1. Philippines Stocks

  2. •

    Utilities

  3. •

    Regulated Electric
Manila Electric Company

Manila Electric Company

MAEOY
Manila Electric CompanyUS flagOther OTC
18.95
USD
-0.59
- -
10.68BMarket Cap
Manila Electric Company
MAEOY
(Other OTC)

Recent

price

18.95

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
427.57
455.74
506.25
529.97
472.65
458.56
456.4
501.43
540.29
564.89
488.56
565.3
756.93
787.24
834.72
- -
893.69
Revenue per Share
17.19
23.53
30.38
30.54
32.04
33.89
34.03
36.17
40.85
41.32
28.95
41.7
50.45
67.48
81.38
- -
91.42
Basic EPS, GAAP
20.49
41.49
47.16
47.84
44.22
54.29
42.51
29.14
48.14
39.38
16.53
28.3
-30.19
51.53
-4.44
- -
-63.49
Free Cash Flow per Basic Share
10.98
17.51
15.78
22.28
24.55
30.04
49.89
35.21
25.83
31.96
29.81
24.4
29.97
38.49
42.28
- -
22.88
Dividend per Share
97.73
95.02
100.94
101.99
109.3
112.69
116.08
115.8
129.89
139.1
137.87
153.8
172.19
200.57
238.89
- -
265.37
Book Value per Share
112.15
118.67
119.06
130.56
136.83
138.85
128.48
128.03
143.38
148.08
139.24
160.14
181.75
203.14
256.12
- -
313.03
Tangible Book Value per Share
564
564
564
564
564
564
564
564
564
564
564
564
564
564
564
- -
564
Basic Weighted Avg Shares
240,933
256,808
285,270
298,636
266,336
258,399
257,181
282,556
304,454
318,315
275,304
318,547
426,529
443,612
470,362
497,325
503,593
Sales/Revenue/Turnover
4.99
6.95
6.7
8.09
9.8
9.06
10
9.34
9.34
9.81
7.62
9.21
4.73
8.19
9.55
9.99
9.63
Operating Margin (%)
6,219
5,637
5,731
6,118
6,093
6,910
7,312
7,520
7,827
8,730
8,555
12,499
16,031
16,625
17,529
17,034
17,421
Depreciation Expense
9,685
13,260
17,117
17,211
18,053
19,098
19,176
20,384
23,017
23,285
16,316
23,498
28,431
38,023
45,859
51,130
51,515
Net Income, GAAP
30.21
31.76
26.07
29
31.5
22.86
27.55
26.43
24.37
26.77
27.95
27.01
18.87
17.34
18.02
20.05
19.93
Effective Tax Rate (%)
4.02
5.16
6
5.76
6.78
7.39
7.46
7.21
7.56
7.32
5.93
7.38
6.67
8.57
9.75
10.28
10.23
Profit Margin (%)
11,352
33,618
32,725
12,860
29,084
2,080
-16,594
-7,407
-173
-9,872
-14,219
-23,427
-51,438
-71,102
-56,758
-38,826
-36,182
Working Capital
- -
19,816
20,466
20,756
27,743
27,370
26,999
24,786
24,745
12,745
14,809
52,720
68,757
62,272
54,797
186,531
202,668
LT Debt
63,196
66,869
68,150
75,335
79,474
80,861
75,146
74,432
82,887
85,241
80,731
105,328
124,109
168,103
185,882
223,524
216,871
Total Equity
11.02
14.96
14.6
15.81
15.22
15.43
15.64
16
16.88
16.94
11.32
12.72
7.4
11.37
12.58
10.47
9.06
Return on Invested Capital (%)
12.9
18.46
22.06
21.25
20.99
21.74
20.17
20.37
21.95
20.86
14.82
16.78
15.65
17.56
18.76
16.58
14.76
Return on Capital (%)
17.89
24.42
31
30.1
30.33
30.53
29.75
31.2
33.25
30.72
20.91
28.59
30.95
36.2
37.04
35.01
36.91
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
42,311
42,231
34,230
LT Borrowings
169,744
186,531
202,668
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,127
1,127
1,127
Market Capitalization
578,342
583,460
842,335

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
203,371
213,224
212,060
Cash, Cash Equivalents & STI
89,718
109,457
113,068
Accounts Receivable, Net
52,272
63,702
57,961
Inventories
10,852
10,983
10,828
Total Current Liabilities
251,309
252,050
248,242
Payables & Accruals
- -
- -
- -
ST Debt
42,311
42,231
34,230
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.55%
22.92%
20.25%
Free Cash Flow
72.4%
157.63%
1,302.96%
Net Income, GAAP
12.17%
26.17%
11.49%
Sales/Revenue/Turnover
7.36%
13.08%
5.73%
Total Cash Common Dividend
8.51%
11.61%
15.08%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
104,548
132,929
117,946
114,939
470,362
2025
114,511
130,708
126,546
125,560
497,325
2026
120,779
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
17.03
22.79
20.08
- -
81.38
2025
18.54
23.4
23.4
- -
- -
2026
19.22
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.14
22.61
20.41
- -
42.28
2025
- -
- -
21.93
- -
- -
2026
0.81
- -
- -
- -
- -
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Business
Manila Electric Company (Meralco) operates as the Philippines' largest private sector electric distribution utility, serving approximately 8.11 million customers across a franchise area spanning 39 cities and 72 municipalities, covering 9,685 square kilometers that includes Metro Manila and key exurbs. The company distributes electricity to residential, commercial, and industrial customers, representing about 55% of the country's electricity output from just 3% of its land area; it sources power primarily from the National Power Corporation and independent power producers. Meralco provides a comprehensive suite of energy solutions and services, including end-to-end energy management, customer choice programs for renewable energy suppliers, engineering and design, construction and consulting, bill collection, distribution and energy efficiency optimization, communications and information technology systems, and programs such as Power Ideas for efficient business energy use and Power Up Forum workshops. Founded in 1903 as the Manila Electric Railroad and Light Company and headquartered at Meralco Center, Ortigas Avenue in Pasig City, Meralco focuses on the electric power distribution industry, targeting end-users in the country's industrial, commercial, and population centers while emphasizing innovation, sustainability, customer service, and renewable energy integration. In recent developments, Meralco taps a P75 billion 12-year credit facility from BDO Unibank, Bank of the Philippine Islands, and Metropolitan Bank and Trust in 2025 to fund capital spending expansions amid robust economic growth, including investments in the $4 billion Terra Solar project in Central Luzon and liquefied natural gas facilities. Its subsidiary Meralco PowerGen (MGEN) unit MGreen forms a strategic partnership with Actis, closing a US$600 million investment in MTerra Solar in March 2025 to develop 3,500 MWp solar photovoltaic capacity and 4,500 MWh battery energy storage systems. Meralco advances joint venture proposals with Batangas Electric Cooperative I and II to enhance electricity service in Batangas province, supporting industrialization, while pursuing nuclear feasibility studies with France and PPA extensions for energy security.