Manila Electric Company MAEOY

UtilitiesElectric Utilities & IPPsPhilippines

Last close 14.25 USD on Nov 2, 2026, −18.8% year to date

Quant rating

Quant rating B Rank 15 of 89 in Utilities

Growth A 9 of 89
Valuation D 66 of 89
Quality A 3 of 89
Revisions B 18 of 89
Momentum D 73 of 89

Wall Street consensus Buy (2.10)Average target 9.94 USD −30.3%

Historical valuation

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

Key data

Market cap: 7.5B
Enterprise value: 10.2B
52-week range: 13.55 – 24.56
3-year range: 12.88 – 24.56
Dividend yield: 6.51%
Beta (5 years): –
Shares outstanding: 1,127M
Next earnings: Oct 28, 2026

About the company

Manila Electric Co. is an electric power distribution company, with franchise area covering 9,685 square kilometers. Its segments include Power and Other Services. The Power segment consists of electricity distribution, power generation and retail electricity supply (RES). The Other Services segment is involved principally in electricity-related services, such as electro-mechanical engineering, construction, consulting and related manpower services, e-transaction and bills collection, telecommunications services, rail-related operations and maintenance services, insurance and re-insurance, e-business development, power distribution management, energy systems management and harnessing renewable energy and electric vehicle and charging infrastructure solutions. Electricity distribution includes electricity distribution and supply of power on a pass-through basis covering all captive customers of the Company, Clark Electric Distribution Corporation and Shin Clark Power Corporation.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,458	8,099	8,009	7,662	6,247	–
Revenue growth	4.4%	1.1%	4.5%	22.6%	8.9%	8.1%
EPS (basic, normalized)	0.78	0.69	0.59	0.43	0.43	–
EPS growth	12.8%	17.6%	37.4%	0.4%	–	–
Gross margin	–	–	–	–	–	–
Net margin	10.3%	9.7%	8.6%	6.7%	7.4%	8.5%
ROE	32.2%	34.4%	32.8%	27.8%	26.9%	30.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,958
Current ratio	0.93x
Long-term debt (mil)	3,555
Net debt (mil)	2,856
Total equity (mil)	2,964
Net debt / equity	0.96x
Net debt / EBITDA	1.90x

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	8,458	+4.4%	1.2x	1,502	+42.1%	6.8x	0.78	+12.8%	18.3x
2026	8,385	−0.9%	1.2x	1,162	−22.6%	8.8x	0.76	−2.2%	18.7x
2027	8,863	+5.7%	1.2x	1,316	+13.3%	7.8x	0.81	+6.2%	17.6x
2028	9,272	+4.6%	1.1x	1,426	+8.3%	7.2x	0.83	+2.1%	17.2x

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	8,385	+0.3%	+0.1%	+2.5%	0.76	+3.5%	+0.6%	+4.0%
2027	8,863	+0.7%	0.0%	+2.7%	0.81	+6.6%	+1.5%	+3.9%
2028	9,272	+0.6%	−0.1%	+7.6%	0.83	+10.8%	+6.5%	+6.6%

Earnings surprises EPS beat in 3 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)	104,548	132,929	117,946	114,939	114,511	130,788	126,546	125,480	120,779	162,931
Sales mean (mil)	110,817	124,135	117,946	–	–	–	123,779	123,779	110,949	140,741
Surprise	−5.7%	+7.1%	0.0%	–	–	–	+2.2%	+1.4%	+8.9%	+15.8%
EPS reported	8.95	11.64	10.55	8.91	9.91	12.74	12.86	9.36	10.14	13.38
EPS mean	6.44	7.12	–	7.75	9.37	10.52	10.28	10.55	9.43	12.28
Surprise	+38.8%	+63.5%	–	+15.0%	+5.8%	+21.1%	+25.0%	−11.3%	+7.5%	+8.9%

Peer comparison Electric Utilities & IPPs

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
MAEOY Manila Electric Company	7.5B	1.90x	10.3%	2.62x	18.7x	17.6x	8.8x	7.8x
ELPC Companhia Paranaense de Energia	7.9B	–	10.2%	–	34.3x	27.2x	–	–
CRPAY Corporacion Acciona Energias Renovables SA	7.8B	–	22.4%	1.13x	10.6x	15.3x	10.6x	11.5x
EQUEY Equatorial SA	7.6B	–	–	–	18.7x	14.5x	–	–
CPX Capital Power Corp	7.1B	4.31x	3.7%	2.10x	46.5x	21.1x	10.4x	9.7x
CWEN Clearway Energy Inc	7.0B	–	11.8%	3.75x	−127.2x	48.1x	14.3x	12.7x
Mean		3.11x	11.7%	2.40x	0.3x	24.0x	11.0x	10.4x
Median		3.11x	10.3%	2.36x	18.7x	19.3x	10.5x	10.6x

Technical analysis

1M+0.1%
3M−26.1%
1Y−18.8%
3Y+6.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Manila Electric Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,458	8,099	8,009	7,662	6,247	5,734
Cost of revenue	6,816	6,380	6,433	6,387	4,744	4,390
Gross profit	1,641	1,719	1,576	1,275	1,503	1,344
Selling, general & administrative expenses	407	362	352	358	345	276
Research & development	–	–	–	–	–	–
Depreciation/amortization	289	300	299	287	244	177
Interest expense (income), operating	0.1	0.1	0.1	0.1	0.1	0.1
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	121	282	268	267	339	454
Operating income	824	775	656	363	575	437
Net interest income (expense)	316	221	240	248	88.7	36.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−59.1	−20.5	−51.0	22.7	−17.0	−6.5
Net income before taxes	1,081	976	845	633	647	467
Provision for taxes	217	176	146	119	175	131
Minority interest	4.9	−10.5	−11.8	−2.8	−11.5	3.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	870	790	686	511	461	340
Extraordinary items	–	–	–	–	–	–
Net income	870	790	686	511	461	340
EBIT, normalized	824	775	656	363	575	437
EBITDA, normalized	1,114	1,075	955	650	821	615
Basic EPS, normalized	0.78	0.69	0.59	0.43	0.43	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Manila Electric Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,862	1,610	1,634	1,330	1,427	1,231
Receivables	1,471	1,183	984	1,091	933	1,235
Total inventory	187	197	201	191	193	114
Prepaid expenses	92.9	93.4	96.6	138	110	78.0
Other current assets	14.4	9.3	20.3	21.8	24.6	15.6
Total current assets	3,626	3,093	2,936	2,771	2,687	2,674
Property, plant & equipment	6,433	4,968	4,919	4,371	4,428	3,395
Goodwill	–	–	–	0.6	0.7	0.7
Intangibles	688	710	966	387	291	34.9
Long-term investments	2,487	938	977	1,024	1,133	1,046
Note receivable	3.1	3.1	3.3	3.3	3.5	3.8
Other long-term assets	775	928	822	770	939	974
Total assets	14,012	10,641	10,624	9,327	9,482	8,129
Liabilities
Accounts payable	1,540	1,191	1,155	1,296	1,069	996
Payable/accrued	–	–	–	–	–	–
Accrued expenses	324	339	475	414	437	383
Short-term debt	618	590	498	530	565	487
Current portion of long-term debt	122	98.0	173	100	179	40.9
Other current liabilities	1,683	1,852	1,918	1,356	919	1,064
Total current liabilities	4,287	4,070	4,220	3,695	3,169	2,970
Long-term debt	3,172	944	1,124	1,235	1,034	308
Minority interest	857	711	827	259	201	31.1
Other liabilities	2,751	2,426	2,245	2,168	3,211	3,169
Total liabilities	11,067	8,151	8,416	7,358	7,615	6,478
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	192	194	204	202	221	235
Additional paid-in capital	69.9	70.8	74.2	73.8	80.6	85.6
Retained earnings (accumulated deficit)	2,606	2,158	1,854	1,557	1,497	1,403
Treasury stock	−0.2	−0.2	−0.2	−0.2	−0.2	−0.2
Other equity	77.3	66.9	76.5	136	68.7	−72.5
Total equity	2,945	2,490	2,208	1,970	1,867	1,650
Total liabilities & shareholders' equity	14,012	10,641	10,624	9,327	9,482	8,129

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Manila Electric Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,081	976	845	633	647	467
Depreciation, depletion & amortization	289	300	300	288	244	177
Deferred taxes	–	–	–	–	–	–
Non-cash items	−201	−78.3	−164	−374	137	296
Changes in working capital	56.0	−474	65.3	−94.8	−181	−318
Cash from operations	1,226	723	1,047	452	847	622
Investing activities
Capital expenditures	−1,812	−674	−448	−605	−515	−410
Other investing cash flows	−895	351	476	208	−455	467
Cash from investing	−2,707	−323	28.3	−397	−970	57.8
Financing activities
Financing cash flow items	57.2	−49.3	−59.8	2.4	39.7	−49.7
Cash dividends paid	−466	−410	−392	−303	−270	−350
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,323	87.7	−137	260	443	−23.1
Cash from financing	1,914	−372	−589	−40.8	213	−423
Foreign exchange effects	−10.3	0.6	0.3	0	−9.4	6.1
Net change in cash	422	29.1	487	14.9	80.3	263
Free cash flow	−586	49.2	599	−152	332	213

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.