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Italy's incumbent fixed and mobile telecom operator, also owning a Brazilian mobile unit (TIM Brasil).
Italy's incumbent fixed and mobile telecom operator, also owning a Brazilian mobile unit (TIM Brasil).
Having sold its fixed-network infrastructure in 2024, it now earns as a retail and business service provider, with mobile and broadband subscriptions and enterprise IT and cloud services, renting network access from the company that took over the fixed network. TIM Brasil's mobile operation is an important part of group earnings.
Moat: narrow (installed base, regulatory licence, scale). Legacy copper/fiber network and spectrum are hard to replicate but face intense price competition.
Headquarters: Rome, Italy · Founded: 1994 · Employees: 25,602
Size Telecom Italia (TIT.MI) is an Italy Communication Services company (Wireless Telecommunications) with a market value of $13.6B, the 22nd largest of 123 Italy companies the cockpit tracks. Shares closed at €5.70 on 6 Nov 2026.
Performance Over six months the shares fell 19.6%, against -4.7% for the median peer and +3.1% for the Italy market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 0.1% over the last twelve months (peer median +7.8%); the operating margin is 11.1% (peer median 15.6%).
Valuation It trades at 31.8× forward earnings against a peer median of 13.3× (3rd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +8 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 2.5 points below its cost of capital (6.9% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €14.0B | €13.7B | €13.7B | €14.3B | €15.8B |
| Revenue growth | — | +1% | -5% | -9% | — |
| Gross profit | €899M | €4.64B | €5.08B | €5.79B | €5.17B |
| EBITDA | €4.48B | €3.31B | €4.51B | €4.97B | €5.46B |
| Net income | €225M | €297M | -€427M | -€1.44B | -€2.92B |
| Free cash flow | €1.43B | €862M | €1.26B | €1.50B | -€282M |
| Capital expenditure | €2.86B | €2.50B | €2.75B | €2.83B | €6.30B |
| Total debt | €13.3B | €13.8B | €15.3B | €32.1B | €31.7B |
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 |
|---|---|---|---|---|---|---|
| Telecom Italia TIT.MI | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% |
| Swisscom SCMN.SW | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% |
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 | TIT.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | -1.2% | 9th highest of 21 |
| 6-month return | -19.6% | -4.7% | 7th lowest of 21 |
| Distance from 52-week high | -30.4% | -21.0% | 8th lowest of 21 |
| Revenue growth (TTM) | -0.1% | +7.8% | 5th lowest of 21 |
| Operating margin | 11.1% | 15.6% | 7th lowest of 21 |
| Forward P/E | 31.8× | 13.3× | 3rd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 5.3% | 2.6% | 6th most demanding of 20 |
| Growth delivered (Del g) | -2.8% | +3.6% | 2nd lowest of 20 |
| Hurdle (Req g minus delivered) | +8.1 pp | -3.2 pp | 4th most demanding of 20 |
| ROIC minus cost of capital | -2.5 pp | +1.7 pp | 6th lowest of 21 |
| EV / EBITDA | 5.5× | 7.1× | 8th cheapest of 19 |
| Net debt / EBITDA | 2.4× | 1.8× | 7th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | n/a | 29.6% | +1.3% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
| Telefonica Brasil SA Sponsored ADR VIV | United States | $18.2B | -27% | +16% | 16% | 10.7× | -3.6% | +5.0% |
| Rogers Communications RCI-B.TO | Canada | $18.3B | -6% | +8% | 23% | 10.7× | 1.1% | +9.3% |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% | -2.2% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% | +1.2% |
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% | -0.9% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |