企業概要
Vodafone Group Public Limited Company operates as a major telecommunications provider delivering mobile and fixed network services, digital connectivity solutions, Internet of Things (IoT) technologies, and financial services across Germany, the United Kingdom, Turkey, South Africa, and the rest of Europe. The company functions within the Communication Services sector and the Telecom Services industry, positioning it as a critical infrastructure player essential for regional digital connectivity and economic integration. As a significant entity in the global market, Vodafone holds a market capitalization of $36.40B and reported total annual revenue of $38.78B over the trailing twelve months. The organization employs a workforce of 88,780 individuals, underscoring its substantial operational footprint and scale within the telecommunications landscape. These valuation and revenue figures indicate that the company maintains a large-scale business model capable of generating billions in sales, reflecting its established position as a leading utility-like service provider with extensive asset base and customer reach.
財務健全性
The company generated revenue of $38.78B during the trailing twelve months, yet recorded a net income loss of $4,366,000,128, while simultaneously reporting an EBITDA of $8.49B. This significant divergence between positive EBITDA and negative net income reveals a cost structure burdened by substantial interest expenses or non-operating costs that erode operating profits before impacting the bottom line. Despite the net loss, the enterprise maintains robust free cash flow of $12.79B, which provides considerable financial flexibility for capital expenditures, debt servicing, and potential strategic investments without relying on external financing. The gross margin stands at 32.9%, indicating that the company retains roughly one-third of sales revenue after direct costs, while the operating margin of 10.1% suggests moderate efficiency in managing overhead and administrative expenses. However, the profit margin is negative at -11.4%, confirming that the final net position remains below zero due to the aforementioned financial burdens. On the balance sheet, total cash holdings of $13.53B are significantly lower than the total debt of $53.91B, and the debt-to-equity ratio is extremely high at 95.22, indicating a highly leveraged capital structure rather than a conservative one. The current ratio of 1.17 suggests that the company possesses just enough current assets to cover its current liabilities, pointing to tight but manageable short-term liquidity conditions. Furthermore, the return on equity is -6.6% and the return on assets is 1.4%, metrics that reveal management is currently destroying shareholder value and utilizing assets with minimal profitability, likely due to the heavy debt load and recent earnings decline.
バリュエーション評価
The trailing twelve-month P/E ratio is listed as N/A due to the net loss, whereas the forward P/E is 17.72, implying that the market prices in an expectation of future earnings recovery or normalization. The price-to-book ratio of 6.32 indicates that the stock trades at a significant premium relative to its book value, suggesting investors are paying a high multiple for the company's tangible assets. Alternative valuation metrics such as the price-to-sales ratio of 0.94 and the EV/EBITDA of 50.70 suggest that the company is valued on a revenue basis comparable to its peers, while the high EV/EBITDA reflects the substantial debt load impacting the enterprise value multiple. The stock has traded within a 52-week range between a low of $8.05 and a high of $15.91, placing the current trading price at a level that requires specific calculation relative to this historical volatility band. The beta value of 0.31 indicates that the stock exhibits low price volatility and moves less than the broader market, offering a relatively stable price profile compared to high-beta equities.
Growth & Income
Revenue growth for the trailing twelve months was 7.3%, while earnings growth declined by 15.4%, indicating that profitability is shrinking faster than top-line sales, which often signals margin compression or increased cost pressures. The company pays a dividend with a yield of 3.4%, but the payout ratio is 101.4%, meaning dividends exceed the reported net income. This payout ratio is mathematically unsustainable given the negative net income of $4.366B, implying that the dividend is likely being funded by cash flow or reserves rather than current earnings, posing a long-term risk to income stability. Consequently, the growth profile relies on revenue expansion rather than earnings acceleration, while the income profile presents a contradiction between cash generation and distributable earnings.