# Cellnex Telecom (CLNX.MC)

Canonical: https://gigainvestors.com/s/CLNX.MC

Analysis as of: 2026-10-16T07:34:50.682Z. Financial observations: FY2011–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 25.34 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 8

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.17×

- FY2018: 0.13×

- FY2019: 0.14×

- FY2020: 0.10×

- FY2021: 0.03×

- FY2022: 0.07×

- FY2023: 0.10×

- FY2024: 0.05×

- FY2025: 0.14×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 75.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 1.4%

- ROIC, second-lowest year: 0.6%

- Typical minus recent gross margin: 75.7 pp

- Typical gross margin (annual median): 89.0%

- Recent gross margin (lower of latest and 3-year median): 13.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 58.9%

- ROIC including acquisitions, ten-year median: -1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.9%

- FY2017: 5.9%

- FY2018: 2.9%

- FY2019: 1.7%

- FY2020: 1.1%

- FY2021: 0.2%

- FY2022: 0.7%

- FY2023: 1.1%

- FY2024: 0.6%

- FY2025: 1.8%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -2.2B

- Net income, five-year total: EUR -1.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.8 pp

- Working capital / revenue, change between three-year averages: 12.0 pp

- Working capital / revenue, final three-year average: 9.3%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -787M

- FY2022: EUR -914M

- FY2023: EUR -435M

- FY2024: EUR -82M

- FY2025: EUR -17M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- ROIC first 3 years vs last 3 years: 5.9% vs 1.1%

- Per-share earnings: 0.13 to -0.42 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.3%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: EUR 15B

- Cumulative retained earnings: EUR -401M

- Diluted shares, 10-year annual growth: 8.3%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -0.55

- Per-share value, starting three-year median: EUR 0.13

- Per-share value, ending three-year median: EUR -0.42

- Buybacks concentrated in cheaper years (correlation): -0.77

- Average buyback yield: 1.3%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 26B

- Cumulative net income, 10 years: EUR -1.5B

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: 1.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.13

- FY2017: EUR 0.11

- FY2018: EUR -0.04

- FY2019: EUR -0.02

- FY2020: EUR -0.20

- FY2021: EUR -0.57

- FY2022: EUR -0.44

- FY2023: EUR -0.42

- FY2024: EUR -0.04

- FY2025: EUR -0.54

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.79×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.3%

- FY2017: -5.7%

- FY2018: -8.0%

- FY2019: -3.3%

- FY2020: -3.8%

- FY2021: -3.7%

- FY2022: -4.8%

- FY2023: -5.3%

- FY2024: -5.3%

- FY2025: -6.3%

## Holders

## Price story

Down 52% since Oct 2021 · "Cellnex Net Loss Widens on Layoff Costs" (finance.yahoo.com, May 2025) · sales +8.6%

Story as of 2026-10-16T10:00:02.752Z; price observation 2026-10-15.

- 2025-05-09: Cellnex Net Loss Widens on Layoff Costs ([finance.yahoo.com](https://finance.yahoo.com/m/4d18f97c-52ca-382d-b61c-222b0cb71744/cellnex-net-loss-widens-on.html))

### Sales · FY2024–2025

sales +8.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 670M 

- FY2017: EUR 758M 

- FY2018: EUR 867M 

- FY2019: EUR 1.0B 

- FY2020: EUR 1.6B 

- FY2021: EUR 2.5B 

- FY2022: EUR 3.2B 

- FY2023: EUR 3.8B 

- FY2024: EUR 4.1B 

- FY2025: EUR 4.4B 

### Gross margin · FY2025

gross margin 13.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 89.2% 

- FY2017: 82.1% 

- FY2018: 82.9% 

- FY2019: 83.1% 

- FY2021: 96.3% 

- FY2022: 88.8% 

- FY2023: 89.3% 

- FY2024: 90.0% 

- FY2025: 13.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are EUR 4.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.682Z); FY2025: revenue 4418346000; grossProfit 586453000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CLNX.MC: Cellnex Telecom, S.A. engages in the management of terrestrial telecommunications infrastructures in France, Italy, the United Kingdom, Spain, Poland, the Netherlands, Portugal, Switzerland, Denmark, Sweden, Ireland, and Austria. It operates through four segments: Towers; DAS, Small Cells, and RAN as a Service; Fiber, Connectivity, and Housing Services; and Broadcast. The Towers segment provides integrated network passive infrastructure services; other wireless telecommunications; and broadband network operators services, as well as colocation and engineering services. The DAS, Small Cells, and RAN as a Service segment offers services, such as RAN as a Service, which entails the emission and transmission active services; PPDR services comprising active infrastructure management for public administrations, including TETRA and 4G/LTE mission critical service networks; operation and maintenance; infrastructure support services; and other services that include smart cities/Internet of Things. The Fiber, Connectivity, and Housing Services segment provides data transport through fiber, including fibre-to-the-tower (FTTT), connectivity, backhaul transmission, and hosting services in edge data centers infrastructure. The broadcast segment engages in the distribution and transmission of television and radio signals; operation and maintenance of broadcasting networks; provision of connectivity for media content and over-the-top (OTT) broadcasting services; and other services, as well as offers coverage of the digital terrestrial television (DTT) services. The company also offers fixed and mobile telecommunication services; and provision of telecommunications equipment. In addition, it constructs and operates optic fiber telecommunications. The company was formerly known as Abertis Telecom Terrestre, S.A.U. and changed its name to Cellnex Telecom, S.A. in April 2015. Cellnex Telecom, S.A. was incorporated in 2008 and is headquartered in Madrid, Spain.

### Why customers stay

Margins ranged from 13.3% to 90% during 2023–25; it earns 1.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.682Z); FY2023: grossProfit / revenue = 89.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.682Z); FY2024: grossProfit / revenue = 90%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.682Z); FY2025: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.682Z); 10-year return on capital observations [[2016,0.0685282432732423],[2017,0.05874590973290294],[2018,0.029336190908802528],[2019,0.01704477388417],[2020,0.01056947206516433],[2021,0.0023625211030911665],[2022,0.006632255417464398],[2023,0.010745535775808638],[2024,0.005532497841945743],[2025,0.01801780513630606]]; median 0.01389515482998932. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back EUR 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.682Z); FY2016: growth capex 51784000; upkeep 176779000; owner earnings 39817000. Growth capex / owner earnings = 1.3005500163246855.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.682Z); Dividend observations: [[2016,21083000],[2017,20000000],[2018,24211000],[2019,26620000],[2020,29281000],[2021,0],[2022,36635000],[2023,40290000],[2024,44281000],[2025,11825000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.682Z); FY2025: cash repurchases 1000355000 EUR.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CLNX.MC SharesStats.PercentInsiders = 0.013999999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.682Z); Closing price 25.34 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 6.556970910728742; price multiple 3.864589357646504. FY2025 cash earnings/share -0.02572422661479477. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 10.06 per share

- 2016-12: EUR 10.40 per share

- 2017-01: EUR 10.02 per share

- 2017-02: EUR 10.82 per share

- 2017-03: EUR 11.78 per share

- 2017-04: EUR 12.35 per share

- 2017-05: EUR 14.20 per share

- 2017-06: EUR 13.75 per share

- 2017-07: EUR 14.46 per share

- 2017-08: EUR 14.28 per share

- 2017-09: EUR 14.74 per share

- 2017-10: EUR 16.22 per share

- 2017-11: EUR 15.74 per share

- 2017-12: EUR 16.25 per share

- 2018-01: EUR 16.56 per share

- 2018-02: EUR 16.11 per share

- 2018-03: EUR 16.51 per share

- 2018-04: EUR 16.93 per share

- 2018-05: EUR 16.52 per share

- 2018-06: EUR 16.44 per share

- 2018-07: EUR 17.29 per share

- 2018-08: EUR 16.84 per share

- 2018-09: EUR 17.22 per share

- 2018-10: EUR 16.75 per share

- 2018-11: EUR 18.63 per share

- 2018-12: EUR 17.04 per share

- 2019-01: EUR 18.72 per share

- 2019-02: EUR 17.30 per share

- 2019-03: EUR 21.14 per share

- 2019-04: EUR 22.16 per share

- 2019-05: EUR 25.42 per share

- 2019-06: EUR 26.30 per share

- 2019-07: EUR 27.39 per share

- 2019-08: EUR 29.42 per share

- 2019-09: EUR 30.63 per share

- 2019-10: EUR 33.39 per share

- 2019-11: EUR 33.68 per share

- 2019-12: EUR 33.14 per share

- 2020-01: EUR 38.79 per share

- 2020-02: EUR 37.89 per share

- 2020-03: EUR 35.80 per share

- 2020-04: EUR 41.28 per share

- 2020-05: EUR 43.97 per share

- 2020-06: EUR 46.84 per share

- 2020-07: EUR 49.29 per share

- 2020-08: EUR 49.72 per share

- 2020-09: EUR 48.16 per share

- 2020-10: EUR 51.05 per share

- 2020-11: EUR 48.98 per share

- 2020-12: EUR 45.50 per share

- 2021-01: EUR 44.75 per share

- 2021-02: EUR 41.73 per share

- 2021-03: EUR 45.48 per share

- 2021-04: EUR 47.04 per share

- 2021-05: EUR 49.08 per share

- 2021-06: EUR 53.72 per share

- 2021-07: EUR 54.94 per share

- 2021-08: EUR 58.00 per share

- 2021-09: EUR 53.30 per share

- 2021-10: EUR 53.18 per share

- 2021-11: EUR 52.04 per share

- 2021-12: EUR 51.18 per share

- 2022-01: EUR 40.30 per share

- 2022-02: EUR 40.64 per share

- 2022-03: EUR 43.71 per share

- 2022-04: EUR 44.56 per share

- 2022-05: EUR 42.03 per share

- 2022-06: EUR 37.03 per share

- 2022-07: EUR 43.59 per share

- 2022-08: EUR 38.77 per share

- 2022-09: EUR 31.79 per share

- 2022-10: EUR 33.10 per share

- 2022-11: EUR 32.60 per share

- 2022-12: EUR 30.92 per share

- 2023-01: EUR 35.88 per share

- 2023-02: EUR 35.56 per share

- 2023-03: EUR 35.76 per share

- 2023-04: EUR 38.17 per share

- 2023-05: EUR 37.91 per share

- 2023-06: EUR 36.99 per share

- 2023-07: EUR 37.14 per share

- 2023-08: EUR 35.30 per share

- 2023-09: EUR 32.97 per share

- 2023-10: EUR 27.72 per share

- 2023-11: EUR 35.04 per share

- 2023-12: EUR 35.66 per share

- 2024-01: EUR 35.78 per share

- 2024-02: EUR 33.27 per share

- 2024-03: EUR 32.77 per share

- 2024-04: EUR 31.05 per share

- 2024-05: EUR 33.53 per share

- 2024-06: EUR 30.37 per share

- 2024-07: EUR 32.18 per share

- 2024-08: EUR 34.93 per share

- 2024-09: EUR 36.43 per share

- 2024-10: EUR 33.70 per share

- 2024-11: EUR 33.98 per share

- 2024-12: EUR 30.51 per share

- 2025-01: EUR 32.39 per share

- 2025-02: EUR 34.44 per share

- 2025-03: EUR 32.83 per share

- 2025-04: EUR 35.64 per share

- 2025-05: EUR 33.72 per share

- 2025-06: EUR 32.95 per share

- 2025-07: EUR 31.00 per share

- 2025-08: EUR 30.39 per share

- 2025-09: EUR 29.49 per share

- 2025-10: EUR 27.03 per share

- 2025-11: EUR 25.86 per share

- 2025-12: EUR 27.43 per share

- 2026-01: EUR 26.02 per share

- 2026-02: EUR 32.14 per share

- 2026-03: EUR 27.73 per share

- 2026-04: EUR 28.62 per share

- 2026-05: EUR 28.82 per share

- 2026-06: EUR 26.15 per share

- 2026-07: EUR 26.87 per share

- 2026-08: EUR 26.48 per share

- 2026-09: EUR 22.54 per share

- 2026-10: EUR 24.51 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 1.49 per share, central EUR 1.60 per share, high EUR 1.74 per share

- FY2017: low EUR 1.96 per share, central EUR 2.08 per share, high EUR 2.24 per share

- FY2018: low EUR 2.03 per share, central EUR 2.14 per share, high EUR 2.30 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.