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PLDT, Inc. (PHI)
NYSE:PHI
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PLDT
(NYSE:PHI)
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Rating:77Outperform
Price Target:
$25.00
â–²(17.43% Upside)
Action:ReiteratedDate:11/19/25
PLDT's overall stock score is driven by strong financial performance and attractive valuation. The company's robust revenue growth and profitability are key strengths, although high leverage poses a risk. Technical analysis indicates bullish momentum, but overbought conditions warrant caution. The earnings call provided positive insights into revenue growth and cost control, despite some challenges in core income and increased costs.
Positive Factors
Revenue Growth
Steady revenue growth indicates strong market demand and effective service offerings, supporting long-term business stability.
Digital and Fiber Expansion
Growth in fiber and ICT services reflects successful expansion in high-demand areas, enhancing competitive positioning.
Positive Free Cash Flow
Achieving positive free cash flow earlier than expected demonstrates strong financial management and operational efficiency.
Negative Factors
High Leverage
High leverage can limit financial flexibility and increase risk, necessitating careful debt management to ensure long-term stability.
Decline in Telco Core Income
A decline in core income indicates challenges in maintaining profitability amidst rising costs, impacting financial health.
Increased Depreciation and Interest Costs
Rising depreciation and interest costs can pressure margins and reduce net income, affecting long-term profitability.
PLDT (PHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.27B
Dividend Yield7.78%
Average Volume (3M)55.77K
Price to Earnings (P/E)10.2
Beta (1Y)0.27
Revenue Growth0.59%
EPS Growth8.86%
CountryUS
Employees14,904
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)N/A
Shares Outstanding216,055,770
10 Day Avg. Volume57,331
30 Day Avg. Volume55,773
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)2.42
Price to Sales (P/S)1.29
P/FCF Ratio20.74
Enterprise Value/Market Cap123.47
Enterprise Value/Revenue2.97
Enterprise Value/Gross Profit3.92
Enterprise Value/Ebitda7.71
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.74
Revenue Forecast (FY)$3.87B
PLDT Business Overview & Revenue Model
Company DescriptionPLDT Inc. provides telecommunications and digital services in the Philippines. It operates through three segments: Wireless, Fixed Line, and Others. The company offers cellular mobile, Internet broadband distribution, operations support, software development, and satellite information and messaging services; and sells Wi-Fi access equipment. It also provides fixed line telecommunications services; business infrastructure and solutions; intelligent data processing and implementation, and data analytics insight generation services; and information and communications infrastructure for Internet-based services, e-commerce, customer relationship management, and information technology (IT) related services. In addition, the company offers managed IT outsourcing, Internet-based purchasing, IT consulting and professional, bills printing and other related value-added, and air transportation services; distributes Filipino channels and content services; and provides full-services customer rewards and loyalty programs. Further, it engages in the sale of mobile handsets, broadband data routers, tablets, and accessories, as well as provides domestic leased lines and alternative messaging solutions, such as over-the-top services, social media, and messenger application. As of December 31, 2021, it had 71,221,952 mobile broadband subscribers; 3,619,372 fixed line subscribers; and 2.8 million broadband subscribers. The company was formerly known as Philippine Long Distance Telephone Company and changed its name to PLDT Inc. in July 2016. PLDT Inc. was incorporated in 1928 and is headquartered in Makati City, the Philippines.
How the Company Makes MoneyPLDT generates revenue primarily through its telecommunications services, which include mobile and fixed-line voice, broadband internet, and enterprise data solutions. Key revenue streams include mobile subscriptions, which account for a significant portion of its income, alongside broadband internet services that cater to the increasing demand for high-speed connectivity. Additionally, PLDT earns from enterprise services, providing customized solutions for businesses, including cloud services and data center operations. The company also has partnerships with various technology providers and content creators, enhancing its service offerings and driving additional revenue through bundled services. PLDT's strategic focus on expanding its fiber network and investing in digital innovations further supports its growth and revenue generation.
PLDT Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and strategic picture: modest revenue growth, resilient and improving EBITDA, strong execution in Home (fiber), Enterprise/ICT momentum, and a meaningful milestone with Maya reaching profitability and rapid deposit growth. Management also highlighted disciplined CapEx, sustained free cash flow and a clear deleveraging path (CapEx guidance mid-PHP 50 billion and plans to use asset monetization/REIT proceeds to pay down debt). Key weaknesses included higher financing costs and depreciation that pressured telco core and reported income, some operational disruption from natural calamities impacting Q4 Home activity, early-stage take-up at the new hyperscale data center, and provisioning/credit-risk considerations as Maya scales lending and credit-card products. On balance, the positives (diversified growth, profitability recovery at Maya, cost control, positive free cash flow and supportive balance-sheet actions) outweigh the lowlights, though continued execution on deleveraging, data-center monetization and credit quality will be important to monitor.Q4-2025 Updates
Positive Updates
Modest Top-Line Growth and Stable EBITDA
Gross service revenues reached PHP 212.2 billion, up 2% YoY (PHP 3.8 billion). Consolidated/net service revenues were PHP 196.2 billion (up 1% YoY or PHP 1.5 billion). EBITDA (excl. MRP) rose 3% YoY to PHP 111.2 billion with margin steady at 52%.
Home (Fiber) Achieved Record Revenues and Strong Subscriber Growth
Home revenues hit an all-time high of PHP 61.0 billion, up 3% YoY; fiber revenues grew 6% to PHP 59.4 billion. Fiber net adds were 392,000 in 2025 (up 98% YoY), bringing total fiber subs to 3.76 million. ARPU stable at PHP 1,447 and churn manageable at 1.82%.
Enterprise and ICT Momentum
Enterprise recorded a record PHP 48.4 billion in revenues. ICT grew 25% YoY, driven by managed IT services (+211%) and data center colocation (+15%). Q4 Enterprise revenues rose 5% QoQ, supported by contract wins and improved delivery.
Digital/Fintech Turnaround — Maya Profitability and Scale
Maya delivered PHP 1.7 billion net income for 2025 (first full-year profitability vs PHP 2.5 billion loss in 2024). Deposit balances grew ~72% YoY to ~PHP 68 billion; total loans disbursed since 2022 reached PHP 256 billion. Gross NPL ratio at 6.1% as portfolio matures.
VITRO Data Center & Pilipinas AI Progress
VITRO colocation demand up 36% with rack deployments +19%. VITRO Santa Rosa (launched Apr 2025) hosts NVIDIA GPU servers and live AI workloads; positions PLDT to service enterprise, hyperscalers and public sector AI/cloud needs.
Improved CapEx Discipline and Positive Free Cash Flow
Full-year CapEx was PHP 60.3 billion (down from PHP 78.2 billion prior year). CapEx intensity improved to 28% from 38%. Company sustained positive free cash flow through end-2025 and set 2026 CapEx guidance in the mid-PHP 50 billion range (PHP 53–57 billion).
Cost Control and Operating Efficiency
Cash operating expenses/subsidies/provisions declined to PHP 84.9 billion (down 1% YoY). Biggest savings included compensation & benefits (-6%) and selling & promotions (-9%), supporting a 1.2 billion reduction in operating costs that helped EBITDA growth.
Robust Capital & Dividend Positioning
PLDT declared total dividends of PHP 94 per share for 2025 with a final dividend of PHP 46 per share. 12-month trailing dividend yield stood at ~8%, and the company remains investment grade with stable outlooks from S&P and Moody's.
Negative Updates
Telco Core Income and Reported Income Declines
Telco core income fell 3% YoY to PHP 33.9 billion, mainly due to higher depreciation and financing costs. Reported income was PHP 30.0 billion, down 7% YoY driven by lower foreign-exchange and derivative gains.
Financing Costs and Leverage
Net debt was PHP 284.7 billion with net debt-to-EBITDA at 2.56x. Interest cover is 3.3x; interest expense rose materially (drivers: ~35% interest rate impact, ~40% loan balance, ~25% lease accretion). Target is to reach ~2.0x net debt/EBITDA over time.
Operational Disruption from Calamities Impacting Home QoQ Performance
Home was flat QoQ in Q4 due to multiple major calamities (2 earthquakes and 4 super typhoons) that disrupted installations and forced resource redeployments; PLDT reported ~293,000 PLDT-affected homes and 22 million people affected in related events.
Maya Q4 Volatility and Provisioning on New Products
Q4 decline in Maya's share of earnings was attributed to non-operating and one-time items (fair value adjustments, FX movements) and investments into new products (e.g., credit cards). Launch of credit cards led to higher provisioning versus prior periods.
Data Center New-Site Early Take-Up
VITRO Santa Rosa (36 MW total cited) had initial committed sales of ~6 MW to date (low early take-up relative to total capacity), meaning meaningful ramp remains dependent on pipeline and potential government data localization actions.
Partial Value Unlocking via Potential REIT
A potential REIT IPO under consideration would cover 8 existing data centers but exclude VITRO Santa Rosa; management indicated proceeds would primarily be used to pay down debt, implying only partial unlocking of data center value.
Reported One-Offs and FX Sensitivity
Reported income was negatively impacted by lower FX and derivative gains versus prior year, highlighting sensitivity to non-operating items and currency/market movements that reduced headline profits.
Credit Quality Watch for Maya
While Maya achieved profitability, gross NPL ratio sits at 6.1% as the portfolio matures and credit expansion continues (including new credit card and lending products), warranting monitoring of asset quality as scale increases.
Company Guidance
PLDT guided to a mid‑PHP 50 billion CapEx program for 2026 (management later cited roughly PHP 53–57 billion), with the goal of sustaining positive free cash flow and working toward a ~2.0x net debt/EBITDA (net debt was PHP 284.7 billion and net debt/EBITDA 2.56x at end‑2025; EBITDA was PHP 111.2 billion). Management reiterated plans to steadily lower CapEx intensity (improved to 28% from 38% in 2024), pursue asset monetization (including a potential data‑center REIT covering eight DCs, excluding VITRO Santa Rosa, with proceeds earmarked to pay down debt), and begin deleveraging in the back half of 2026; CEO cash‑flow math showed an illustrative free cash flow of ~PHP 32 billion (EBITDA PHP 111B less CapEx ~PHP 55B, interest ~PHP 17B, taxes ~PHP 7B), dividends of ~PHP 21–22 billion and potential debt paydown of at least PHP 10 billion in H2 2026. Additional balance‑sheet metrics to note: gross debt PHP 296.9 billion, average debt maturity 6.5 years, 49% maturities post‑2031, interest cover 3.3x, and a 33/67 split fixed vs. floating.PLDT Financial Statement Overview
Summary
PLDT demonstrates strong financial performance with robust revenue growth and profitability. The income statement shows a 16% increase in TTM revenue and a high gross profit margin of 86.5%. However, the balance sheet reveals a high debt-to-equity ratio of 2.80, indicating significant leverage. Cash flow generation is improving with a 41.4% growth in free cash flow, but the free cash flow to net income ratio is relatively low at 0.16.Income Statement
PLDT's income statement shows strong revenue growth with a 16% increase in TTM. The gross profit margin remains high at 86.5%, indicating efficient cost management. However, there is a slight decline in EBIT and EBITDA margins compared to previous years, suggesting increased operational costs. Net profit margin is healthy at 14.6%, reflecting solid profitability.85
Very Positive
Balance Sheet
The balance sheet reveals a high debt-to-equity ratio of 2.80, indicating significant leverage, which could pose risks if not managed properly. Return on equity is robust at 27.4%, showcasing effective use of equity to generate profits. The equity ratio is moderate, suggesting a balanced asset structure.70
Positive
Cash Flow
Cash flow analysis highlights a substantial 41.4% growth in free cash flow, signaling improved cash generation. The operating cash flow to net income ratio is 0.44, indicating strong cash conversion. However, the free cash flow to net income ratio is relatively low at 0.16, suggesting limited cash available after capital expenditures.78
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 219.17B | 216.83B | 210.95B | 204.36B | 192.19B | 181.00B |
| Gross Profit | 166.13B | 158.25B | 155.17B | 154.75B | 150.16B | 144.07B |
| EBITDA | 84.48B | 85.66B | 89.78B | 93.44B | 90.85B | 88.78B |
| Net Income | 29.31B | 32.31B | 26.61B | 10.48B | 26.37B | 24.28B |
Balance Sheet | ||||||
| Total Assets | 629.56B | 623.27B | 609.52B | 624.16B | 626.33B | 575.85B |
| Cash, Cash Equivalents and Short-Term Investments | 10.38B | 11.00B | 17.09B | 25.80B | 33.42B | 48.57B |
| Total Debt | 358.29B | 335.62B | 302.34B | 292.01B | 274.24B | 242.79B |
| Total Liabilities | 508.06B | 506.54B | 499.13B | 510.20B | 498.86B | 456.18B |
| Stockholders Equity | 120.33B | 115.42B | 105.22B | 108.73B | 123.22B | 115.41B |
Cash Flow | ||||||
| Free Cash Flow | 17.68B | 13.45B | 7.33B | -19.35B | -12.01B | 6.98B |
| Operating Cash Flow | 89.38B | 81.73B | 85.77B | 76.20B | 91.97B | 85.08B |
| Investing Cash Flow | -68.08B | -65.70B | -55.12B | -33.01B | -103.64B | -68.67B |
| Financing Cash Flow | -22.36B | -22.33B | -39.42B | -42.30B | -4.90B | 463.00M |
PLDT Technical Analysis
Positive
21.29
Price Trends
22.64
Positive
21.46
Positive
21.38
Positive
Market Momentum
0.45
Positive
64.56
Neutral
64.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PHI, the sentiment is Positive. The current price of 21.29 is below the 20-day moving average (MA) of 23.64, below the 50-day MA of 22.64, and below the 200-day MA of 21.38, indicating a bullish trend. The MACD of 0.45 indicates Positive momentum. The RSI at 64.56 is Neutral, neither overbought nor oversold. The STOCH value of 64.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PHI.
PLDT Risk Analysis
PLDT disclosed 29 risk factors in its most recent earnings report. PLDT reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
PLDT Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $5.27B | 10.24 | 25.22% | 7.78% | 0.59% | 8.86% | |
75 Outperform | $21.17B | 15.78 | 15.54% | 6.14% | -5.21% | -7.45% | |
74 Outperform | $6.05B | 14.83 | 7.60% | 5.57% | 19.02% | 9.26% | |
70 Outperform | $26.67B | 24.20 | 9.34% | 5.03% | -3.16% | 4.70% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $36.54B | -8.66 | -7.08% | 3.77% | 19.67% | -278.51% |
* Communication Services Sector Average
PHI
PLDT
24.33
2.16
9.74%
TLK
PT Telekomunikasi Indonesia Tbk
21.65
7.16
49.38%
VIV
Telefonica Brasil
16.44
8.22
99.95%
TKC
Turkcell Iletisim
6.94
-0.22
-3.13%
VOD
Vodafone
15.86
7.49
89.49%
PLDT Corporate Events
PLDT Announces January 2026 Exit of Two First Vice Presidents, Sees No Material Operational Impact
Dec 29, 2025
On December 29, 2025, PLDT Inc. reported to regulators in the Philippines and the United States that two First Vice Presidents, Katrina L. Abelarde and Albert Mitchell L. Locsin, will separate from the company effective January 1, 2026—Abelarde through the firm’s Manpower Reduction Program and Locsin via voluntary retirement. PLDT stated that these leadership changes are not expected to materially affect its current or future operations, financial position or results, suggesting the moves are part of routine manpower management rather than a strategic shift, and signaling limited immediate impact for shareholders and other stakeholders.
The most recent analyst rating on (PHI) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on PLDT stock, see the PHI Stock Forecast page.
PLDT Confirms Officer Appointments and Declares Cash Dividend
Dec 2, 2025
On December 2, 2025, PLDT Inc. announced the confirmation of appointments and the extension of employment for certain officers, as well as the declaration of a cash dividend of PHP 2,437,500 on its Voting Preferred Stock. The dividend, payable on January 15, 2026, is sourced from the company’s unaudited unrestricted retained earnings as of June 30, 2025, indicating a strong financial position. This announcement underscores PLDT’s commitment to rewarding its shareholders and maintaining robust governance practices.
The most recent analyst rating on (PHI) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on PLDT stock, see the PHI Stock Forecast page.
PLDT Announces Q3 2025 Financial Results and Declares Cash Dividend
Nov 12, 2025
On November 11, 2025, PLDT Inc. announced its unaudited consolidated financial results for the nine months ending September 30, 2025, and declared a cash dividend of P12,285,000 on its Series IV Cumulative Non-Convertible Redeemable Preferred Stock. The dividend, payable on December 15, 2025, will be funded from the company’s unrestricted retained earnings as of June 30, 2025, highlighting PLDT’s stable financial position and commitment to shareholder returns.
The most recent analyst rating on (PHI) stock is a Buy with a $21.50 price target. To see the full list of analyst forecasts on PLDT stock, see the PHI Stock Forecast page.
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.