Manila Electric Co (PHS:MER) Dividend Payout Ratio: 1.65 (As of Mar. 2026) — 206% Above Median

What is Manila Electric Co Dividend Payout Ratio?

Manila Electric Co PHS:MER -1.21% 93 Dividend Payout Ratio is 1.65 as of Mar. 2026, which is 206% above its 10-year median of 0.54. GuruFocus rates PHS:MER with a GF Score™ of 93/100 and a GF Value™ of ₱528.22 (Fairly Valued). The stock has 9 warning signs investors should review. Among 373 Utilities - Regulated companies, Manila Electric Co ranks worse than 61.13% on this metric.

The Dividend Payout Ratio is the measure of dividends paid out to shareholders relative to the company's net income. It is calculated as the Dividends per Share divided by the Earnings per Share (Diluted) during the same time period. Manila Electric Co's Dividend Payout Ratio for the months ended in Mar. 2026 was 1.65.

The historical rank and industry rank for Manila Electric Co's Dividend Payout Ratio or its related term are showing as below:

PHS:MER' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.46 Med: 0.54 Max: 0.68
Current: 0.61

During the past 13 years, the highest Dividend Payout Ratio of Manila Electric Co was 0.68. The lowest was 0.46. And the median was 0.54.

PHS:MER's Dividend Payout Ratio is ranked worse than
61.13% of 373 companies
in the Utilities - Regulated industry
Industry Median: 0.54 vs PHS:MER: 0.61

As of today (2026-06-24), the Dividend Yield % of Manila Electric Co is 4.83%.

During the past 13 years, the highest Trailing Annual Dividend Yield of Manila Electric Co was 6.10%. The lowest was 2.36%. And the median was 4.14%.

Manila Electric Co's Dividends per Share for the months ended in Mar. 2026 was ₱16.67.

During the past 12 months, Manila Electric Co's average Dividends Per Share Growth Rate was 16.50% per year. During the past 3 years, the average Dividends Per Share Growth Rate was 16.10% per year. During the past 5 years, the average Dividends Per Share Growth Rate was 20.20% per year. During the past 10 years, the average Dividends Per Share Growth Rate was 12.50% per year.

During the past 13 years, the highest 3-Year average Dividends Per Share Growth Rate of Manila Electric Co was 97.20% per year. The lowest was -23.40% per year. And the median was 14.50% per year.

The growth rate is calculated with least square regression.

For more information regarding to dividend, please check our Dividend Page.

* Please note that "special dividend" is not included in the calculation of dividend per share and related fields.

Manila Electric Co (PHS:MER) Dividend Payout Ratio Explanation

In dividends investing, Dividend Payout Ratio and Dividend Growth Rate are the two most important variables for consideration. A lower payout ratio may indicate that the company has more room to increase its dividends.

Manila Electric Co Dividend Payout Ratio Related Terms

Manila Electric Co Dividend Payout Ratio Historical Data

* Premium members only.

The historical data trend for Manila Electric Co's Dividend Payout Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Manila Electric Co Dividend Payout Ratio Chart

Manila Electric Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Dividend Payout Ratio

Get a 7-Day Free Trial

0.62

0.64

0.58

0.53

0.54

Manila Electric Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Dividend Payout Ratio	Get a 7-Day Free Trial															1.39	0.00	0.97	0.00	1.65

PHS:MER vs NEE, SO, DUK: Dividend Payout Ratio Comparison

For the Utilities - Regulated Electric subindustry, Manila Electric Co's Dividend Payout Ratio, along with its competitors' market caps and Dividend Payout Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Manila Electric Co Dividend Payout Ratio vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Manila Electric Co's Dividend Payout Ratio distribution charts can be found below:

* The bar in red indicates where Manila Electric Co's Dividend Payout Ratio falls into.

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93GF Score

Manila Electric Co PHS:MER

Dividend Payout Ratio is just one metric. See GF Score™, valuation, warning signs, and more.

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Manila Electric Co Dividend Payout Ratio Calculation

Manila Electric Co's Dividend Payout Ratio for the fiscal year that ended in Dec. 2025 is calculated as

Dividend Payout Ratio	=	Dividends per Share (A: Dec. 2025 )	/	EPS without NRI (A: Dec. 2025 )
	=	25.064	/	46.211
	=	0.54

Manila Electric Co's Dividend Payout Ratio for the quarter that ended in Mar. 2026 is calculated as

Dividend Payout Ratio	=	Dividends per Share (Q: Mar. 2026 )	/	EPS without NRI (Q: Mar. 2026 )
	=	16.672	/	10.137
	=	1.64

Frequently Asked Questions Learn more about Dividend Payout Ratio →

What does a Dividend Payout Ratio of 1.65 mean?

Manila Electric Co (PHS:MER) has a Dividend Payout Ratio of 1.65 as of Mar. 2026. Dividend payout ratio is the percent of company earnings paid out as dividends. View historical data on Manila Electric Co and its competitors. This is 206% above median its historical median of 0.54. Over the past decade, Manila Electric Co's Dividend Payout Ratio has ranged from 0.46 to 0.68. According to the industry distribution chart, Manila Electric Co ranks #228 out of 373 companies in the Utilities - Regulated industry, placing it in the top 61.1%.

Is Manila Electric Co's Dividend Payout Ratio too high?

Manila Electric Co's current Dividend Payout Ratio of 1.65 is 206% above median its 10-year median of 0.54. Over the past 10 years, this metric has ranged from a low of 0.46 to a high of 0.68. The Utilities - Regulated industry median Dividend Payout Ratio is 0.54. Manila Electric Co's value of 1.65 is 205.6% above this industry median. Based on the distribution chart, Manila Electric Co ranks #228 out of 373 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Manila Electric Co has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Manila Electric Co's Dividend Payout Ratio compare to NEE and SO?

According to the Utilities - Regulated industry distribution chart, Manila Electric Co ranks #228 out of 373 companies for Dividend Payout Ratio. This places Manila Electric Co in the lower half of its industry. The industry median Dividend Payout Ratio is 0.54. Manila Electric Co's value of 1.65 is 205.6% above this benchmark. Historically, Manila Electric Co's own Dividend Payout Ratio has ranged from 0.46 to 0.68 over the past decade. While the company's 10-year median is 0.54 vs. the industry median of 0.54, Manila Electric Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Dividend Payout Ratio for an Utilities - Regulated company?

The median Dividend Payout Ratio among Utilities - Regulated companies is 0.54, based on 373 companies in the industry. Companies in the top quartile (top 25%) have a Dividend Payout Ratio significantly above this median, while those in the bottom quartile fall well below. However, Dividend Payout Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Manila Electric Co's current Dividend Payout Ratio of 1.65 is 205.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Dividend Payout Ratio mean?

A high Dividend Payout Ratio can signal that a stock is expensive relative to its fundamentals. Dividend payout ratio is the percent of company earnings paid out as dividends. View historical data on Manila Electric Co and its competitors. For the Utilities - Regulated industry, the median Dividend Payout Ratio is 0.54 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Manila Electric Co's current Dividend Payout Ratio is 1.65, which is 206% above median its own 10-year median of 0.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Manila Electric Co stock overvalued right now?

Based on GuruFocus' analysis, Manila Electric Co (PHS:MER) is currently considered Fairly Valued. The stock's GF Value™ is ₱528.22, compared to a current price of ₱573.00 — trading 8.5% above its estimated fair value. The current Dividend Payout Ratio is 1.65, which is 206% above median its 10-year median of 0.54 and 205.6% above the Utilities - Regulated industry median of 0.54. Manila Electric Co's overall GF Score™ is 93/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Dividend Payout Ratio calculated?

Dividend Payout Ratio is calculated from a company's financial statements. For Manila Electric Co (PHS:MER), the current Dividend Payout Ratio is 1.65 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Manila Electric Co (PHS:MER) Overvalued in 2026?

Based on GuruFocus' analysis, Manila Electric Co stock appears to be overvalued. The current stock price of ₱573.00 is trading 8.5% above its estimated GF Value™ of ₱528.22. GuruFocus considers Manila Electric Co to be Fairly Valued.

Key valuation signals for PHS:MER:

Dividend Payout Ratio: 1.65 (206% above median its 10-year median of 0.54)
GF Value™: ₱528.22 vs. price of ₱573.00 (8.5% above fair value)
GF Score™: 93/100 with 9 warning signs
Industry Position: 205.6% above the Utilities - Regulated median (#228 of 373)

No single metric tells the full story. See the PHS:MER stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Manila Electric Co Business Description

Industry Utilities Utilities - Regulated

Comparable Companies PHS:AP PHS:AEV PHS:SGP PHS:FPH PHS:VVT PHS:SPC PHS:ACR PHS:JOH NEE SO DUK LSE:NG.AEP D ETR XEL EXC XMAD:ELE BOM:532555 PEG

Other Exchanges MERVF:USA MAEOY:USA

Address Ortigas Avenue, Lopez Building, Barangay Ugong, Pasig, PHL, 1605

Website https://www.meralco.com.ph

Manila Electric Co is an electric utility company operating in the Philippines. Along with its subsidiaries, it is mainly engaged in the distribution and sale of electric energy through the distribution network facilities in its franchise area. The company's market is categorized into four classes, namely, residential, commercial, industrial, and streetlights. Additionally, it is involved in certain unregulated activities, which consist of power generation; retail electricity supply (RES); energy infrastructure, payment fulfilment, bills collection, after-the-meter and energy management, telecommunications services, insurance and re-insurance, and other businesses. The group's reportable segments are: Power and Other Services. The majority of its revenue is derived from the Power segment.

93GF Score

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₱573.00

Price

₱528.22

GF Value

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