Cash flow Emaar Development

Equities

EMAARDEV

AEE001901017

Real Estate Development & Operations

Market Closed - Dubai FM Other stock markets 14:59:33 11/05/2026 +04			5-day change	1st Jan Change
14.88 ^AED	-2.11%		+2.76%	-1.78%

03:48pm	UAE Stocks in Red as US Rejects Iran's Response to Peace Plan	MT
11:50am	Emaar Development PJSC Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

99c6342069be83a0f6.8XBVc6nlRkK3M5Zy9cf6UwgPqt7VLG-VpsF9m51KUXU.sEMfQcKSC3PzB6MTtJ6AA0NNz_PkHCbE3Iwl8OgDCSSGFD8r07Z2NoNp9Q

Published financial data: EMAAR DEVELOPMENT

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	15.6B	11.54B	11.92B	19.15B	27.49B
Total Revenues	15.6B	11.54B	11.92B	19.15B	27.49B
Cost of Goods Sold, Total	9.95B	6.46B	3.64B	8.6B	12.04B
Gross Profit	5.65B	5.08B	8.28B	10.54B	15.44B
Selling General & Admin Expenses, Total	1.56B	596M	1.05B	1.49B	2.01B
Depreciation & Amortization - (IS)	12.4M	9.63M	12.52M	8.46M	13.68M
Other Operating Expenses	-	522M	-	-	-
Other Operating Expenses, Total	1.57B	1.13B	1.06B	1.5B	2.03B
Operating Income	4.08B	3.95B	7.22B	9.05B	13.42B
Interest Expense, Total	-94.03M	-174M	-167M	-244M	-14.99M
Interest And Investment Income	13.22M	131M	677M	991M	1.24B
Net Interest Expenses	-80.81M	-42.46M	510M	747M	1.22B
Income (Loss) On Equity Invest.	235M	174M	124M	194M	717M
Other Non Operating Income (Expenses)	-2.75M	179M	626M	184M	133M
EBT, Excl. Unusual Items	4.23B	4.27B	8.48B	10.17B	15.49B
EBT, Incl. Unusual Items	4.23B	4.27B	8.48B	10.17B	15.49B
Income Tax Expense	-	-	-	486M	1.89B
Earnings From Continuing Operations	4.23B	4.27B	8.48B	9.69B	13.61B
Net Income to Company	4.23B	4.27B	8.48B	9.69B	13.61B
Minority Interest	-988M	-457M	-1.86B	-2.05B	-2.29B
Net Income - (IS)	3.24B	3.81B	6.63B	7.63B	11.32B
Net Income to Common Incl Extra Items	3.24B	3.81B	6.63B	7.63B	11.32B
Net Income to Common Excl. Extra Items	3.24B	3.81B	6.63B	7.63B	11.32B
Per Share Items
Net EPS - Basic	0.81	0.95	1.66	1.91	2.83
Basic EPS - Continuing Operations	0.81	0.95	1.66	1.91	2.83
Basic Weighted Average Shares Outstanding	4B	4B	4B	4B	4B
Net EPS - Diluted	0.81	0.95	1.66	1.91	2.83
Diluted EPS - Continuing Operations	0.81	0.95	1.66	1.91	2.83
Diluted Weighted Average Shares Outstanding	4B	4B	4B	4B	4B
Normalized Basic EPS	0.41	0.55	0.86	1.08	1.85
Normalized Diluted EPS	0.41	0.55	0.86	1.08	1.85
Dividend Per Share	-	0.52	0.52	0.68	1
Payout Ratio	-	-	31.39	27.28	24.04
Supplemental Items
EBITDA	4.09B	3.96B	7.23B	9.05B	13.43B
EBITA	4.08B	3.95B	7.22B	9.05B	13.42B
EBIT	4.08B	3.95B	7.22B	9.05B	13.42B
Effective Tax Rate - (Ratio)	-	-	-	4.78	12.17
Current Domestic Taxes	-	-	-	486M	-
Total Current Taxes	-	-	-	486M	-
Normalized Net Income	1.66B	2.21B	3.45B	4.3B	7.39B
Interest Capitalized	5.2M	7.72M	6.21M	4.48M	8.8M
Interest on Long-Term Debt	111M	-	-	-	284M
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Selling and Marketing Expenses	793M	460M	406M	553M	829M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	5.69B	11.36B	18.42B	23.57B	41.31B
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	5.69B	11.36B	18.42B	23.57B	41.31B
Accounts Receivable, Total	5.74B	5.78B	5.55B	8.08B	5.42B
Other Receivables	1.73B	1.52B	2.56B	2.75B	3.78B
Notes Receivable	980M	913M	701M	804M	841M
Total Receivables	8.45B	8.21B	8.81B	11.63B	10.04B
Inventory	11.18B	10.85B	12.47B	16.52B	21.49B
Prepaid Expenses	3.86M	5.21M	3.86M	4.54M	6.1M
Other Current Assets, Total	1.21B	1.43B	1.91B	3.34B	4.21B
Total Current Assets	26.53B	31.86B	41.62B	55.07B	77.05B
Gross Property Plant And Equipment	115M	118M	127M	132M	129M
Accumulated Depreciation	-88.13M	-97.76M	-110M	-119M	-104M
Net Property Plant And Equipment	26.93M	20.16M	16.52M	13.66M	25.27M
Long-term Investments	751M	926M	762M	964M	1.67B
Accounts Receivable Long-Term	8.85B	9.67B	6.47B	3.38B	2.15B
Total Assets	36.16B	42.47B	48.87B	59.42B	80.89B
Liabilities
Accounts Payable, Total	799M	647M	728M	656M	769M
Accrued Expenses, Total	273M	618M	130M	378M	535M
Short-term Borrowings	2.67B	2.63B	1.91B	-	-
Current Portion of Long-Term Debt	2.98B	-	-	-	-
Current Portion of Leases	-	-	-	-	-
Current Income Taxes Payable	-	-	-	486M	2.23B
Other Current Liabilities	453M	600M	2.54B	2.14B	2.46B
Total Current Liabilities	7.17B	4.49B	5.3B	3.66B	6B
Long-Term Debt	199M	850M	3.67M	3.67M	3.67M
Long-Term Leases	-	-	-	-	12.15M
Pension & Other Post Retirement Benefits	21.04M	23.61M	24.32M	26.98M	29.16M
Other Non Current Liabilities	12.36B	17.04B	17.07B	24.11B	33.57B
Total Liabilities	19.75B	22.4B	22.4B	27.81B	39.61B
Common Stock, Total	4B	4B	4B	4B	4B
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	10.49B	14.3B	18.84B	24.39B	33.27B
Total Common Equity	14.49B	18.3B	22.84B	28.39B	37.27B
Minority Interest	1.92B	1.77B	3.63B	3.23B	4.01B
Total Equity	16.42B	20.07B	26.47B	31.62B	41.28B
Total Liabilities And Equity	36.16B	42.47B	48.87B	59.42B	80.89B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	4B	4B	4B	4B	4B
ECS Total Common Shares Outstanding	4B	4B	4B	4B	4B
Book Value / Share	3.62	4.57	5.71	7.1	9.32
Tangible Book Value	14.49B	18.3B	22.84B	28.39B	37.27B
Tangible Book Value Per Share	3.62	4.57	5.71	7.1	9.32
Total Debt	5.84B	3.48B	1.91B	3.67M	15.82M
Net Debt	155M	-7.89B	-16.51B	-23.57B	-41.29B
Minority Interest, Total (Incl. Fin. Div)	1.92B	1.77B	3.63B	3.23B	4.01B
Equity Method Investments, Total	751M	926M	762M	964M	1.67B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	58.36M	58.36M	58.36M	58.96M	58.96M
Machinery, Total	40.7M	41.05M	47.19M	51.1M	58.62M
Accumulated Allowance for Doubtful Accounts (Supple)	48.5M	20.98M	20.98M	20.98M	20.98M
Order Backlog	-	41.34B	57.1B	90.8B	125B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	3.24B	3.81B	6.63B	7.63B	11.32B
Depreciation & Amortization - CF	12.4M	9.63M	12.52M	8.46M	13.68M
Depreciation & Amortization, Total	12.4M	9.63M	12.52M	8.46M	13.68M
(Income) Loss On Equity Investments - (CF)	-235M	-174M	-124M	-194M	-717M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	1.13B	408M	1.35B	1.78B	2.86B
Change In Accounts Receivable	-4.84B	-600M	3.59B	731M	4.11B
Change In Inventories	3.29B	322M	-1.62B	-4.05B	-4.38B
Change In Accounts Payable	707M	-423M	-3.34B	-95.06M	2.99B
Change in Unearned Revenues	1.73B	5.16B	3.09B	6.49B	6.32B
Change in Other Net Operating Assets	-845M	103M	181M	-1.36B	-1.47B
Cash from Operations	4.2B	8.62B	9.77B	10.95B	21.05B
Capital Expenditure	-241K	-349K	-6.14M	-3.91M	-7.52M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-	-	-	-598K	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-1.51B
Other Investing Activities, Total	52.6M	232M	1.18B	989M	1.31B
Cash from Investing	52.36M	232M	1.17B	984M	-202M
Short Term Debt Issued, Total	-	-	5.26B	8.45B	1.75B
Long-Term Debt Issued, Total	600M	4.56B	850M	-	-
Total Debt Issued	600M	4.56B	6.11B	8.45B	1.75B
Short Term Debt Repaid, Total	-	-	-5.93B	-10.36B	-1.75B
Long-Term Debt Repaid, Total	-1.1B	-6.88B	-1.7B	-	-
Total Debt Repaid	-1.1B	-6.88B	-7.63B	-10.36B	-1.75B
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-	-2.08B	-2.08B	-2.72B
Common & Preferred Stock Dividends Paid	-	-	-2.08B	-2.08B	-2.72B
Other Financing Activities, Total	-1.46B	-809M	-230M	-2.8B	-1.89B
Cash from Financing	-1.95B	-3.13B	-3.84B	-6.79B	-4.61B
Net Change in Cash	2.3B	5.72B	7.1B	5.15B	16.23B
Supplemental Items
Cash Interest Paid	140M	200M	226M	336M	89.57M
Cash Income Tax Paid (Refund)	-	-	-	-	143M
Levered Free Cash Flow	5.19B	3.06B	3.25B	-2.52B	6.47B
Unlevered Free Cash Flow	5.25B	3.17B	3.35B	-2.37B	6.48B
Change In Net Working Capital	-2.68B	-688M	1.17B	8.03B	1.91B
Net Debt Issued / Repaid	-496M	-2.32B	-1.52B	-1.91B	0

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.3	6.29	9.89	10.44	11.95
Return on Total Capital	12.13	10.79	17.39	18.85	23
Return On Equity %	28.3	23.38	36.46	33.35	37.33
Return on Common Equity	25.2	23.23	32.23	29.8	34.47
Margin Analysis
Gross Profit Margin %	36.24	44.03	69.48	55.07	56.19
SG&A Margin	10	5.16	8.77	7.78	7.32
EBITDA Margin %	26.22	34.33	60.69	47.29	48.85
EBITA Margin %	26.16	34.26	60.6	47.25	48.82
EBIT Margin %	26.16	34.26	60.6	47.25	48.82
Income From Continuing Operations Margin %	27.13	36.96	71.17	50.59	49.51
Net Income Margin %	20.79	33	55.61	39.87	41.17
Net Avail. For Common Margin %	20.79	33	55.61	39.87	41.17
Normalized Net Income Margin	10.62	19.14	28.92	22.48	26.89
Levered Free Cash Flow Margin	33.25	26.52	27.23	-13.18	23.54
Unlevered Free Cash Flow Margin	33.63	27.46	28.11	-12.39	23.58
Asset Turnover
Asset Turnover	0.45	0.29	0.26	0.35	0.39
Fixed Assets Turnover	492.69	490.19	650.02	1.27K	1.41K
Receivables Turnover (Average Receivables)	2.82	2	2.11	2.81	4.07
Inventory Turnover (Average Inventory)	0.78	0.59	0.31	0.59	0.63
Short Term Liquidity
Current Ratio	3.7	7.09	7.85	15.04	12.85
Quick Ratio	1.84	4.15	5	9.39	8.42
Operating Cash Flow to Current Liabilities	0.59	1.92	1.84	2.99	3.51
Days Sales Outstanding (Average Receivables)	129.37	182.14	173.37	130.25	89.64
Days Outstanding Inventory (Average Inventory)	470.54	622.46	1.17K	616.68	576.01
Average Days Payable Outstanding	47.34	43.04	47.75	20.01	15.29
Cash Conversion Cycle (Average Days)	552.57	761.56	1.3K	726.92	650.36
Long Term Solvency
Total Debt/Equity	35.6	17.32	7.23	0.01	0.04
Total Debt / Total Capital	26.25	14.76	6.74	0.01	0.04
LT Debt/Equity	1.21	4.23	0.01	0.01	0.04
Long-Term Debt / Total Capital	0.9	3.61	0.01	0.01	0.04
Total Liabilities / Total Assets	54.61	52.74	45.83	46.79	48.96
EBIT / Interest Expense	43.4	22.78	43.23	37.09	895.35
EBITDA / Interest Expense	43.53	22.83	43.3	37.12	896.26
(EBITDA - Capex) / Interest Expense	43.53	22.83	43.27	37.11	895.76
Total Debt / EBITDA	1.43	0.88	0.26	0	0
Net Debt / EBITDA	0.04	-1.99	-2.28	-2.6	-3.07
Total Debt / (EBITDA - Capex)	1.43	0.88	0.26	0	0
Net Debt / (EBITDA - Capex)	0.04	-1.99	-2.28	-2.6	-3.08
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	59.88	-26.03	3.3	60.61	43.55
Gross Profit, 1 Yr. Growth %	68.63	-10.12	62.99	27.31	46.47
EBITDA, 1 Yr. Growth %	87.05	-3.16	82.62	25.16	48.26
EBITA, 1 Yr. Growth %	87.76	-3.11	82.7	25.23	48.31
EBIT, 1 Yr. Growth %	87.76	-3.11	82.7	25.23	48.31
Earnings From Cont. Operations, 1 Yr. Growth %	105.91	0.77	98.92	14.17	40.47
Net Income, 1 Yr. Growth %	95.76	17.38	74.07	15.15	48.25
Normalized Net Income, 1 Yr. Growth %	86.93	33.29	56.08	24.87	71.71
Diluted EPS Before Extra, 1 Yr. Growth %	95.76	17.38	74.07	15.15	48.25
Accounts Receivable, 1 Yr. Growth %	7.99	0.6	-3.94	45.61	-32.91
Inventory, 1 Yr. Growth %	-22.74	-2.94	14.89	32.51	30.06
Net Property, Plant and Equip., 1 Yr. Growth %	-26.02	-25.16	-18.02	-17.3	84.91
Total Assets, 1 Yr. Growth %	7.28	17.45	15.05	21.6	36.14
Tangible Book Value, 1 Yr. Growth %	28.8	26.25	24.83	24.29	31.3
Common Equity, 1 Yr. Growth %	28.8	26.25	24.83	24.29	31.3
Cash From Operations, 1 Yr. Growth %	879.91	105.28	13.33	12.15	92.21
Capital Expenditures, 1 Yr. Growth %	-62.92	44.81	1.66K	-36.37	50.38
Levered Free Cash Flow, 1 Yr. Growth %	103.05	-41.02	6.08	-177.06	-356.23
Unlevered Free Cash Flow, 1 Yr. Growth %	98.39	-39.61	5.74	-170.78	-373.09
Dividend Per Share, 1 Yr. Growth %	-	-	0	30.71	47.06
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	10.64	8.75	-12.59	28.8	51.84
Gross Profit, 2 Yr. CAGR %	6.54	23.11	21.04	44.05	36.55
EBITDA, 2 Yr. CAGR %	6.42	34.59	32.98	51.18	36.23
EBITA, 2 Yr. CAGR %	6.55	34.88	33.05	51.26	36.28
EBIT, 2 Yr. CAGR %	6.55	34.88	33.05	51.26	36.28
Earnings From Cont. Operations, 2 Yr. CAGR %	9.47	44.05	41.58	50.7	26.64
Net Income, 2 Yr. CAGR %	9.62	51.59	42.94	41.58	30.66
Normalized Net Income, 2 Yr. CAGR %	9.76	57.85	44.23	39.6	46.43
Diluted EPS Before Extra, 2 Yr. CAGR %	9.62	51.59	42.94	41.58	30.66
Accounts Receivable, 2 Yr. CAGR %	0.68	4.23	-1.7	18.27	-1.16
Inventory, 2 Yr. CAGR %	-12.91	-13.4	5.6	23.39	31.28
Net Property, Plant and Equip., 2 Yr. CAGR %	-29.79	-25.59	-21.67	-17.66	23.66
Total Assets, 2 Yr. CAGR %	3.93	12.25	16.24	18.28	28.66
Tangible Book Value, 2 Yr. CAGR %	22.87	27.52	25.54	24.56	27.74
Common Equity, 2 Yr. CAGR %	22.87	27.52	25.54	24.56	27.74
Cash From Operations, 2 Yr. CAGR %	33.2	348.5	52.53	12.74	46.82
Capital Expenditures, 2 Yr. CAGR %	-85.32	-26.72	404.83	234.63	10.67
Levered Free Cash Flow, 2 Yr. CAGR %	71.79	9.44	-20.9	-9.18	40.55
Unlevered Free Cash Flow, 2 Yr. CAGR %	81.68	9.46	-20.09	-13.49	39.06
Dividend Per Share, 2 Yr. CAGR %	-	-	-	14.33	38.64
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.36	-3.26	6.9	7.06	33.54
Gross Profit, 3 Yr. CAGR %	-4.99	0.67	35.18	23.09	44.85
EBITDA, 3 Yr. CAGR %	-9.17	3.12	49	30.32	50.21
EBITA, 3 Yr. CAGR %	-9.16	3.23	49.24	30.39	50.27
EBIT, 3 Yr. CAGR %	-9.16	3.23	49.24	30.39	50.27
Earnings From Cont. Operations, 3 Yr. CAGR %	-9.1	6.49	60.41	31.78	47.21
Net Income, 3 Yr. CAGR %	-5.96	12.15	58.74	33	43.77
Normalized Net Income, 3 Yr. CAGR %	-2.5	17.1	57.26	37.47	49.58
Diluted EPS Before Extra, 3 Yr. CAGR %	-5.96	12.15	58.74	33	43.77
Accounts Receivable, 3 Yr. CAGR %	7.13	0.65	1.43	12.06	-2.1
Inventory, 3 Yr. CAGR %	-3.31	-9.71	-4.84	13.9	25.57
Net Property, Plant and Equip., 3 Yr. CAGR %	-22.72	-28.28	-23.15	-20.24	7.83
Total Assets, 3 Yr. CAGR %	5.75	8.25	13.18	18	23.95
Tangible Book Value, 3 Yr. CAGR %	22.19	23.99	26.62	25.12	26.77
Common Equity, 3 Yr. CAGR %	22.19	23.99	26.62	25.12	26.77
Cash From Operations, 3 Yr. CAGR %	32.16	53.86	183.55	37.67	34.68
Capital Expenditures, 3 Yr. CAGR %	-67.33	-68.52	111.41	153.11	178.29
Levered Free Cash Flow, 3 Yr. CAGR %	24.09	20.29	8.31	-21.35	28.35
Unlevered Free Cash Flow, 3 Yr. CAGR %	26.1	25.85	8.21	-23.25	26.93
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	24.34
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	17.73	5.42	-5.03	8.48	23.01
Gross Profit, 5 Yr. CAGR %	15.05	6.55	4.67	16.18	35.73
EBITDA, 5 Yr. CAGR %	12.25	4.83	5.79	20.18	43.75
EBITA, 5 Yr. CAGR %	12.31	4.89	5.82	20.27	43.92
EBIT, 5 Yr. CAGR %	12.31	4.89	5.82	20.27	43.92
Earnings From Cont. Operations, 5 Yr. CAGR %	11.54	5.17	8.53	22.36	45.94
Net Income, 5 Yr. CAGR %	8.96	6.79	11.19	23.1	46.84
Normalized Net Income, 5 Yr. CAGR %	6.79	8.06	14.03	25.63	52.83
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-21.98	11.19	23.1	46.85
Accounts Receivable, 5 Yr. CAGR %	31.72	31.46	3.51	7.36	0.38
Inventory, 5 Yr. CAGR %	13.17	3	0.16	2.31	8.23
Net Property, Plant and Equip., 5 Yr. CAGR %	-19.89	-21.4	-22.3	-24.21	-7.04
Total Assets, 5 Yr. CAGR %	13.6	11.95	9.83	12.16	19.13
Tangible Book Value, 5 Yr. CAGR %	16.5	29.19	23.52	24.22	27.07
Common Equity, 5 Yr. CAGR %	16.5	29.19	23.52	24.22	27.07
Cash From Operations, 5 Yr. CAGR %	167.64	61.4	39.96	35.86	117.92
Capital Expenditures, 5 Yr. CAGR %	-49.59	44.71	-2.33	-18.97	63.19
Levered Free Cash Flow, 5 Yr. CAGR %	28.85	1.27	3.64	7.5	20.42
Unlevered Free Cash Flow, 5 Yr. CAGR %	29.29	2.14	5.07	8.33	19.63
Dividend Per Share, 5 Yr. CAGR %	-	-	0.01	-	-