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olivLaw · US equity research

PLDT Inc. PHI

Telephone Communications (No Radiotelephone) · SIC 4813 · Vertical: Telephone Communications (No Radiotelephone) (SIC 4813)

18.12USD+3.84% · 1 dayClose 04 Nov 2026

PLDT Inc. is one of the leading telecommunications and digital services providers in the Philippines, active in fixed line, wireless and broadband. For fiscal 2025 it reported total revenues of 218388 million PHP, and its strategy emphasises growing data revenues in a market with strong mobile internet use.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, PLDT Inc. (PHI) stock was 18.12 USD (+3.84% on the day), with beta 0.25, 52-week range 16.95–24.49 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM 149.26 · TTM to 31 Dec 2024
E/P (TTM)
unavailable
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
0.25
Volatility (1y) 25%
52-week range
16.9524.49

Price history

Loading chart…

Technical reading

RSI (14)
47.3
neutral
Bollinger (20, 2)
16.92 – 20.44
in the lower half of the band · %B 0.34 · band width 18.9%
SMA 50 / 200
18.24 / 19.91
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.18 / -0.02
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.2%−1.1%+0.9 pp—
3 months−7.7%−0.5%−7.2 pp—
6 months−11.3%+4.4%−15.7 pp—
Year to date−16.7%+12.3%−29.0 pp—
1 year−6.6%+13.5%−20.1 pp−10.6%
3 years−20.0%+76.4%−96.4 pp+20.5%
5 years−45.3%+63.7%−109.0 pp—
Max drawdown (1y)
−30.8%
11 Feb 2026 → 29 Sept 2026
Max drawdown (5y)
−56.1%
09 Feb 2022 → 29 Sept 2026
Compound annual growth (5y)
−11.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20172018201920202021202220232024
Revenue158.9 bn162.9 bn169.2 bn181.0 bn192.2 bn204.4 bn211.0 bn216.8 bn
Revenue YoY−3.8%+2.5%+3.9%+7.0%+6.2%+6.3%+3.2%+2.8%
Net income13.4 bn18.9 bn22.5 bn24.3 bn26.4 bn10.5 bn26.6 bn32.3 bn
Net income YoY−33.2%+41.5%+19.1%+7.8%+8.6%−60.2%+153.8%+21.4%
Diluted EPS61.6187.28103.97112.12121.7648.26122.91149.26
Diluted EPS YoY−33.3%+41.7%+19.1%+7.8%+8.6%−60.4%+154.7%+21.4%
net %8.4%11.6%13.3%13.4%13.7%5.1%12.6%14.9%
Free cash flow19.5 bn13.9 bn-18.9 bn8.6 bn-10.4 bn-17.6 bn9.5 bn16.1 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
10.0 bn PHP
Financial debt
281.6 bn PHP
Net debt
271.6 bn PHP
Equity
116.7 bn PHP
Total assets
623.3 bn PHP
Debt / equity
2.41x
Current ratio
0.34x
ROE
28.4%
ROA
5.2%
FCF margin
7.4%

Financial statements (source on every figure)

Revenue and net income (PHP)

Margins

Income statement · PHP

Revenue
2022
204.4 bn
2023
211.0 bn
2024
216.8 bn

SEC (XBRL)· 13 Mar 2025verified

Cost of revenue
2022
14.2 bn
2023
15.1 bn
2024
14.0 bn

SEC (XBRL)· 13 Mar 2025verified

Gross profit
2022
190.2 bn ≈
2023
195.9 bn ≈
2024
202.8 bn ≈

SEC (XBRL)· 13 Mar 2025derived

Operating income
2022
-5.1 bn
2023
40.7 bn
2024
50.5 bn

SEC (XBRL)· 13 Mar 2025verified

Depreciation & amortisation
2022
98.6 bn
2023
58.4 bn
2024
56.0 bn

SEC (XBRL)· 13 Mar 2025verified

EBITDA
2022
93.6 bn ≈
2023
99.1 bn ≈
2024
106.5 bn ≈

SEC (XBRL)· 13 Mar 2025derived

Interest expense
2022
11.8 bn
2023
13.8 bn
2024
15.5 bn

SEC (XBRL)· 13 Mar 2025verified

Pre-tax income
2022
13.5 bn
2023
36.4 bn
2024
42.7 bn

SEC (XBRL)· 13 Mar 2025verified

Income tax
2022
2.8 bn
2023
9.6 bn
2024
10.1 bn

SEC (XBRL)· 13 Mar 2025verified

Net income
2022
10.5 bn
2023
26.6 bn
2024
32.3 bn

SEC (XBRL)· 13 Mar 2025verified

Diluted EPS
2022
48.26
2023
122.91
2024
149.26

SEC (XBRL)· 13 Mar 2025verified

Weighted average diluted shares
2022
216.1 m
2023
216.1 m
2024
216.1 m

SEC (XBRL)· 13 Mar 2025verified

Dividend per share
2022
116.80
2023
107.97
2024
96.04

SEC (XBRL)· 13 Mar 2025derived

Balance sheet · PHP

Cash
2022
25.2 bn
2023
16.2 bn
2024
10.0 bn

SEC (XBRL)· 13 Mar 2025verified

Receivables
2022
26.3 bn
2023
26.1 bn
2024
31.6 bn

SEC (XBRL)· 13 Mar 2025verified

Inventories
2022
3.6 bn
2023
3.3 bn
2024
3.3 bn

SEC (XBRL)· 13 Mar 2025verified

Current assets
2022
81.3 bn
2023
70.1 bn
2024
63.8 bn

SEC (XBRL)· 13 Mar 2025verified

Property, plant & equipment, net
2022
292.7 bn
2023
287.1 bn
2024
318.1 bn

SEC (XBRL)· 13 Mar 2025verified

Goodwill
2022
62.9 bn
2023
62.9 bn
2024
62.9 bn

SEC (XBRL)· 13 Mar 2025verified

Intangibles (excl. goodwill)
2022
1.6 bn
2023
1.4 bn
2024
1.5 bn

SEC (XBRL)· 13 Mar 2025verified

Total assets
2022
624.2 bn
2023
609.5 bn
2024
623.3 bn

SEC (XBRL)· 13 Mar 2025verified

Accounts payable
2022
105.2 bn
2023
81.0 bn
2024
66.7 bn

SEC (XBRL)· 13 Mar 2025verified

Short-term debt
2022
10.0 bn
2023
11.6 bn
2024
23.3 bn

SEC (XBRL)· 13 Mar 2025verified

Long-term debt
2022
217.3 bn
2023
243.2 bn
2024
258.2 bn

SEC (XBRL)· 13 Mar 2025verified

Current liabilities
2022
247.0 bn
2023
196.7 bn
2024
188.5 bn

SEC (XBRL)· 13 Mar 2025verified

Total liabilities
2022
510.2 bn
2023
499.1 bn
2024
506.5 bn

SEC (XBRL)· 13 Mar 2025verified

Equity
2022
114.0 bn
2023
110.4 bn
2024
116.7 bn

SEC (XBRL)· 13 Mar 2025verified

Shares outstanding at year end
2022
216.1 m
2023
216.1 m
2024
216.1 m

SEC (XBRL)· 13 Mar 2025verified

Cash flow · PHP

Operating cash flow
2022
76.2 bn
2023
85.8 bn
2024
81.7 bn

SEC (XBRL)· 13 Mar 2025verified

Capex
2022
93.8 bn
2023
76.3 bn
2024
65.7 bn

SEC (XBRL)· 13 Mar 2025verified

Free cash flow
2022
-17.6 bn ≈
2023
9.5 bn ≈
2024
16.1 bn ≈

SEC (XBRL)· 13 Mar 2025derived

Investing cash flow
2022
-33.0 bn
2023
-55.1 bn
2024
-65.7 bn

SEC (XBRL)· 13 Mar 2025verified

Financing cash flow
2022
-42.3 bn
2023
-39.4 bn
2024
-22.3 bn

SEC (XBRL)· 13 Mar 2025verified

Dividends paid
2022
25.2 bn
2023
23.3 bn
2024
20.8 bn

SEC (XBRL)· 13 Mar 2025verified

Computed indicators

Growth

Revenue growth (YoY)
2.8%
computed by olivLawFY 2024
Revenue CAGR 3Y
4.1%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
5.1%
computed by olivLawFY 2019 → FY 2024
EBIT growth (YoY)
24.1%
computed by olivLawFY 2024
Net income growth (YoY)
21.4%
computed by olivLawFY 2024
Net income CAGR 3Y
7.0%
computed by olivLawFY 2021 → FY 2024
Net income CAGR 5Y
7.5%
computed by olivLawFY 2019 → FY 2024
EPS growth (YoY)
21.4%
computed by olivLawFY 2024
EPS CAGR 3Y
7.0%
computed by olivLawFY 2021 → FY 2024
EPS CAGR 5Y
7.5%
computed by olivLawFY 2019 → FY 2024
FCF growth (YoY)
69.1%
computed by olivLawFY 2024

Profitability

Gross margin
93.5%
computed by olivLawFY 2024
EBITDA margin
49.1%
computed by olivLawFY 2024
EBIT margin
23.3%
computed by olivLawFY 2024
Net margin
14.9%
computed by olivLawFY 2024
FCF margin
7.4%
computed by olivLawFY 2024

Returns

ROE
29.3%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
5.2%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
10.4%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROCE
11.6%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
64.3%
computed by olivLawFY 2024
Payout ratio (FCF)
129.2%
computed by olivLawFY 2024

Balance sheet

Net debt
271.6 bn PHP
computed by olivLawbalance sheet at 31 Dec 2024
Net debt / EBITDA
2.6x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Debt / equity
2.4x
computed by olivLawbalance sheet at 31 Dec 2024
Interest coverage
3.3x
computed by olivLawFY 2024

Liquidity

Current ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2024
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
81.7 bn PHP
computed by olivLawFY 2024
Capital expenditure
65.7 bn PHP
computed by olivLawFY 2024
Free cash flow
16.1 bn PHP
computed by olivLawFY 2024
FCF conversion
49.7%
computed by olivLawFY 2024
Cash conversion
76.8%
computed by olivLawFY 2024

Efficiency

Days sales outstanding
49 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days inventory outstanding
87 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days payables outstanding
1,924 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Cash conversion cycle
-1,789 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 35 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

18.12 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
29.3%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
14.9%
computed by olivLawFY 2024
Revenue growth (YoY)
2.8%
computed by olivLawFY 2024
Dividend yield
unavailable
input data missing

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 27 Apr 2026
verified 320derived 8

The data is older than the freshness threshold.

Score by group

  • Quality55
  • Returns0
  • Growth41
  • Balance sheet17

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Telephone Communications (No Radiotelephone) (SIC 4813)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Unattractive profile · Score 35/100

    FactorValueScoreWeight used
    ROIC · Quality10.4%62 (vs peers)16%
    Net margin · Quality14.9%70 (vs peers)10%
    FCF conversion · Quality49.7%28 (on a fixed band)10%
    Revenue CAGR 3Y · Growth4.1%34 (on a fixed band)13%
    EPS CAGR 3Y · Growth7.0%47 (on a fixed band)13%
    Net debt / EBITDA · Balance sheet2.6x18 (vs peers)16%
    Interest coverage · Balance sheet3.3x27 (on a fixed band)10%
    Current ratio · Balance sheet0.3x0 (on a fixed band)6%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returns129.2%0 (on a fixed band)6%

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet17/100 · 3/3 factors with a value
    • Growth41/100 · 2/2 factors with a value
    • Quality55/100 · 3/3 factors with a value
    • Returns· partial0/100 · 1/2 factors with a value
    • Valuation· partialunavailable · 0/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    PLDT Inc. (PHI). Latest full fiscal year: 2024; data up to 2024-12-31.

    Figures computed from the financial statements: revenue 216.8 bn PHP in 2024; YoY growth 2.8%; net margin 14.9%; ROE 29.3%; net debt/EBITDA 2.6x.

    The estimated value range is 942.11–2,111.40 PHP per share (median of 3 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

    olivLaw score 35/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Net margin: 14.9%

    What contradicts it

    • FCF conversion: 49.7%
    • Net debt / EBITDA: 2.6x
    • Interest coverage: 3.3x
    • Current ratio: 0.3x
    • Payout ratio (FCF): 129.2%
    • The valuation methods diverge

    Not assessed (insufficient data or a ratio without meaning): P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).

    Versus the vertical median

    Telephone Communications (No Radiotelephone) (SIC 4813) · same industry (4-digit SIC) · compared with 20 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 11.8x
    EV/EBITDA
    —
    vertical median 3.8x
    P/S
    —
    vertical median 0.8x
    P/B
    —
    vertical median 1.3x
    ROE
    29.3%
    vertical median 9.4%
    above median (+212.6%)
    Net margin
    14.9%
    vertical median 5.6%
    above median (+167.3%)
    EBIT margin
    23.3%
    vertical median 5.4%
    above median (+330.9%)
    Revenue YoY
    2.8%
    vertical median 2.6%
    above median (+6.6%)
    Net debt/EBITDA
    2.6x
    vertical median 0.4x
    above median (+539.0%)
    Dividend yield
    —
    vertical median 0.4%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    AMXAmerica Movil Sab De Cv1,508.4 bn1,107.56.8%3.2%−11.2%+8% / +38%
    VZVerizon Communications Inc.191.4 bn11.815.4%11.8%+2.5%+12% / +20%
    TAt&T Inc.147.1 bn11.810.5%10.2%+2.7%−16% / +32%
    LUMNLumen Technologies, Inc.4.6 bn——-5.8%−5.4%−45% / +241%
    TDSTelephone And Data Systems, Inc.4.1 bn11.48.2%33.2%−5.3%−11% / +83%
    ATEXAnterix Inc.1.5 bn22.227.9%933.0%+7.8%+278% / +138%
    UNITUniti Group Inc.1.3 bn1.7666.9%30.4%+91.5%−14% / −41%
    SHENShenandoah Telecommunications Company575.2 m—-4.4%-10.2%+9.1%−5% / −53%
    ATNIAtn International, Inc.397.3 m2.432.2%23.2%−0.2%+22% / −15%
    CXDOCrexendo, Inc.174.7 m43.65.6%4.5%+12.0%−25% / +78%
    NXPLNextPlat Corp21.8 m—-43.1%-17.8%−17.8%+34% / −47%
    IQSTIQSTEL Inc.9.0 m—-56.0%-2.2%+11.9%−80% / −94%
    SURGSurgepays, Inc.8.2 m——-47.9%−6.4%−92% / −98%
    PHIPLDT Inc.——29.3%14.9%+2.8%−7% / −20%
    CTGGQwest Corp0—-15.8%-40.1%−13.8%unavailable / unavailable
    KTKT Corporation——2.8%1.7%+0.4%+1% / +41%
    BCEBce Inc.——32.5%26.6%+0.2%−10% / −46%
    IDTIDT Corporation—24.325.4%6.7%+5.4%+69% / +186%
    TKCTurkcell Iletisim Hizmetleri A S——10.8%11.7%+14.6%−15% / −5%
    TEOTelecom Argentina SA——-2.4%-2.0%+53.0%−17% / +26%
    TIMBTim S.A.——17.1%16.2%+4.6%−22% / +3%

    1- and 3-year price returns: for PHI from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (08 Oct 2026), 6-K (06 Oct 2026), 6-K (02 Oct 2026).

    In brief

    PLDT Inc. is one of the leading telecommunications and digital services providers in the Philippines, active in fixed line, wireless and broadband. For fiscal 2025 it reported total revenues of 218388 million PHP 1, and its strategy emphasises growing data revenues in a market with strong mobile internet use.

    SWOT

    Strengths

    • The company has an integrated fibre and mobile network and well recognised brands with a broad customer base 1.
    • Revenues are diversified across mobile, broadband and corporate services, reducing reliance on any single business line 1.
    • Strategic relationships with institutional shareholders provide technological support and international experience 1.

    Weaknesses

    • Revenues from traditional services such as SMS and voice are declining, and this erosion is not fully offset by data growth 1.
    • Capital and depreciation costs remain high, which limits margins during periods of intense investment 1.
    • Mobile subscriber market share has declined in recent years, particularly against new entrants 1.

    Opportunities

    • Demand for home broadband and for cloud and cybersecurity services could grow in an expanding digital economy 1.
    • Integrating AI into operations and products could bring efficiencies and new revenue streams if adoption expands 1.
    • Digital services and fintech through platform interests could open new revenue sources 1.

    Threats

    • Intensified competition and regulatory liberalisation could reduce prices and market share 1.
    • The unused data rollover bill could affect the revenue profile and product strategies 1.
    • Supplier dependence, supply chain disruption and geopolitical developments could delay network construction 1.

    Risks

    • Heightened competitionhigh

      Entry of new operators and regional providers could reduce prices, customer numbers and service usage 1.

    • New regulationhigh

      The Konektadong Pinoy Act and a possible significant market power designation could impose additional access obligations and reduce operating flexibility 1.

    • Vendor dependencemedium

      Delays or disruptions at equipment vendors could affect network projects and service quality 1.

    • Exchange rate fluctuationmedium

      Part of capex, debt and expenses is denominated in dollars, so a weaker peso could raise local-currency costs 1.

    • AI risklow

      Use of AI can generate errors, bias or leakage of confidential information, with reputational and legal implications 1.

    Investment thesis

    What would need to be true (bull case)

    • If mobile data consumption keeps growing, data revenues could offset the decline of traditional services 1.
    • An integrated fixed and mobile position could support cross-selling and convergent products for customers 1.
    • Financial discipline, with a stated leverage target and a dividend policy, could support flexibility during investment periods 1.

    What would break the thesis

    • If price competition intensifies, margins could fall further than currently expected 1.
    • Mobile market share has declined, and losing customers to new operators could continue 1.
    • New rules, including the unused data bill, could reduce revenues from current products 1.

    What to watch

    • Trend in mobile market share and subscriber numbersQ1 2027
    • Progress of the unused data rollover bill in the Senate2027
    • Finalisation of the access list and spectrum management framework2027
    • Pace of capital expenditure reduction and capital intensitynext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (08 Oct 2026), 6-K (06 Oct 2026), 6-K (02 Oct 2026).

    The business

    PLDT operates through three units: Wireless, Fixed Line and Others, the last including interests in digital platforms such as MIH and Kayana 1. As at December 31, 2025 the company served 67.8 million users through mobile, fixed line and data services 1. Its common shares trade on the PSE and its ADSs on the NYSE 1.

    Declared strategy focuses on customer experience, strengthening its fixed and mobile positions, and diversifying into ICT services, data centres and fintech 1. The company aims to reduce capital expenditure gradually and capital intensity while keeping positive free cash flow 1.

    The financial structure is supported by a well spread debt maturity profile, with a significant share of debt maturing after 2028 1. The dividend payout policy and the targeted leverage ratio point to financial discipline, although capital decisions remain subject to investment needs 1.

    Segments

    Wireless

    The Wireless segment generated 47% of consolidated revenues in fiscal 2025, as data growth offset declines in voice and SMS 1. Estimated mobile subscriber market share fell to 42% as at December 31, 2025 1.

    Fixed Line

    Fixed Line is the largest segment by revenue and serves retail, corporate and SME customers, with emphasis on home broadband and corporate data and ICT services 1. It also includes data centre, cloud and cybersecurity offerings through the ePLDT and Vitro subsidiaries 1.

    Others

    The Others segment holds interests in digital services, including MIH and Kayana, and is less relevant to consolidated revenues 1.

    Market context

    The Philippine telecom market is competitive, with five major local exchange carriers, seven major international gateway providers and three major mobile operators 1. The mobile market is dominated by prepaid subscriptions, which make up most subscribers, and demand is shifting toward data 1.

    Liberalisation of data transmission under the Konektadong Pinoy Act could intensify competition and infrastructure-sharing obligations 1. The long-term impact depends on finalising the access list and how spectrum rules are applied 1.

    Trends

    • Growth in mobile data usetailwind

      Mobile data use, including video, gaming and social media, supports data revenues while SMS and voice usage declines 1.

    • Regulatory liberalisationheadwind

      The Konektadong Pinoy Act and amendments to the Public Service Act could bring new entrants and price pressure if market entry accelerates 1.

    • Artificial intelligencemixed

      The company selectively integrates AI in fraud detection, customer assistance and process automation, with efficiency potential if adoption holds 1.

    • Unused data rollover billheadwind

      A bill approved by the House would require operators to roll over unused data, reducing breakage revenue and possibly pressing on prices 1.

    Competitive position

    Principal competitors include Globe Telecom and Converge ICT Solutions, which are investing heavily in fibre networks, and DITO Telecommunity, which is expanding its footprint quickly 1. Regional operators, cable television providers and small internet providers are gaining ground, particularly in rural areas 1.

    Differentiation depends on network coverage and capacity, service quality, product innovation and financial resources, which the company sees as strengths of its integrated fixed and wireless network 1.

    • Globe Telecom, Inc.

      Major mobile and fixed operator in the Philippines investing in fibre expansion and competing directly in broadband 1.

    • Converge ICT Solutions, Inc.

      Pure fibre broadband provider rapidly extending its fibre presence in competing areas 1.

    • DITO Telecommunity Corporation

      Newer mobile operator aggressively expanding coverage that could intensify price competition 1.

    • Regional and cable providers

      Cable television operators and regional and community access providers that have grown as regulatory barriers fell 1.

    News & filings

    In the press

    The latest news item in our archive is from 09 Jun 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / PLDT Inc. · 27 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.