Loading…
UK's largest telecom operator, providing fixed broadband/fibre (Openreach), mobile (EE) and business communications services.
UK's largest telecom operator, providing fixed broadband/fibre (Openreach), mobile (EE) and business communications services.
Openreach rents access to its network to rival broadband providers at prices under regulatory limits, so BT earns from connections even when customers buy broadband from competitors. EE and consumer broadband sell direct. Bharti Global of India and Germany's Deutsche Telekom are among its largest shareholders.
In one line: The UK's version of AT&T.
Moat: narrow (scale, installed base, regulatory licence). Openreach's national fibre/copper network is a regulated, near-monopoly wholesale asset few rivals can replicate.
Headquarters: London, UK · Founded: 1980 · Employees: 77,200
Size BT Group plc (BT.A.L) is a United Kingdom Communication Services company (Major Telecommunications) with a market value of $28.8B, the 30th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £217.00 on 6 Nov 2026.
Performance Over six months the shares fell 7.8%, against -6.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 7th highest of 13 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +1.9%); the operating margin is 17.2% (peer median 21.0%).
Valuation It trades at 12.2× forward earnings against a peer median of 16.8× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.2 points above its cost of capital (7.5% WACC).
Next results Next results expected around 13 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £19.6B | £19.6B | £20.4B | £20.8B | £20.5B |
| Revenue growth | — | -4% | -2% | +1% | — |
| Gross profit | £3.79B | £3.79B | £4.04B | £3.92B | £3.43B |
| EBITDA | £8.23B | £8.20B | £8.15B | £8.01B | £7.69B |
| Net income | £1.08B | £1.08B | £1.05B | £855M | £1.91B |
| Free cash flow | £944M | £944M | £1.23B | £279M | £758M |
| Capital expenditure | £5.17B | £5.17B | £4.94B | £4.97B | £5.31B |
| Total debt | n/a | £22.7B | £23.3B | £23.5B | £23.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BT Group plc BT.A.L | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% |
| Vodafone Group Public VOD.L | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BT.A.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.9% | +5.7% | 5th highest of 13 |
| 6-month return | -7.8% | -6.4% | 7th highest of 13 |
| Distance from 52-week high | -12.2% | -17.4% | 6th highest of 13 |
| Revenue growth (TTM) | -3.5% | +1.9% | 3rd lowest of 13 |
| Operating margin | 17.2% | 21.0% | 6th lowest of 13 |
| Forward P/E | 12.2× | 16.8× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | -2.4% | 3rd most demanding of 13 |
| Growth delivered (Del g) | -1.7% | +2.5% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | +6.0 pp | -4.6 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | +0.2 pp | +3.3 pp | 4th lowest of 13 |
| EV / EBITDA | 5.1× | 8.3× | 3rd cheapest of 11 |
| Net debt / EBITDA | 2.5× | 2.4× | 5th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| China Unicom 0762.HK | Hong Kong | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% | +4.5% |
| China United Network Communications 600050.SS | China | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% | +5.2% |
| BCE BCE.TO | Canada | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% | +1.3% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| Swisscom SCMN.SW | Switzerland | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% | +6.3% |
| Singapore Telecommunications Z74.SI | Singapore | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% | -1.8% |
| Quebecor QBR-B.TO | Canada | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% | +5.6% |
| HKT Trust and HKT 6823.HK | Hong Kong | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% | +2.4% |
| Tele2 TEL2-A.ST | Sweden | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% | +2.4% |
| KT 030200.KS | South Korea | $9.46B | -12% | +9% | 7% | 9.0× | -4.1% | +3.4% |