TELENOR ASA (TEL.OL) Stock Fundamental Analysis
OSL:TEL • NO0010063308
174.2 NOK
-1.8 (-1.02%)
Last: Feb 20, 2026, 04:26 PM
We assign a fundamental rating of 4 out of 10 to TEL. TEL was compared to 33 industry peers in the Diversified Telecommunication Services industry. While TEL is still in line with the averages on profitability rating, there are concerns on its financial health. TEL is valued correctly, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
- In the past year TEL was profitable.
- In the past year TEL had a positive cash flow from operations.
- Each year in the past 5 years TEL has been profitable.
- In the past 5 years TEL always reported a positive cash flow from operatings.
1.2 Ratios
- TEL has a Return On Assets (3.69%) which is comparable to the rest of the industry.
- TEL has a Return On Equity (11.43%) which is in line with its industry peers.
- TEL has a better Return On Invested Capital (8.51%) than 78.79% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for TEL is in line with the industry average of 8.33%.
- The last Return On Invested Capital (8.51%) for TEL is above the 3 year average (7.95%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.69% | ||
| ROE | 11.43% | ||
| ROIC | 8.51% |
ROA(3y)6%
ROA(5y)7.49%
ROE(3y)18.97%
ROE(5y)27.48%
ROIC(3y)7.95%
ROIC(5y)8.24%
1.3 Margins
- TEL has a Profit Margin of 10.21%. This is in the better half of the industry: TEL outperforms 66.67% of its industry peers.
- TEL's Profit Margin has declined in the last couple of years.
- TEL has a better Operating Margin (23.73%) than 87.88% of its industry peers.
- TEL's Operating Margin has been stable in the last couple of years.
- The Gross Margin of TEL (78.07%) is better than 78.79% of its industry peers.
- In the last couple of years the Gross Margin of TEL has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 23.73% | ||
| PM (TTM) | 10.21% | ||
| GM | 78.07% |
OM growth 3Y-0.78%
OM growth 5Y1.02%
PM growth 3Y-43.22%
PM growth 5Y-6.51%
GM growth 3Y0.28%
GM growth 5Y0.67%
2. Health
2.1 Basic Checks
- With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), TEL is creating some value.
- The number of shares outstanding for TEL remains at a similar level compared to 1 year ago.
- Compared to 5 years ago, TEL has less shares outstanding
- The debt/assets ratio for TEL is higher compared to a year ago.
2.2 Solvency
- The Debt to FCF ratio of TEL is 5.12, which is a neutral value as it means it would take TEL, 5.12 years of fcf income to pay off all of its debts.
- TEL has a better Debt to FCF ratio (5.12) than 81.82% of its industry peers.
- TEL has a Debt/Equity ratio of 1.20. This is a high value indicating a heavy dependency on external financing.
- TEL has a Debt to Equity ratio of 1.20. This is comparable to the rest of the industry: TEL outperforms 48.48% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Altman-Z | N/A |
ROIC/WACC1.28
WACC6.63%
2.3 Liquidity
- TEL has a Current Ratio of 0.71. This is a bad value and indicates that TEL is not financially healthy enough and could expect problems in meeting its short term obligations.
- TEL has a worse Current ratio (0.71) than 63.64% of its industry peers.
- TEL has a Quick Ratio of 0.71. This is a bad value and indicates that TEL is not financially healthy enough and could expect problems in meeting its short term obligations.
- Looking at the Quick ratio, with a value of 0.69, TEL is doing worse than 66.67% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.71 | ||
| Quick Ratio | 0.69 |
3. Growth
3.1 Past
- The earnings per share for TEL have decreased strongly by -38.57% in the last year.
- Measured over the past years, TEL shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.48% on average per year.
- TEL shows a small growth in Revenue. In the last year, the Revenue has grown by 0.30%.
- The Revenue has been decreasing by -7.95% on average over the past years.
EPS 1Y (TTM)-38.57%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%44.07%
Revenue 1Y (TTM)0.3%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-3.19%
3.2 Future
- The Earnings Per Share is expected to grow by 12.07% on average over the next years. This is quite good.
- The Revenue is expected to grow by 0.58% on average over the next years.
EPS Next Y22.26%
EPS Next 2Y16.68%
EPS Next 3Y7.73%
EPS Next 5Y12.07%
Revenue Next Year0.48%
Revenue Next 2Y1.06%
Revenue Next 3Y1.01%
Revenue Next 5Y0.58%
3.3 Evolution
- When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
- The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 21.14 indicates a rather expensive valuation of TEL.
- TEL's Price/Earnings is on the same level as the industry average.
- Compared to an average S&P500 Price/Earnings ratio of 27.09, TEL is valued a bit cheaper.
- With a Price/Forward Earnings ratio of 17.29, TEL is valued on the expensive side.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of TEL is on the same level as its industry peers.
- The average S&P500 Price/Forward Earnings ratio is at 27.98. TEL is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 21.14 | ||
| Fwd PE | 17.29 |
4.2 Price Multiples
- 66.67% of the companies in the same industry are cheaper than TEL, based on the Enterprise Value to EBITDA ratio.
- TEL's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.99 | ||
| EV/EBITDA | 8.94 |
4.3 Compensation for Growth
- TEL's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
- The decent profitability rating of TEL may justify a higher PE ratio.
PEG (NY)0.95
PEG (5Y)N/A
EPS Next 2Y16.68%
EPS Next 3Y7.73%
5. Dividend
5.1 Amount
- TEL has a Yearly Dividend Yield of 5.48%, which is a nice return.
- TEL's Dividend Yield is a higher than the industry average which is at 3.14.
- TEL's Dividend Yield is rather good when compared to the S&P500 average which is at 1.85.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.48% |
5.2 History
- The dividend of TEL has a limited annual growth rate of 2.13%.
Dividend Growth(5Y)2.13%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
- 160.48% of the earnings are spent on dividend by TEL. This is not a sustainable payout ratio.
- TEL's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP160.48%
EPS Next 2Y16.68%
EPS Next 3Y7.73%
OSL:TEL (2/20/2026, 4:26:15 PM)
174.2
-1.8 (-1.02%)
Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupTelecommunication Services
GICS IndustryDiversified Telecommunication Services
Earnings (Last)02-06 2026-02-06/bmo
Earnings (Next)04-28 2026-04-28
Inst Owners35.72%
Inst Owner ChangeN/A
Ins Owners0.03%
Ins Owner ChangeN/A
Market Cap238.37B
Revenue(TTM)80.17B
Net Income(TTM)8.19B
Analysts72.5
Price Target173.94 (-0.15%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.48% |
Yearly Dividend9.6
Dividend Growth(5Y)2.13%
DP160.48%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-9.63%
Min EPS beat(2)-28%
Max EPS beat(2)8.75%
EPS beat(4)3
Avg EPS beat(4)1.33%
Min EPS beat(4)-28%
Max EPS beat(4)15.1%
EPS beat(8)6
Avg EPS beat(8)56.76%
EPS beat(12)7
Avg EPS beat(12)24.96%
EPS beat(16)10
Avg EPS beat(16)31.32%
Revenue beat(2)0
Avg Revenue beat(2)-1.56%
Min Revenue beat(2)-1.71%
Max Revenue beat(2)-1.41%
Revenue beat(4)1
Avg Revenue beat(4)-1.09%
Min Revenue beat(4)-1.71%
Max Revenue beat(4)0.3%
Revenue beat(8)1
Avg Revenue beat(8)-1.64%
Revenue beat(12)4
Avg Revenue beat(12)-0.89%
Revenue beat(16)6
Avg Revenue beat(16)-3.16%
PT rev (1m)0.69%
PT rev (3m)-0.82%
EPS NQ rev (1m)38.14%
EPS NQ rev (3m)40.59%
EPS NY rev (1m)-0.63%
EPS NY rev (3m)-2.6%
Revenue NQ rev (1m)-6.17%
Revenue NQ rev (3m)-5.99%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.55%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 21.14 | ||
| Fwd PE | 17.29 | ||
| P/S | 2.97 | ||
| P/FCF | 11.99 | ||
| P/OCF | 7.63 | ||
| P/B | 3.33 | ||
| P/tB | 6.73 | ||
| EV/EBITDA | 8.94 |
EPS(TTM)8.24
EY4.73%
EPS(NY)10.07
Fwd EY5.78%
FCF(TTM)14.53
FCFY8.34%
OCF(TTM)22.82
OCFY13.1%
SpS58.59
BVpS52.34
TBVpS25.88
PEG (NY)0.95
PEG (5Y)N/A
Graham Number98.51
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.69% | ||
| ROE | 11.43% | ||
| ROCE | 10.78% | ||
| ROIC | 8.51% | ||
| ROICexc | 9.42% | ||
| ROICexgc | 12.19% | ||
| OM | 23.73% | ||
| PM (TTM) | 10.21% | ||
| GM | 78.07% | ||
| FCFM | 24.8% |
ROA(3y)6%
ROA(5y)7.49%
ROE(3y)18.97%
ROE(5y)27.48%
ROIC(3y)7.95%
ROIC(5y)8.24%
ROICexc(3y)8.8%
ROICexc(5y)9.03%
ROICexgc(3y)11.31%
ROICexgc(5y)11.7%
ROCE(3y)10.07%
ROCE(5y)10.43%
ROICexgc growth 3Y2.96%
ROICexgc growth 5Y-5.31%
ROICexc growth 3Y2.26%
ROICexc growth 5Y-5.25%
OM growth 3Y-0.78%
OM growth 5Y1.02%
PM growth 3Y-43.22%
PM growth 5Y-6.51%
GM growth 3Y0.28%
GM growth 5Y0.67%
F-Score7
Asset Turnover0.36
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Debt/EBITDA | 2.36 | ||
| Cap/Depr | 65.52% | ||
| Cap/Sales | 14.14% | ||
| Interest Coverage | 7.22 | ||
| Cash Conversion | 85.95% | ||
| Profit Quality | 242.93% | ||
| Current Ratio | 0.71 | ||
| Quick Ratio | 0.69 | ||
| Altman-Z | N/A |
F-Score7
WACC6.63%
ROIC/WACC1.28
Cap/Depr(3y)76.18%
Cap/Depr(5y)74.01%
Cap/Sales(3y)16.95%
Cap/Sales(5y)20.41%
Profit Quality(3y)148.8%
Profit Quality(5y)394.85%
High Growth Momentum
Growth
EPS 1Y (TTM)-38.57%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%44.07%
EPS Next Y22.26%
EPS Next 2Y16.68%
EPS Next 3Y7.73%
EPS Next 5Y12.07%
Revenue 1Y (TTM)0.3%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-3.19%
Revenue Next Year0.48%
Revenue Next 2Y1.06%
Revenue Next 3Y1.01%
Revenue Next 5Y0.58%
EBIT growth 1Y5.04%
EBIT growth 3Y-0.92%
EBIT growth 5Y-7.01%
EBIT Next Year92.24%
EBIT Next 3Y26.23%
EBIT Next 5Y16.1%
FCF growth 1Y9.87%
FCF growth 3Y9.22%
FCF growth 5Y-4.34%
OCF growth 1Y-0.82%
OCF growth 3Y-7.32%
OCF growth 5Y-6.55%
TELENOR ASA / TEL.OL FAQ
Can you provide the ChartMill fundamental rating for TELENOR ASA?
ChartMill assigns a fundamental rating of 4 / 10 to TEL.OL.
What is the valuation status for TEL stock?
ChartMill assigns a valuation rating of 4 / 10 to TELENOR ASA (TEL.OL). This can be considered as Fairly Valued.
Can you provide the profitability details for TELENOR ASA?
TELENOR ASA (TEL.OL) has a profitability rating of 6 / 10.
Can you provide the PE and PB ratios for TEL stock?
The Price/Earnings (PE) ratio for TELENOR ASA (TEL.OL) is 21.14 and the Price/Book (PB) ratio is 3.33.
How sustainable is the dividend of TELENOR ASA (TEL.OL) stock?
The dividend rating of TELENOR ASA (TEL.OL) is 6 / 10 and the dividend payout ratio is 160.48%.