Latest Ratios: P/E Ratio 28.2x · EV/EBITDA 12.3x · ROE 9.7%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $33.9B | $32.3B | $29.3B | $30.3B | $28.4B | $32.8B | $30.0B | $28.7B | $27.8B | $27.5B | $24.5B |
| Enterprise Value | $33.9B | $33.3B | $36.2B | $40.2B | $21.7B | $31.9B | $30.3B | $6.1B | $1.9B | $375M | $-4849982805 |
| P/E Ratio → | 28.16 | 0.84 | 0.79 | 0.82 | 0.78 | 0.92 | 0.90 | 0.87 | 0.78 | 0.71 | 0.61 |
| P/S Ratio | 4.64 | 0.14 | 0.13 | 0.14 | 0.13 | 0.16 | 0.14 | 0.16 | 0.13 | 0.12 | 0.11 |
| P/B Ratio | 2.72 | 0.08 | 0.07 | 0.08 | 0.07 | 0.08 | 2.16 | 0.07 | 0.07 | 0.07 | 0.07 |
| P/FCF | 21.97 | 0.65 | 0.58 | 1.24 | 0.67 | 0.83 | 8.98 | 0.60 | 0.74 | 0.84 | 0.60 |
| P/OCF | 14.06 | 0.42 | 0.37 | 0.41 | 0.37 | 0.44 | 0.40 | 0.40 | 0.42 | 0.39 | 0.38 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.14 | 0.16 | 0.18 | 0.10 | 0.15 | 0.15 | 0.03 | 0.01 | 0.00 | -0.02 |
| EV / EBITDA | 12.27 | 0.37 | 0.42 | 0.47 | 0.25 | 0.38 | 0.38 | 0.08 | 0.02 | 0.00 | -0.06 |
| EV / EBIT | 22.42 | 0.66 | 0.75 | 0.85 | 0.46 | 0.69 | 0.70 | 0.15 | 0.04 | 0.01 | -0.10 |
| EV / FCF | — | 0.67 | 0.72 | 1.65 | 0.51 | 0.81 | 9.06 | 0.13 | 0.05 | 0.01 | -0.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.5% | 36.5% | 35.9% | 36.0% | 36.6% | 35.5% | 34.0% | 35.3% | 35.2% | 35.5% | 35.8% |
| Operating Margin | 20.7% | 20.7% | 20.5% | 20.9% | 21.7% | 21.5% | 20.4% | 21.4% | 20.3% | 20.5% | 20.9% |
| Net Profit Margin | 16.5% | 16.5% | 16.3% | 16.7% | 16.9% | 17.0% | 16.1% | 18.4% | 16.5% | 17.1% | 17.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 9.4% | 9.4% | 9.3% | 17.7% | 16.8% | 8.5% | 9.3% | 10.4% | 10.8% |
| ROA | 7.2% | 7.2% | 7.0% | 7.1% | 7.0% | 13.4% | 13.5% | 7.0% | 7.7% | 8.7% | 8.9% |
| ROIC | 9.1% | 9.1% | 8.7% | 8.8% | 9.1% | 16.7% | 16.9% | 8.0% | 9.3% | 10.2% | 10.5% |
| ROCE | 10.7% | 10.7% | 10.3% | 10.2% | 10.4% | 19.4% | 19.9% | 9.4% | 11.0% | 12.0% | 12.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.11 | 0.11 | 0.11 | 0.10 | 0.10 | 0.03 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | 0.43 | 0.43 | 0.50 | 0.51 | 0.50 | 0.47 | 0.02 | 0.15 | 0.02 | 0.02 | 0.02 |
| Net Debt / Equity | — | 0.00 | 0.02 | 0.03 | -0.02 | -0.00 | 0.02 | -0.06 | -0.07 | -0.07 | -0.08 |
| Net Debt / EBITDA | 0.01 | 0.01 | 0.08 | 0.11 | -0.08 | -0.01 | 0.00 | -0.30 | -0.33 | -0.35 | -0.36 |
| Debt / FCF | — | 0.02 | 0.14 | 0.40 | -0.16 | -0.02 | 0.08 | -0.47 | -0.70 | -0.83 | -0.71 |
| Interest Coverage | 136.86 | 136.86 | 142.12 | 148.36 | 180.48 | 212.32 | 208.89 | 12286.42 | 2557.63 | 2172.76 | 2469.69 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.48 | 1.48 | 1.38 | 1.52 | 1.50 | 1.37 | 1.14 | 1.42 | 1.49 | 1.32 | 1.36 |
| Quick Ratio | 1.48 | 1.48 | 1.21 | 1.32 | 1.29 | 1.16 | 0.96 | 1.12 | 1.21 | 1.14 | 1.20 |
| Cash Ratio | 0.73 | 0.73 | 0.71 | 0.77 | 0.78 | 0.65 | 0.49 | 0.63 | 0.61 | 0.57 | 0.63 |
| Asset Turnover | — | 0.44 | 0.43 | 0.42 | 0.41 | 0.41 | 11.51 | 0.38 | 0.46 | 0.50 | 0.51 |
| Inventory Turnover | — | — | 10.40 | 10.31 | 9.30 | 9.54 | 310.28 | 5.90 | 7.95 | 13.47 | 16.04 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 100.8% | 100.8% | 99.2% | 98.7% | 98.3% | 93.8% | 98.1% | 105.5% | 104.8% | 98.6% | 106.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 119.6% | 127.2% | 121.8% | 128.5% | 109.0% | 111.3% | 114.4% | 127.7% | 141.1% | 163.5% |
| FCF Yield | 4.6% | 153.4% | 171.7% | 80.4% | 149.7% | 119.8% | 11.1% | 167.2% | 134.3% | 119.0% | 167.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $775M | $777M | $777M | $777M | $777M | $776M | $777M | $777M | $777M | $777M |
Infrastructure CapEx Intensity
According to current market data, CHT trades at a P/E of 28.69, which appears elevated compared to regional peers like KT Corporation, suggesting that investors are pricing in a significant safety premium for its fortress balance sheet and role as a stable, dividend-paying infrastructure proxy.
The high P/E multiple relative to the company's modest growth rate implies that the market views CHT more as a bond-like instrument than a high-growth technology firm. Investors should monitor whether this valuation remains sustainable if the dividend yield fails to keep pace with rising interest rates in the broader market.
Based on reported figures, CHT's ROIC has remained consistently low, hovering around 2.2% to 2.4% over the last ten quarters, which indicates that the company's massive investment in fiber and 5G infrastructure is currently generating returns that barely exceed the cost of capital.
This trend suggests that while the company maintains a dominant market position, the capital-intensive nature of its business model limits its ability to compound returns efficiently. Analysts should investigate whether future ICT service expansion can improve these returns or if the utility-like structure will continue to suppress capital efficiency.
As reported in recent financial statements, CHT's cash conversion cycle has fluctuated between 34 and 50 days over the past ten quarters, reflecting a stable operational rhythm that is typical for a mature telecommunications provider with predictable customer payment patterns and managed supplier relationships.
The consistency in DSO and DPO metrics suggests that the company maintains effective control over its working capital, even as it integrates more complex, project-based ICT revenue. This stability is a key indicator of operational maturity and helps mitigate the liquidity risks associated with large-scale government contract deployments.
Based on the latest quarterly filings, CHT maintains a negligible debt-to-equity ratio of 0.10, which stands in stark contrast to regional peers like PLDT Inc., signaling a conservative financial posture that effectively eliminates refinancing risk in the current macroeconomic environment.
This minimal leverage provides the company with significant flexibility to fund ongoing network hardening and 5G upgrades without relying on external debt markets. Investors should interpret this as a defensive moat that protects the company's dividend-paying capacity during periods of sector-wide volatility or economic downturns.
The P/E ratio is frequently misapplied to CHT, as it obscures the company's true value by failing to account for the massive, historical-cost-carried real estate portfolio and the non-cash depreciation charges that artificially depress reported earnings relative to the company's actual cash-generative capacity.
Analysts should instead focus on EV/EBITDA or P/FCF to better capture the underlying operational performance, as these metrics are less sensitive to the accounting distortions inherent in heavy infrastructure depreciation. Relying solely on P/E may lead to an incorrect assessment of the company's valuation relative to its asset base.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying CHT stock.
Chunghwa Telecom Co., Ltd.'s current P/E ratio is 28.2x. The historical average is 0.6x. This places it at the 100th percentile of its historical range.
Chunghwa Telecom Co., Ltd.'s current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.2x.
Chunghwa Telecom Co., Ltd.'s return on equity (ROE) is 9.7%. The historical average is 12.1%.
Based on historical data, Chunghwa Telecom Co., Ltd. is trading at a P/E of 28.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Chunghwa Telecom Co., Ltd.'s current dividend yield is 3.58% with a payout ratio of 100.8%.
Chunghwa Telecom Co., Ltd. has 36.5% gross margin and 20.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Chunghwa Telecom Co., Ltd.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.