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Australia's largest telecom operator, providing mobile, broadband and enterprise/network services nationwide.
Australia's largest telecom operator, providing mobile, broadband and enterprise/network services nationwide.
Mobile is its largest earner, and fixed broadband is mostly resale of services on the government-owned National Broadband Network. In 2021 it sold a minority of its towers business, Amplitel, to outside investors while keeping control.
In one line: Australia's Verizon.
Moat: narrow (scale, network effects, installed base). Largest mobile network and spectrum holdings give it leading coverage and market share in Australia.
Headquarters: Melbourne, Australia · Founded: 1975 · Employees: 29,334
Size Telstra (TLS.AX) is an Australia Communication Services company (Wireless Telecommunications) with a market value of $39.0B, the 11th largest of 316 Australia companies the cockpit tracks. Shares closed at A$5.10 on 6 Nov 2026.
Performance Over six months the shares fell 3.8%, against -5.5% for the median peer and +4.1% for the Australia market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 0.8% over the last twelve months (peer median +7.8%); the operating margin is 15.7% (peer median 15.6%).
Valuation It trades at 24.2× forward earnings against a peer median of 14.2× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +4 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 1.4 points above its cost of capital (6.1% WACC).
Credit Telstra has 8 bonds outstanding ($4.38B), rated A- by the agencies and trading like A+ at a weighted spread of 89 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$22.9B | A$22.9B | A$23.1B | A$22.9B | A$22.7B |
| Revenue growth | — | -1% | +1% | +1% | — |
| Gross profit | A$6.44B | A$5.56B | A$5.35B | A$4.99B | A$4.78B |
| EBITDA | A$8.43B | A$10.0B | A$9.32B | A$8.76B | A$8.87B |
| Net income | A$2.24B | A$2.24B | A$2.17B | A$1.62B | A$1.93B |
| Free cash flow | A$4.19B | A$4.19B | A$4.17B | A$4.16B | A$3.77B |
| Capital expenditure | A$3.90B | A$3.90B | A$3.87B | A$5.06B | A$3.87B |
| Total debt | n/a | A$18.6B | A$18.0B | A$17.0B | A$15.9B |
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 |
|---|---|---|---|---|---|---|
| Telstra TLS.AX | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% |
| Singapore Telecommunications Z74.SI | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% |
| TPG Telecom TPG.AX | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% |
| Aussie Broadband ABB.AX | $968M | -13% | +9% | 7% | 14.7× | 13.1% |
| Superloop SLC.AX | $1.01B | -19% | +22% | 5% | 30.8× | 28.0% |
| Macquarie Technology MAQ.AX | $890M | -34% | +6% | 15% | 58.2× | n/a |
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 | TLS.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.9% | -1.7% | 8th highest of 20 |
| 6-month return | -3.8% | -5.5% | 10th highest of 20 |
| Distance from 52-week high | -8.6% | -19.2% | 6th highest of 20 |
| Revenue growth (TTM) | -0.8% | +7.8% | 4th lowest of 21 |
| Operating margin | 15.7% | 15.6% | 11th highest of 21 |
| Forward P/E | 24.2× | 14.2× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 5.6% | 2.6% | 4th most demanding of 20 |
| Growth delivered (Del g) | +1.2% | +5.0% | 7th lowest of 20 |
| Hurdle (Req g minus delivered) | +4.3 pp | -3.2 pp | 7th most demanding of 20 |
| ROIC minus cost of capital | +1.4 pp | +1.5 pp | 10th lowest of 21 |
| EV / EBITDA | 9.0× | 7.1× | 6th most expensive of 18 |
| Net debt / EBITDA | 2.1× | 2.4× | 9th least indebted of 19 |
| Bond spread | 89 bp | 106 bp | 3rd tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% | +1.2% |
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% | -2.2% |
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% | -0.9% |
| Kddi 9433.T | Japan | $66.4B | +10% | +4% | 18% | 14.2× | -1.4% | +2.7% |
| Softbank 9434.T | Japan | $71.3B | +6% | +8% | 14% | 18.5× | 3.4% | +6.2% |
| America Movil SAB de CV Sponsored ADR AMX | United States | $78.5B | -5% | +16% | 22% | 13.5× | -7.3% | +4.7% |
| Rogers Communications RCI-B.TO | Canada | $18.3B | -6% | +8% | 23% | 10.7× | 1.1% | +9.3% |
| Telefonica Brasil SA Sponsored ADR VIV | United States | $18.2B | -27% | +16% | 16% | 10.7× | -3.6% | +5.0% |
| China Telecom 601728.SS | China | $88.5B | +15% | -4% | 6% | 21.8× | -16.6% | +5.9% |
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | n/a | 29.6% | +1.3% |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| 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% |
| 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% |
| Jio Platforms JPL.NS | India | $137B | n/a | +15% | 32% | n/a | 28.0% | +14.6% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| Bharti Airtel BHARTIARTL.NS | India | $139B | +15% | +20% | 32% | 33.3× | 20.4% | +16.0% |
| AT&T T | United States | $146B | -14% | +4% | 22% | 8.5× | -4.8% | -6.1% |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
Telstra has 8 bonds outstanding with $4.38B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 4.31%, a spread of 89 bp over government bonds.