PLDT Inc. (PHI)

Price$18.20Cached quoteAs of 2026-09-05 08:30 UTC

AI: Fair-priced

Price checkThe shares look roughly fair because a low earnings multiple is offset by heavy debt.

PHI is near the lower end of its 52-week range and trades at about eight to nine times trailing earnings and roughly seven times forward earnings. That looks cheap for a telecom business with stable half-year core income, but the discount matches real balance-sheet risk. June 2026 net debt was ₱287.3 billion, equal to 2.6 times EBITDA, meaning operating profit before interest, taxes, depreciation and amortization. The price appears to assume slow growth, lower capital spending and continued deleveraging. Those assumptions are reasonable, so the stock looks fair rather than clearly mispriced. StockAnalysis.com+1

Big pictureEarnings recovered strongly, but cash generation only recently improved after years of heavy network spending.

From 2019 through 2024, revenue rose from ₱169.2 billion to ₱216.8 billion and net income from ₱22.8 billion to ₱32.6 billion, but cash conversion was uneven. Cash left after running and investing in the business was negative in 2019, 2021 and 2022, then improved to about ₱9.5 billion in 2023 and ₱16.1 billion in 2024. Yet 2024 dividends were about ₱20.8 billion, above that cash surplus. Capital spending fell again in 2025 and first-half 2026, supporting positive free cash flow. The improvement is encouraging, but still recent. SEC+1

Business strengthPLDT has durable data demand and stable margins, yet leverage still limits financial flexibility.

PLDT’s revenue base is relatively defensive because customers keep paying for mobile, fiber and enterprise connectivity through economic cycles. In the first half of 2026, data and broadband made up 86% of service revenue, while EBITDA, a proxy for operating cash earnings, rose 1% and the margin held at 52%. Enterprise information-and-communications-technology revenue grew 22%. Shares outstanding were unchanged at about 216.1 million from 2019 through 2024, so dilution has not been a problem. The weakness is leverage: debt rose materially during the heavy investment years, even though it has started to decline. SEC+1

What could change the storyLower spending and a successful data-center listing could reduce debt and make the valuation more attractive.

The bull case is straightforward: first-half 2026 capital spending fell to ₱20.7 billion from ₱27.4 billion, net debt fell below its 2024 level, and the proposed VITRO REIT could raise up to ₱24.2 billion by selling part of a vehicle backed by existing data centers. If those proceeds and future cash are used to retire debt, the low earnings multiple could re-rate higher. The bear case is that network spending rises again or proceeds are redeployed into acquisitions, leaving dividends and debt competing for cash. The current valuation needs continued spending discipline. SEC+1

AI: News

Half-year resultsHalf-year results showed steady earnings, lower network spending, and another cash dividend despite slower reported profit.

On August 13, 2026, PLDT reported first-half gross service revenue of ₱108.7 billion, up 2%, and EBITDA of ₱56.1 billion, up 1%, while reported net income fell 6% to ₱16.4 billion. Capital spending dropped to ₱20.7 billion from ₱27.4 billion, and net debt stood at ₱287.3 billion. The board also declared a ₱46-per-share regular dividend. For investors, the key signal was better cash discipline without a collapse in operating earnings. SEC+1

VITRO REIT filingPLDT moved its data-center real-estate listing forward, potentially unlocking cash for debt reduction and new investment.

On June 20, 2026, VITRO filed for a proposed real-estate investment trust offering, a listed vehicle designed to own income-producing property. The planned secondary share sale could raise up to ₱24.2 billion and would place about 48.95% of the vehicle with public investors if all optional shares are sold. Its initial portfolio is expected to include eight stabilized data centers with roughly 24 megawatts of ready capacity. The value impact depends on final pricing, regulatory approvals and how PLDT uses the proceeds. SEC

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	₱218.39B	₱216.83B	₱210.95B	₱204.36B	₱192.19B	₱181.00B	₱169.19B	₱162.91B	₱158.93B	₱165.26B	₱171.10B
Gross profit	₱189.59B	₱202.82B	₱195.86B	₱190.19B	₱179.27B	₱168.71B	₱155.76B	₱148.49B	₱145.30B	₱146.97B	₱153.65B
Gross margin	86.82%	93.54%	92.85%	93.07%	93.28%	93.21%	92.06%	91.14%	91.42%	88.93%	89.80%
Operating expenses	₱135.28B	₱152.34B	₱155.17B	₱195.25B	₱138.40B	₱132.53B	₱116.36B	₱134.71B	₱135.79B	₱122.27B	₱121.81B
Operating income	₱54.32B	₱50.49B	₱40.69B	−₱5.07B	₱40.87B	₱36.18B	₱39.40B	₱13.77B	₱9.51B	₱24.70B	₱31.84B
Operating margin	24.87%	23.28%	19.29%	−2.48%	21.27%	19.99%	23.29%	8.45%	5.98%	14.95%	18.61%
EBITDA	₱115.33B	₱106.47B	₱99.14B	₱93.57B	₱92.94B	₱83.66B	₱79.06B	₱61.01B	₱61.43B	₱59.16B	₱63.35B
EBITDA margin	52.81%	49.10%	46.99%	45.78%	48.36%	46.22%	46.73%	37.45%	38.65%	35.80%	37.03%
Net income	₱28.66B	₱32.55B	₱26.82B	₱10.73B	₱26.68B	₱24.58B	₱22.79B	₱18.97B	₱13.47B	₱20.16B	₱22.07B
Net profit margin	13.12%	15.01%	12.72%	5.25%	13.88%	13.58%	13.47%	11.65%	8.47%	12.20%	12.90%
Basic EPSper basic share	₱138.63	₱149.26	₱122.91	₱48.26	₱121.76	₱112.12	₱103.97	₱87.28	₱61.61	₱92.33	₱101.85
Diluted EPSper diluted share	₱138.63	₱149.26	₱122.91	₱48.26	₱121.76	₱112.12	₱103.97	₱87.28	₱61.61	₱92.33	₱101.85

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)5$102.0K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 10, 2026Form 4	Panlilio Alfredo SantosDirector	SellTEL	590	$22.72	$13.4K	3.0K
Apr 10, 2026Form 4	Panlilio Alfredo SantosDirector	SellTEL	205	$22.70	$4.7K	3.6K
Apr 10, 2026Form 4	Panlilio Alfredo SantosDirector	SellTEL	210	$22.65	$4.8K	3.8K
Apr 10, 2026Form 4	Panlilio Alfredo SantosDirector	SellTEL	465	$22.63	$10.5K	4.0K
Apr 10, 2026Form 4	Panlilio Alfredo SantosDirector	SellTEL	3.0K	$22.62	$68.7K	4.5K

Review ownership filings at SEC.gov ↗

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PLDT Inc. (PHI)

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