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PHI, PLDT Inc. Sponsored ADR

Telecom Operators capital-intensive Cyclical

Revenue is Fixed Line (52%) and Wireless (48%).

Latest annual: FY2024 20-F · figures as filed, in PHP · 1 ADS = 1 ordinary share

PHI · PLDT Inc. Sponsored ADR

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2024

PHP 216.8B

+2.8% YoY · 5% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue PHP 216.8B 5-yr avg PHP 201.1B

Gross margin 94% 5-yr avg 93%

Operating margin 23.3% 5-yr avg 16.3%

ROIC 10% 5-yr avg 7%

Owner-earnings margin 7% 5-yr avg 11%

Free cash flow margin 7% 5-yr avg 1%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A telecom carrier, renting access to a network that must be constantly rebuilt.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 92% and operating margin about 19% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The margin is cyclical, swinging between −2.5% and 23% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 30% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on subscribers, revenue per user, and network capex. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). By owner earnings: roughly 13% of revenue reaches owners as cash, consistently, and customers and suppliers fund the business through negative working capital. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 2 segments, the largest Fixed Line at 52%.

Revenue by reportable segment, FY2024

Fixed Line52%PHP 111.9B
Wireless48%PHP 104.9B

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2015–2024

realized figures from each filing · older years to the left

2015’15	2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	TTMTTMDec 2024
											Income statement
PHP 171.1B	PHP 165.3B	PHP 158.9B	PHP 162.9B	PHP 169.2B	PHP 181.0B	PHP 192.2B	PHP 204.4B	PHP 211.0B	PHP 216.8B	PHP 216.8B	RevenueRevenue
90%	89%	91%	91%	92%	93%	93%	93%	93%	94%	94%	Gross marginGross mgn
PHP 31.8B	PHP 24.7B	PHP 9.5B	PHP 13.8B	PHP 39.4B	PHP 36.2B	PHP 40.9B	(PHP 5.1B)	PHP 40.7B	PHP 50.5B	PHP 50.5B	Operating incomeOp. inc.
18.6%	14.9%	6.0%	8.5%	23.3%	20.0%	21.3%	−2.5%	19.3%	23.3%	23.3%	Operating marginOp. mgn
PHP 22.1B	PHP 20.0B	PHP 13.4B	PHP 18.9B	PHP 22.5B	PHP 24.3B	PHP 26.4B	PHP 10.5B	PHP 26.6B	PHP 32.3B	PHP 32.3B	Net incomeNet inc.
17%	9%	8%	17%	30%	26%	22%	21%	27%	24%	24%	Effective tax rateTax rate
											Cash flow & returns
PHP 69.7B	PHP 49.0B	PHP 56.1B	PHP 61.1B	PHP 69.4B	PHP 85.1B	PHP 92.0B	PHP 76.2B	PHP 85.8B	PHP 81.7B	PHP 81.7B	Operating cash flowOp. cash
PHP 31.5B	PHP 34.5B	PHP 51.9B	PHP 47.2B	PHP 39.7B	PHP 47.5B	PHP 52.1B	PHP 98.6B	PHP 58.4B	PHP 56.0B	PHP 56.0B	DepreciationDeprec.
PHP 16.2B	(PHP 5.5B)	(PHP 9.2B)	(PHP 5.0B)	PHP 7.2B	PHP 13.3B	PHP 13.5B	(PHP 32.9B)	PHP 710M	(PHP 6.6B)	(PHP 6.6B)	Working capital & otherWC & other
PHP 42.8B	PHP 42.3B	PHP 36.6B	PHP 47.2B	PHP 88.2B	PHP 76.5B	PHP 102.4B	PHP 93.8B	PHP 76.3B	PHP 65.7B	PHP 65.7B	CapexCapex
25.0%	25.6%	23.0%	29.0%	52.2%	42.3%	53.3%	45.9%	36.2%	30.3%	30.3%	Capex / revenueCapex/rev
PHP 38.2B	PHP 6.7B	PHP 19.5B	PHP 13.9B	PHP 29.7B	PHP 37.6B	PHP 39.9B	(PHP 17.6B)	PHP 27.3B	PHP 16.1B	PHP 16.1B	Owner earningsOwner earn.
22.3%	4.1%	12.3%	8.5%	17.6%	20.8%	20.8%	−8.6%	13.0%	7.4%	7.4%	Owner earnings marginOE mgn
PHP 26.9B	PHP 6.7B	PHP 19.5B	PHP 13.9B	(PHP 18.9B)	PHP 8.6B	(PHP 10.4B)	(PHP 17.6B)	PHP 9.5B	PHP 16.1B	PHP 16.1B	Free cash flowFCF
15.7%	4.1%	12.3%	8.5%	−11.1%	4.7%	−5.4%	−8.6%	4.5%	7.4%	7.4%	Free cash flow marginFCF mgn
PHP 32.5B	PHP 23.0B	PHP 16.6B	PHP 13.9B	PHP 15.6B	PHP 16.7B	PHP 17.7B	PHP 25.2B	PHP 23.3B	PHP 20.8B	PHP 20.8B	Dividends paidDiv. paid
—	10%	4%	5%	11%	10%	9%	-1%	9%	11%	10%	ROICROIC
19%	18%	13%	17%	20%	21%	21%	10%	25%	28%	28%	Return on equityROE
−9%	−3%	−3%	4%	6%	7%	7%	−14%	3%	10%	10%	Retained to equityRetained/eq
											Balance sheet
PHP 46.5B	PHP 39.0B	PHP 33.0B	PHP 58.7B	PHP 24.5B	PHP 47.4B	PHP 24.1B	PHP 25.4B	PHP 16.4B	PHP 10.0B	PHP 10.0B	Cash & investmentsCash+inv
—	PHP 24.4B	PHP 33.8B	PHP 24.1B	PHP 22.4B	PHP 22.1B	PHP 21.8B	PHP 26.3B	PHP 26.1B	PHP 31.6B	PHP 31.6B	ReceivablesReceiv.
—	—	PHP 3.9B	PHP 2.9B	PHP 3.4B	PHP 4.1B	PHP 3.7B	PHP 3.6B	PHP 3.3B	PHP 3.3B	PHP 3.3B	InventoryInvent.
—	PHP 53.0B	PHP 60.4B	PHP 74.6B	PHP 77.8B	PHP 82.4B	PHP 99.7B	PHP 105.2B	PHP 81.0B	PHP 66.7B	PHP 66.7B	Accounts payablePayables
—	(PHP 28.5B)	(PHP 22.8B)	(PHP 47.7B)	(PHP 52.0B)	(PHP 56.3B)	(PHP 74.3B)	(PHP 75.4B)	(PHP 51.6B)	(PHP 31.8B)	(PHP 31.8B)	Operating working capitalOper. WC
—	PHP 86.0B	PHP 89.7B	PHP 99.6B	PHP 75.6B	PHP 87.4B	PHP 73.9B	PHP 81.3B	PHP 70.1B	PHP 63.8B	PHP 63.8B	Current assetsCur. assets
—	PHP 182.0B	PHP 168.1B	PHP 192.6B	PHP 204.4B	PHP 213.5B	PHP 224.3B	PHP 247.0B	PHP 196.7B	PHP 188.5B	PHP 188.5B	Current liabilitiesCur. liab.
—	0.5×	0.5×	0.5×	0.4×	0.4×	0.3×	0.3×	0.4×	0.3×	0.3×	Current ratioCurr. ratio
—	PHP 61.4B	PHP 61.4B	PHP 61.4B	PHP 61.4B	PHP 61.4B	PHP 61.4B	PHP 62.9B	PHP 62.9B	PHP 62.9B	PHP 62.9B	GoodwillGoodwill
PHP 455.1B	PHP 475.1B	PHP 459.4B	PHP 482.8B	PHP 525.0B	PHP 575.8B	PHP 626.3B	PHP 624.2B	PHP 609.5B	PHP 623.3B	PHP 623.3B	Total assetsAssets
—	PHP 151.8B	PHP 157.7B	PHP 155.8B	PHP 172.8B	PHP 205.2B	PHP 241.1B	PHP 227.3B	PHP 243.2B	PHP 258.2B	PHP 268.2B	Total debtDebt
—	PHP 112.7B	PHP 124.6B	PHP 97.2B	PHP 148.3B	PHP 157.8B	PHP 217.0B	PHP 201.9B	PHP 226.8B	PHP 248.2B	PHP 258.2B	Net debt / (cash)Net debt
5.1×	3.4×	1.3×	1.9×	4.6×	3.6×	3.9×	-0.4×	3.0×	3.3×	3.3×	Interest coverageInt. cov.
PHP 113.9B	PHP 108.2B	PHP 106.8B	PHP 112.4B	PHP 112.0B	PHP 115.4B	PHP 123.2B	PHP 108.7B	PHP 105.2B	PHP 115.4B	PHP 115.4B	Shareholders’ equityEquity
											Per share
216M	216M	216M	216M	216M	216M	216M	216M	216M	216M	216M	Shares out (diluted)Shares
PHP 791.94	PHP 764.90	PHP 735.61	PHP 754.04	PHP 783.07	PHP 837.76	PHP 889.52	PHP 945.88	PHP 976.38	PHP 1003.60	PHP 1003.60	Revenue / shareRev/sh
PHP 102.13	PHP 92.60	PHP 61.89	PHP 87.55	PHP 104.24	PHP 112.40	PHP 122.04	PHP 48.53	PHP 123.18	PHP 149.53	PHP 149.53	EPS (diluted)EPS
PHP 176.92	PHP 31.09	PHP 90.25	PHP 64.19	PHP 137.63	PHP 174.01	PHP 184.67	PHP -81.47	PHP 126.47	PHP 74.35	PHP 74.35	Owner earnings / shareOE/sh
PHP 124.69	PHP 31.09	PHP 90.25	PHP 64.19	PHP -87.26	PHP 39.68	PHP -48.25	PHP -81.47	PHP 43.97	PHP 74.35	PHP 74.35	Free cash flow / shareFCF/sh
PHP 150.57	PHP 106.39	PHP 76.91	PHP 64.46	PHP 72.17	PHP 77.39	PHP 81.98	PHP 116.80	PHP 107.97	PHP 96.04	PHP 96.04	Dividends / shareDiv/sh
PHP 198.12	PHP 195.59	PHP 169.47	PHP 218.68	PHP 408.44	PHP 354.09	PHP 473.93	PHP 434.16	PHP 352.99	PHP 303.94	PHP 303.94	Cap. spending / shareCapex/sh
PHP 527.17	PHP 500.68	PHP 494.51	PHP 520.04	PHP 518.32	PHP 534.16	PHP 570.30	PHP 503.24	PHP 486.99	PHP 534.21	PHP 534.21	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+2.7%/yr	+5.1%/yr
Owner earnings / share	−9.2%/yr	−11.6%/yr
EPS	+4.3%/yr	+7.5%/yr
Dividends / share	−4.9%/yr	+5.9%/yr
Capital spending / share	+4.9%/yr	−5.7%/yr
Book value / share	+0.1%/yr	+0.6%/yr

The record, charted

FY2015–2024

Each measure over its full record; the current point and the worst year marked.

Share count

216Mpeak FY2015

ROIC

11%low FY2022

Gross margin

94%low FY2016

Net debt ÷ owner earnings

15.5×peak FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

PHP 16.1Bowner earningsvs.PHP 32.3Bnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2015FY2024

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business reported PHP 32.3B of profit but PHP 16.1B of owner earnings: PHP 16.2B less than the profit line, taken out by capital spending and the timing of cash.

Reported net incomePHP 32.3B

Owner earningsPHP 16.1B · 7% of revenue

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	PHP 32.3B	PHP 26.6B	PHP 10.5B	PHP 26.4B	PHP 24.3B
Depreciation & amortizationnon-cash charge added back	+PHP 56.0B	+PHP 58.4B	+PHP 98.6B	+PHP 52.1B	+PHP 47.5B
Working capital & othertiming of cash in and out, other non-cash items	−PHP 6.6B	+PHP 710M	−PHP 32.9B	+PHP 13.5B	+PHP 13.3B
Cash from operations	PHP 81.7B	PHP 85.8B	PHP 76.2B	PHP 92.0B	PHP 85.1B
Maintenance capital expenditurethe spending needed just to hold position and volume	−PHP 65.7B	−PHP 58.4B	−PHP 93.8B	−PHP 52.1B	−PHP 47.5B
Owner earnings	PHP 16.1B	PHP 27.3B	(PHP 17.6B)	PHP 39.9B	PHP 37.6B
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−PHP 17.8B	—	−PHP 50.3B	−PHP 29.0B
Free cash flow	PHP 16.1B	PHP 9.5B	(PHP 17.6B)	(PHP 10.4B)	PHP 8.6B
Owner-earnings marginowner earnings ÷ revenue	7%	13%	-9%	21%	21%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.3×

Adequate

Operating income PHP 50.5B ÷ interest expense PHP 15.5B

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? PHP 258.2B · 5.1× operating profit

Heavy net debt

Cash PHP 10.0B + ST investments PHP 25M − debt PHP 268.2B

What this means
Netting PHP 10.0B of cash and short-term investments against PHP 268.2B of debt leaves PHP 258.2B owed, about 5.1× a year's operating profit (5.3× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -1599d

Negative, funded by others

DSO 53 + DIO 86 − DPO 1738 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

9-yr median, range -1%–11%; 10% latest = NOPAT PHP 38.4B ÷ invested capital PHP 373.7B

Industry peers: median 7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 12%

Solid through the cycle

10-yr median margin, range -9%–22%; latest PHP 16.1B = operating cash PHP 81.7B − maintenance capex PHP 65.7B

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 7% of revenue this year, a 12% median across 10 years.
Are earnings backed by cash? 2.53×

Cash-backed

Cash from ops PHP 81.7B ÷ net income PHP 32.3B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 129%

Returned more than it generated

Dividends + buybacks PHP 20.8B ÷ Owner Earnings PHP 16.1B

What this means
The company returned more than it generated: against PHP 16.1B of Owner Earnings, PHP 20.8B (129%) went back to shareholders, PHP 20.8B dividends, PHP 0 buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 1.17×

Maintaining

Capex PHP 65.7B ÷ depreciation PHP 56.0B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · PHP 216.8B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 0.34×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · PHP 268.2B vs (PHP 124.6B) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Near

Earnings +33% over the record · +25%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are PHP 107.08/share (latest year PHP 149.53), the averaged base the calculator's gate runs on, and book value is PHP 534.21/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2015–2024

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 13% → 13% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 13% early, 13% lately, median 19%.
Reinvestment, incremental ROIC 2%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth −0%/yr

What this means
Owner earnings shrank about 0% a year over the record.
Worst year 2022 · −2.5% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.
Share count +0.0%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record paid

What this means
Paid a dividend in 10 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Some of our competitors may be more successful than us in the development and implementation of new technologies to address customer demand or improve operations, including services and platforms using artificial intelligence (AI).”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2024

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsPHP 63.8B

Cash & short-term investmentsPHP 10.0B
ReceivablesPHP 31.6B
InventoryPHP 3.3B
Other current assetsPHP 18.9B

Current liabilitiesPHP 188.5B

Debt due within a yearPHP 10.0B
Accounts payablePHP 66.7B
Other current liabilitiesPHP 111.7B

Current ratio0.34×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.32×stricter: inventory excluded

Cash ratio0.05×strictest: cash alone against what's due

Working capital(PHP 124.6B)the cushion left after near-term bills

Its current ratio is below 1, which usually reads as strain; here it is likely structural strength. This business collects from customers before it pays suppliers (a negative cash-conversion cycle), so the balance sheet is funded by that float, the way Costco's and Amazon's are. The low ratio can be the edge, not the risk; the cash-conversion cycle and the debt due above say which.

Debt due this year vs. cashPHP 10.0B due · PHP 10.0B cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2024 balance sheet

Deeper floors

Tangible book valuePHP 51.0Bequity stripped of goodwill & intangibles

Net current asset value(PHP 442.7B)Graham's net-net: current assets less all liabilities

Debt incl. operating leasesPHP 322.3BPHP 54.0B of it operating leases

Deferred revenuePHP 17Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2015–2024

Over the record, the business generated PHP 726.1B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

ReinvestedPHP 671.8B · 93%
DividendsPHP 205.4B · 28%
BuybacksPHP 1M · 0%

Returned to ownersPHP 205.4B
97% of the owner earnings the business produced over the span, PHP 205.4B as dividends and PHP 1M as buybacks.
Source of funding−PHP 151.1B
Reinvestment and shareholder returns ran PHP 151.1B beyond the operating cash the business generated, so the gap was financed off the balance sheet: cash and short-term investments drew down PHP 36.4B.
Average price paid for buybacks—
Buybacks ran PHP 1M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count0.0%
The diluted count barely moved (216M to 216M): buybacks roughly offset the stock issued to staff.
Dividend recordPHP 96.04/sh
Paid in 10 of the years on record, the per-share dividend shrinking about 5% a year. It was cut at least once along the way.
Return on what it retained—
Not read here: owner earnings are negative over the span, or the company returned nearly all its earnings rather than retaining them, so there is too little retained to measure a return on.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why PLDT Inc. Sponsored ADR is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2015–2024.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?3.9% vs 12.9%
The owner-earnings margin averaged 12.9% early in the record and 3.9% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.

And these came back clean

Did the share count rise anyway?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Telecom Operators

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
PHIPLDT Inc. Sponsored ADR	PHP 216.8B	92%	18.9%	9%	13%
VZVerizon Communications	$138.2B	84%	22.0%	11%	6%
TAT&T Inc.	$125.6B	52%	15.4%	6%	15%
CCZComcast Holdings ZONES	$123.7B	—	19.0%	9%	14%
TMUST-Mobile US Inc.	$88.3B	87%	12.1%	8%	1%
CHTRCharter Communications, Inc.	$54.8B	—	18.9%	7%	10%
WBDWarner Bros. Discovery, Inc.	$37.3B	63%	13.4%	5%	20%
LUMNLumen Technologies	$11.3B	52%	3.3%	2%	10%
Group median	—	73%	17.1%	8%	11%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares, evidenced by American Depositary Receipts, each representing one share of Common”; PLDT Inc. Sponsored ADR reports in PHP, so every figure in this tool is stated per ADS and translated at PHP 1 = $0.016 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in PHP.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what PLDT Inc. Sponsored ADR has delivered.

Today’s price $

Through the cycle, PLDT Inc. Sponsored ADR earns about $444M on its 12.6% median owner-earnings margin. This year’s 7.4% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($444M) Net of stock comp

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’20→’24−13%/yr

Owner-earnings growth · ’15→’24−3%/yr

Owner-earnings yield—

P/E (3-yr earnings ’22–’24)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $261M on 216M shares outstanding, per the 20-F cover, as of 2025-12-31; net debt $4.2B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh PHI against another business →

Cite: Owner Scorecard, "PLDT Inc. Sponsored ADR (PHI), the owner's record," https://ownerscorecard.com/c/PHI, data as of 2026-07-09.

Manual order: ← PHG its page in the Manual PHOE →

Industry order: ← LUMN the Telecom Operators chapter SATS →