New Risk • Apr 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. New Risk • Apr 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 07
Full year 2025 earnings released Full year 2025 results: Revenue: ₱183.8b (up 3.3% from FY 2024). Net income: ₱9.62b (up 37% from FY 2024). Profit margin: 5.2% (up from 3.9% in FY 2024). The increase in margin was driven by higher revenue. Annuncio • Feb 10
PAL Holdings, Inc., Annual General Meeting, Jun 01, 2026 PAL Holdings, Inc., Annual General Meeting, Jun 01, 2026. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ₱0.051 (vs ₱0.042 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.051 (up from ₱0.042 in 3Q 2024). Revenue: ₱42.7b (up 2.8% from 3Q 2024). Net income: ₱1.37b (up 74% from 3Q 2024). Profit margin: 3.2% (up from 1.9% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. New Risk • Aug 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: ₱0.12 (vs ₱0.088 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.12 (up from ₱0.088 in 2Q 2024). Revenue: ₱46.4b (up 2.8% from 2Q 2024). Net income: ₱3.33b (up 41% from 2Q 2024). Profit margin: 7.2% (up from 5.2% in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Annuncio • May 30
PAL Holdings, Inc. Approves Election of Kyle Ellis C. Tan as Director PAL Holdings, Inc. announced at annual stockholders meeting of the company held 29 May 2025, the shareholders elected Kyle Ellis C. Tan as director of the company. New Risk • Apr 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (28% accrual ratio). Shareholders have been substantially diluted in the past year (131% increase in shares outstanding). Minor Risk Profit margins are more than 30% lower than last year (4.3% net profit margin). New Risk • Mar 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Shareholders have been substantially diluted in the past year (131% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (3.9% net profit margin). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: ₱0.31 (vs ₱1.45 in FY 2023) Full year 2024 results: EPS: ₱0.31 (down from ₱1.45 in FY 2023). Revenue: ₱178.0b (flat on FY 2023). Net income: ₱7.02b (down 58% from FY 2023). Profit margin: 3.9% (down from 9.4% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Annuncio • Feb 25
PAL Holdings, Inc., Annual General Meeting, May 29, 2025 PAL Holdings, Inc., Annual General Meeting, May 29, 2025, at 14:00 W. Australia Standard Time. Location: via zoom application, Philippines New Risk • Jan 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (131% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱5.20, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 12x in the Airlines industry in Asia. Negligible returns to shareholders over past year. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₱0.042 (vs ₱0.37 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.042 (down from ₱0.37 in 3Q 2023). Revenue: ₱41.5b (down 12% from 3Q 2023). Net income: ₱789.8m (down 82% from 3Q 2023). Profit margin: 1.9% (down from 9.1% in 3Q 2023). The decrease in margin was driven by lower revenue. New Risk • Aug 10
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 110% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (131% increase in shares outstanding). Minor Risk High level of debt (110% net debt to equity). Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ₱0.088 (vs ₱0.54 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.088 (down from ₱0.54 in 2Q 2023). Revenue: ₱45.1b (flat on 2Q 2023). Net income: ₱2.37b (down 62% from 2Q 2023). Profit margin: 5.2% (down from 14% in 2Q 2023). New Risk • May 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 131% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: ₱0.31 (vs ₱0.40 in 1Q 2023) First quarter 2024 results: EPS: ₱0.31 (down from ₱0.40 in 1Q 2023). Revenue: ₱45.8b (up 8.5% from 1Q 2023). Net income: ₱3.60b (down 23% from 1Q 2023). Profit margin: 7.9% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Apr 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 165% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: ₱1.45 (vs ₱0.70 in FY 2022) Full year 2023 results: EPS: ₱1.45 (up from ₱0.70 in FY 2022). Revenue: ₱179.1b (up 29% from FY 2022). Net income: ₱16.8b (up 106% from FY 2022). Profit margin: 9.4% (up from 5.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Annuncio • Feb 26
PAL Holdings, Inc., Annual General Meeting, May 30, 2024 PAL Holdings, Inc., Annual General Meeting, May 30, 2024, at 06:00 Coordinated Universal Time. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ₱0.37 (vs ₱0.28 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.37 (up from ₱0.28 in 3Q 2022). Revenue: ₱47.1b (up 17% from 3Q 2022). Net income: ₱4.28b (up 33% from 3Q 2022). Profit margin: 9.1% (up from 7.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Nov 11
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 154% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (154% net debt to equity). Profit margins are more than 30% lower than last year (9.4% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ₱0.54 (vs ₱0.21 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.54 (up from ₱0.21 in 2Q 2022). Revenue: ₱45.2b (up 34% from 2Q 2022). Net income: ₱6.23b (up 152% from 2Q 2022). Profit margin: 14% (up from 7.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annuncio • May 31
PAL Holdings, Inc. Appoints Jerome S. Tan as Lead Independent Director The board of directors of PAL Holdings, Inc. at its meeting held on May 29, 2023, approved and confirmed the appointment of Mr. Jerome S. Tan as Lead Independent Director of the Company. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ₱0.40 (vs ₱0.092 in 1Q 2022) First quarter 2023 results: EPS: ₱0.40 (up from ₱0.092 in 1Q 2022). Revenue: ₱42.2b (up 79% from 1Q 2022). Net income: ₱4.65b (up 338% from 1Q 2022). Profit margin: 11% (up from 4.5% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: ₱0.70 (vs ₱5.09 in FY 2021) Full year 2022 results: EPS: ₱0.70 (down from ₱5.09 in FY 2021). Revenue: ₱139.2b (up 137% from FY 2021). Net income: ₱8.16b (down 86% from FY 2021). Profit margin: 5.9% (down from 101% in FY 2021). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₱0.28 (vs ₱0.46 loss in 3Q 2021) Third quarter 2022 results: EPS: ₱0.28 (up from ₱0.46 loss in 3Q 2021). Revenue: ₱40.4b (up 186% from 3Q 2021). Net income: ₱3.21b (up ₱8.49b from 3Q 2021). Profit margin: 7.9% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Jerome Tan was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ₱0.21 (vs ₱0.69 loss in 2Q 2021) Second quarter 2022 results: EPS: ₱0.21 (up from ₱0.69 loss in 2Q 2021). Revenue: ₱33.7b (up 246% from 2Q 2021). Net income: ₱2.49b (up ₱10.4b from 2Q 2021). Profit margin: 7.4% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: ₱0.092 (vs ₱0.74 loss in 1Q 2021) First quarter 2022 results: EPS: ₱0.092 (up from ₱0.74 loss in 1Q 2021). Revenue: ₱23.6b (up 185% from 1Q 2021). Net income: ₱1.06b (up ₱9.66b from 1Q 2021). Profit margin: 4.5% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Bienvenido Laguesma was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annuncio • Apr 08
PAL Holdings, Inc. Auditor Raises 'Going Concern' Doubt PAL Holdings, Inc. filed its Annual on Apr 06, 2022 for the period ending Dec 31, 2021. In this report its auditor, SyCip Gorres Velayo & Co., gave an unqualified opinion expressing doubt that the company can continue as a going concern. Reported Earnings • Apr 07
Full year 2021 earnings released Full year 2021 results: Revenue: ₱58.7b (up 6.2% from FY 2020). Net income: ₱59.1b (up ₱130.9b from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Board Change • Mar 29
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Bienvenido Laguesma was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. 
