.5%
13.1
y/y 2.5%
——1119.5
y/y 6.5%
484.2
y/y 8.6%
10.9%313.3Link
2026-03-31Q1 2026 (3M)PARTIAL33.7
y/y 0.9%
14.4
y/y -0.0%
4.1
y/y 8.0%
18.4
y/y 1.7%
11.9
y/y 0.0%
19.9-12.91110.9
y/y 6.1%
478.3
y/y 6.9%
10.0%387.3Link
2025-12-31Q4 2025 (3M)OK38.1
y/y -7.6%
15.0
y/y -0.3%
4.0
y/y 3.1%
19.1
y/y 0.4%
11.6
y/y -1.2%
21.8-22.71093.9
y/y 7.3%
469.1
y/y 7.5%
10.7%395.1Link
2025-09-30Q3 2025 (3M)OK35.9
y/y 0.9%
15.7
y/y 7.6%
3.9
y/y 2.3%
19.6
y/y 6.5%
12.8
y/y 8.2%
19.3-22.41078.3
y/y 8.0%
457.3
y/y 7.4%
3.8%386.6Link
2025-06-30Q2 2025 (3M)OK36.0
y/y 6.1%
15.9
y/y -3.0%
3.8
y/y 3.8%
19.7
y/y -1.8%
12.8
y/y 10.3%
16.0-19.11050.9
y/y 7.6%
446.0
y/y 8.6%
11.5%379.1Link
2025-03-31Q1 2025 (3M)PARTIAL33.4
y/y 8.8%
14.4
y/y -2.2%
3.8
y/y 4.2%
18.1
y/y -1.0%
11.9
y/y 13.4%
17.8-16.01047.0
y/y 9.1%
447.6
y/y 8.8%
10.7%358.8Link
2024-12-31Q4 2024 (3M)OK41.2
y/y —
15.1
y/y —
3.9
y/y —
19.0
y/y —
11.8
y/y —
15.5-19.41019.4
y/y —
436.2
y/y —
10.8%358.7Link
2024-09-30Q3 2024 (3M)OK35.6
y/y 8.8%
14.6
y/y -6.2%
3.8
y/y 13.3%
18.4
y/y -2.7%
11.8
y/y 10.6%
17.6-16.3998.8
y/y 7.1%
425.7
y/y 9.2%
3.8%346.3Link
2024-06-30Q2 2024 (3M)OK34.0
y/y 8.8%
16.4
y/y 8.1%
3.7
y/y 10.2%
20.1
y/y 8.5%
11.6
y/y 16.0%
16.9-15.0977.0
y/y 6.9%
410.8
y/y 8.6%
11.3%349.5Link
2024-03-31Q1 2024 (3M)OK30.7
y/y —
14.7
y/y —
3.6
y/y —
18.3
y/y —
10.5
y/y —
17.3-15.1959.4
y/y —
411.5
y/y —
10.3%—Link
2023-12-31Q4 2023 (3M)OK35.5
y/y —
16.8
y/y —
3.6
y/y —
20.4
y/y —
9.9
y/y —
17.2-15.3943.3
y/y —
398.9
y/y —
10.0%—Link
2023-09-30Q3 2023 (3M)OK32.7
y/y —
15.6
y/y —
3.4
y/y —
18.9
y/y —
10.7
y/y —
19.1-15.8932.6
y/y —
390.0
y/y —
3.7%—Link
2023-06-30Q2 2023 (3M)OK31.2
y/y —
15.1
y/y —
3.4
y/y —
18.5
y/y —
10.0
y/y —
13.2-13.3914.1
y/y —
378.3
y/y —
——Link

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

Long-term debt (incl. LT leases)340 196
− Cash & equivalents26 883
Net debt313 313

Net debt / LTM EBITDA: 4.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

010 00020 00030 00040 00050 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-10%0%10%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-5 00005 00010 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 cash-backed
In a typical year of 2024–2025 operating cash flow came to 1.48x of reported net profit.
year20242025
cash flow / profit1.45x1.51x
accruals, % of assets-2.0%-2.3%
Last twelve months (to 2026-06-30): 1.56x of profit came back as operating cash flow.
net debt / EBITDA 5.2x · EBIT covers interest 4.6x
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: +14.4%

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)
= (19 813 − 19 707) × 3.88
410
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (486 707 + 313 313) ÷ 76 941
10.4x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (10.4 + 10) ÷ 2
10.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 65 781 + 0 + 0 − 0
65 781
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (410 × 10.2 + 65 781) ÷ 486 707
+14.4%

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

Caveats:

  • capex unavailable — FCF approximated by FY OCF (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

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
Ayala LandPhilippines3.54.1x4.1x
Megaworld CorporationPhilippines1.14.4x4.4x
MultiplanBrazil3.69.9x8.2x
Group median4.4x4.1x
Group average5.8x4.5x
This companyPhilippines7.710.4x10.4x

Group median 4.4x as traded, 4.1x adjusted; this company 10.4x — a 155% premium.

Group average 5.8x as traded, 4.5x adjusted; against the average this company is at a 129% premium.

At the adjusted group median the market cap would be -110% 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://smprime.com/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 SM Prime Holdings (SMPH) — from primary filings.

Frequently asked questions

What is SM Prime Holdings (SMPH)'s P/E ratio?
SM Prime Holdings (SMPH) trades at a P/E of 9.9x (price to trailing 12-month earnings).
What is SM Prime Holdings (SMPH)'s EV/EBITDA?
SM Prime Holdings (SMPH) trades at 10.4x EV/EBITDA.
What is SM Prime Holdings (SMPH)'s P/B ratio?
SM Prime Holdings (SMPH) trades at a P/B of 1.0x.
What is SM Prime Holdings (SMPH)'s dividend yield?
SM Prime Holdings (SMPH)'s trailing 12-month dividend yield is 2.5%.
What is SM Prime Holdings (SMPH)'s return on equity (ROE)?
SM Prime Holdings (SMPH)'s ROE is 10.9%.
What is SM Prime Holdings (SMPH)'s market capitalization?
SM Prime Holdings (SMPH)'s market cap is 486.7 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