Ayala Corp AYALY

IndustrialsReal Estate OperationsPhilippines

Last close 8.24 USD on Nov 2, 2026, +14.0% year to date

Quant rating

Quant rating C Rank 208 of 418 in Industrials

Growth B 129 of 418
Valuation D 307 of 418
Quality B 95 of 418
Revisions D 316 of 418
Momentum C 191 of 418

Wall Street consensus Buy (1.57)Average target 10.62 USD +28.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.4B
Enterprise value: 21.3B
52-week range: 6.34 – 10.23
3-year range: 6.34 – 999.00
Dividend yield: 1.93%
Beta (5 years): –
Shares outstanding: 658M
Next earnings: Nov 12, 2026

About the company

Ayala Corporation is a Philippines-based holding company. The Company's business activities are divided into real estate and hotels, financial services, telecommunications, power, healthcare, logistics, industrial technologies and automotives, infrastructure, education, technology services, business process outsourcing, air charter, retail and investment holdings. Its business units include parent company, real estate and hotels, financial services and insurance, Telecommunications, Industrial Technologies, Power, and Automotive and Others include Automotive/ Motors, Healthcare, Infrastructure, Logistics, Finance app, Retail, Education, Water, Venture capital, and international unit. Its subsidiaries include AC Energy and Infrastructure Corporation (ACEIC), AC Infrastructure Holdings Corporation (AC Infra), AC International Finance Limited (ACIFL), ACX Holdings Corporation (ACX), AC Industrial Technology Holdings Inc. (AC Industrials), Ayala Aviation Corporation (AAC) and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,729	5,609	5,234	4,739	4,424	–
Revenue growth	2.1%	7.2%	10.4%	7.1%	9.7%	7.3%
EPS (basic, normalized)	1.58	1.13	1.06	0.76	0.81	–
EPS growth	40.1%	6.7%	39.0%	−6.1%	–	–
Gross margin	29.3%	28.9%	28.2%	22.7%	23.9%	26.6%
Net margin	17.5%	12.3%	12.5%	9.9%	12.6%	13.0%
ROE	13.0%	10.1%	10.0%	7.5%	8.4%	9.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,341
Current ratio	1.40x
Long-term debt (mil)	10,080
Net debt (mil)	16,468
Total equity (mil)	8,688
Net debt / equity	1.90x
Net debt / EBITDA	10.67x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,729	+2.1%	3.7x	1,544	−3.2%	13.8x	1.58	+40.1%	5.2x
2026	5,970	+4.2%	3.6x	1,614	+4.6%	13.2x	1.18	−25.3%	7.0x
2027	6,464	+8.3%	3.3x	1,790	+10.9%	11.9x	1.36	+14.5%	6.1x
2028	7,355	+13.8%	2.9x	1,929	+7.8%	11.0x	1.55	+14.2%	5.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,970	+3.2%	+3.2%	0.0%	1.18	−5.2%	−5.8%	−15.0%
2027	6,464	+3.8%	+3.8%	0.0%	1.36	−7.5%	−8.0%	−19.4%
2028	7,355	+10.3%	+10.3%	+37.8%	1.55	−4.7%	−5.3%	−6.6%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	75,728	80,912	88,510	92,867	80,895	79,390	78,316	98,285	81,658	87,614
Sales mean (mil)	89,714	78,236	74,266	85,096	80,969	85,157	86,895	107,973	99,663	86,717
Surprise	−15.6%	+3.4%	+19.2%	+9.1%	−0.1%	−6.8%	−9.9%	−9.0%	−18.1%	+1.0%
EPS reported	20.44	14.19	18.18	11.92	20.20	16.54	35.51	22.47	18.02	16.36
EPS mean	18.34	17.85	18.00	24.06	19.90	19.46	16.78	21.64	–	19.82
Surprise	+11.5%	−20.5%	+1.0%	−50.5%	+1.5%	−15.0%	+111.6%	+3.8%	–	−17.4%

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AYALY Ayala Corp	5.4B	10.67x	17.5%	0.62x	7.0x	6.1x	13.2x	11.9x
CWQXY Castellum AB	5.9B	8.24x	9.8%	0.77x	31.0x	30.8x	18.8x	20.5x
TKFOY Tokyu Fudosan Holdings Corporation	5.6B	7.00x	7.8%	0.97x	18.0x	17.2x	10.1x	9.8x
UOLGY UOL Group Ltd	5.2B	–	–	–	–	–	–	–
CIGI Colliers International Group Inc.	5.2B	5.31x	1.9%	3.46x	14.0x	12.4x	10.7x	9.6x
CDEVY City Developments Limited	5.2B	–	17.3%	0.69x	–	–	–	–
Mean		7.80x	10.8%	1.30x	17.5x	16.6x	13.2x	12.9x
Median		7.62x	9.8%	0.77x	16.0x	14.8x	11.9x	10.9x

Technical analysis

1M+2.9%
3M−0.8%
1Y−1.9%
3Y−15.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ayala Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,729	5,609	5,234	4,739	4,424	4,033
Cost of revenue	4,053	3,991	3,758	3,665	3,369	2,952
Gross profit	1,677	1,618	1,476	1,074	1,055	1,081
Selling, general & administrative expenses	828	748	800	561	578	582
Research & development	5.2	4.8	8.6	4.1	2.2	4.3
Depreciation/amortization	46.3	55.3	52.4	58.7	53.1	69.1
Interest expense (income), operating	−795	−763	−939	−769	−593	−548
Unusual expense (income)	27.1	191	120	116	41.6	68.8
Other operating expenses	0	0	0	0	0	0
Operating income	1,566	1,382	1,434	1,104	974	904
Net interest income (expense)	−188	−336	−302	−464	−328	−499
Gain (loss) on sale of assets	2.1	8.0	1.7	−1.5	2.3	2.4
Other non-operating income (expense)	297	183	35.2	297	190	107
Net income before taxes	1,677	1,237	1,169	936	839	515
Provision for taxes	199	179	173	112	96.3	109
Minority interest	−433	−335	−309	−332	−162	−253
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,045	724	687	492	580	153
Extraordinary items	–	–	0	0	−35.6	204
Net income	1,045	724	687	492	545	357
EBIT, normalized	798	810	615	451	422	425
EBITDA, normalized	987	998	785	732	653	839
Basic EPS, normalized	1.58	1.13	1.06	0.76	0.81	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ayala Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,242	1,507	1,508	1,635	1,940	2,040
Receivables	3,448	3,323	3,506	3,468	3,380	3,423
Total inventory	4,546	4,266	4,176	3,620	3,264	3,351
Prepaid expenses	811	847	926	716	870	743
Other current assets	154	122	274	293	299	4,147
Total current assets	10,202	10,065	10,390	9,732	9,752	13,703
Property, plant & equipment	3,976	3,490	3,115	2,460	2,308	2,382
Goodwill	516	515	543	598	224	208
Intangibles	172	164	187	210	239	233
Long-term investments	12,702	12,003	11,443	10,869	11,312	10,547
Note receivable	3,278	2,697	2,232	1,768	1,677	1,223
Other long-term assets	1,324	1,188	1,135	922	943	984
Total assets	32,170	30,121	29,044	26,559	26,456	29,281
Liabilities
Accounts payable	2,879	2,633	2,396	2,179	1,806	1,987
Payable/accrued	–	–	–	–	–	–
Accrued expenses	558	475	508	489	724	917
Short-term debt	1,383	1,301	900	656	681	676
Current portion of long-term debt	848	1,128	948	608	659	791
Other current liabilities	1,216	1,165	1,555	1,618	1,389	3,973
Total current liabilities	6,884	6,703	6,308	5,551	5,258	8,343
Long-term debt	10,288	9,627	9,355	9,205	8,586	8,237
Minority interest	5,071	5,012	5,026	4,100	3,973	4,233
Other liabilities	1,225	1,297	1,196	1,110	1,525	1,402
Total liabilities	23,468	22,640	21,885	19,966	19,342	22,216
Shareholders' equity
Preferred stock	−80.4	−98.6	−62.7	−35.9	−39.2	−41.7
Common stock	541	547	573	570	622	659
Additional paid-in capital	1,299	986	993	898	972	1,021
Retained earnings (accumulated deficit)	6,605	5,772	5,378	4,812	5,102	4,961
Treasury stock	−177	−146	−200	−199	−204	−95.9
Other equity	514	422	478	549	661	561
Total equity	8,702	7,482	7,159	6,594	7,114	7,065
Total liabilities & shareholders' equity	32,170	30,121	29,044	26,559	26,456	29,281

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ayala Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,677	1,237	1,169	936	839	515
Depreciation, depletion & amortization	305	296	261	282	331	414
Deferred taxes	–	–	–	–	–	–
Non-cash items	−594	−277	−396	−356	−245	202
Changes in working capital	−1,054	−1,129	−773	−525	−804	−1,317
Cash from operations	334	127	261	336	121	−186
Investing activities
Capital expenditures	−632	−776	−746	−593	−276	−257
Other investing cash flows	−87.2	−331	−253	−644	−1,144	−320
Cash from investing	−719	−1,108	−999	−1,236	−1,420	−577
Financing activities
Financing cash flow items	−383	−58.7	202	−310	623	229
Cash dividends paid	−192	−172	−169	−147	−147	−184
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	803	1,208	720	1,080	353	892
Cash from financing	228	976	753	623	829	937
Foreign exchange effects	10.2	16.8	1.4	−22.0	7.7	−33.6
Net change in cash	−146	12.4	16.9	−299	−463	140
Free cash flow	−298	−649	−484	−256	−156	−443

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.