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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.
As of Mar. 2026, The Philippine Stock Exchange has a Sloan Ratio of 3.85%, indicating the company is in the safe zone and there is no funny business with accruals.
The Philippine Stock Exchange (PHS:PSE) 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, The Philippine Stock Exchange has a Sloan Ratio of 3.85%, indicating the company is in the safe zone and there is no funny business with accruals.
The Philippine Stock Exchange Sloan Ratio % Related Terms
The Philippine Stock Exchange Sloan Ratio % 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.
PHS:PSE vs SPGI, CME, MCO: Sloan Ratio % Comparison
For the Financial Data & Stock Exchanges subindustry, The Philippine Stock Exchange'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.
The Philippine Stock Exchange Sloan Ratio % vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, The Philippine Stock Exchange's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where The Philippine Stock Exchange's Sloan Ratio % falls into.
The Philippine Stock Exchange Sloan Ratio % Calculation
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.
The Philippine Stock Exchange's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 243.744 (Jun. 2025 ) + 217.881 (Sep. 2025 ) + 472.657 (Dec. 2025 ) + 372.258 (Mar. 2026 ) = ₱1,307 Mil.
The Philippine Stock Exchange's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 323.397 (Jun. 2025 ) + 230.868 (Sep. 2025 ) + 253.071 (Dec. 2025 ) + 731.07 (Mar. 2026 ) = ₱1,538 Mil.
The Philippine Stock Exchange's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was 9.797 (Jun. 2025 ) + -78.465 (Sep. 2025 ) + -536.561 (Dec. 2025 ) + 17.144 (Mar. 2026 ) = ₱-588 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.
The Philippine Stock Exchange (PHS:PSE) has a Sloan Ratio % of 3.85% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on The Philippine Stock Exchange and its competitors.
Is The Philippine Stock Exchange's Sloan Ratio % too high?
The Philippine Stock Exchange's current Sloan Ratio % is 3.85%. Overall, The Philippine Stock Exchange has a GF Score™ of 89/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does The Philippine Stock Exchange's Sloan Ratio % compare to SPGI and CME?
The Philippine Stock Exchange's Sloan Ratio % of 3.85% can be compared against companies in the Capital Markets 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 a Capital Markets company?
A good Sloan Ratio % depends on the Capital Markets 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 The Philippine Stock Exchange and its competitors. The Philippine Stock Exchange's current Sloan Ratio % is 3.85%. 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 ₱381.18, compared to a current price of ₱206.00 — trading 46% below its estimated fair value. The current Sloan Ratio % is 3.85%. The Philippine Stock Exchange's overall GF Score™ is 89/100 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 The Philippine Stock Exchange (PHS:PSE), the current Sloan Ratio % is 3.85% 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 ₱206.00 is trading 46% below its estimated GF Value™ of ₱381.18.
GuruFocus considers The Philippine Stock Exchange to be Significantly Undervalued.
Key valuation signals for PHS:PSE:
Sloan Ratio %: 3.85%
GF Value™: ₱381.18 vs. price of ₱206.00 (46% below fair value)
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.
89GF Score
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Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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