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German mobile virtual network operator reselling mobile plans plus TV/streaming services (waipu.tv) and mobile device retail.
German mobile virtual network operator reselling mobile plans plus TV/streaming services (waipu.tv) and mobile device retail.
Buys network capacity from German mobile operators and resells it under its own brands, earning the monthly service margin, while its debitel shops earn commissions for signing customers. waipu.tv sells TV-streaming subscriptions at flat monthly prices and has become its growth line.
In one line: A German MVNO like a smaller Boost Mobile plus a streaming TV service.
Moat: narrow (brand, distribution, scale). Large MVNO subscriber base and growing streaming-TV platform, but resells network capacity from incumbents, limiting margin control.
Headquarters: Buedelsdorf, Germany · Founded: 1996 · Employees: 2,985
Size freenet (FNTN.DE) is a Germany Communication Services company (Specialty Telecommunications) with a market value of $3.06B, the 91st largest of 205 Germany companies the cockpit tracks. Shares closed at €23.34 on 6 Nov 2026.
Performance Over six months the shares fell 7.3%, against -3.1% for the median peer and +2.6% for the Germany market (cap-weighted) — 10th highest of 19 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +4.5%); the operating margin is 14.1% (peer median 14.9%).
Valuation It trades at 11.4× forward earnings against a peer median of 30.1× (3rd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.7 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.74B | €2.44B | €2.48B | €2.39B | €2.56B |
| Revenue growth | — | -2% | +4% | -7% | — |
| Gross profit | €619M | €633M | €621M | €477M | €334M |
| EBITDA | €531M | €492M | €494M | €473M | €450M |
| Net income | €240M | €271M | €250M | €158M | €79.3M |
| Free cash flow | €324M | €364M | €327M | €347M | €333M |
| Capital expenditure | €53.3M | €41.9M | €43.7M | €51.4M | €62.9M |
| Total debt | €836M | €829M | €697M | €778M | €928M |
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 |
|---|---|---|---|---|---|---|
| freenet FNTN.DE | $3.06B | -7% | +10% | 14% | 11.4× | -11.3% |
| Deutsche Telekom DTE.DE | $139B | -7% | +2% | 22% | 11.4× | -7.7% |
| 1&1 1U1.DE | $5.79B | +7% | +8% | 3% | 34.4× | 12.5% |
| 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 | FNTN.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | +0.9% | 8th highest of 19 |
| 6-month return | -7.3% | -3.1% | 10th highest of 19 |
| Distance from 52-week high | -31.2% | -20.5% | 5th lowest of 19 |
| Revenue growth (TTM) | +9.9% | +4.5% | 6th highest of 19 |
| Operating margin | 14.1% | 14.9% | 9th lowest of 18 |
| Forward P/E | 11.4× | 30.1× | 3rd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -11.3% | 8.2% | least demanding of 14 |
| Growth delivered (Del g) | -1.1% | +7.9% | lowest of 14 |
| Hurdle (Req g minus delivered) | -10.2 pp | -2.0 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | +7.7 pp | +0.0 pp | 4th highest of 18 |
| EV / EBITDA | 6.6× | 9.4× | 3rd cheapest of 14 |
| Net debt / EBITDA | 1.4× | 1.1× | 7th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| freenet FNTN.DE | Germany | $3.06B | -7% | +10% | 14% | 11.4× | -11.3% | -1.1% |
| Helios Towers HTWS.L | United Kingdom | $3.05B | -8% | +6% | 36% | 30.1× | 13.4% | +15.0% |
| PLDT, Inc. Sponsored ADR PHI | United States | $3.88B | -11% | -2% | 22% | 8.7× | -2.9% | +0.8% |
| U-NEXT 9418.T | Japan | $2.04B | +17% | +20% | 6% | 17.6× | 0.4% | +17.7% |
| Iridium Communications IRDM | United States | $4.68B | +6% | +4% | 19% | 64.8× | 21.0% | +8.4% |
| 1&1 1U1.DE | Germany | $5.79B | +7% | +8% | 3% | 34.4× | 12.5% | +1.8% |
| ASR Microelectronics 688220.SS | China | $6.56B | +6% | +28% | 1% | 170.1× | n/a | n/a |
| StarHub CC3.SI | Singapore | $1.41B | +4% | -8% | 5% | 48.0× | 7.2% | +3.0% |
| Infrastrutture Wireless Italiane INW.MI | Italy | $7.39B | +1% | +1% | 53% | 19.4× | 8.2% | +10.2% |
| CITIC Telecom International 1883.HK | Hong Kong | $1.14B | -14% | 0% | 12% | 9.2× | -10.5% | +1.4% |
| Guomai Technologies 002093.SZ | China | $1.08B | -14% | +3% | 24% | n/a | 11.7% | +6.5% |
| Guangzhou Frontop Digital Creative Technology 301313.SZ | China | $1.02B | +90% | +1% | -31% | 93.0× | n/a | n/a |
| Ituran Location and Control ITRN | United States | $987M | -18% | +16% | 22% | 12.9× | -3.4% | +7.9% |
| Aussie Broadband ABB.AX | Australia | $968M | -13% | +9% | 7% | 14.7× | 13.1% | +29.9% |
| Net263 002467.SZ | China | $939M | -33% | +14% | -29% | n/a | n/a | n/a |
| cyber_Folks CBF.WA | Poland | $899M | +8% | +27% | n/a | 40.2× | n/a | n/a |
| Macquarie Technology MAQ.AX | Australia | $890M | -34% | +6% | 15% | 58.2× | n/a | n/a |
| Tata Teleservices (Maharashtra) TTML.NS | India | $824M | -11% | -1% | 44% | n/a | 22.7% | +2.1% |
| Chief Telecom 6561.TWO | Taiwan | $796M | +2% | -1% | 39% | 19.7× | -0.7% | +9.0% |