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Netherlands' incumbent fixed and mobile telecom operator providing broadband, mobile and enterprise ICT services.
Netherlands' incumbent fixed and mobile telecom operator providing broadband, mobile and enterprise ICT services.
Charges monthly subscriptions for bundled broadband, TV and mobile, with fibre-to-the-home replacing its old copper lines, and sells network access to wholesale customers such as other operators. Fibre is built partly through Glaspoort, a joint venture with the Dutch pension investor APG that adds coverage in less dense areas.
Moat: narrow (installed base, regulatory licence, scale). Extensive fiber/mobile network in a small, saturated but rational Dutch telecom market.
Headquarters: Rotterdam, Netherlands · Founded: 1989 · Employees: 9,136
Size Royal KPN (KPN.AS) is a Netherlands Communication Services company (Major Telecommunications) with a market value of $18.6B, the 16th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €4.40 on 6 Nov 2026.
Performance Over six months the shares fell 4.0%, against -8.8% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 8th highest of 18 in its peer set.
Growth Revenue grew 1.7% over the last twelve months (peer median +2.2%); the operating margin is 24.4% (peer median 12.7%).
Valuation It trades at 18.2× forward earnings against a peer median of 15.5× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.4 points above its cost of capital (5.0% WACC).
Credit Royal KPN has 12 bonds outstanding ($7.78B), rated BBB by the agencies and trading like A at a weighted spread of 93 bp.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €5.83B | €5.80B | €5.60B | €5.44B | €5.31B |
| Revenue growth | — | +3% | +3% | +2% | — |
| Gross profit | €1.78B | €1.79B | €1.79B | €1.74B | €1.54B |
| EBITDA | €2.73B | €2.69B | €2.60B | €2.55B | €2.53B |
| Net income | €884M | €855M | €848M | €845M | €761M |
| Free cash flow | €1.31B | €1.29B | €1.26B | €1.25B | €1.23B |
| Capital expenditure | €1.26B | €1.26B | €1.31B | €1.25B | €1.21B |
| Total debt | n/a | €7.97B | €8.09B | €7.78B | €7.28B |
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 |
|---|---|---|---|---|---|---|
| Royal KPN KPN.AS | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% |
| Deutsche Telekom DTE.DE | $139B | -7% | +2% | 22% | 11.4× | -7.7% |
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 | KPN.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.4% | +4.7% | 5th highest of 18 |
| 6-month return | -4.0% | -8.8% | 8th highest of 18 |
| Distance from 52-week high | -10.3% | -19.2% | 5th highest of 18 |
| Revenue growth (TTM) | +1.7% | +2.2% | 9th lowest of 18 |
| Operating margin | 24.4% | 12.7% | 2nd highest of 18 |
| Forward P/E | 18.2× | 15.5× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -2.5% | 0.4% | 7th least demanding of 18 |
| Growth delivered (Del g) | +1.9% | +2.7% | 5th lowest of 18 |
| Hurdle (Req g minus delivered) | -4.4 pp | -2.6 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | +5.4 pp | +1.0 pp | 4th highest of 18 |
| EV / EBITDA | 8.9× | 7.5× | 6th most expensive of 15 |
| Net debt / EBITDA | 2.8× | 2.5× | 6th most indebted of 15 |
| Bond spread | 93 bp | 79 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| BCE BCE.TO | Canada | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% | +1.3% |
| China United Network Communications 600050.SS | China | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% | +5.2% |
| China Unicom 0762.HK | Hong Kong | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% | +4.5% |
| Quebecor QBR-B.TO | Canada | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% | +5.6% |
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| 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% |
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| 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% |
| 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% |
Royal KPN has 12 bonds outstanding with $7.78B face value. The agencies rate it BBB; its bonds trade like A. Weighted yield 4.39%, a spread of 93 bp over government bonds.