Manila Electric CoPHS:MER +0.52%95 Return-on-Tangible-Asset is 5.51% as of Mar. 2026, which is 19% below its 10-year median of 6.81. GuruFocus rates PHS:MER with a GF Score™ of 95/100 and a GF Value™ of ₱529.03 (Fairly Valued). The stock has 6 warning signs investors should review. Among 510 Utilities - Regulated companies, Manila Electric Co ranks better than 81.57% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Manila Electric Co's annualizedNet Income for the quarter that ended in Mar. 2026 was ₱43,332 Mil. Manila Electric Co's average total tangible assets for the quarter that ended in Mar. 2026 was ₱786,266 Mil. Therefore, Manila Electric Co's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 5.51%.
The historical rank and industry rank for Manila Electric Co's Return-on-Tangible-Asset or its related term are showing as below:
PHS:MER'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 4.39 Med: 6.81 Max: 8.25
Current: 6.9
During the past 13 years, Manila Electric Co's highest Return-on-Tangible-Asset was 8.25%. The lowest was 4.39%. And the median was 6.81%.
PHS:MER's Return-on-Tangible-Asset is ranked better than 81.57% of 510
companies
in the Utilities - Regulated industry
Industry Median: 3.3
vs PHS:MER: 6.90
Manila Electric Co (PHS:MER) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Manila Electric Co Return-on-Tangible-Asset Related Terms
Manila Electric Co Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Manila Electric Co's Return-on-Tangible-Asset 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.
PHS:MER vs NEE, SO, DUK: Return-on-Tangible-Asset Comparison
For the Utilities - Regulated Electric subindustry, Manila Electric Co's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Manila Electric Co's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Manila Electric Co's Return-on-Tangible-Asset falls into.
* 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 5.51% mean?
Manila Electric Co (PHS:MER) has a Return-on-Tangible-Asset of 5.51% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Manila Electric Co and its competitors. This is 19% below median its historical median of 6.81. Over the past decade, Manila Electric Co's Return-on-Tangible-Asset has ranged from 4.39 to 8.25. According to the industry distribution chart, Manila Electric Co ranks #94 out of 510 companies in the Utilities - Regulated industry, placing it in the top 18.4%.
Is Manila Electric Co's Return-on-Tangible-Asset too high?
Manila Electric Co's current Return-on-Tangible-Asset of 5.51% is 19% below median its 10-year median of 6.81. Over the past 10 years, this metric has ranged from a low of 4.39 to a high of 8.25. The Utilities - Regulated industry median Return-on-Tangible-Asset is 3.30. Manila Electric Co's value of 5.51% is 67% above this industry median. Based on the distribution chart, Manila Electric Co ranks #94 out of 510 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Manila Electric Co has a GF Score™ of 95/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Manila Electric Co's Return-on-Tangible-Asset compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Manila Electric Co ranks #94 out of 510 companies for Return-on-Tangible-Asset. This places Manila Electric Co in the top 18% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 3.30. Manila Electric Co's value of 5.51% is 67% above this benchmark. Historically, Manila Electric Co's own Return-on-Tangible-Asset has ranged from 4.39 to 8.25 over the past decade. While the company's 10-year median is 6.81 vs. the industry median of 3.30, 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 Return-on-Tangible-Asset for an Utilities - Regulated company?
The median Return-on-Tangible-Asset among Utilities - Regulated companies is 3.30, based on 510 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Manila Electric Co's current Return-on-Tangible-Asset of 5.51% is 67% 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 Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Manila Electric Co and its competitors. For the Utilities - Regulated industry, the median Return-on-Tangible-Asset is 3.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Manila Electric Co's current Return-on-Tangible-Asset is 5.51%, which is 19% below median its own 10-year median of 6.81. 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 ₱529.03, compared to a current price of ₱575.00 — trading 8.7% above its estimated fair value. The current Return-on-Tangible-Asset is 5.51%, which is 19% below median its 10-year median of 6.81 and 67% above the Utilities - Regulated industry median of 3.30. Manila Electric Co's overall GF Score™ is 95/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Manila Electric Co (PHS:MER), the current Return-on-Tangible-Asset is 5.51% 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 ₱575.00 is trading 8.7% above its estimated GF Value™ of ₱529.03.
GuruFocus considers Manila Electric Co to be Fairly Valued.
Key valuation signals for PHS:MER:
Return-on-Tangible-Asset: 5.51% (19% below median its 10-year median of 6.81)
GF Value™: ₱529.03 vs. price of ₱575.00 (8.7% above fair value)
Industry Position: 67% above the Utilities - Regulated median (#94 of 510)
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 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.
95GF Score
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