Fact based stock research
San Miguel (PSE:SMC)

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

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San Miguel stock research in summary

sanmiguel.com.ph

ANALYSIS: With an Obermatt Combined Rank of 14 (worse than 86% compared with investment alternatives), San Miguel (Industrial Conglomerates, Philippines) shares have lower financial characteristics compared with similar stocks. Shares of San Miguel are a good value (attractively priced) with a consolidated Value Rank of 55 (better than 55% of alternatives) but show below-average growth (Growth Rank of 25), and are riskily financed (Safety Rank of 31), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 14, is a sell recommendation based on San Miguel's financial characteristics. As the company San Miguel's key financial metrics exhibit good value (Obermatt Value Rank of 55) but low growth (Obermatt Growth Rank of 25) and risky financing practices (Obermatt Safety Rank of 31), it may be a risky investment, because debt in times of crises can make things worse. The good value, better than 55% of comparable companies, may indicate the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	55
Growth Rank	25
Safety Rank	31
Combined Rank	14

Country	Philippines
Industry	Industrial Conglomerates
Index
Size class	X-Large

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: San Miguel

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	91	67	47	55
GROWTH
GROWTH	55	63	39	25
SAFETY
SAFETY	37	20	26	31
SENTIMENT
SENTIMENT	47	24	28	^new
360° VIEW
360° VIEW	77	27	10	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better San Miguel is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	91	67	47	55
GROWTH
GROWTH	55	63	39	25
SAFETY
SAFETY	37	20	26	31
COMBINED
COMBINED	78	45	18	14

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of San Miguel the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 55 (better than 55% compared with alternatives), San Miguel shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators, with three out of four indicators above average for San Miguel. Price-to-Sales (P/S) is 97, which means that the stock price compared with what market professionals expect for future sales is lower than for 97% of comparable companies, indicating a good value regarding San Miguel's revenue size. The same is valid for expected Price to Profits (or Price / Earnings, P/E), more favorable than for 66% of alternatives, and it's also true for the Price-to-Book Capital ratio (also referred to as market-to-book ratio) with a Price-to-Capital Rank of 81. But, compared with other companies in the same industry, dividend yields are expected to be lower than average; only 1% of all competitors have even lower dividend yields than San Miguel (a Dividend Yield Rank of 1). 99% alternative investments in the same business provide a higher dividend yield. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 55, is a buy recommendation based on San Miguel's stock price compared with the company's operational size and dividend yields. The below-average dividend yield may be a good sign, as it could mean the company has more attractive investment opportunities for the generated cash than to pay it out as dividends. A low dividend yield can also indicate a growth phase. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	93	91	92	97
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	83	71	71	66
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	89	77	78	81
DIVIDEND YIELD
DIVIDEND YIELD	71	50	1	1
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	91	67	47	55

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of San Miguel; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 25 (better than 25% compared with alternatives), San Miguel shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four indicators below average for San Miguel. Only Capital Growth has a good rank of 79, which means that currently professionals expect the company to grow its invested capital more than 10% of its competitors. The other three indicators are pointing South: Sales Growth has a rank of 43 which means that currently professionals expect the company to grow less than 57% of its competitors. Profit Growth with a rank of 10 and Stock Returns with a rank of 25 are also low (below 75% of alternative investments). ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 25, is a hold recommendation for growth and momentum investors. The good news from the invested capital side is surprising. A company with disappointing revenues, profits, and disappointed shareholders typically doesn't invest above average. Overall, the growth momentum for San Miguel is thus negative. As it is intriguing to see that company executives are optimistic about their investment policy, it is worthwhile looking into the details of the capital investment projects. They may indicate future growth and profits and thus if accompanied by a good value, a sign of good timing to invest in the stock. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is limited here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	33	31	11	43
PROFIT GROWTH
PROFIT GROWTH	100	84	89	10
CAPITAL GROWTH
CAPITAL GROWTH	63	69	37	79
STOCK RETURNS
STOCK RETURNS	15	57	23	25
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	55	63	39	25

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of San Miguel.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 31 (better than 31% compared with alternatives), the company San Miguel has financing practices on the riskier side, which means that their overall debt burden is above the industry average. This doesn't mean that the business of San Miguel is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with just one indicator above average for San Miguel and the other two below average. Refinancing is at 95, meaning the portion of the debt about to be refinanced is below average. It has less debt in the refinancing stage than 95% of its competitors. But Leverage is high with a rank of 6, meaning the company has an above-average debt-to-equity ratio. It has more debt than 94% of its competitors. Liquidity is also on the riskier side with a rank of 23, meaning the company generates less profit to service its debt than 77% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 31 (worse than 69% compared with alternatives), San Miguel has a financing structure that is riskier than that of its competitors. A good Refinancing Rank means that the problems of the company may not be around the corner. But high Leverage is only good if things go well, and low Liquidity is a signal for caution. The financing signals for San Miguel are on the riskier side, requiring the company's future to be on the safer side. Investors may want to look at Growth and Sentiment ranks before making an investment decision. In the long-term, investors may have a debt challenge with San Miguel and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	14	10	8	6
REFINANCING
REFINANCING	90	70	89	95
LIQUIDITY
LIQUIDITY	24	33	23	23
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	37	20	26	31

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of San Miguel and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	22	19	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	55	28	10	^new
MARKET PULSE
MARKET PULSE	57	51	49	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	47	24	28	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for San Miguel.
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