Manila Electric Company (MAEOY)
OTHER OTC:MAEOY
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Manila Electric Company
(OTC:MAEOY)
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Rating:60Neutral
Price Target:
$21.00
â–²(5.21% Upside)
Action:ReiteratedDate:03/28/26
The score is primarily constrained by fundamentals—negative free cash flow and higher leverage—despite solid profitability and steady revenue growth. Valuation is supportive with a moderate P/E and decent dividend yield, while technicals are mixed with a slightly bearish MACD but neutral RSI and oversold Stoch.
Positive Factors
Steady Revenue Growth
Consistent mid-single-digit revenue growth over successive years indicates stable demand for Meralco's core distribution services. For a regulated utility, steady top-line growth supports predictable cash flow and planning for capex and network maintenance over the next 2–6 months and beyond.
Negative Factors
Rising Leverage
A sharp increase in leverage materially reduces financial flexibility and raises refinancing and interest-rate risk. For a capital-intensive utility, higher debt levels constrain the ability to fund capex or absorb regulatory lag without further borrowing, increasing vulnerability over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue Growth
Consistent mid-single-digit revenue growth over successive years indicates stable demand for Meralco's core distribution services. For a regulated utility, steady top-line growth supports predictable cash flow and planning for capex and network maintenance over the next 2–6 months and beyond.
Read all positive factors
Manila Electric Company (MAEOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.51B
Dividend Yield4.82%
Average Volume (3M)0.00
Price to Earnings (P/E)10.2
Beta (1Y)0.27
Revenue Growth4.05%
EPS Growth11.89%
CountryUS
Employees5,815
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)0.43
Shares Outstanding563,546,260
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio0.79
Price to Book (P/B)3.36
Price to Sales (P/S)1.14
P/FCF Ratio-18.23
Enterprise Value/Market Cap71.70
Enterprise Value/Revenue1.65
Enterprise Value/Gross Profit8.66
Enterprise Value/Ebitda9.75
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Manila Electric Company Business Overview & Revenue Model
Company Description
Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines. The company operates through two segments, Power and Other Services. It offers power to approximately 7...
How the Company Makes Money
Meralco primarily makes money by providing regulated electricity distribution services to end-users within its franchise area. Its core revenue stream is the recovery of distribution-related charges and other regulated fees billed to customers thr...
Manila Electric Company Earnings Call Summary
Earnings Call Date:Nov 03, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
Meralco's earnings call presented a strong financial performance with significant growth in power generation and improvements in operational reliability. However, challenges such as a slight decline in energy sales and regulatory adjustments were noted. The company's sustainability efforts and safety records were highlighted positively.Positive Updates
Strong Financial Performance
Meralco reported a 14% increase in consolidated core net income (CCNI) to PHP 40 billion for the first nine months of 2025. The power generation segment grew by 63%, contributing PHP 14.7 billion to CCNI.
Negative Updates
Slight Decline in Energy Sales
Energy sales dropped by 0.4% to 40,719 gigawatt hours due to cooler weather and high vacancies in office and condo spaces from the POGO exit.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Financial Performance
Meralco reported a 14% increase in consolidated core net income (CCNI) to PHP 40 billion for the first nine months of 2025. The power generation segment grew by 63%, contributing PHP 14.7 billion to CCNI.
Read all positive updates
Company Guidance
In the third quarter and nine-month results briefing for 2025, Meralco reported a fiscal performance characterized by robust growth in its power generation business, which contributed PHP 14.7 billion to the consolidated core net income (CCNI), a substantial 63% increase from the previous year. This sector now constitutes 37% of the CCNI. The distribution utility (DU) business remained the largest contributor, accounting for 55% of the PHP 40 billion CCNI, with an 8% growth to PHP 21.9 billion. The consolidated reported net income rose by 9% to PHP 36.8 billion, while consolidated revenues saw a 5% increase to PHP 371.8 billion, driven by higher pass-through generation and transmission charges. Capital expenditures totaled PHP 78.8 billion, primarily for solar power plant developments and distribution network improvements. Despite a slight decline in energy sales due to cooler weather and increased vacancies in office spaces, Meralco managed a 14% rise in core EBITDA to PHP 67.2 billion, indicating a strong operational performance across its business segments.Manila Electric Company Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 508.52B | 470.36B | 443.61B | 7.82B | 6.46B |
| Gross Profit | 57.51B | 99.12B | 86.07B | 641.84M | 922.68M |
| EBITDA | 66.98B | 79.52B | 67.77B | 771.13M | 52.01B |
| Net Income | 52.28B | 45.86B | 38.02B | 521.47M | 476.68M |
Balance Sheet | |||||
| Total Assets | 823.47B | 617.96B | 586.04B | 9.32B | 9.48B |
| Cash, Cash Equivalents and Short-Term Investments | 109.40B | 93.31B | 90.49B | 1.32B | 1.42B |
| Total Debt | 230.11B | 93.42B | 100.66B | 1.86B | 1.78B |
| Total Liabilities | 600.05B | 432.08B | 418.72B | 7.09B | 7.42B |
| Stockholders Equity | 173.05B | 144.60B | 122.30B | 1.97B | 1.87B |
Cash Flow | |||||
| Free Cash Flow | -31.90B | -2.50B | 29.04B | -205.11M | 399.48M |
| Operating Cash Flow | 77.02B | 42.01B | 57.97B | 568.83M | 951.99M |
| Investing Cash Flow | -157.93B | -18.76B | 1.57B | -516.26M | -1.08B |
| Financing Cash Flow | 106.93B | -21.59B | -32.60B | -37.38M | 224.69M |
Manila Electric Company Technical Analysis
Positive
19.96
Price Trends
20.18
Positive
19.86
Positive
19.20
Positive
Market Momentum
>-0.01
Negative
55.72
Neutral
61.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAEOY, the sentiment is Positive. The current price of 19.96 is above the 20-day moving average (MA) of 19.93, below the 50-day MA of 20.18, and above the 200-day MA of 19.20, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 55.72 is Neutral, neither overbought nor oversold. The STOCH value of 61.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MAEOY.
Manila Electric Company Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $19.03B | 19.53 | 8.47% | 3.72% | 0.11% | -0.52% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $12.39B | 17.22 | 8.91% | 4.15% | 5.70% | -8.25% | |
60 Neutral | $11.51B | 10.16 | 32.73% | 4.82% | 4.05% | 11.89% | |
59 Neutral | $10.03B | 31.15 | 9.89% | 3.82% | 18.03% | 29.46% |
* Utilities Sector Average
MAEOY
Manila Electric Company
20.36
1.73
9.31%
OGE
OGE Energy
49.01
8.34
20.49%
PNW
Pinnacle West Capital
102.28
16.91
19.80%
EVRG
Evergy
82.84
20.68
33.26%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.