The Philippine Stock ExchangePHS:PSE +0.10%90 Return-on-Tangible-Equity is 34.68% as of Mar. 2026, which is 119% above its 10-year median of 15.87. GuruFocus rates PHS:PSE with a GF Score™ of 90/100 and a GF Value™ of ₱377.70 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 783 Capital Markets companies, The Philippine Stock Exchange ranks better than 86.59% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. The Philippine Stock Exchange's annualized net income for the quarter that ended in Mar. 2026 was ₱1,489 Mil. The Philippine Stock Exchange's average shareholder tangible equity for the quarter that ended in Mar. 2026 was ₱4,294 Mil. Therefore, The Philippine Stock Exchange's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 34.68%.
The historical rank and industry rank for The Philippine Stock Exchange's Return-on-Tangible-Equity or its related term are showing as below:
PHS:PSE'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 12.36 Med: 15.87 Max: 32.66
Current: 32.66
During the past 13 years, The Philippine Stock Exchange's highest Return-on-Tangible-Equity was 32.66%. The lowest was 12.36%. And the median was 15.87%.
PHS:PSE's Return-on-Tangible-Equity is ranked better than 86.59% of 783
companies
in the Capital Markets industry
Industry Median: 6.52
vs PHS:PSE: 32.66
The Philippine Stock Exchange (PHS:PSE) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
The Philippine Stock Exchange Return-on-Tangible-Equity Related Terms
The Philippine Stock Exchange Return-on-Tangible-Equity Historical Data
* 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.
The Philippine Stock Exchange Return-on-Tangible-Equity Chart
PHS:PSE vs SPGI, CME, MCO: Return-on-Tangible-Equity Comparison
For the Financial Data & Stock Exchanges subindustry, The Philippine Stock Exchange's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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.
The Philippine Stock Exchange Return-on-Tangible-Equity vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, The Philippine Stock Exchange's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where The Philippine Stock Exchange's Return-on-Tangible-Equity 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-Equity, the net income of the last fiscal year and the average total shareholder tangible equity 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.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 34.68% mean?
The Philippine Stock Exchange (PHS:PSE) has a Return-on-Tangible-Equity of 34.68% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on The Philippine Stock Exchange and its competitors. This is 119% above median its historical median of 15.87. Over the past decade, The Philippine Stock Exchange's Return-on-Tangible-Equity has ranged from 12.36 to 32.66. According to the industry distribution chart, The Philippine Stock Exchange ranks #105 out of 783 companies in the Capital Markets industry, placing it in the top 13.4%.
Is The Philippine Stock Exchange's Return-on-Tangible-Equity too high?
The Philippine Stock Exchange's current Return-on-Tangible-Equity of 34.68% is 119% above median its 10-year median of 15.87. Over the past 10 years, this metric has ranged from a low of 12.36 to a high of 32.66. The Capital Markets industry median Return-on-Tangible-Equity is 6.52. The Philippine Stock Exchange's value of 34.68% is 431.9% above this industry median. Based on the distribution chart, The Philippine Stock Exchange ranks #105 out of 783 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, The Philippine Stock Exchange has a GF Score™ of 90/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does The Philippine Stock Exchange's Return-on-Tangible-Equity compare to SPGI and CME?
According to the Capital Markets industry distribution chart, The Philippine Stock Exchange ranks #105 out of 783 companies for Return-on-Tangible-Equity. This places The Philippine Stock Exchange in the top 13% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 6.52. The Philippine Stock Exchange's value of 34.68% is 431.9% above this benchmark. Historically, The Philippine Stock Exchange's own Return-on-Tangible-Equity has ranged from 12.36 to 32.66 over the past decade. While the company's 10-year median is 15.87 vs. the industry median of 6.52, The Philippine Stock Exchange 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-Equity for a Capital Markets company?
The median Return-on-Tangible-Equity among Capital Markets companies is 6.52, based on 783 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. The Philippine Stock Exchange's current Return-on-Tangible-Equity of 34.68% is 431.9% 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on The Philippine Stock Exchange and its competitors. For the Capital Markets industry, the median Return-on-Tangible-Equity is 6.52 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The Philippine Stock Exchange's current Return-on-Tangible-Equity is 34.68%, which is 119% above median its own 10-year median of 15.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Philippine Stock Exchange stock overvalued right now?
Based on GuruFocus' analysis, The Philippine Stock Exchange (PHS:PSE) is currently considered Significantly Undervalued. The stock's GF Value™ is ₱377.70, compared to a current price of ₱200.20 — trading 47% below its estimated fair value. The current Return-on-Tangible-Equity is 34.68%, which is 119% above median its 10-year median of 15.87 and 431.9% above the Capital Markets industry median of 6.52. The Philippine Stock Exchange's overall GF Score™ is 90/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For The Philippine Stock Exchange (PHS:PSE), the current Return-on-Tangible-Equity is 34.68% 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 The Philippine Stock Exchange (PHS:PSE) Overvalued in 2026?
Based on GuruFocus' analysis, The Philippine Stock Exchange stock appears to be undervalued.
The current stock price of ₱200.20 is trading 47% below its estimated GF Value™ of ₱377.70.
GuruFocus considers The Philippine Stock Exchange to be Significantly Undervalued.
Key valuation signals for PHS:PSE:
Return-on-Tangible-Equity: 34.68% (119% above median its 10-year median of 15.87)
GF Value™: ₱377.70 vs. price of ₱200.20 (47% below fair value)
Industry Position: 431.9% above the Capital Markets median (#105 of 783)
No single metric tells the full story. See the PHS:PSE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The Philippine Stock Exchange Business Description
The Philippine Stock Exchange Inc is a Philippines-based stock corporation. The company's business is to provide and maintain a convenient and suitable market for the exchange, purchase, and sale of all types of securities and other instruments. The company's business segments include: Equity, Clearing and Settlement Business; and Depository and Fixed Income Business. It derives maximum revenue from Equity, Clearing and Settlement Business. The sources of revenue also consist of listing-related fees for initial public offerings, annual listing maintenance membership, transactions, data feeds, and miscellaneous fees.
90GF Score
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