Latest Ratios: P/E Ratio -71.6x · EV/EBITDA 4.4x · ROE -0.7%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30.1B | $36.1B | $24.6B | $24.2B | $30.7B | $40.8B | $45.2B | $33.8B | $50.2B | $77.5B | $73.9B |
| Enterprise Value | $79.9B | $79.8B | $70.1B | $76.5B | $90.1B | $110.4B | $106.2B | $89.9B | $89.5B | $116.1B | $111.7B |
| P/E Ratio → | -71.56 | — | — | 21.19 | 2.57 | 21.58 | 921.50 | — | — | 17.39 | — |
| P/S Ratio | 0.65 | 0.89 | 0.66 | 0.66 | 0.81 | 1.10 | 1.03 | 0.74 | 1.12 | 1.66 | 1.55 |
| P/B Ratio | 0.51 | 0.66 | 0.42 | 0.40 | 0.44 | 0.64 | 0.78 | 0.54 | 0.79 | 1.13 | 1.00 |
| P/FCF | 3.08 | 4.21 | 2.83 | 2.49 | 2.34 | 3.64 | 5.69 | 3.64 | 13.34 | 20.62 | 9.31 |
| P/OCF | 1.96 | 2.68 | 1.60 | 1.46 | 1.70 | 2.26 | 2.63 | 1.94 | 3.87 | 5.70 | 5.20 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.96 | 1.87 | 2.08 | 2.39 | 2.98 | 2.42 | 1.96 | 1.99 | 2.49 | 2.34 |
| EV / EBITDA | 4.37 | 4.97 | 6.74 | 5.43 | 3.65 | 6.83 | 5.52 | 4.65 | 6.25 | 7.62 | 7.86 |
| EV / EBIT | 19.99 | 22.74 | 86.51 | 17.51 | 5.80 | 17.15 | 15.38 | 14.51 | — | 22.85 | 24.81 |
| EV / FCF | — | 9.30 | 8.08 | 7.89 | 6.88 | 9.85 | 13.35 | 9.67 | 23.79 | 30.88 | 14.07 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.5% | 31.5% | 33.4% | 33.4% | 35.3% | 35.3% | 31.3% | 26.9% | 26.2% | 29.6% | 27.4% |
| Operating Margin | 8.6% | 8.6% | -1.1% | 10.0% | 38.4% | 15.5% | 11.7% | 10.5% | 9.4% | 10.4% | 6.5% |
| Net Profit Margin | -1.0% | -1.0% | -11.1% | 3.1% | 31.4% | 6.0% | 0.1% | -2.0% | -10.5% | 9.5% | -4.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.7% | -0.7% | -7.0% | 1.7% | 17.7% | 3.7% | 0.1% | -1.5% | -7.2% | 6.2% | -2.8% |
| ROA | -0.3% | -0.3% | -2.9% | 0.7% | 7.0% | 1.4% | 0.0% | -0.6% | -3.3% | 2.9% | -1.4% |
| ROIC | 2.6% | 2.6% | -0.3% | 2.3% | 8.3% | 3.4% | 3.2% | 3.3% | 3.0% | 3.3% | 2.0% |
| ROCE | 3.2% | 3.2% | -0.4% | 3.0% | 10.9% | 4.4% | 3.9% | 3.8% | 3.8% | 4.4% | 2.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 0.99 | 0.96 | 1.03 | 1.23 | 1.16 | 1.11 | 0.83 | 0.63 | 0.63 |
| Debt / EBITDA | 3.28 | 3.28 | 5.52 | 4.16 | 2.92 | 4.83 | 3.47 | 3.61 | 3.70 | 2.84 | 3.28 |
| Net Debt / Equity | — | 0.80 | 0.78 | 0.86 | 0.85 | 1.10 | 1.05 | 0.90 | 0.62 | 0.56 | 0.51 |
| Net Debt / EBITDA | 2.72 | 2.72 | 4.38 | 3.72 | 2.40 | 4.31 | 3.17 | 2.90 | 2.74 | 2.53 | 2.66 |
| Debt / FCF | — | 5.09 | 5.25 | 5.40 | 4.54 | 6.21 | 7.67 | 6.04 | 10.45 | 10.26 | 4.75 |
| Interest Coverage | 1.47 | 1.47 | 0.35 | 1.59 | 6.32 | 2.81 | 2.70 | 2.44 | -0.06 | 4.73 | 3.20 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | 1.20 | 1.35 | 0.84 | 0.78 | 0.98 | 0.98 | 1.55 | 0.97 | 1.01 |
| Quick Ratio | 1.11 | 1.11 | 1.18 | 1.33 | 0.82 | 0.75 | 0.96 | 0.97 | 1.52 | 0.96 | 0.99 |
| Cash Ratio | 0.66 | 0.66 | 0.81 | 0.36 | 0.54 | 0.46 | 0.41 | 0.59 | 1.00 | 0.32 | 0.21 |
| Asset Turnover | — | 0.31 | 0.27 | 0.25 | 0.22 | 0.22 | 0.28 | 0.27 | 0.31 | 0.32 | 0.31 |
| Inventory Turnover | 46.79 | 46.79 | 37.40 | 43.06 | 23.45 | 25.75 | 44.51 | 56.15 | 46.52 | 56.40 | 60.03 |
| 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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | 3.0% | 7.3% | 10.1% | 8.1% | 6.1% | 5.4% | 6.8% | 8.1% | 5.1% | 5.0% |
| Payout Ratio | — | — | — | 213.2% | 21.0% | 110.6% | 4113.6% | — | — | 88.9% | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 4.7% | 38.9% | 4.6% | 0.1% | — | — | 5.8% | — |
| FCF Yield | 32.5% | 23.8% | 35.3% | 40.1% | 42.7% | 27.5% | 17.6% | 27.5% | 7.5% | 4.9% | 10.7% |
| Buyback Yield | 7.8% | 5.7% | 7.6% | 0.0% | 6.1% | 5.1% | 0.1% | 2.4% | 0.9% | 2.3% | 0.0% |
| Total Shareholder Yield | 11.8% | 8.7% | 14.9% | 10.1% | 14.2% | 11.2% | 5.5% | 9.2% | 9.0% | 7.3% | 5.0% |
| Shares Outstanding | — | $2.4B | $2.6B | $2.7B | $2.8B | $2.5B | $2.5B | $2.5B | $2.8B | $2.8B | $2.8B |
Regulatory and structural churn
Based on current market pricing, Vodafone trades at a P/S ratio of 0.69 and a forward EV/EBITDA of 4.39, suggesting that investors are applying a significant complexity discount compared to regional peers, likely reflecting skepticism regarding the company's multi-year restructuring and ongoing portfolio pruning efforts.
The negative TTM P/E ratio highlights the distortion caused by non-recurring charges and asset impairments, rendering traditional earnings multiples less useful for assessing the company's true value. Investors should monitor whether the market continues to price the firm as a legacy European utility or begins to recognize the potential upside of its African fintech ecosystem.
As reported in recent financial statements, Vodafone's ROIC has struggled to gain traction, hovering at a marginal 0.8% in 2026Q4, which indicates that the company is failing to generate returns on invested capital that exceed its cost of capital, despite aggressive efforts to streamline its asset base.
The persistent low ROIC suggests that the heavy capital intensity required for network maintenance and spectrum acquisition continues to dilute shareholder value. This trend warrants further investigation into whether the current asset-light strategy can eventually drive a meaningful expansion in returns or if structural competitive pressures will keep profitability permanently suppressed.
According to quarterly data, Vodafone's cash conversion cycle has exhibited extreme volatility, swinging from -121 days in 2023Q4 to -38 days in 2026Q4, which suggests that the company's ability to manage supplier leverage and customer receivables is highly sensitive to shifting geographic revenue mixes and divestment timing.
The erratic nature of the CCC indicates that the company's working capital management is not yet optimized for its new, smaller footprint. Analysts should be wary of relying on historical turnover ratios, as the deconsolidation of major European units has fundamentally altered the underlying velocity of the company's asset base.
Based on reported figures, the company's debt-to-EBITDA ratio of 6.83 in 2026Q4 remains elevated, signaling that despite recent divestments, the firm's reliance on external financing to support its infrastructure-heavy business model continues to constrain its financial flexibility and dividend sustainability in a high-rate environment.
The lack of consistent interest coverage data suggests that the company's ability to service its debt obligations may be under pressure, necessitating a cautious outlook on future capital allocation. Investors should monitor whether the proceeds from further portfolio pruning are prioritized for debt reduction or if they are diverted to maintain current dividend levels.
The most commonly misapplied metric for Vodafone is the consolidated EV/EBITDA multiple, which obscures the distinct growth profiles of the European infrastructure business and the high-margin African fintech segment, leading to a potential undervaluation of the firm's unique, non-telecom assets.
By treating the entire group as a monolithic, low-growth utility, the market fails to account for the different risk-adjusted returns inherent in the M-Pesa ecosystem. A sum-of-the-parts approach, adjusting for the specific growth and margin characteristics of the African operations, would likely provide a more accurate reflection of the company's intrinsic value than a blended group multiple.
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Quick answers to the most common questions about buying VOD stock.
Vodafone Group Public Limited Company's current P/E ratio is -71.6x. The historical average is 44.1x.
Vodafone Group Public Limited Company's current EV/EBITDA is 4.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.5x.
Vodafone Group Public Limited Company's return on equity (ROE) is -0.7%. The historical average is 7.6%.
Based on historical data, Vodafone Group Public Limited Company is trading at a P/E of -71.6x. Compare with industry peers and growth rates for a complete picture.
Vodafone Group Public Limited Company's current dividend yield is 4.00%.
Vodafone Group Public Limited Company has 31.5% gross margin and 8.6% operating margin.
Vodafone Group Public Limited Company's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.