Manila Electric Company (MAEOY) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Manila Electric Company (MAEOY) trades at $19.27. Manila Electric Company (MAEOY) is the largest distributor of electrical power in the Philippines, serving over 7. 3 million customers. Market cap: $10.9B, Sector: Utilities.
Price as of Aug 21, 2026 · Last analyzed: Mar 15, 2026Analyst Coverage for MAEOY: MAEOY does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates MAEOY against Utilities peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
MAEOY: 1/3 scored disciplines lean bearish. Dominant signal: Seth Klarman bearish.
How is this calculated? →Manila Electric Company (MAEOY) Utility Operations & Dividend Profile
Manila Electric Company (MAEOY) is a leading Philippine electric distribution utility, holding a congressional franchise to serve a vast customer base across Metro Manila and surrounding provinces. With a focus on power distribution, solar energy development, and related services, the company plays a crucial role in the nation's energy infrastructure.
What Is the Investment Thesis for MAEOY?
Manila Electric Company presents a stable investment profile, driven by its established market position and essential service offering. With a P/E ratio of 16.17 and a dividend yield of 3.56%, MAEOY offers a blend of value and income. The company's beta of 0.05 suggests low volatility relative to the broader market. Growth catalysts include increasing demand for electricity in the Philippines and expansion into renewable energy sources. However, regulatory risks and potential fluctuations in fuel prices pose challenges. The company's focus on expanding its service offerings and investing in infrastructure upgrades supports long-term value creation.
Based on FMP financials and quantitative analysis
MAEOY Key Highlights
Manila Electric Company serves approximately 7.3 million customers, demonstrating its extensive market reach in the Philippines.
- The company's profit margin stands at 10.2%, reflecting its ability to generate earnings from its operations.
- With a gross margin of 19.1%, Manila Electric Company maintains a healthy level of profitability in its core business.
- The dividend yield of 3.56% provides investors with a steady stream of income.
- A beta of 0.05 indicates low volatility compared to the broader market, suggesting a relatively stable investment.
Who Are MAEOY's Competitors?
MAEOY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| ABOIF Aboitiz Equity Ventures, Inc. | $0.60 | +0.00% | $33.2B | 45 |
| AEMMF A2A S.p.A. | $2.60 | +0.00% | $8.13B | 49 |
| AEMMY A2A S.p.A. | $13.92 | +13.17% | $8.71B | 49 |
| CDUUF Canadian Utilities Limited | $28.18 | +0.00% | $6.42B | 47 |
| CEZYY CEZ, a. s. | $18.00 | -0.28% | $19.3B | 43 |
| OGE OGE Energy Corp. | $46.73 | -0.43% | $9.65B | 85 |
| ERRAF Emera Incorporated | $18.24 | +0.00% | $12.8B | 51 |
| FTRSF Fortis Inc. CUM RD 5Y SR G | $17.55 | +0.00% | $8.93B | 56 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are MAEOY's Key Strengths?
Dominant market share in electricity distribution in Metro Manila and surrounding areas.
- Established infrastructure and extensive distribution network.
- Diversified portfolio of power generation assets.
- Strong relationships with government agencies and regulatory bodies.
What Are MAEOY's Weaknesses?
Dependence on imported fuel sources for power generation.
- Exposure to regulatory risks and changes in government policies.
- Vulnerability to natural disasters and power outages.
- Limited presence in renewable energy generation compared to some competitors.
What Could Drive MAEOY Stock Higher?
Expansion of renewable energy projects to meet growing demand for clean energy.
- Investment in smart grid technologies to improve efficiency and reliability.
- Potential government incentives for electric vehicle adoption and charging infrastructure development.
- Growth in demand for electricity in underserved rural areas.
- Government initiatives to promote energy efficiency and conservation.
What Are the Key Risks for MAEOY?
Financial-distress signal — its Altman Z-Score of 1.79 sits in the distress zone (elevated bankruptcy risk).
- Dependence on imported fuel sources for power generation.
- Fluctuations in fuel prices and currency exchange rates.
- Regulatory changes that could impact profitability.
- Cybersecurity threats to the electricity grid.
- Natural disasters and power outages disrupting operations.
What Are the Growth Opportunities for MAEOY?
- Expansion of Renewable Energy Portfolio: Manila Electric Company can capitalize on the growing demand for renewable energy by expanding its solar power generation facilities. The Philippine government's renewable energy targets and incentives create a favorable environment for investment in this area. This expansion aligns with global sustainability trends and diversifies the company's energy sources, reducing reliance on fossil fuels. Market size for renewable energy in the Philippines is projected to reach $2.5 billion by 2028.
- Electrification of Rural Areas: Extending the electric distribution network to underserved rural areas presents a significant growth opportunity. Many rural communities in the Philippines lack access to reliable electricity, creating a demand for Meralco's services. Government initiatives to promote rural electrification provide financial and regulatory support for these projects. This expansion can improve the quality of life in rural areas and drive economic development. The electrification rate in the Philippines is currently around 90%, leaving room for further expansion.
- Development of Electric Vehicle Charging Infrastructure: As electric vehicle adoption increases, Manila Electric Company can establish a network of charging stations to support EV owners. The company's existing expertise in power distribution makes it well-positioned to develop and operate charging infrastructure. Government policies promoting electric vehicles and providing incentives for charging station development can accelerate this growth. The electric vehicle market in the Philippines is still nascent, but is expected to grow rapidly in the coming years.
- Smart Grid Technologies: Investing in smart grid technologies can improve the efficiency and reliability of Manila Electric Company's distribution network. Smart grids enable real-time monitoring and control of electricity flow, reducing losses and improving grid stability. The Philippine government is promoting the adoption of smart grid technologies through regulatory frameworks and financial incentives. This investment can enhance the company's operational performance and reduce costs. The global smart grid market is projected to reach $61.3 billion by 2028.
- Energy Efficiency Services: Offering energy efficiency services to residential and commercial customers can reduce electricity consumption and generate revenue for Manila Electric Company. These services include energy audits, installation of energy-efficient equipment, and demand-side management programs. Government regulations promoting energy efficiency and providing incentives for energy conservation can drive demand for these services. This offering aligns with global sustainability trends and helps customers reduce their energy bills. The energy efficiency services market in Southeast Asia is projected to reach $15 billion by 2027.
What Are MAEOY's Competitive Advantages?
- Congressional franchise grants exclusive rights to distribute electricity in its service area.
- Extensive distribution network provides a significant barrier to entry for competitors.
- Long-standing relationships with customers and government agencies.
- Diversified portfolio of power generation assets.
What Does MAEOY Do?
Founded in 1903 and headquartered in Pasig, Philippines, Manila Electric Company (MAEOY), also known as Meralco, has grown to become the largest electric power distributor in the country. The company holds a congressional franchise to construct, operate, and maintain an electric distribution system, serving approximately 7.3 million customers across 36 cities and 75 municipalities. Its operational footprint includes Metro Manila, Rizal, Cavite, Bulacan, and parts of Pampanga, Batangas, Laguna, and Quezon. Meralco operates through two primary segments: Power and Other Services. The Power segment focuses on distributing electricity to residential, commercial, and industrial customers. The Other Services segment encompasses a range of related offerings, including electromechanical engineering, construction, consulting, rail-related operations and maintenance, insurance, e-business development, and electric vehicle infrastructure solutions. The company is also involved in developing and operating solar-powered generation facilities, as well as owning coal, diesel-fired, and liquefied natural gas power plants. Meralco provides engineering, procurement, and construction services, testing and commissioning, and building and facilities management. It also offers e-transaction, outsourced payment collection, and energy efficiency services. Meralco is actively involved in energy sourcing, trading, and wholesale contracting of electricity, solidifying its position as a comprehensive energy solutions provider in the Philippines.
What Products and Services Does MAEOY Offer?
- Distributes electricity to residential, commercial, and industrial customers.
- Operates and maintains an electric distribution system in Metro Manila and surrounding provinces.
- Develops and operates solar-powered generation facilities.
- Owns and operates coal, diesel-fired, and liquefied natural gas power plants.
- Provides electromechanical engineering, construction, and consulting services.
- Offers rail-related operations and maintenance services.
- Provides electric vehicle and charging infrastructure solutions.
- Engages in energy sourcing, trading, and wholesale contracting of electricity.
How Does MAEOY Make Money?
- Generates revenue by distributing electricity to its customer base.
- Provides related services such as engineering, construction, and consulting.
- Operates power generation facilities and sells electricity to the grid.
- Offers energy efficiency services to customers.
What Industry Does MAEOY Operate In?
Manila Electric Company operates within the regulated electric utility sector in the Philippines. The industry is characterized by increasing demand for electricity, driven by economic growth and urbanization. The company competes with other power distributors and generators, including those focused on renewable energy sources. The Philippine government's emphasis on energy security and sustainability is shaping the industry landscape, with a growing focus on renewable energy projects. Manila Electric Company is adapting to these trends by investing in solar power generation and other clean energy initiatives.
Who Are MAEOY's Key Customers?
- Residential customers in Metro Manila and surrounding provinces.
- Commercial establishments such as offices, retail stores, and restaurants.
- Industrial facilities and manufacturing plants.
- Government agencies and institutions.
Manila Electric Company (MAEOY) Valuation Context
Valued at $10.9B, MAEOY is classified as a large-cap stock.
MAEOY Revenue & Earnings Trend
In Q2 2026, MAEOY generated $162.93B in top-line revenue, marking a sequential increase of 34.9%. The company recorded net income of $15.46B, with diluted EPS of $27.68. Quarter-over-quarter revenue has been mixed, typical for a large-cap company operating in Utilities. Across the four most recent quarters, MAEOY averaged $23.90 in diluted EPS.
Company Profile
Manila Electric Company operates in the Regulated Electric industry within the Utilities sector. It is headquartered in Pasig, PH. The company is led by CEO Manuel Velez Pangilinan. MAEOY has traded publicly since 2013.
Key Financial Metrics
Return on equity for Manila Electric Company stands at 31.5%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 6.3%, showing how much profit it generates from its asset base. MAEOY trades at a trailing price-to-earnings ratio of 13.33, below the Utilities sector average of ~19x. Its free cash flow yield is -4.6%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.85 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 7.5%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
Manila Electric Company's Piotroski F-Score is 5/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 1.79 places it in the distress zone, a signal of elevated financial risk.
Forward Outlook
Wall Street analysts project Manila Electric Company revenue of about $526.55B for fiscal 2026, with EPS near $0.00. The estimate reflects 9 contributing analysts.
MAEOY Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Dominant market share in electricity distribution in Metro Manila and surrounding areas.
- Established infrastructure and extensive distribution network.
- Diversified portfolio of power generation assets.
- Strong relationships with government agencies and regulatory bodies.
Bear Case
- Dependence on imported fuel sources for power generation.
- Exposure to regulatory risks and changes in government policies.
- Vulnerability to natural disasters and power outages.
- Limited presence in renewable energy generation compared to some competitors.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · August 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2026 | $162.93B | $15.46B | $27.68 |
| Q1 2026 | $120.78B | $10.83B | $19.22 |
| Q4 2025 | $125.56B | $14.31B | $25.28 |
| Q3 2025 | $128.71B | $13.19B | $23.40 |
Based on FMP financials and quantitative analysis
MAEOY Latest News
No recent news available for MAEOY.
MAEOY Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for MAEOY.
Price Targets
Wall Street price target analysis for MAEOY.
MAEOY MoonshotScore
What does this score mean?
The MoonshotScore rates MAEOY 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
Leadership: Manuel Velez Pangilinan
Chairman, President and CEO
Manuel Velez Pangilinan, often referred to as MVP, is a prominent Filipino businessman and executive. He holds a Bachelor of Arts degree in Economics from Ateneo de Manila University and an MBA from the Wharton School of the University of Pennsylvania. Pangilinan has held leadership positions in various major Philippine companies, including PLDT, Smart Communications, and TV5 Network. He is known for his strategic vision and management expertise.
Track Record: Under Pangilinan's leadership, Manila Electric Company has focused on expanding its service offerings and investing in infrastructure upgrades. He has overseen the company's efforts to develop renewable energy projects and improve grid reliability. Pangilinan has also emphasized corporate social responsibility and sustainable business practices.
Manila Electric Company ADR Information Unsponsored
An American Depositary Receipt (ADR) is a certificate representing shares of a foreign company trading on U.S. stock exchanges. MAEOY is traded as a Level 1 ADR, meaning it trades over-the-counter (OTC) without needing to meet the stricter listing requirements of exchanges like the NYSE or NASDAQ. This allows U.S. investors to invest in Manila Electric Company more easily.
- Home Market Ticker: Philippine Stock Exchange (PSE), Philippines
- ADR Level: 1
- ADR Ratio: 1:1
- Home Market Ticker: MAEO
MAEOY OTC Market Information
The OTC Other tier represents the lowest tier of the OTC market, indicating that Manila Electric Company has chosen not to make current information publicly available. Companies in this tier may have limited financial disclosure and may not meet the minimum requirements for listing on higher tiers like OTCQX or OTCQB. Investing in companies on the OTC Other tier carries higher risks due to the lack of transparency and regulatory oversight compared to companies listed on major exchanges.
- OTC Tier: OTC Other
- Limited financial disclosure and transparency.
- Low trading volume and liquidity.
- Potential for price manipulation and fraud.
- Higher risk of delisting or going out of business.
- Limited regulatory oversight and investor protection.
- Verify the company's registration and legal status.
- Obtain and review the company's financial statements, if available.
- Research the company's management team and their track record.
- Assess the company's business model and competitive landscape.
- Evaluate the company's regulatory compliance and risk management practices.
- Understand the risks associated with investing in OTC stocks.
- Consult with a financial advisor before making any investment decisions.
- Established history as a major electric utility in the Philippines.
- Congressional franchise to operate an electric distribution system.
- Large customer base and significant market share.
- Operations overseen by a well-known CEO, Manuel V. Pangilinan.
- Presence of an ADR, indicating some level of international investor interest.
What Investors Ask About Manila Electric Company (MAEOY) — Utilities
What does Manila Electric Company do?
Manila Electric Company (Meralco) is the largest electric power distribution company in the Philippines. It holds a congressional franchise to construct, operate, and maintain an electric distribution system, serving over 7.3 million customers in Metro Manila and surrounding provinces.
What do analysts say about MAEOY stock?
Analyst coverage of MAEOY may be limited due to its OTC listing. However, key valuation metrics include its P/E ratio of 16.17 and dividend yield of 3.56%. Growth considerations include the increasing demand for electricity in the Philippines and the company's expansion into renewable energy. Investors should also consider regulatory risks and potential fluctuations in fuel prices. Analyst consensus is not readily available due to the limited coverage.
What are the main risks for MAEOY?
Manila Electric Company faces several risks, including dependence on imported fuel sources, exposure to regulatory changes, and vulnerability to natural disasters. Fluctuations in fuel prices and currency exchange rates can impact profitability. Regulatory changes related to electricity tariffs and renewable energy mandates can also affect the company's financial performance.
What are the key factors to evaluate for MAEOY?
Evaluate MAEOY on fundamentals, analyst consensus, and risk factors. Manila Electric Company presents a stable investment profile, driven by its established market position and essential service offering. Not financial advice.
How frequently does MAEOY data refresh on this page?
MAEOY's price was last updated on Aug 21, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven MAEOY's recent stock price performance?
Manila Electric Company (MAEOY) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Dominant market share in electricity distribution in Metro Manila and surrounding areas. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider MAEOY overvalued or undervalued right now?
Manila Electric Company (MAEOY) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
How do I research MAEOY before investing?
Before investing in Manila Electric Company (MAEOY), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) analyst consensus ratings and price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information is based on available sources and may be subject to change.
- OTC market data may be limited and less reliable than exchange-listed data.