Merlin Properties (MRL): analysis in plain words
Is Merlin Properties cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Merlin Properties (MRL) is listed on the Madrid Stock Exchange and we classify it in real estate. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Merlin Properties according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Merlin Properties (MRL) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €11.71 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 8.0x | Price over earnings per share |
| Revenue growth | +14.6% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 141.7% | Profit for every 100 of sales |
| Net debt / EBITDA | 8.3x | Years of operating profit to repay debt |
| Dividend yield | 1.86% | Annual dividend over price |
| Market cap | €7.3 billion | What the stock market values it at |
The Merlin Properties figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any MRL figure that is not available shows as N/A: we do not estimate it.
How Merlin Properties makes money
Merlin Properties is a Spanish real estate investment trust earning rent from properties in Spain and Portugal. Offices in Madrid, Barcelona and Lisbon are its largest source of rent, followed by logistics warehouses and shopping centers. It is also developing data centers in Spain to lease to technology companies.
Over the last 12 months, Merlin Properties brought in revenue of €601 million. For every 100 it sells, Merlin Properties keeps 100.0 after the direct cost of what it sells (gross margin) and 69.8 after all operating costs (operating margin).
Merlin Properties against its sector
To know whether a Merlin Properties figure is high or low you have to put it next to similar companies. This table compares Merlin Properties with the median of the 9 real estate companies Fintols covers, with data as of November 4, 2026.
| Figure | Merlin Properties | real estate median |
|---|---|---|
| P/E | 8.0x | 28.9x (9) |
| Revenue growth | +14.6% | +10.4% (9) |
| Net margin | 141.7% | 37.7% (9) |
| Dividend yield | 1.86% | 3.60% (9) |
| Net debt / EBITDA | 8.3x | 5.5x (9) |
In short, against the typical real estate company, Merlin Properties trades on a lower P/E, grows faster and earns a wider margin.
The bull case for Merlin Properties
These are the strengths in the Merlin Properties figures as of November 4, 2026:
- Its net margin over the last 12 months is 141.7% (sector median: 37.7%): Merlin Properties turns a large share of its sales into profit.
- On a P/E basis Merlin Properties trades cheaper than its sector: 8.0x its annual earnings, against 28.9x for the real estate median (9 companies with data).
- Merlin Properties is selling more than a year ago: +14.6% in its latest quarter (the typical real estate company grew +10.4%).
The main risk for Merlin Properties
Debt is heavy: Merlin Properties carries net debt equal to 8.3x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
On top of that: analysts expect lower Merlin Properties earnings: its P/E on estimated next-12-month earnings rises to 20.9x, from 8.0x on the last 12 months.
And, like the rest of real estate, Merlin Properties is exposed to interest rates, which raise its borrowing costs and lower property values, and vacant space.
Frequently asked questions about Merlin Properties
Is it a good time to buy Merlin Properties stock?
Fintols does not tell you whether to buy or sell Merlin Properties, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Merlin Properties stock trades at €11.71, 26% below its 52-week high (€15.92) and 5% above its low (€11.13). Its P/E is 8.0x against a real estate median of 28.9x, and 20.9x on the earnings analysts expect over the next 12 months. With Merlin Properties, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Merlin Properties pay a dividend?
Yes. As of November 4, 2026, Merlin Properties pays €0.22 per share a year, which at today's price is a yield of 1.86%. It uses 15% of its profit to pay it, which leaves room to keep paying it if profit dips.
Is Merlin Properties stock expensive?
It depends on what you compare it with. On P/E, Merlin Properties trades at 8.0x its last 12 months of earnings: cheaper than the real estate median (28.9x). A high P/E alone does not make Merlin Properties expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Merlin Properties's competitors?
On Fintols we compare Merlin Properties with Inmobiliaria Colonial, Equinix and Realty Income, which are also in real estate. As of November 4, 2026, Inmobiliaria Colonial is worth €3.3 billion and trades on a P/E of 9.7; Equinix is worth $104.3 billion and trades on a P/E of 63.3; Realty Income is worth $56.0 billion and trades on a P/E of 40.6. Each has a side-by-side comparison with Merlin Properties below.
Merlin Properties competitors
- Inmobiliaria Colonial (COL) analysis · Merlin Properties vs Inmobiliaria Colonial comparison
- Equinix (EQIX) analysis · Merlin Properties vs Equinix comparison
- Realty Income (O) analysis · Merlin Properties vs Realty Income comparison
To understand Merlin Properties better
- Dividend Growth Investing: FCF Payout Ratio and Compounding
- How to Read a Balance Sheet: A Beginner's Guide
More companies like Merlin Properties: real estate stocks and IBEX 35 companies. Open the full MRL analysis with its valuation and scenarios. Educational content about Merlin Properties, not investment advice.