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British telecom operator providing mobile and broadband across Europe and Africa, including the M-Pesa mobile-money service.
British telecom operator providing mobile and broadband across Europe and Africa, including the M-Pesa mobile-money service.
Earns monthly subscriptions from mobile and broadband customers, mostly in Germany, the UK and Africa, where it holds a majority of Vodacom and M-Pesa mobile money takes a fee on each transaction. In 2024-25 it sold its Spanish and Italian units and merged its UK business with Three to form VodafoneThree.
Moat: narrow (network effects, installed base, regulatory licence). Licensed spectrum and network scale, but faces intense in-market competition and continuous required capex.
Headquarters: Newbury, UK · Founded: 1984 · Employees: 91,000
Size Vodafone Group Public (VOD.L) is a United Kingdom Communication Services company (Wireless Telecommunications) with a market value of $36.3B, the 26th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £116.50 on 6 Nov 2026.
Performance Over six months the shares gained 4.1%, against -4.6% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 7th highest of 19 in its peer set.
Growth Revenue grew 11.1% over the last twelve months (peer median +7.7%); the operating margin is 9.6% (peer median 15.7%).
Valuation It trades at 12.1× forward earnings against a peer median of 16.0× (5th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +6 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 4.0 points below its cost of capital (7.0% WACC).
Backlog Backlog (remaining performance obligations) was €17.3B at 31 Mar 2025, up 4% on a year earlier — 0.5 years of trailing revenue. Backlog detail →
Credit Vodafone Group Public has 32 bonds outstanding ($21.2B), rated BBB by the agencies and trading like A at a weighted spread of 108 bp.
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £35.0B | £35.0B | £31.5B | £31.7B | £32.6B |
| Revenue growth | — | +11% | -1% | -3% | — |
| Gross profit | £11.0B | £11.0B | £10.5B | £10.6B | £11.5B |
| EBITDA | £14.1B | £14.1B | £12.7B | £12.8B | £13.7B |
| Net income | -£358M | -£343M | -£3.51B | £984M | £10.2B |
| Free cash flow | £7.43B | £7.37B | £7.94B | £9.58B | £10.6B |
| Capital expenditure | £6.38B | £6.33B | £5.64B | £5.92B | £6.70B |
| Total debt | n/a | £46.0B | £44.5B | £48.7B | £58.3B |
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 |
|---|---|---|---|---|---|---|
| Vodafone Group Public VOD.L | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% |
| Deutsche Telekom DTE.DE | $139B | -7% | +2% | 22% | 11.4× | -7.7% |
| Orange ORA.PA | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% |
| Telefonica TEF.MC | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% |
| BT Group plc BT.A.L | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% |
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 | VOD.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.3% | +1.3% | 5th lowest of 19 |
| 6-month return | +4.1% | -4.6% | 7th highest of 19 |
| Distance from 52-week high | -11.8% | -17.7% | 9th highest of 19 |
| Revenue growth (TTM) | +11.1% | +7.7% | 7th highest of 20 |
| Operating margin | 9.6% | 15.7% | 4th lowest of 20 |
| Forward P/E | 12.1× | 16.0× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 4.2% | 3.0% | 7th most demanding of 19 |
| Growth delivered (Del g) | -2.2% | +5.4% | 2nd lowest of 19 |
| Hurdle (Req g minus delivered) | +6.4 pp | -3.2 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | -4.0 pp | +1.5 pp | 3rd lowest of 20 |
| EV / EBITDA | 4.4× | 7.5× | 3rd cheapest of 17 |
| Net debt / EBITDA | 2.3× | 2.1× | 9th most indebted of 18 |
| Bond spread | 108 bp | 94 bp | 3rd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% | -2.2% |
| 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% |
| 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% |
| 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% |
| America Movil SAB de CV Sponsored ADR AMX | United States | $78.5B | -5% | +16% | 22% | 13.5× | -7.3% | +4.7% |
| 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% |
| 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% |
| Jio Platforms JPL.NS | India | $137B | n/a | +15% | 32% | n/a | 28.0% | +14.6% |
| Bharti Airtel BHARTIARTL.NS | India | $139B | +15% | +20% | 32% | 33.3× | 20.4% | +16.0% |
Vodafone Group Public has 32 bonds outstanding with $21.2B face value. The agencies rate it BBB; its bonds trade like A. Weighted yield 4.92%, a spread of 108 bp over government bonds.
Vodafone Group Public reported €17.3B of remaining performance obligations at 31 Mar 2025, up 4% from a year earlier. That is 0.5 years of trailing revenue already under contract.