Manila Electric Co (PHS:MER) ROCE %: 10.49% (As of Mar. 2026)

What is Manila Electric Co ROCE %?

Manila Electric Co PHS:MER -1.21% 93 ROCE % is 10.49% as of Mar. 2026. 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.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Manila Electric Co's annualized ROCE % for the quarter that ended in Mar. 2026 was 10.49%.

Manila Electric Co (PHS:MER) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Manila Electric Co ROCE % Related Terms

Manila Electric Co ROCE % Historical Data

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The historical data trend for Manila Electric Co's ROCE % 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 ROCE % Chart

Manila Electric Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

ROCE %

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12.82

12.27

15.54

16.84

15.21

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
ROCE %	Get a 7-Day Free Trial															13.84	15.13	14.58	14.17	10.49

93GF Score

Manila Electric Co PHS:MER

ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.

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Manila Electric Co ROCE % Calculation

Manila Electric Co's annualized ROCE % for the fiscal year that ended in Dec. 2025 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Dec. 2025 )		(A: Dec. 2024 )		(A: Dec. 2025 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Dec. 2025 )		(A: Dec. 2024 )		(A: Dec. 2025 )
	=	72484	/	( ( (617958 - 236374)	+	(823879 - 252050) )	/ 2 )
	=	72484	/	( (381584	+	571829)	/ 2 )
	=	72484	/	476706.5
	=	15.21 %

Manila Electric Co's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	60512	/	( ( (823879 - 252050)	+	(829790 - 248242) )	/ 2 )
	=	60512	/	( ( 571829	+	581548 )	/ 2 )
	=	60512	/	576688.5
	=	10.49 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

Frequently Asked Questions Learn more about ROCE % →

What does a ROCE % of 10.49% mean?

Manila Electric Co (PHS:MER) has a ROCE % of 10.49% as of Mar. 2026.

Is Manila Electric Co's ROCE % too high?

Manila Electric Co's current ROCE % is 10.49%. The Utilities - Regulated industry median ROCE % is 6.95. Manila Electric Co's value of 10.49% is 50.9% above this industry median. 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 ROCE % compare to NEE and SO?

Manila Electric Co's ROCE % of 10.49% can be compared against companies in the Utilities - Regulated industry. The industry median ROCE % is 6.95. Manila Electric Co's value of 10.49% is 50.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good ROCE % for an Utilities - Regulated company?

The median ROCE % among Utilities - Regulated companies is 6.95, based on 505 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Manila Electric Co's current ROCE % of 10.49% is 50.9% 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 ROCE % mean?

A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Utilities - Regulated industry, the median ROCE % is 6.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Manila Electric Co's current ROCE % is 10.49%. 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 ROCE % is 10.49% and 50.9% above the Utilities - Regulated industry median of 6.95. 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 ROCE % calculated?

ROCE % is calculated from a company's financial statements. For Manila Electric Co (PHS:MER), the current ROCE % is 10.49% 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:

ROCE %: 10.49%
GF Value™: ₱528.22 vs. price of ₱573.00 (8.5% above fair value)
GF Score™: 93/100 with 9 warning signs
Industry Position: 50.9% above the Utilities - Regulated median

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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ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₱573.00

Price

₱528.22

GF Value

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