Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
First Philippine HoldingsPHS:FPH -2.07%54 Forward Rate of Return (Yacktman) % is 27.01% as of Mar. 2026, which is 52% below its 10-year median of 56.04. GuruFocus rates PHS:FPH with a GF Score™ of 54/100 and a GF Value™ of ₱57.54 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 428 Utilities - Regulated companies, First Philippine Holdings ranks better than 84.58% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. First Philippine Holdings's forward rate of return for was 27.01%.
The historical rank and industry rank for First Philippine Holdings's Forward Rate of Return (Yacktman) % or its related term are showing as below:
PHS:FPH'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 21.15 Med: 56.04 Max: 107.25
Current: 21.15
During the past 13 years, First Philippine Holdings's highest Forward Rate of Return was 107.25. The lowest was 21.15. And the median was 56.04.
PHS:FPH's Forward Rate of Return (Yacktman) % is ranked better than 84.58% of 428
companies
in the Utilities - Regulated industry
Industry Median: 6.91
vs PHS:FPH: 21.15
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
First Philippine Holdings (PHS:FPH) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
First Philippine Holdings Forward Rate of Return (Yacktman) % Related Terms
First Philippine Holdings Forward Rate of Return (Yacktman) % Historical Data
* Premium members only.
The historical data trend for First Philippine Holdings's Forward Rate of Return (Yacktman) % 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.
First Philippine Holdings Forward Rate of Return (Yacktman) % Chart
PHS:FPH vs NEE, SO, DUK: Forward Rate of Return (Yacktman) % Comparison
For the Utilities - Regulated Electric subindustry, First Philippine Holdings's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % 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.
First Philippine Holdings Forward Rate of Return (Yacktman) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, First Philippine Holdings's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where First Philippine Holdings's Forward Rate of Return (Yacktman) % falls into.
First Philippine Holdings Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* 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.
What does a Forward Rate of Return (Yacktman) % of 27.01% mean?
First Philippine Holdings (PHS:FPH) has a Forward Rate of Return (Yacktman) % of 27.01% as of Mar. 2026. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on First Philippine Holdings and its competitors. This is 52% below median its historical median of 56.04. Over the past decade, First Philippine Holdings' Forward Rate of Return (Yacktman) % has ranged from 21.15 to 107.25. According to the industry distribution chart, First Philippine Holdings ranks #66 out of 428 companies in the Utilities - Regulated industry, placing it in the top 15.4%.
Is First Philippine Holdings' Forward Rate of Return (Yacktman) % too high?
First Philippine Holdings' current Forward Rate of Return (Yacktman) % of 27.01% is 52% below median its 10-year median of 56.04. Over the past 10 years, this metric has ranged from a low of 21.15 to a high of 107.25. The Utilities - Regulated industry median Forward Rate of Return (Yacktman) % is 6.91. First Philippine Holdings' value of 27.01% is 290.9% above this industry median. Based on the distribution chart, First Philippine Holdings ranks #66 out of 428 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, First Philippine Holdings has a GF Score™ of 54/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Philippine Holdings' Forward Rate of Return (Yacktman) % compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, First Philippine Holdings ranks #66 out of 428 companies for Forward Rate of Return (Yacktman) %. This places First Philippine Holdings in the top 15% of its industry — outperforming the majority of peers. The industry median Forward Rate of Return (Yacktman) % is 6.91. First Philippine Holdings' value of 27.01% is 290.9% above this benchmark. Historically, First Philippine Holdings' own Forward Rate of Return (Yacktman) % has ranged from 21.15 to 107.25 over the past decade. While the company's 10-year median is 56.04 vs. the industry median of 6.91, First Philippine Holdings 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 Forward Rate of Return (Yacktman) % for an Utilities - Regulated company?
The median Forward Rate of Return (Yacktman) % among Utilities - Regulated companies is 6.91, based on 428 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Philippine Holdings's current Forward Rate of Return (Yacktman) % of 27.01% is 290.9% 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 Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on First Philippine Holdings and its competitors. For the Utilities - Regulated industry, the median Forward Rate of Return (Yacktman) % is 6.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Philippine Holdings's current Forward Rate of Return (Yacktman) % is 27.01%, which is 52% below median its own 10-year median of 56.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Philippine Holdings stock overvalued right now?
Based on GuruFocus' analysis, First Philippine Holdings (PHS:FPH) is currently considered Significantly Overvalued. The stock's GF Value™ is ₱57.54, compared to a current price of ₱90.00 — trading 56.4% above its estimated fair value. The current Forward Rate of Return (Yacktman) % is 27.01%, which is 52% below median its 10-year median of 56.04 and 290.9% above the Utilities - Regulated industry median of 6.91. First Philippine Holdings' overall GF Score™ is 54/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For First Philippine Holdings (PHS:FPH), the current Forward Rate of Return (Yacktman) % is 27.01% 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 First Philippine Holdings (PHS:FPH) Overvalued in 2026?
Based on GuruFocus' analysis, First Philippine Holdings stock appears to be overvalued.
The current stock price of ₱90.00 is trading 56.4% above its estimated GF Value™ of ₱57.54.
GuruFocus considers First Philippine Holdings to be Significantly Overvalued.
Key valuation signals for PHS:FPH:
Forward Rate of Return (Yacktman) %: 27.01% (52% below median its 10-year median of 56.04)
GF Value™: ₱57.54 vs. price of ₱90.00 (56.4% above fair value)
Industry Position: 290.9% above the Utilities - Regulated median (#66 of 428)
No single metric tells the full story. See the PHS:FPH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Philippine Holdings Corporation are engaged mainly in, but not limited to, power generation, real estate development, energy solutions, construction and other service industries. The company's segments its activities into Power Generation, Real Estate Development, Energy Solutions, Construction, and other services. The majority of revenue comes from Power Generation segment. The Power generation has one geographical segment. Real Estate Development has presence in National Capital Region, Central Luzon, Southern Luzon, Central Visayas, Western Visayas of which majority of revenue comes from National capital region.
54GF Score
Get the complete analysis for PHS:FPH
Forward Rate of Return (Yacktman) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
PHS:FPH has been successfully added to your 
