Merlin Properties stock: fundamental analysis
Stocks · MRL · Real Estate
MERLIN Properties SOCIMI, S.A. is one of the largest real estate and infrastructure companies listed on the Spanish Stock Exchange. Below are its fundamentals, explained in the order worth reading them: business quality, debt, growth and, last, whether the price is reasonable.
- Price: 12.44 EUR
- Market cap: 7.7B EUR
Data as of September 18, 2026 · Yahoo Finance
Quick read
Business quality
ROE of 9.9%: a decent return, not an exceptional one. Out of every 100 in sales, 141.7 end up as profit.
Financial health
Net debt/EBITDA of 8.3x: high leverage; keep an eye on maturities and the cost of debt.
Growth
Revenue is growing 14.6% year on year: a solid pace. Earnings are up 16.6%.
Valuation
It trades at a P/E of 8.5, in line with the 9.6 median of the real estate companies we track.
Dividend
Dividend yield of 1.7% (0.22 EUR per share per year) with a payout ratio of 14.6%.
Tools
All metrics
| Merlin Properties | Sector median | |
|---|---|---|
| Business quality | ||
| ROE | 9.9% | 5.4% |
| ROA | 1.8% | 1.8% |
| Gross margin | 100.0% | 96.3% |
| Operating margin | 69.9% | 58.4% |
| Net margin | 141.7% | 74.6% |
| Financial health | ||
| Net debt/EBITDA | 8.3x | 8.1x |
| Debt/equity | 0.6x | 0.7x |
| Current ratio | 1.6x | 1.1x |
| Growth | ||
| Revenue growth | 14.6% | 12.1% |
| Earnings growth | 16.6% | — |
| Valuation | ||
| P/E ratio | 8.5x | 9.6x |
| Forward P/E | 21.7x | 29.1x |
| EV/EBITDA | 26.1x | 21.1x |
| Price/book | 0.8x | 1.1x |
| FCF yield | 3.3% | 3.9% |
| Dividend | ||
| Dividend yield | 1.7% | 4.3% |
| Payout ratio | 14.6% | 16.5% |
| Beta (volatility) | 0.9x | 1.1x |
Frequently asked questions
What is Merlin Properties's P/E ratio?
Merlin Properties's P/E is 8.5 based on trailing 12-month earnings and 21.7 on expected earnings. The median for its sector among the companies we track is 9.6. Data as of September 18, 2026.
What dividend does Merlin Properties pay?
Dividend yield of 1.7% (0.22 EUR per share per year) with a payout ratio of 14.6%.
Is Merlin Properties stock expensive?
It trades at a P/E of 8.5, in line with the 9.6 median of the real estate companies we track. This is an educational reading based on ratios, not a buy or sell recommendation.
Does Merlin Properties have a lot of debt?
Net debt/EBITDA of 8.3x: high leverage; keep an eye on maturities and the cost of debt.
What is Merlin Properties's market cap?
Merlin Properties has a market cap of 7.7B EUR and its shares trade at 12.44 EUR, with a 52-week range of 11.81 EUR to 15.92 EUR (data as of September 18, 2026).
Other companies in the sector
Trailing 12-month metrics. Educational content, not investment advice.