1. Philippines Stocks

  2. •

    Utilities

  3. •

    Regulated Water
Manila Water Company, Inc.

Manila Water Company, Inc.

MWTCY
Manila Water Company, Inc.US flagOther OTC
18.00
USD
- -
- -
1.88BMarket Cap
Manila Water Company, Inc.
MWTCY
(Other OTC)

Recent

price

18.00

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
134.16
146.45
176.19
185.55
196.12
203.9
214.97
224.23
237.18
262.06
252.74
201.82
197.64
273.19
352.99
386.3
362.65
Revenue per Share
48.97
52.48
67.34
70.41
70.99
72.54
61.16
62.22
65.89
55.33
45.24
30.76
44.79
43.71
88.92
133.66
138.4
Basic EPS, GAAP
-29.06
-0.57
31.12
49.74
57.05
51.91
5.37
-17.74
23.59
-14.97
-18.45
-15.13
-70.86
22.81
-1.63
45.79
45.89
Free Cash Flow per Basic Share
14.65
17.19
18.5
23.32
24.58
24.84
25.39
25.84
26.11
27.16
- -
18.32
11.13
18.44
32.46
52.61
52.99
Dividend per Share
206.14
142.51
191.31
238.07
369.39
416.12
207.66
164.1
171.31
173.36
165.92
160.56
181.81
76.53
122.5
138.14
112.07
Book Value per Share
245.87
-295.14
-300.87
-294.48
-260.22
-256.31
-253.84
-318.74
-358.11
-462.98
-518.53
-478.23
-626
-824.62
-1,037.01
-1,512.95
-1,393.71
Tangible Book Value per Share
81
81
82
82
82
82
82
82
82
83
83
102
115
112
104
104
114
Basic Weighted Avg Shares
10,901
11,916
14,365
15,159
16,060
16,746
17,654
18,420
19,545
21,645
20,875
20,530
22,799
30,710
36,647
40,181
41,270
Sales/Revenue/Turnover
54.71
54.63
56.22
57.4
54.95
50.68
49.01
46.68
47.44
42.12
45.78
37.42
41.26
50.82
52.91
57.47
57.72
Operating Margin (%)
1,472
1,890
2,320
2,495
2,444
2,600
2,866
2,557
2,656
2,994
3,554
3,628
3,046
4,308
5,348
5,234
5,457
Depreciation Expense
3,979
4,270
5,490
5,752
5,813
5,958
6,065
6,147
6,524
5,496
4,500
3,673
5,923
5,594
10,500
15,808
16,661
Net Income, GAAP
23.82
18.27
22.47
23.86
23.95
22.64
22.01
24.03
22.43
29.43
26.24
29
24.67
34.59
27.37
23.46
21.61
Effective Tax Rate (%)
36.5
35.84
38.22
37.95
36.2
35.58
34.36
33.37
33.38
25.39
21.56
17.89
25.98
18.21
28.65
39.34
40.37
Profit Margin (%)
478
1,531
-1,682
996
1,236
-2,452
774
1,020
-9,260
-7,517
11,211
-286
-8,974
-21,501
-16,062
-50,141
-23,970
Working Capital
12,959
22,042
19,806
24,361
22,975
19,961
25,331
35,110
37,526
46,125
69,060
66,324
78,961
82,491
99,517
120,256
149,238
LT Debt
19,978
22,712
26,754
31,054
35,102
39,719
44,382
48,561
53,621
55,991
60,163
68,325
73,453
70,119
77,335
95,089
94,160
Total Equity
13.8
13.22
12.85
12.14
11.29
10.3
9.72
8.16
7.44
5.88
5.7
4
4.78
6.25
7.99
8.61
8.39
Return on Invested Capital (%)
14.86
16.44
17.29
15.96
13.44
11.55
12.96
14.15
12.61
9.61
7.33
5.66
7.55
6.95
10.75
12.78
12.23
Return on Capital (%)
25.94
30.13
40.38
32.83
23.39
18.5
19.61
33.48
39.35
32.14
26.67
20.84
27.7
33.23
86.6
102.66
133.7
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
17,580
11,945
14,347
LT Borrowings
94,377
119,981
148,992
LT Finance Leases
262
275
245
Preferred Equity and Hybrid Capital
400
400
400
Shares Outstanding
2,958
2,958
2,961
Market Capitalization
115,705
116,729
120,521

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
13,734
15,958
15,459
Cash, Cash Equivalents & STI
6,120
6,924
5,853
Accounts Receivable, Net
5,389
4,461
4,266
Inventories
479
476
479
Total Current Liabilities
37,426
66,099
39,429
Payables & Accruals
- -
- -
- -
ST Debt
17,580
11,945
14,347
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.32%
9.96%
22.96%
Free Cash Flow
-362.05%
-545.38%
-2,920.85%
Net Income, GAAP
15.1%
35.11%
50.56%
Sales/Revenue/Turnover
9.61%
14.61%
9.64%
Total Cash Common Dividend
-22.89%
-9.66%
69.67%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
8,818
9,536
9,193
9,100
36,647
2025
9,541
10,455
10,057
10,128
40,181
2026
10,630
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
26.47
32.25
27
- -
88.92
2025
30.16
37
39.75
- -
133.66
2026
37.29
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
32.46
2025
52.68
- -
- -
- -
52.61
2026
57.9
- -
- -
- -
- -
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Business
Manila Water Company, Inc. (MWTCY) operates as a leading water and wastewater services provider in the Philippines, delivering water treatment, distribution, sewerage, and sanitation services across the East Zone of Metro Manila and Rizal Province to over 7.3 million residential, commercial, and industrial customers in 23 cities and municipalities. The company, founded in 1997 and headquartered at MWSS Administration Building, 489 Katipunan Road, Balara, Quezon City, holds a concession agreement with the Metropolitan Waterworks and Sewerage System (MWSS) extended through 2037 and a 25-year franchise under Republic Act No. 11601 effective from 2022; its core offerings span the full water value chain, including bulk water supply, water treatment and distribution networks exceeding 5,600 kilometers, wastewater treatment facilities, septage management with a third plant in Pinugay set for completion by September 2025 serving over 140,000 residents in Rizal, after-the-meter solutions such as pipe-laying and integrated wastewater services via Manila Water Total Solutions Corp., and consultancy, engineering, procurement, and construction management for water projects. Through subsidiaries like Manila Water Philippine Ventures, Inc. (MWPV), it manages domestic expansions in bulk water supply (e.g., Clark, Cebu, Boracay, Davao, Ilagan City, Laguna via recent acquisition of Laguna Aquatech Resources Corporation in April 2024 improving coverage from 45% to 55%) and water distribution in areas including Calasiao, Calbayog, North Luzon, and Estate Water for Ayala Land townships; internationally, Manila Water Asia Pacific Pte. Ltd. (MWAP) oversees operations in Vietnam (Thu Duc Water, Kenh Dong Water supplying Saigon Water Corporation), associates in Thailand (Eastern Water) and Indonesia (PT Sarana Tirta Ungaran), and management contracts with Saudi Arabia's National Water Company for North West and Eastern Clusters. Recent developments include the P37.8 billion acquisition of full ownership in WawaJVCo Inc. from Prime Infrastructure and minority shareholders in June 2025, followed by a minority stake purchase in the Wawa Bulk Water Supply Project completed September 2025 to enhance Metro Manila water security with 518 MLD capacity through 2050; the company secured a P10 billion 10-year term loan from China Banking Corp. in November 2024 and prior P17 billion financing in 2023 to fund capital expenditures, alongside P10.1 billion net earnings for January-September 2025 driven by rate adjustments and demand growth. Trident Water holds a 52.16% controlling stake, with Philwater Holdings at 19.01% and Ayala Corporation at 12.26%.