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Germany's largest telecom operator, and majority owner of T-Mobile US, providing mobile, broadband and enterprise services.
Germany's largest telecom operator, and majority owner of T-Mobile US, providing mobile, broadband and enterprise services.
The US business, T-Mobile US, now supplies the largest share of revenue and profit, with Germany and Europe the home base. Deutsche Telekom consolidates T-Mobile US, which merged with Sprint in 2020. The German state, directly and through the KfW bank, remains a large shareholder.
In one line: Owns majority of T-Mobile US; otherwise Germany's AT&T.
Moat: narrow (installed base, regulatory licence, scale). Owns spectrum/network infrastructure in Germany and a controlling stake in the fast-growing T-Mobile US.
Headquarters: Bonn, Germany · Founded: 1995 · Employees: 198,079
Size Deutsche Telekom (DTE.DE) is a Germany Communication Services company (Major Telecommunications) with a market value of $139B, the 4th largest of 205 Germany companies the cockpit tracks. Shares closed at €25.91 on 6 Nov 2026.
Performance Over six months the shares fell 6.9%, against -8.3% for the median peer and +2.6% for the Germany market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 2.2% over the last twelve months (peer median +1.9%); the operating margin is 22.4% (peer median 11.0%).
Valuation It trades at 11.4× forward earnings against a peer median of 16.8× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.1 points above its cost of capital (5.0% WACC).
Credit Deutsche Telekom has 37 bonds outstanding ($26.5B), rated A- by the agencies and trading like AA at a weighted spread of 76 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €120B | €119B | €116B | €112B | €114B |
| Revenue growth | — | +3% | +3% | -2% | — |
| Gross profit | €29.2B | €29.3B | €28.7B | €25.2B | €18.9B |
| EBITDA | €51.5B | €50.8B | €49.1B | €46.4B | €41.4B |
| Net income | €8.64B | €9.61B | €11.2B | €17.8B | €8.00B |
| Free cash flow | €28.9B | €28.3B | €28.7B | €25.0B | €19.3B |
| Capital expenditure | €18.4B | €19.3B | €19.2B | €17.9B | €24.1B |
| Total debt | €144B | €141B | €146B | €141B | €147B |
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 |
|---|---|---|---|---|---|---|
| Deutsche Telekom DTE.DE | $139B | -7% | +2% | 22% | 11.4× | -7.7% |
| Orange ORA.PA | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% |
| Vodafone Group Public VOD.L | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% |
| Telefonica TEF.MC | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% |
| Verizon VZ | $189B | -3% | +1% | 24% | 8.8× | -7.2% |
| AT&T T | $146B | -14% | +4% | 22% | 8.5× | -4.8% |
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 | DTE.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.4% | +4.3% | 4th lowest of 21 |
| 6-month return | -6.9% | -8.3% | 10th highest of 21 |
| Distance from 52-week high | -24.6% | -18.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +2.2% | +1.9% | 10th highest of 21 |
| Operating margin | 22.4% | 11.0% | 5th highest of 21 |
| Forward P/E | 11.4× | 16.8× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -7.7% | 0.8% | 5th least demanding of 21 |
| Growth delivered (Del g) | +3.3% | +2.6% | 9th highest of 21 |
| Hurdle (Req g minus delivered) | -11.0 pp | -3.5 pp | 4th least demanding of 21 |
| ROIC minus cost of capital | +3.1 pp | +1.3 pp | 9th highest of 21 |
| EV / EBITDA | 5.7× | 7.7× | 5th cheapest of 18 |
| Net debt / EBITDA | 2.7× | 2.5× | 8th most indebted of 18 |
| Bond spread | 76 bp | 81 bp | 3rd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Deutsche Telekom DTE.DE | Germany | $139B | -7% | +2% | 22% | 11.4× | -7.7% | +3.3% |
| Singapore Telecommunications Z74.SI | Singapore | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% | -1.8% |
| Swisscom SCMN.SW | Switzerland | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% | +6.3% |
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| 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% |
| 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% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 15.5× | 1.4% | +2.7% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 9.8× | -17.5% | +2.9% |
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% | +7.7% |
| PCCW 0008.HK | Hong Kong | $5.04B | -17% | +7% | 13% | 46.4× | 1.2% | +2.3% |
| Telecom Argentina SA Sponsored ADR TEO | United States | $4.87B | -16% | +33% | 9% | 12.8× | 4.1% | +8.4% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | n/a | 5.1% | -9.7% |
| Internet Initiative Japan 3774.T | Japan | $4.05B | +30% | +14% | 9% | 25.3× | 2.3% | +10.2% |
Deutsche Telekom has 37 bonds outstanding with $26.5B face value. The agencies rate it A-; its bonds trade like AA. Weighted yield 4.46%, a spread of 76 bp over government bonds.