MERLIN Properties SOCIMI stock
MRL.MCBMEMERLIN Properties SOCIMI, S.A., Real EstateISIN ES0105025003
59Score 59 out of 100, Neutral
Price and trend
43 / 100
Price history
−12% in one yearThe chart shows daily closes over 12 years, adjusted for stock splits and without dividends. Click into the chart to set a price alert at that price.
Below the 200-day line: the price is 15% below it.
Since September 2026 the 50-day line has been below the 200-day line; the trend has turned down.
Normal: the price is neither overheated nor sold off (RSI 62).
The price is 25% below its 52-week high. Largest decline in 12 years: 57% (November 2019 to October 2020).
Chart figures for advanced users
- SMA 50$13.42
- Average price of the last 50 trading days, shows the short-term trend.
- SMA 200$15.48
- Average price of the last 200 trading days, shows the long-term trend.
- RSI (14)62
- Relative strength over the last 14 days on a scale from 0 to 100. Above 70 the price counts as overheated, below 30 as sharply fallen.
- MACDabove the signal line
- Compares a fast and a slow price average. Above its signal line momentum is rising, below it momentum is fading.
- Support$12.52
- The lowest closing price of the last twelve months.
- Resistance$17.53
- The highest closing price of the last twelve months.
Snapshot
Computed from the data by fixed rules, no AI
- MERLIN Properties SOCIMI, S.A. belongs to the REIT (Diversified) industry (Spain) and, with a market value of $8.12B, is number 4 of 27 companies in its industry on MEQIRI.
- In fiscal 2025 it reported revenue of $611.79M (up 9.3% year on year) and earnings of $874.73M (up 177%).
- For fiscal 2026, analysts expect on average revenue of $679.81M (up 11.1%) and adjusted earnings per share of $0.59 (down 8.6%).
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- MEQIRI Score 59 out of 100 (Neutral): rank 105 of 327 in Real Estate, median 55.
- For real estate investment trusts (REITs) what counts is funds from operations (FFO and AFFO). The P/E and the payout ratio of earnings say little here, because depreciation on properties depresses earnings.
- Our model puts fair value at $15.60, with the price 15% below it.
In plain words
The numbers on this page in plain words, written by an AI
Strengths
- High marginNet margin 100% over the last 12 months, REIT (Diversified) median 21%.Profitability 66
- Earnings per share growingUp 63.5% a year since 2020.Growth 78
Weaknesses
- DilutionShare count up 20% since 2020.Capital allocation 29
Its standout strengths are stability and growth, while momentum and capital allocation hold the score back.
Daily figure as of 12 Nov 2026
How the score is calculatedScore overview
The fundamentals are in the middle range.
Score history
The full history of up to 20 years comes with MEQIRI Pro.
See plansCrash risk high
How well MEQIRI warnsOne of the 30% with the highest crash risk among smaller stocks.
From 2016 to 2025, 36 in 100 such stocks fell 30% or more within a year, against a group average of 23 in 100.
Valuation
Valuation signal
Fairly valuedClosing price of 11 Nov 2026, used by the daily score.
In our model the price counts as cheap below $11.14 and expensive above $26.00 (uncertainty high, one part of the fair value is more than twice the other).
The two parts of the fair value come to $21.65 (cash-flow model) and $9.56 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 8%. At 9% the fair value would be $13.65, at 7% it would be $18.54.
Valuation metrics
Half from the cash-flow model, half from operating cash flow per share times the median price to cash flow of the REIT industry (11.6). For the fair value, FFO only counts when it is in line with operating cash flow. That is not the case here, for example because the REIT carries its properties at market value, records little depreciation or a gain on sale sits in earnings. The cash-flow model uses AFFO: operating cash flow less maintenance, estimated at 4% of revenue. New construction and acquisitions do not count as running costs there.
Calculate with your own assumptionsCompany performance
This shows several years of history with an automatic assessment.
Revenue
In the twelve months to 30 Jun 2026, revenue rose 11.3% on the twelve months before. Revenue has grown strongly since 2013, at around 16% per year.
Margins
- Gross margin
- Operating margin
- Net margin
In fiscal 2025: gross 85%, operating 70%, net 143%. Last 12 months: net 100%.
Debt & balance sheet
latest quarterModerate debt, and interest is adequately covered.
Earnings
- Next earnings
- 12 Nov 2026today
- Last reported
- 27 Jul 2026EPS reported $0.15 (expected $0.14)above expectations
Analyst estimates
Earnings estimates have barely changed since 15 Oct 2026.
- Earnings per share
- $0.59−0.5%
- Revenue
- $679.81M+0.1%
- Earnings per share
- $0.61−0.8%
- Revenue
- $785.94M+0.1%
MEQIRI has stored the estimates since 15 Oct 2026. Until 30 days are available, the card shows the change since that day. Mean estimate according to Financial Modeling Prep. No price target and no recommendation.
Company outlook raised
Share price after the results: −5.2%Cash flow guidance raised to around EUR 340 million (previously EUR 327 million), about EUR 0.55 per share instead of EUR 0.53; FFO guidance increased by EUR 0.02 per share.
“We cannot simply multiply this by 2 because there are a number of things that are different in first and second half, but that gives us confidence to send or to rephrase our guidance in terms of total cash flow for the year from the previous EUR 327 million to EUR 340 million that will mean around EUR 0.55 per share …”The outlook is not part of the score and not a recommendation to buy or sell.
From the earnings call on 28 Jul 2026 (fiscal Q2 2026), read by AI.
What happened at MERLIN Properties SOCIMI
The key events of the last six months from our own data. A click takes you to the matching card.
Sector comparison
327 rated companies in Real Estate
- This company
- 59
- Sector median
- 55
Categories against the sector median
The median is the middle value: half of the companies in the sector lie above it, half below. Categories with too few comparable companies are left out.
Competitors in REIT (Diversified)
The next larger and next smaller companies by market value
- VICI PropertiesVICI $27.46B66
- W. P. CareyWPC $14.92B56
- Janus LivingJAN $9.84B41
- Essential Properties Realty TrustEPRT $6.16B59
- CovivioCOV.PA $5.53B48
- Rithm CapitalRITM $5.14B44
- Broadstone Net LeaseBNL $3.4B58
- AroundtownAT1.DE $2.1B47
ETFs that hold MERLIN Properties SOCIMI
Held by 54 ETFs on Xetra. Shown per index: the ETF with the largest weight.
| ETF | Weight | Cost | Fund size |
|---|---|---|---|
| iShares European Property Yield UCITS ETFIQQP | 4.10% | 0.40% | €762.78M |
| State Street SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETFZPRP | 3.74% | 0.30% | €113.99M |
| Xtrackers FTSE Developed Europe ex UK Real Estate UCITS ETF 1CXREA | 3.65% | 0.33% | €18.23M |
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| iShares STOXX Europe 600 Real Estate UCITS ETF (DE)EXI5 | 3.20% | 0.46% | €59.96M |
| Xtrackers FTSE Developed Europe Real Estate UCITS ETF 1CD5BK | 2.46% | 0.33% | €639.74M |
| Amundi MSCI EMU Small Cap ESG Broad Transition UCITS ETF DISTLGWU | 1.25% | 0.40% | €575.19M |
| UBS MSCI EMU Small Cap UCITS ETF EUR disUEFD | 0.92% | 0.28% | €627.81M |
| Xtrackers Euro Stoxx Quality Dividend UCITS ETF 1DDXSA | 0.81% | 0.30% | €792.98M |
Holdings as reported by the funds via FMP, excluding swap ETFs (their holdings are only collateral).
Data status and sources
- Score
- Daily value of 12 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 11 Nov 2026 ($1 = €0.8987)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 27 Jun 2025)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.