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DEWA (DFM: DEWA) stock fundamentals

DFM: DEWA · Utilities · United Arab Emirates

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

DEWA (DFM: DEWA), the Dubai Electricity and Water Authority, generates, transmits and distributes electricity, and desalinates and distributes water, in Dubai. Its annual financial statements report revenue of AED 32.8 billion for FY2025, the year ended 31 Dec 2025. Its interim financial statements report AED 8.41 billion for Q2 2026, the quarter ended 30 Jun 2026.

Data as of Source: Annual financial statements for FY2025 and interim financial statements for H1 2026

Key facts

Data as of

DEWA (DFM: DEWA) · AED · fiscal year ends 31 December · figures from the company's financial statements; derived values are marked.

Revenue (AED bn)
32.8
FY2025 (ended ) · the company's financial statements
Revenue, TTM (AED bn)
33.1
TTM to · derived
Revenue by quarter, from AED 9.87 bn in Q3 2024 to AED 8.41 bn in Q2 2026
Net income attributable to shareholders (AED bn)
8.35
FY2025 (ended ) · the company's financial statements
Operating margin
33.3%
FY2025 (ended ) · derived
Free cash flow (AED bn)
11.3
FY2025 (ended ) · derived

Fundamentals profile

vs DEWA's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places DEWA's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

DEWA fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricDEWAOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY20256.3%Own 5-year median not availablenot availablenot available
MarginsOperating margin (TTM to Q2 2026)34.1%Own 5-year median 30.1%Above its 5-year median
Lower (26.0%) Higher (33.3%)
Cash flowFCF margin (TTM to Q2 2026)30.6%Own 5-year median 26.4%Above its 5-year median
Lower (−9.4%) Higher (34.3%)

Source: DEWA financial statements. Derived by StockFactsheet. Data as of

Compared with DEWA's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did DEWA's quarterly revenue move from Q3 2024 to Q2 2026?

DEWA's revenue was AED 8.41 billion in Q2 2026, the quarter ended 30 Jun 2026, down 2.6% on Q2 2025 (our calculation). In Q1 2026 it was AED 6.45 billion, up 8.2% on Q1 2025. Quarterly revenue ranged from AED 5.96 billion to AED 10.3 billion over the 8 quarters to Q2 2026.

Chart 1

DEWA quarterly revenue, Q3 2024 to Q2 2026

AED bn · quarters ended to

Revenue by quarter, from AED 9.87 bn in Q3 2024 to AED 8.41 bn in Q2 2026.0510158.4Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: DEWA financial statements Data as of
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Swipe for earlier periods

Table 1 DEWA quarterly revenue, margins and profit, Q3 2024–Q2 2026 (AED millions) AED millions, except per-share data (AED) and percentages · Fiscal year ends 31 December
AED mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue8,4136,4527,924 D10,3168,6385,9647,443 D9,870
Revenue YoY %decreased 2.6%increased 8.2%increased 6.5%increased 4.5%increased 9.8%not availablenot availablenot available
Gross margin %40.8%30.8%39.8%46.9%40.7%26.1%37.4%44.1%
Operating income2,7811,2872,622 D4,6002,8928382,468 D3,545
Operating margin %33.1%20.0%33.1%44.6%33.5%14.1%33.2%35.9%
Net income attributable to shareholders2,2899051,981 D3,6112,2584981,646 D2,859
(opens in new tab)

Source: DEWA financial statements Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • Not available

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

In 2025 revenue was AED 5.96 billion in Q1, AED 8.64 billion in Q2 and AED 10.3 billion in Q3. It then fell to AED 7.92 billion in Q4. In 2024 it was AED 9.87 billion in Q3, then AED 7.44 billion in Q4. Each Q4 figure is our derivation, the annual figure less the first nine months of that year.

Operating income was AED 2.78 billion in Q2 2026, against AED 2.89 billion in Q2 2025. Net income attributable to shareholders was AED 2.29 billion, against AED 2.26 billion. Revenue over the 12 months to 30 Jun 2026 was AED 33.1 billion (our calculation), the sum of four quarters.

How did DEWA's gross, operating and net margins compare across FY2021 to FY2025?

DEWA's gross margin, our calculation, was 39.8% in FY2025, the year ended 31 Dec 2025. Its operating margin, our calculation, was 33.3% in FY2025, on revenue of AED 32.8 billion for the year. In FY2021 the gross margin was 34.8% and the operating margin was 26.0%.

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Table 2 DEWA annual revenue and margins, FY2021–FY2025 (AED millions) AED millions, except per-share data (AED) and percentages · Fiscal year ends 31 December
AED mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Revenue32,84230,97729,17827,33623,824
Revenue YoY %increased 6.0%increased 6.2%increased 6.7%increased 14.7%not available
Gross margin %39.8%38.1%38.5%39.7%34.8%
Operating margin %33.3%30.1%30.0%30.1%26.0%
Net margin %25.4%22.6%26.4%28.3%25.7%
(opens in new tab)

Source: DEWA financial statements Data as of

  • Not available

Arrows show direction of change only, not whether a change is good or bad.

Gross margin was 39.7% in FY2022, 38.5% in FY2023 and 38.1% in FY2024. Operating margin was 30.1% in FY2022, 30.0% in FY2023 and 30.1% in FY2024, before rising to 33.3% in FY2025. Revenue grew by 14.7% in FY2022, 6.7% in FY2023, 6.2% in FY2024 and 6.0% in FY2025.

The net margin, our calculation, was 25.7% in FY2021, 28.3% in FY2022, 26.4% in FY2023, 22.6% in FY2024 and 25.4% in FY2025. It divides profit attributable to shareholders by revenue. DEWA states its profit after the net movement in a regulatory deferral account, which relates to the fuel surcharge it bills customers. The net margin therefore includes that movement in each year.

Which FY2022 and FY2023 figures did DEWA's later annual reports print differently?

DEWA's FY2022 administrative expenses, shown as SG&A in the tables, are AED 2,881 million in its FY2023 annual report. Its FY2022 annual report printed AED 2,890 million. Balance sheet lines at 31 Dec 2022 and 31 Dec 2023 also differ between the report that first printed them and a later one.

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Table 3 DEWA restated annual figures, FY2022–FY2023 (AED millions) AED millions, except per-share data (AED) and percentages
AED mFY2023ended FY2022ended
SG&A3,0132,881 R
Receivables3,4204,215 R
Total current assets18,781 R22,238 R
Total assets180,958 R180,753 R
Current liabilities26,271 R17,118 R
Total liabilities88,056 R88,277 R
(opens in new tab)

Source: DEWA financial statements Data as of

  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 2,890 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 4,211 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 18,924 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 22,234 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 181,164 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 180,749 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 26,489 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 17,114 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 88,262 m in DEWA financial statements approved .
  • R Restated or reclassified in DEWA financial statements approved ; originally reported AED 88,273 m in DEWA financial statements approved .

Totals may not add up because of rounding.

Total assets at 31 Dec 2023 are AED 180,958 million in the FY2024 annual report and AED 181,164 million in the FY2023 one. Total liabilities at 31 Dec 2023 are AED 88,056 million against AED 88,262 million, so both fell. At 31 Dec 2022, receivables are AED 4,215 million against AED 4,211 million first printed. Total current assets at 31 Dec 2022 are AED 22,238 million against AED 22,234 million.

DEWA's FY2023 and FY2024 annual reports each say the previous year's figures were regrouped or reclassified where necessary, and that total equity as reported earlier is not affected. The DEWA financial statements page marks each changed cell with an R and shows the original amount. This page gives no reason for any single change. The Emaar Properties stock fundamentals page covers another company listed on the Dubai Financial Market.

How we got these numbers

Every figure comes from DEWA's published financial statements. Derived values are marked D and explained below.

Full method for this page
Source documents
Interim and annual financial statements (FY2021 to Q2 2026)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
FY2022 cash from operations, an input of the fundamentals profile, was restated or reclassified in DEWA financial statements approved (originally AED 14,220 m). FY2023 cash from operations, an input of the fundamentals profile, was restated or reclassified in DEWA financial statements approved (originally AED 15,982 m). FY2023 capital expenditure, an input of the fundamentals profile, was restated or reclassified in DEWA financial statements approved (originally AED −6,384 m). Restated or reclassified figures carry the R marker; its footnote gives the originally reported value.
Comparator
Each profile row compares the current value with DEWA's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (AED); no FX conversion.
Re-keying
Figures keyed from the issuer's published statements (PDF) with our entry tool, then checked by code against the PDF's own text (the figure on its cited page, in the row with its printed label) and by our fact-check step. The column and the sign are recorded, and lists any mismatch for review.
Read the full methodology

Latest filings and disclosures

The financial statements behind DEWA's figures, newest first.

(opens in new tab)
  1. Issuer statement DEWA interim financial statements, H1 2026 dewa.gov.ae
  2. Issuer statement DEWA interim financial statements, Q1 2026 dewa.gov.ae
  3. Issuer statement DEWA annual financial statements, FY2025 dewa.gov.ae
  4. Issuer statement DEWA interim financial statements, M9 2025 dewa.gov.ae
  5. Issuer statement DEWA interim financial statements, H1 2025 dewa.gov.ae
  6. Issuer statement DEWA annual financial statements, FY2024 dewa.gov.ae
  7. Issuer statement DEWA annual financial statements, FY2023 dewa.gov.ae
  8. Issuer statement DEWA annual financial statements, FY2022 dewa.gov.ae
All reports on DEWA's investor-relations site

Company identifiers

Data as of
(opens in new tab)
Legal name
Dubai Electricity and Water Authority (PJSC)
Exchange
DFM
Ticker
DEWA
Sector
Utilities
Country
United Arab Emirates
Fiscal year end
31 December
Reporting currency
AED
Accounting standard
IFRS
Latest filing in this page's data
DEWA interim financial statements, H1 2026 · approved
Investor relations
dewa.gov.ae

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Issuer statement DEWA interim financial statements, H1 2026 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  2. [2] Issuer statement DEWA interim financial statements, Q1 2026 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  3. [3] Issuer statement DEWA annual financial statements, FY2025 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  4. [4] Issuer statement DEWA interim financial statements, M9 2025 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  5. [5] Issuer statement DEWA annual financial statements, FY2024 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  6. [6] Issuer statement DEWA annual financial statements, FY2023 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  7. [7] Issuer statement DEWA annual financial statements, FY2022 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  8. [8] Issuer statement DEWA interim financial statements, H1 2025 Dubai Electricity and Water Authority (PJSC) · approved · dewa.gov.ae
  9. [9] Our dataset Keyed from DEWA's Q2 2026 financial statements (PDF) and checked by code against the PDF's text; signed off on .

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Cite this page

StockFactsheet (2026). "DEWA (DFM: DEWA) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/dewa-dfm/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

All pages signed off

How you can check this page

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  • Signed off by OffScriptBySami on , after the figure, wording and source checks.
  • Found an error? Report it. Corrections are published in the log.

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How this page was made
  1. Data imported (the issuer's statements, )
  2. Drafted from our dataset only
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.