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Spanish multinational telecom operator providing fixed, mobile and broadband services across Europe and Latin America.
Spanish multinational telecom operator providing fixed, mobile and broadband services across Europe and Latin America.
Earns monthly subscription fees from mobile, fixed-line and fibre customers, with Spain and Brazil the biggest, and the UK held through Virgin Media O2, a joint venture with Liberty Global. It has been narrowing to four core markets (Spain, Brazil, the UK and Germany), selling Spanish-American units including Argentina and Peru in 2025.
Moat: narrow (installed base, regulatory licence, scale). Extensive fixed/mobile network and spectrum across multiple large markets, though highly leveraged.
Headquarters: Madrid, Spain · Founded: 1924 · Employees: 82,655
Size Telefonica (TEF.MC) is a Spain Communication Services company (Specialty Telecommunications) with a market value of $21.4B, the 13th largest of 97 Spain companies the cockpit tracks. Shares closed at €3.38 on 6 Nov 2026.
Performance Over six months the shares fell 16.2%, against -8.7% for the median peer and +8.2% for the Spain market (cap-weighted) — 5th highest of 9 in its peer set.
Growth Revenue fell 10.9% over the last twelve months (peer median +2.6%); the operating margin is 4.9% (peer median 10.8%).
Valuation It trades at 10.8× forward earnings against a peer median of 23.3× (2nd cheapest of 7).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +16 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 2.8 points below its cost of capital (5.0% WACC).
Credit Telefonica has 34 bonds outstanding ($29.3B), rated BBB- by the agencies and trading like A at a weighted spread of 98 bp.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €34.5B | €35.1B | €35.7B | €40.7B | €40.0B |
| Revenue growth | — | -2% | -12% | +2% | — |
| Gross profit | €229M | €2.60B | €5.37B | €3.87B | €4.78B |
| EBITDA | €9.03B | €8.83B | €11.8B | €11.1B | €12.0B |
| Net income | -€3.30B | -€4.58B | -€318M | -€1.15B | €1.80B |
| Free cash flow | €4.05B | €4.67B | €6.14B | €5.49B | €5.41B |
| Capital expenditure | €4.82B | €5.05B | €4.85B | €6.16B | €6.35B |
| Total debt | €49.2B | €49.5B | €54.6B | €53.6B | €55.3B |
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 |
|---|---|---|---|---|---|---|
| Telefonica TEF.MC | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% |
| Vodafone Group Public VOD.L | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% |
| Orange ORA.PA | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% |
| America Movil SAB de CV Sponsored ADR AMX | $78.5B | -5% | +16% | 22% | 13.5× | -7.3% |
| 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 | TEF.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.7% | +3.7% | 3rd lowest of 9 |
| 6-month return | -16.2% | -8.7% | 5th highest of 9 |
| Distance from 52-week high | -17.9% | -26.2% | 3rd highest of 9 |
| Revenue growth (TTM) | -10.9% | +2.6% | 2nd lowest of 9 |
| Operating margin | 4.9% | 10.8% | 4th lowest of 9 |
| Forward P/E | 10.8× | 23.3× | 2nd cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | 11.7% | 8.2% | 3rd most demanding of 6 |
| Growth delivered (Del g) | -4.0% | +1.8% | lowest of 6 |
| Hurdle (Req g minus delivered) | +15.7 pp | +0.8 pp | 2nd most demanding of 6 |
| ROIC minus cost of capital | -2.8 pp | -2.3 pp | 5th highest of 9 |
| EV / EBITDA | 7.3× | 8.8× | 2nd cheapest of 6 |
| Net debt / EBITDA | 4.8× | 1.6× | 2nd most indebted of 6 |
| Bond spread | 98 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Telefonica TEF.MC | Spain | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% | -4.0% |
| China Tower 0788.HK | Hong Kong | $20.2B | -18% | +4% | 20% | 9.7× | -1.0% | +3.6% |
| Telia TELIA.ST | Sweden | $19.2B | 0% | 0% | 18% | 21.1× | -1.1% | -1.9% |
| EchoStar ECHO | United States | $27.5B | -26% | -20% | 11% | 25.5× | n/a | n/a |
| China Satellite Communications 601698.SS | China | $13.9B | -40% | -2% | 10% | n/a | 40.0% | -0.3% |
| AST SpaceMobile ASTS | United States | $12.6B | -57% | +2,257% | -410% | n/a | n/a | n/a |
| Infrastrutture Wireless Italiane INW.MI | Italy | $7.39B | +1% | +1% | 53% | 19.4× | 8.2% | +10.2% |
| ASR Microelectronics 688220.SS | China | $6.56B | +6% | +28% | 1% | 170.1× | n/a | n/a |
| 1&1 1U1.DE | Germany | $5.79B | +7% | +8% | 3% | 34.4× | 12.5% | +1.8% |
Telefonica has 34 bonds outstanding with $29.3B face value. The agencies rate it BBB-; its bonds trade like A. Weighted yield 4.45%, a spread of 98 bp over government bonds.