1. Philippines Stocks

  2. •

    Utilities

  3. •

    Regulated Electric
Manila Electric Co

Manila Electric Co

MERVF
Manila Electric CoUS flagOther OTC
8.25
USD
- -
- -
9.30BMarket Cap
Manila Electric Co
MERVF
(Other OTC)

Recent

price

8.25

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
213.78
227.87
253.12
264.98
236.32
229.28
228.2
250.72
270.15
282.44
244.28
282.65
378.46
393.62
417.36
441.28
446.82
Revenue per Share
8.59
11.77
15.19
15.27
16.02
16.95
17.02
18.09
20.42
20.66
14.48
20.85
25.23
33.74
40.69
45.37
45.71
Basic EPS, GAAP
10.25
20.75
23.58
23.92
22.11
27.15
21.26
14.57
24.07
19.69
8.26
14.15
-15.1
25.76
-2.22
-31.13
-31.74
Free Cash Flow per Basic Share
5.49
8.75
7.89
11.14
12.28
15.02
24.95
17.61
12.92
15.98
14.9
12.2
14.99
19.25
21.14
24.33
11.44
Dividend per Share
48.87
47.51
50.47
50.99
54.65
56.35
58.04
57.9
64.95
69.55
68.93
76.9
86.09
100.28
119.44
139.74
132.68
Book Value per Share
56.07
59.33
59.53
65.28
68.41
69.42
64.24
64.01
71.69
74.04
69.62
80.07
90.88
101.57
128.06
162.26
156.51
Tangible Book Value per Share
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
1,127
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
645,898
651,614
703,119

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
8.52
11.4
10.04
- -
40.69
2025
9.27
11.7
11.7
- -
45.37
2026
9.61
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.57
11.3
10.2
- -
21.14
2025
- -
- -
10.96
- -
24.33
2026
0.41
- -
- -
- -
- -
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Business
Manila Electric Co. (MERALCO) engages primarily in the generation, distribution, and retail supply of electricity in the Philippines, operating through Power and Other Services segments to serve a broad customer base across Metro Manila and adjoining provinces. Founded in 1903 and headquartered in Pasig City, MERALCO functions as a vertically integrated electric utility with extensive investments in generation capacity, grid infrastructure, and customer-facing energy services. Main products and services - Electricity distribution: maintains and operates the electricity distribution network in its franchised areas, delivering power to residential, commercial, and industrial customers; manages service connections, metering, billing, and customer support. - Power generation: develops, finances, builds, owns, and operates generation facilities, including coal-fired, diesel-fired, natural gas/LNG, and renewable assets where applicable; procures energy to meet forecast demand and maintains a diversified generation portfolio. - Retail electricity supply: provides retail energy procurement and supply options to end users, including tariff planning, price optimization, and energy management services for commercial and industrial customers. - Renewable energy development and integration: pursues solar and other renewables projects; integrates renewable capacity into the grid to support reliability and decarbonization goals. - Energy services and solutions: offers energy management, distributed energy resources integration, and system optimization services to customers seeking enhanced efficiency and reliability. - Electrification and infrastructure services: participates in related electrical infrastructure projects, including engineering, procurement, construction, and maintenance services tied to power delivery and grid modernization. - Electric vehicle (EV) and charging infrastructure solutions: develops and deploys EV charging networks and related services to support transportation electrification. - Information technology and digital services: provides e-business development, information technology, telecommunications, and multichannel billing and customer engagement platforms. - Engineering, procurement, construction (EPC) services: offers EPC capabilities for energy projects and related facilities, including project development and workflow management. - Telecommunication and tower infrastructure: constructs and leases communication towers and related telecom infrastructure as part of broader connectivity and utility-related services. - Insurance and risk management services: provides insurance and re-insurance services as part of risk mitigation for projects and operations. - Rail and transport-related services: delivers maintenance and related services for rail systems and transportation networks where applicable. Geographic operations - Core operations in the Philippines, with a service footprint spanning Metro Manila and multiple provinces including Rizal, Cavite, Bulacan, Pampanga, Batangas, Laguna, and Quezon; operations extend to areas such as the Clark Freeport Zone and various municipal jurisdictions within these regions. - The company maintains regional generation, distribution, and service capabilities to meet localized demand and reliability standards across its franchise areas. Founding year and headquarters - Founded in 1903; headquarters located in Pasig City, Metro Manila, Philippines. Subsidiaries and corporate relationships - Operates within a parent–subsidiary framework linked to the broader JG Summit Holdings group structure, with strategic affiliations and joint considerations with related entities in energy, infrastructure, and financial services.