Emaar Properties PJSC

EMAAR.AE

Real Estate - Development · Real Estate

Price

10.96 AED

-0.10 (-0.90%)

Market Cap

96.87B AED

Exchange

Dubai Financial Market

Winston Score

Winston is happy

An exceptional business — strong profitability, growth, and balance sheet.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Exceptional

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Share count rising — dilution

+21.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 7.27B (2021) → 8.84B (2025)

Winston Score History

The full picture

Emaar Properties is one of the largest real estate developers in the world, based in Dubai, United Arab Emirates. The company builds and sells homes, apartments, hotels, shopping malls, and office buildings. It is best known for developing the Burj Khalifa, the world's tallest building, and The Dubai Mall, one of the largest shopping centers on the planet.

Emaar makes money by selling residential and commercial properties, collecting rent from its malls and offices, and earning fees from its hotels and hospitality businesses. It operates primarily in the UAE but also has projects across the Middle East, North Africa, South Asia, and other international markets. Its strong brand, prime land holdings in Dubai, and integrated retail and hospitality assets give it a durable competitive position. The key growth driver is continued demand for Dubai real estate from both local buyers and international investors, though the business carries meaningful exposure to oil-linked regional economies and global property market cycles.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+10.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

0 AED/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

29.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

61.1B AED cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Emaar Properties PJSC is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

55.8%

Premium pricing power — 55.8% gross margin

Profit after running costs

Operating Margin

44.3%

Excellent — 44.3% operating margin

Return on the money invested

ROCE

24.5%

Exceptional — 24.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+35.6%

Fast-growing sales (+35.6% YoY)

Profit growth

EPS YoY

+26.7%

Earnings growing fast (+26.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

133%

Turns 133% of profit into real cash

Spare cash per sale

FCF Margin

44.1%

Converts sales into free cash efficiently (44.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

28.44x

Comfortably covers interest (28.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.0x

Attractive valuation — P/E 5.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.7

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

9.07%

Healthy income — 9.07% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+409.3%

Dividend growing fast (409.3% YoY)

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