# LT Group (LTG.PSE)

Canonical: https://gigainvestors.com/s/LTG.PSE

Analysis as of: 2026-10-16T07:29:57.771Z. Financial observations: FY2016–FY2025.

Listing currency: PHP. Reporting currency: PHP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: PHP 15.26 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.19×

Chart: Net income; fiscal year observations.

- FY2016: PHP 9.4B

- FY2017: PHP 11B

- FY2018: PHP 16B

- FY2019: PHP 23B

- FY2020: PHP 21B

- FY2021: PHP 20B

- FY2022: PHP 25B

- FY2023: PHP 25B

- FY2024: PHP 29B

- FY2025: PHP 31B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.4%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.0%

- FY2017: 7.4%

- FY2018: 9.5%

- FY2019: 12.5%

- FY2020: 11.5%

- FY2021: 10.8%

- FY2022: 12.8%

- FY2023: 12.1%

- FY2024: 12.6%

- FY2025: 12.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 11.9%

- Book return interval: 9 years

- Starting book value per share: PHP 12.43

- Ending book value per share: PHP 23.08

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 9.9%

- FY2018: 18.4%

- FY2019: 11.1%

- FY2020: 2.8%

- FY2021: 9.0%

- FY2022: 13.0%

- FY2023: 13.9%

- FY2024: 15.3%

- FY2025: 14.7%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: 0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.97×

- Book value created per share: PHP 10.66

- Earnings retained per share after dividends and buybacks: PHP 10.99

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 99

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Up 72% since Oct 2023 · net income +7.1%

Story as of 2026-10-16T09:59:06.296Z; price observation 2026-10-15.

### Net income · FY2025

net income +7.1%; source https://ltg.com.ph/wp-content/uploads/bsk-pdf-manager/2026/03/2026-Feb-27-LTG-17A-December-31-2025.pdf; observed 2026-02-27.

- FY2016: PHP 9.4B 

- FY2017: PHP 11B 

- FY2018: PHP 16B 

- FY2019: PHP 23B 

- FY2020: PHP 21B 

- FY2021: PHP 20B 

- FY2022: PHP 25B 

- FY2023: PHP 25B 

- FY2024: PHP 29B 

- FY2025: PHP 31B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in banking services; annual sales are PHP 132.8 billion.

- Source: https://ltg.com.ph/wp-content/uploads/bsk-pdf-manager/2026/03/2026-Feb-27-LTG-17A-December-31-2025.pdf#issuer-annual-2025 (filed 2026-02-27); FY2025: revenue 132778425000.

### Why customers stay

It earns 11.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.06982430200957082],[2017,0.07425364100017823],[2018,0.0949906126637719],[2019,0.1253445996942251],[2020,0.11514507224732978],[2021,0.10805650181831852],[2022,0.1279017817869031],[2023,0.12060209090431488],[2024,0.1259585204902462],[2025,0.12400049502951893]]; median 0.11787358157582234. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,2166957000],[2017,1947850000],[2018,2183635000],[2019,3330741000],[2020,8850969000],[2021,11687100000],[2022,15149944000],[2023,12985667000],[2024,13526736000],[2025,13526736000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); LTG.PSE SharesStats.PercentInsiders = 0 percentage points; cache date 2026-09-29.

### What the price says

The price is 1.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 15.26 PHP; reporting-to-trading FX 1; FY2025 annual sales per share 12.269998333855293; price multiple 1.2436839504610784. FY2025 cash earnings/share -0.12184563367974297. Closing-price date 2026-10-15.

## Monthly share-price history (PHP per share)

- 2016-10: PHP 14.44 per share

- 2016-11: PHP 13.10 per share

- 2016-12: PHP 12.56 per share

- 2017-01: PHP 13.10 per share

- 2017-02: PHP 14.88 per share

- 2017-03: PHP 16.02 per share

- 2017-04: PHP 15.96 per share

- 2017-05: PHP 16.00 per share

- 2017-06: PHP 14.70 per share

- 2017-07: PHP 17.60 per share

- 2017-08: PHP 17.72 per share

- 2017-09: PHP 17.58 per share

- 2017-10: PHP 17.98 per share

- 2017-11: PHP 19.48 per share

- 2017-12: PHP 18.74 per share

- 2018-01: PHP 22.45 per share

- 2018-02: PHP 22.95 per share

- 2018-03: PHP 18.80 per share

- 2018-04: PHP 20.20 per share

- 2018-05: PHP 20.65 per share

- 2018-06: PHP 18.08 per share

- 2018-07: PHP 18.00 per share

- 2018-08: PHP 17.20 per share

- 2018-09: PHP 14.40 per share

- 2018-10: PHP 14.50 per share

- 2018-11: PHP 15.98 per share

- 2018-12: PHP 16.60 per share

- 2019-01: PHP 15.50 per share

- 2019-02: PHP 14.80 per share

- 2019-03: PHP 16.10 per share

- 2019-04: PHP 16.04 per share

- 2019-05: PHP 14.94 per share

- 2019-06: PHP 15.20 per share

- 2019-07: PHP 14.10 per share

- 2019-08: PHP 14.78 per share

- 2019-09: PHP 13.94 per share

- 2019-10: PHP 13.34 per share

- 2019-11: PHP 11.06 per share

- 2019-12: PHP 11.98 per share

- 2020-01: PHP 9.80 per share

- 2020-02: PHP 8.95 per share

- 2020-03: PHP 8.30 per share

- 2020-04: PHP 7.75 per share

- 2020-05: PHP 7.88 per share

- 2020-06: PHP 8.00 per share

- 2020-07: PHP 7.50 per share

- 2020-08: PHP 8.42 per share

- 2020-09: PHP 9.00 per share

- 2020-10: PHP 11.54 per share

- 2020-11: PHP 13.20 per share

- 2020-12: PHP 13.10 per share

- 2021-01: PHP 13.26 per share

- 2021-02: PHP 14.28 per share

- 2021-03: PHP 13.50 per share

- 2021-04: PHP 13.42 per share

- 2021-05: PHP 13.80 per share

- 2021-06: PHP 12.90 per share

- 2021-07: PHP 9.77 per share

- 2021-08: PHP 8.55 per share

- 2021-09: PHP 10.10 per share

- 2021-10: PHP 10.06 per share

- 2021-11: PHP 10.60 per share

- 2021-12: PHP 9.90 per share

- 2022-01: PHP 10.00 per share

- 2022-02: PHP 9.68 per share

- 2022-03: PHP 8.90 per share

- 2022-04: PHP 8.52 per share

- 2022-05: PHP 8.21 per share

- 2022-06: PHP 8.10 per share

- 2022-07: PHP 8.80 per share

- 2022-08: PHP 8.84 per share

- 2022-09: PHP 8.26 per share

- 2022-10: PHP 8.07 per share

- 2022-11: PHP 9.40 per share

- 2022-12: PHP 9.20 per share

- 2023-01: PHP 10.08 per share

- 2023-02: PHP 10.50 per share

- 2023-03: PHP 9.90 per share

- 2023-04: PHP 10.16 per share

- 2023-05: PHP 9.58 per share

- 2023-06: PHP 9.51 per share

- 2023-07: PHP 9.60 per share

- 2023-08: PHP 9.12 per share

- 2023-09: PHP 9.00 per share

- 2023-10: PHP 8.85 per share

- 2023-11: PHP 8.85 per share

- 2023-12: PHP 8.98 per share

- 2024-01: PHP 9.50 per share

- 2024-02: PHP 9.50 per share

- 2024-03: PHP 9.99 per share

- 2024-04: PHP 10.16 per share

- 2024-05: PHP 10.48 per share

- 2024-06: PHP 9.75 per share

- 2024-07: PHP 9.85 per share

- 2024-08: PHP 10.22 per share

- 2024-09: PHP 10.02 per share

- 2024-10: PHP 10.30 per share

- 2024-11: PHP 10.16 per share

- 2024-12: PHP 10.50 per share

- 2025-01: PHP 10.66 per share

- 2025-02: PHP 11.62 per share

- 2025-03: PHP 12.18 per share

- 2025-04: PHP 11.88 per share

- 2025-05: PHP 12.30 per share

- 2025-06: PHP 12.86 per share

- 2025-07: PHP 13.06 per share

- 2025-08: PHP 14.02 per share

- 2025-09: PHP 15.24 per share

- 2025-10: PHP 14.62 per share

- 2025-11: PHP 15.06 per share

- 2025-12: PHP 14.78 per share

- 2026-01: PHP 15.96 per share

- 2026-02: PHP 15.62 per share

- 2026-03: PHP 14.66 per share

- 2026-04: PHP 15.00 per share

- 2026-05: PHP 15.80 per share

- 2026-06: PHP 14.92 per share

- 2026-07: PHP 14.64 per share

- 2026-08: PHP 15.20 per share

- 2026-09: PHP 15.26 per share

- 2026-10: PHP 15.26 per share

## Annual estimated value (PHP per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 17-A filing](https://ltg.com.ph/wp-content/uploads/bsk-pdf-manager/2026/03/2026-Feb-27-LTG-17A-December-31-2025.pdf); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations