Manila Electric Company (PSE:MER)

Manila Electric Company Financials Overview

Financials in millions PHP. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	535,816	497,325	470,362	443,612	426,529	318,547
Revenue Growth	12.07%	5.73%	6.03%	4.00%	33.90%	15.71%
Net Income Net Income Growth	53,791	51,130	45,859	38,023	28,431	23,498
Earnings Per Share EPS Growth	47.72	45.36	40.69	33.74	25.23	20.85
EPS Growth	14.30%	11.48%	20.61%	33.74%	20.99%	44.02%

Revenue by Segment

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Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Inter-Segment Transactions Inter-Segment Transactions Growth	-11,325	-6,943	-5,259	-4,433	-5,941
Other Services Other Services Growth	21,190	18,767	17,848	17,012	15,250
Power Power Growth	487,460	458,538	431,023	413,950	309,238
Total Total Growth	497,325	470,362	443,612	426,529	318,547

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	113,068	109,457	93,306	90,333	73,829	72,572
Total Debt Total Debt Growth	238,353	230,221	94,878	102,125	104,316	90,668
Net Cash (Debt) Net Cash Growth	-125,285	-120,764	-1,572	-11,792	-30,487	-18,096
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-111.16	-107.16	-1.39	-10.46	-27.05	-16.06

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	-	72,077	42,010	57,974	25,182	43,181
Capital Expenditures CapEx Growth	-	-106,520	-39,150	-24,800	-33,663	-26,260
Free Cash Flow Free Cash Flow Growth	-	-34,443	2,860	33,174	-8,481	16,921
Free Cash Flow Growth	-	-	-91.38%	-	-	65.73%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Pretax Margin	12.59%	12.79%	12.05%	10.55%	8.26%	10.36%
Profit Margin	10.04%	10.28%	9.75%	8.57%	6.67%	7.38%
FCF Margin	-	-6.93%	0.61%	7.48%	-1.99%	5.31%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	28.000	28.000	24.040	19.760	16.840	15.290
Dividend Per Share Growth	16.52%	16.47%	21.66%	17.34%	10.14%	22.13%
Dividend Yield	5.07%	5.02%	5.32%	5.66%	6.85%	6.59%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	11.58	12.65	11.99	11.83	11.85	14.16
Forward PE	11.90	12.86	12.91	13.08	12.72	14.24
P/FCF Ratio	-	-	192.32	13.56	-	19.66
PS Ratio	1.16	1.30	1.17	1.01	0.79	1.04

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Jul 30, 2026

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