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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Manila Water Co's Sloan Ratio for the quarter that ended in Mar. 2026 was 11.47%.
As of Mar. 2026, Manila Water Co has a Sloan Ratio of 11.47%, indicating there is a warning stage of accrual build up.
Manila Water Co (PHS:MWC) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, Manila Water Co has a Sloan Ratio of 11.47%, indicating there is a warning stage of accrual build up.
Manila Water Co Sloan Ratio % Related Terms
Manila Water Co Sloan Ratio % Historical Data
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The historical data trend for Manila Water Co's Sloan Ratio % 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:MWC vs AWK, WTRG, AWR: Sloan Ratio % Comparison
For the Utilities - Regulated Water subindustry, Manila Water Co's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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 Water Co Sloan Ratio % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Manila Water Co's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Manila Water Co's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Manila Water Co's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
Manila Water Co's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 4394.13 (Jun. 2025 ) + 4709.81 (Sep. 2025 ) + 3141.298 (Dec. 2025 ) + 4415.378 (Mar. 2026 ) = ₱16,661 Mil.
Manila Water Co's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 772.691 (Jun. 2025 ) + -124.117 (Sep. 2025 ) + 2754.344 (Dec. 2025 ) + 2167.527 (Mar. 2026 ) = ₱5,570 Mil.
Manila Water Co's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was 1236.239 (Jun. 2025 ) + 1079.095 (Sep. 2025 ) + 182.115 (Dec. 2025 ) + -25993.877 (Mar. 2026 ) = ₱-23,496 Mil.
* 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 Water Co (PHS:MWC) has a Sloan Ratio % of 11.47% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Manila Water Co and its competitors.
Is Manila Water Co's Sloan Ratio % too high?
Manila Water Co's current Sloan Ratio % is 11.47%. Overall, Manila Water 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 Water Co's Sloan Ratio % compare to AWK and WTRG?
Manila Water Co's Sloan Ratio % of 11.47% can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for an Utilities - Regulated company?
A good Sloan Ratio % depends on the Utilities - Regulated industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Manila Water Co and its competitors. Manila Water Co's current Sloan Ratio % is 11.47%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Manila Water Co stock overvalued right now?
Based on GuruFocus' analysis, Manila Water Co (PHS:MWC) is currently considered Fairly Valued. The stock's GF Value™ is ₱36.31, compared to a current price of ₱34.85 — trading 4% below its estimated fair value. The current Sloan Ratio % is 11.47%. Manila Water Co's overall GF Score™ is 95/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Manila Water Co (PHS:MWC), the current Sloan Ratio % is 11.47% 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 Water Co (PHS:MWC) Overvalued in 2026?
Based on GuruFocus' analysis, Manila Water Co stock appears to be undervalued.
The current stock price of ₱34.85 is trading 4% below its estimated GF Value™ of ₱36.31.
GuruFocus considers Manila Water Co to be Fairly Valued.
Key valuation signals for PHS:MWC:
Sloan Ratio %: 11.47%
GF Value™: ₱36.31 vs. price of ₱34.85 (4% below fair value)
No single metric tells the full story. See the PHS:MWC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Manila Water Co Inc holds the exclusive right to provide water and used water services in the East Zone of Metro Manila under a concession agreement with the Metropolitan Waterworks and Sewerage System. The company delivers water treatment, distribution, sewerage, and sanitation services to a large population across residential, commercial, and industrial customers. Its service area covers several cities and municipalities in Metro Manila and nearby parts of Rizal, including urban centers such as Makati, Pasig, Quezon City, Taguig, and Marikina, along with surrounding towns.
95GF Score
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