Merlin Properties SOCIMI SA (MRL) - Net Assets
Based on the latest financial reports, Merlin Properties SOCIMI SA (MRL) has net assets worth €9.29 Billion EUR (≈ $10.86 Billion USD) as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€15.59 Billion ≈ $18.22 Billion USD) and total liabilities (€6.30 Billion ≈ $7.36 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how strategically is Merlin Properties SOCIMI SA's equity deployed to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €9.29 Billion |
| % of Total Assets | 59.58% |
| Annual Growth Rate | 17.99% |
| 5-Year Change | 14.91% |
| 10-Year Change | 66.8% |
| Growth Volatility | 36.89 |
Merlin Properties SOCIMI SA - Net Assets Trend (2014–2025)
This chart illustrates how Merlin Properties SOCIMI SA's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see Merlin Properties SOCIMI SA (MRL) market capitalisation.
Annual Net Assets for Merlin Properties SOCIMI SA (2014–2025)
The table below shows the annual net assets of Merlin Properties SOCIMI SA from 2014 to 2025. Also explore Merlin Properties SOCIMI SA net asset momentum to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €8.07 Billion ≈ $9.44 Billion |
+7.65% |
| 2024-12-31 | €7.50 Billion ≈ $8.77 Billion |
+14.71% |
| 2023-12-31 | €6.54 Billion ≈ $7.64 Billion |
-4.53% |
| 2022-12-31 | €6.85 Billion ≈ $8.01 Billion |
-2.53% |
| 2021-12-31 | €7.03 Billion ≈ $8.22 Billion |
+4.94% |
| 2020-12-31 | €6.70 Billion ≈ $7.83 Billion |
-0.19% |
| 2019-12-31 | €6.71 Billion ≈ $7.84 Billion |
+4.79% |
| 2018-12-31 | €6.40 Billion ≈ $7.48 Billion |
+11.85% |
| 2017-12-31 | €5.72 Billion ≈ $6.69 Billion |
+18.24% |
| 2016-12-31 | €4.84 Billion ≈ $5.66 Billion |
+65.42% |
| 2015-12-31 | €2.93 Billion ≈ $3.42 Billion |
+123.62% |
| 2014-12-31 | €1.31 Billion ≈ $1.53 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to Merlin Properties SOCIMI SA's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1482.7% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €786.13 Million | 9.74% |
| Common Stock | €563.73 Million | 6.98% |
| Other Comprehensive Income | €3.37 Billion | 41.79% |
| Other Components | €3.35 Billion | 41.49% |
| Total Equity | €8.07 Billion | 100.00% |
Merlin Properties SOCIMI SA Competitors by Market Cap
The table below lists competitors of Merlin Properties SOCIMI SA ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Bid Corporation Ltd
JSE:BID
|
$8.00 Billion |
|
Stantec Inc
TO:STN
|
$8.00 Billion |
|
SalMar ASA
OL:SALM
|
$8.00 Billion |
|
Xpeng Inc
NYSE:XPEV
|
$8.00 Billion |
|
Evonik Industries AG
F:EVK
|
$7.99 Billion |
|
Shandong Hualu Hengsheng Chemical Co Ltd
SHG:600426
|
$7.99 Billion |
|
Procore Technologies Inc
NYSE:PCOR
|
$7.99 Billion |
|
Pentair plc
F:PNT
|
$7.99 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Merlin Properties SOCIMI SA's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 7,500,980,000 to 8,074,432,000, a change of 573,452,000 (7.6%).
- Net income of 128,254,000 contributed positively to equity growth.
- Dividend payments of 123,316,000 reduced retained earnings.
- New share issuances of 14,000 increased equity.
- Other comprehensive income increased equity by 958,579,001.
- Other factors decreased equity by 390,079,001.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €128.25 Million | +1.59% |
| Dividends Paid | €123.32 Million | -1.53% |
| Share Issuances | €14.00K | +0.0% |
| Other Comprehensive Income | €958.58 Million | +11.87% |
| Other Changes | €-390.08 Million | -4.83% |
| Total Change | €- | 7.65% |
Book Value vs Market Value Analysis
This analysis compares Merlin Properties SOCIMI SA's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.86x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2014-12-31 | €13.48 | €12.40 | x |
| 2015-12-31 | €13.10 | €12.40 | x |
| 2016-12-31 | €13.39 | €12.40 | x |
| 2017-12-31 | €12.22 | €12.40 | x |
| 2018-12-31 | €13.63 | €12.40 | x |
| 2019-12-31 | €14.28 | €12.40 | x |
| 2020-12-31 | €14.25 | €12.40 | x |
| 2021-12-31 | €15.07 | €12.40 | x |
| 2022-12-31 | €14.64 | €12.40 | x |
| 2023-12-31 | €13.96 | €12.40 | x |
| 2024-12-31 | €14.71 | €12.40 | x |
| 2025-12-31 | €14.35 | €12.40 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Merlin Properties SOCIMI SA utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 1.59%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 23.80%
- • Asset Turnover: 0.04x
- • Equity Multiplier: 1.77x
- Recent ROE (1.59%) is below the historical average (6.04%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2014 | 3.80% | 87.73% | 0.02x | 1.85x | €-81.20 Million |
| 2015 | 1.68% | 22.89% | 0.03x | 2.36x | €-243.46 Million |
| 2016 | 12.09% | 165.69% | 0.03x | 2.27x | €100.70 Million |
| 2017 | 19.25% | 237.52% | 0.04x | 2.10x | €528.65 Million |
| 2018 | 13.35% | 144.79% | 0.05x | 1.96x | €214.69 Million |
| 2019 | 8.40% | 109.48% | 0.04x | 1.98x | €-107.23 Million |
| 2020 | 0.84% | 12.63% | 0.03x | 2.01x | €-613.27 Million |
| 2021 | 7.29% | 133.80% | 0.03x | 2.03x | €-190.48 Million |
| 2022 | 3.84% | 59.92% | 0.04x | 1.76x | €-421.84 Million |
| 2023 | -1.28% | -16.54% | 0.04x | 1.85x | €-737.40 Million |
| 2024 | 1.66% | 24.74% | 0.04x | 1.79x | €-625.67 Million |
| 2025 | 1.59% | 23.80% | 0.04x | 1.77x | €-679.19 Million |
Industry Comparison
This section compares Merlin Properties SOCIMI SA's net assets metrics with peer companies in the REIT - Office industry.
Industry Context
- Industry: REIT - Office
- Average net assets among peers: $1,349,918,542
- Average return on equity (ROE) among peers: 6.52%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Merlin Properties SOCIMI SA (MRL) | €9.29 Billion | 3.80% | 0.68x | $7.99 Billion |
| Arima Real Estate SOCIMI SA (ARM) | $330.95 Million | 3.17% | 0.40x | $254.36 Million |
| Inmobiliaria Colonial SA (COL) | $5.95 Billion | -17.13% | 0.99x | $3.49 Billion |
| Inversiones Doalca SOCIMI SA (YDOA) | $28.90 Million | 35.21% | 0.40x | $155.44 Million |
| JSS Real Estate SOCIMI SA (YJSS) | $318.28 Million | 12.65% | 0.92x | $43.00 Million |
| Meridia Real Estate III Socimi SA (YMRE) | $124.25 Million | -1.28% | 1.60x | $96.83 Million |
About Merlin Properties SOCIMI SA
MERLIN Properties SOCIMI, S.A. is one of the largest real estate and infrastructure companies listed on the Spanish Stock Exchange. It specializes in the development, acquisition and management of commercial property in the Iberian Peninsula, mainly investing in offices, shopping centers, logistics facilities and data centers within the Core and Core Plus segments. MERLIN Properties SOCIMI, S.A. … Read more