# Koninklijke KPN NV (KPN.AS)

Canonical: https://gigainvestors.com/s/KPN.AS

Analysis as of: 2026-10-16T07:34:57.833Z. Financial observations: FY1996–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 4.03 per share; close as of 2026-10-15.

Estimated value: low EUR 2.34 per share, central EUR 2.65 per share, high EUR 3.07 per share. Buy at or below the central value EUR 2.65 per share. Valuation as of 2026-10-16T07:34:57.833Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.14×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.17×

- FY2021: 0.35×

- FY2022: 0.23×

- FY2023: 0.25×

- FY2024: 0.25×

- FY2025: 0.25×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 40.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.7%

- ROIC, second-lowest year: 7.4%

- Typical minus recent gross margin: 40.3 pp

- Typical gross margin (annual median): 71.2%

- Recent gross margin (lower of latest and 3-year median): 30.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.2%

- ROIC including acquisitions, ten-year median: 7.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.4%

- FY2017: 9.3%

- FY2018: 6.7%

- FY2019: 9.4%

- FY2020: 9.6%

- FY2021: 17.7%

- FY2022: 11.7%

- FY2023: 12.9%

- FY2024: 13.2%

- FY2025: 13.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 4.2B

- Net income, five-year total: EUR 4.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 0.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.05×

- FY2022: 0.94×

- FY2023: 0.79×

- FY2024: 0.81×

- FY2025: 0.93×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.4% vs 13.0%

- Per-share earnings: 0.15 to 0.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

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

- Market cap gain: EUR -2.2B

- Cumulative retained earnings: EUR 1.0B

- Diluted shares, 10-year annual growth: -0.3%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.8%

- Per-share value change: EUR 0.04

- Per-share value, starting three-year median: EUR 0.15

- Per-share value, ending three-year median: EUR 0.19

- Buybacks concentrated in cheaper years (correlation): -0.33

- Average buyback yield: 4.1%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 599M

- Cumulative net income, 10 years: EUR 7.3B

- ROIC, first three-year median: 7.4%

- ROIC, last three-year median: 13.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.12

- FY2017: EUR 0.32

- FY2018: EUR 0.08

- FY2019: EUR 0.32

- FY2020: EUR 0.13

- FY2021: EUR 0.31

- FY2022: EUR 0.19

- FY2023: EUR 0.19

- FY2024: EUR 0.18

- FY2025: EUR 0.21

### accounting: pass

- Sloan accruals: -11.1%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.6%

- FY2017: -10.8%

- FY2018: -14.0%

- FY2019: -11.2%

- FY2020: -12.3%

- FY2021: -6.6%

- FY2022: -11.9%

- FY2023: -11.4%

- FY2024: -11.3%

- FY2025: -11.1%

## Holders

## Price story

Price needs cash profits to grow 6.3% a year for ten years · sales +3.5%

Story as of 2026-10-16T10:00:03.214Z; price observation 2026-10-15.

Price needs cash profits to grow 6.3% a year for ten years

### Sales · FY2024–2025

sales +3.5%; source https://filings.xbrl.org/549300YO0JZHAL7FVP81/2025-12-31/ESEF/NL/0/549300YO0JZHAL7FVP81-2025-12-31-1-en/reports/549300YO0JZHAL7FVP81-2025-12-31-1-en.html; observed 2026-03-04.

- FY2016: EUR 6.8B 

- FY2017: EUR 6.5B 

- FY2018: EUR 5.6B 

- FY2019: EUR 5.5B 

- FY2020: EUR 5.3B 

- FY2021: EUR 5.3B 

- FY2022: EUR 5.3B 

- FY2023: EUR 5.4B 

- FY2024: EUR 5.6B 

- FY2025: EUR 5.8B 

### Gross margin · FY2025

gross margin 30.9%; source https://filings.xbrl.org/549300YO0JZHAL7FVP81/2025-12-31/ESEF/NL/0/549300YO0JZHAL7FVP81-2025-12-31-1-en/reports/549300YO0JZHAL7FVP81-2025-12-31-1-en.html; observed 2026-03-04.

- FY2016: 70.2% 

- FY2017: 72.1% 

- FY2018: 76.9% 

- FY2019: 78.5% 

- FY2020: 75.7% 

- FY2021: 25.6% 

- FY2022: 53.4% 

- FY2023: 53.8% 

- FY2024: 73.0% 

- FY2025: 30.9% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are EUR 5.8 billion.

- Source: https://filings.xbrl.org/549300YO0JZHAL7FVP81/2025-12-31/ESEF/NL/0/549300YO0JZHAL7FVP81-2025-12-31-1-en/reports/549300YO0JZHAL7FVP81-2025-12-31-1-en.html (filed 2026-03-04); FY2025: revenue 5797000000; grossProfit 1790000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KPN.AS: Koninklijke KPN N.V. provides telecommunications and information technology (IT) services in the Netherlands. The company operates through Consumer, Business, Wholesale and Network, and Operations & IT segments. It offers fixed and mobile telephony, fixed and mobile broadband internet, and TV to retail and business consumers; infrastructure and network-related IT solutions to business customers; and wholesale network services to third parties. The company also provides network-related ICT solutions, such as security, internet of things, cloud, connectivity, and smart combinations; interconnect traffic, visitor roaming, digital products, and NL-ix interconnect exchange services; and sale of handsets and peripheral equipment, as well as software licenses. It offers its products and services under the KPN, XS4ALL, Simyo, KPN Security, KPN Health, Solcon, Inspark, and KPN Partner Network, KPN IoT, and youfone brands. The company was formerly known as Koninklijke PTT Nederland NV and changed its name to Koninklijke KPN N.V. in June 1998. Koninklijke KPN N.V. was founded in 1881 and is headquartered in Rotterdam, the Netherlands.

### Why customers stay

Margins ranged from 30.9% to 73% during 2023–25; it earns 10.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 53.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 73%.

- Source: https://filings.xbrl.org/549300YO0JZHAL7FVP81/2025-12-31/ESEF/NL/0/549300YO0JZHAL7FVP81-2025-12-31-1-en/reports/549300YO0JZHAL7FVP81-2025-12-31-1-en.html (filed 2026-03-04); FY2025: grossProfit / revenue = 30.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.07399203162736322],[2017,0.09293004340515387],[2018,0.06662985578796934],[2019,0.09395684199605768],[2020,0.09624453461736632],[2021,0.17677744526324157],[2022,0.11740652078933955],[2023,0.1288799341625594],[2024,0.13187597870341372],[2025,0.12993962820952443]]; median 0.10682552770335293. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 250 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 1219000000; owner earnings 1044000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 0; upkeep 1140000000; owner earnings 757000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 1107000000; owner earnings 696000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 0; upkeep 1114000000; owner earnings 844000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 1564000000; owner earnings 332600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 0; upkeep 1220000000; owner earnings 1353400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 1206000000; owner earnings 715400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 43000000; upkeep 1206000000; owner earnings 665000000. Growth capex / owner earnings = 0.06466165413533835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 74000000; upkeep 1240000000; owner earnings 684200000. Growth capex / owner earnings = 0.10815551008477053.

- Source: https://filings.xbrl.org/549300YO0JZHAL7FVP81/2025-12-31/ESEF/NL/0/549300YO0JZHAL7FVP81-2025-12-31-1-en/reports/549300YO0JZHAL7FVP81-2025-12-31-1-en.html (filed 2026-03-04); FY2025: growth capex 0; upkeep 1263000000; owner earnings 796600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,487000000],[2017,513000000],[2018,529000000],[2019,512000000],[2020,529000000],[2021,554000000],[2022,571000000],[2023,587000000],[2024,646000000],[2025,675000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300YO0JZHAL7FVP81/2025-12-31/ESEF/NL/0/549300YO0JZHAL7FVP81-2025-12-31-1-en/reports/549300YO0JZHAL7FVP81-2025-12-31-1-en.html (filed 2026-03-04); FY2025: cash repurchases 250000000 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); KPN.AS SharesStats.PercentInsiders = 0.135 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.3% yearly over ten years; actual decline was 1.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.07695726303481656. Price 4.033; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.22246916559801455 → FY2025 0.19149038461538462. Closing-price date 2026-10-15.

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

- 2016-10: EUR 2.97 per share

- 2016-11: EUR 2.72 per share

- 2016-12: EUR 2.81 per share

- 2017-01: EUR 2.66 per share

- 2017-02: EUR 2.67 per share

- 2017-03: EUR 2.82 per share

- 2017-04: EUR 2.66 per share

- 2017-05: EUR 3.03 per share

- 2017-06: EUR 2.80 per share

- 2017-07: EUR 3.06 per share

- 2017-08: EUR 2.97 per share

- 2017-09: EUR 2.91 per share

- 2017-10: EUR 2.96 per share

- 2017-11: EUR 3.08 per share

- 2017-12: EUR 2.91 per share

- 2018-01: EUR 2.82 per share

- 2018-02: EUR 2.57 per share

- 2018-03: EUR 2.44 per share

- 2018-04: EUR 2.58 per share

- 2018-05: EUR 2.33 per share

- 2018-06: EUR 2.33 per share

- 2018-07: EUR 2.48 per share

- 2018-08: EUR 2.20 per share

- 2018-09: EUR 2.27 per share

- 2018-10: EUR 2.34 per share

- 2018-11: EUR 2.61 per share

- 2018-12: EUR 2.56 per share

- 2019-01: EUR 2.69 per share

- 2019-02: EUR 2.71 per share

- 2019-03: EUR 2.83 per share

- 2019-04: EUR 2.74 per share

- 2019-05: EUR 2.74 per share

- 2019-06: EUR 2.70 per share

- 2019-07: EUR 2.58 per share

- 2019-08: EUR 2.88 per share

- 2019-09: EUR 2.86 per share

- 2019-10: EUR 2.78 per share

- 2019-11: EUR 2.80 per share

- 2019-12: EUR 2.63 per share

- 2020-01: EUR 2.53 per share

- 2020-02: EUR 2.20 per share

- 2020-03: EUR 2.18 per share

- 2020-04: EUR 2.11 per share

- 2020-05: EUR 2.20 per share

- 2020-06: EUR 2.36 per share

- 2020-07: EUR 2.19 per share

- 2020-08: EUR 2.20 per share

- 2020-09: EUR 2.01 per share

- 2020-10: EUR 2.32 per share

- 2020-11: EUR 2.50 per share

- 2020-12: EUR 2.49 per share

- 2021-01: EUR 2.58 per share

- 2021-02: EUR 2.71 per share

- 2021-03: EUR 2.89 per share

- 2021-04: EUR 2.87 per share

- 2021-05: EUR 2.72 per share

- 2021-06: EUR 2.63 per share

- 2021-07: EUR 2.77 per share

- 2021-08: EUR 2.71 per share

- 2021-09: EUR 2.72 per share

- 2021-10: EUR 2.59 per share

- 2021-11: EUR 2.60 per share

- 2021-12: EUR 2.73 per share

- 2022-01: EUR 2.93 per share

- 2022-02: EUR 3.05 per share

- 2022-03: EUR 3.14 per share

- 2022-04: EUR 3.29 per share

- 2022-05: EUR 3.39 per share

- 2022-06: EUR 3.40 per share

- 2022-07: EUR 3.22 per share

- 2022-08: EUR 3.17 per share

- 2022-09: EUR 2.77 per share

- 2022-10: EUR 2.83 per share

- 2022-11: EUR 2.94 per share

- 2022-12: EUR 2.89 per share

- 2023-01: EUR 3.14 per share

- 2023-02: EUR 3.24 per share

- 2023-03: EUR 3.26 per share

- 2023-04: EUR 3.31 per share

- 2023-05: EUR 3.22 per share

- 2023-06: EUR 3.27 per share

- 2023-07: EUR 3.29 per share

- 2023-08: EUR 3.23 per share

- 2023-09: EUR 3.12 per share

- 2023-10: EUR 3.18 per share

- 2023-11: EUR 3.15 per share

- 2023-12: EUR 3.12 per share

- 2024-01: EUR 3.15 per share

- 2024-02: EUR 3.38 per share

- 2024-03: EUR 3.47 per share

- 2024-04: EUR 3.41 per share

- 2024-05: EUR 3.44 per share

- 2024-06: EUR 3.58 per share

- 2024-07: EUR 3.64 per share

- 2024-08: EUR 3.69 per share

- 2024-09: EUR 3.67 per share

- 2024-10: EUR 3.59 per share

- 2024-11: EUR 3.67 per share

- 2024-12: EUR 3.52 per share

- 2025-01: EUR 3.49 per share

- 2025-02: EUR 3.68 per share

- 2025-03: EUR 3.92 per share

- 2025-04: EUR 4.10 per share

- 2025-05: EUR 4.14 per share

- 2025-06: EUR 4.14 per share

- 2025-07: EUR 3.92 per share

- 2025-08: EUR 4.08 per share

- 2025-09: EUR 4.09 per share

- 2025-10: EUR 4.02 per share

- 2025-11: EUR 3.94 per share

- 2025-12: EUR 3.98 per share

- 2026-01: EUR 4.11 per share

- 2026-02: EUR 4.80 per share

- 2026-03: EUR 4.80 per share

- 2026-04: EUR 4.56 per share

- 2026-05: EUR 4.47 per share

- 2026-06: EUR 4.32 per share

- 2026-07: EUR 4.11 per share

- 2026-08: EUR 4.13 per share

- 2026-09: EUR 3.96 per share

- 2026-10: EUR 3.90 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 1.20 per share, central EUR 1.34 per share, high EUR 1.53 per share

- FY2017: low EUR 6.82 per share, central EUR 7.57 per share, high EUR 8.57 per share

- FY2018: low EUR 2.43 per share, central EUR 2.72 per share, high EUR 3.12 per share

- FY2019: low EUR 4.61 per share, central EUR 5.18 per share, high EUR 5.94 per share

- FY2020: low EUR 1.88 per share, central EUR 2.11 per share, high EUR 2.42 per share

- FY2021: low EUR 1.97 per share, central EUR 2.20 per share, high EUR 2.52 per share

- FY2022: low EUR 2.04 per share, central EUR 2.31 per share, high EUR 2.67 per share

- FY2023: low EUR 1.93 per share, central EUR 2.17 per share, high EUR 2.50 per share

- FY2024: low EUR 1.77 per share, central EUR 1.99 per share, high EUR 2.29 per share

- FY2025: low EUR 2.16 per share, central EUR 2.45 per share, high EUR 2.82 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

Prior published observations retained from 2026-10-15T06:40:45.672Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300YO0JZHAL7FVP81/2025-12-31/ESEF/NL/0/549300YO0JZHAL7FVP81-2025-12-31-1-en/reports/549300YO0JZHAL7FVP81-2025-12-31-1-en.html); period 2025-12-31, filed 2026-03-04.

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.