San Miguel (PHS:SMC) ROE % Adjusted to Book Value: 16.93% (As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

PHS:SMC San Miguel Corp PHS:SMC
76 GF Score
Price ₱65.00
GF Value ₱82.74
Valuation Modestly Undervalued
! 5 Warning Signs
View Full Analysis

What is San Miguel ROE % Adjusted to Book Value?

San Miguel PHS:SMC 76 ROE % Adjusted to Book Value is 16.93% as of Mar. 2026. GuruFocus rates PHS:SMC with a GF Score™ of 76/100 and a GF Value™ of ₱82.74 (Modestly Undervalued). The stock has 5 warning signs investors should review.

San Miguel's ROE % for the quarter that ended in Mar. 2026 was 9.48%. San Miguel's PB Ratio for the quarter that ended in Mar. 2026 was 0.56. San Miguel's ROE % Adjusted to Book Value for the quarter that ended in Mar. 2026 was 16.93%.

San Miguel ROE % Adjusted to Book Value Related Terms

San Miguel ROE % Adjusted to Book Value Historical Data

* Premium members only.

The historical data trend for San Miguel's ROE % Adjusted to Book Value 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.

San Miguel ROE % Adjusted to Book Value Chart

San Miguel Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
ROE % Adjusted to Book Value
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.70 -5.23 0.09 -3.31 21.98

San Miguel Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROE % Adjusted to Book Value Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 64.69 22.54 -4.15 4.27 16.93

PHS:SMC vs HON, MMM: ROE % Adjusted to Book Value Comparison

For the Conglomerates subindustry, San Miguel's ROE % Adjusted to Book Value, along with its competitors' market caps and ROE % Adjusted to Book Value 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.

San Miguel ROE % Adjusted to Book Value vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, San Miguel's ROE % Adjusted to Book Value distribution charts can be found below:

* The bar in red indicates where San Miguel's ROE % Adjusted to Book Value falls into.


PHS:SMC
76GF Score
San Miguel Corp PHS:SMC
ROE % Adjusted to Book Value is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

San Miguel ROE % Adjusted to Book Value Calculation

San Miguel's ROE % Adjusted to Book Value for the fiscal year that ended in Dec. 2025 is calculated as

ROE % Adjusted to Book Value=ROE % / PB Ratio
=13.63% / 0.62
=21.98%

San Miguel's ROE % Adjusted to Book Value for the quarter that ended in Mar. 2026 is calculated as

ROE % Adjusted to Book Value=ROE % / PB Ratio
=9.48% / 0.56
=16.93%

* 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 ROE % Adjusted to Book Value of 16.93% mean?
San Miguel (PHS:SMC) has a ROE % Adjusted to Book Value of 16.93% as of Mar. 2026. Return on equity adjusted to book is the ratio of return on equity to price-book ratio. View historical data on San Miguel and its competitors.
Is San Miguel's ROE % Adjusted to Book Value too high?
San Miguel's current ROE % Adjusted to Book Value is 16.93%. Overall, San Miguel has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does San Miguel's ROE % Adjusted to Book Value compare to HON and MMM?
San Miguel's ROE % Adjusted to Book Value of 16.93% can be compared against companies in the Conglomerates industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROE % Adjusted to Book Value for a Conglomerates company?
A good ROE % Adjusted to Book Value depends on the Conglomerates industry context. However, ROE % Adjusted to Book Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROE % Adjusted to Book Value mean?
A high ROE % Adjusted to Book Value can signal that a stock is expensive relative to its fundamentals. Return on equity adjusted to book is the ratio of return on equity to price-book ratio. View historical data on San Miguel and its competitors. San Miguel's current ROE % Adjusted to Book Value is 16.93%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is San Miguel stock overvalued right now?
Based on GuruFocus' analysis, San Miguel (PHS:SMC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱82.74, compared to a current price of ₱65.00 — trading 21.4% below its estimated fair value. The current ROE % Adjusted to Book Value is 16.93%. San Miguel's overall GF Score™ is 76/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % Adjusted to Book Value calculated?
ROE % Adjusted to Book Value is calculated from a company's financial statements. For San Miguel (PHS:SMC), the current ROE % Adjusted to Book Value is 16.93% 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 San Miguel (PHS:SMC) Overvalued in 2026?

Based on GuruFocus' analysis, San Miguel stock appears to be undervalued. The current stock price of ₱65.00 is trading 21.4% below its estimated GF Value™ of ₱82.74. GuruFocus considers San Miguel to be Modestly Undervalued.

Key valuation signals for PHS:SMC:

  • ROE % Adjusted to Book Value: 16.93%
  • GF Value™: ₱82.74 vs. price of ₱65.00 (21.4% below fair value)
  • GF Score™: 76/100 with 5 warning signs

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

San Miguel Business Description

Address No. 40 San Miguel Avenue, P.O. Box 271, Manila Central Post Office, Metro Manila, Mandaluyong, PHL, 1550
San Miguel Corp, through its subsidiaries, operates in various reportable business segments, including food and beverage, packaging, energy, fuel and oil, infrastructure, cement, and real estate property management and development. Maximum revenue is generated from the fuel and oil segment, which is engaged in refining crude oil and marketing and distribution of refined petroleum products.
76GF Score

Get the complete analysis for PHS:SMC

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

₱65.00
Price
₱82.74
GF Value