# Nos S.G.P.S. (NOS.LS)

Canonical: https://gigainvestors.com/s/NOS.LS

Analysis as of: 2026-10-16T07:39:12.678Z. Financial observations: FY2001–FY2026.

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 5.27 per share; close as of 2026-10-15.

Estimated value: low EUR 2.58 per share, central EUR 2.93 per share, high EUR 3.41 per share. Buy at or below the central value EUR 2.93 per share. Valuation as of 2026-10-16T07:39:12.678Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; PT 10-year bond 3.9% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.19×

- FY2019: 0.27×

- FY2020: 0.10×

- FY2021: 0.13×

- FY2022: 0.18×

- FY2023: 0.17×

- FY2024: 0.22×

- FY2025: 0.23×

- LTM to Jun 2026: 0.23×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.6%

- ROIC, second-lowest year: 8.9%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 67.9%

- Recent gross margin (lower of latest and 3-year median): 70.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.7%

- ROIC including acquisitions, ten-year median: 4.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.9%

- FY2017: 9.2%

- FY2018: 15.7%

- FY2019: 20.3%

- FY2020: 6.8%

- FY2021: 9.3%

- FY2022: 11.6%

- FY2023: 11.6%

- FY2024: 16.6%

- FY2025: 19.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 654M

- Net income, five-year total: EUR 1.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.1 pp

- Working capital / revenue, final three-year average: 9.6%

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

- FY2021: 0.60×

- FY2022: 1.13×

- FY2023: 0.26×

- FY2024: 0.54×

- FY2025: 0.48×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.2% vs 16.6%

- Per-share earnings: 0.28 to 0.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR -758M

- Cumulative retained earnings: EUR 123M

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.7%

- Per-share value change: EUR 0.20

- Per-share value, starting three-year median: EUR 0.28

- Per-share value, ending three-year median: EUR 0.48

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 0.2%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 105M

- Cumulative net income, 10 years: EUR 1.7B

- ROIC, first three-year median: 9.2%

- ROIC, last three-year median: 16.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.24

- FY2018: EUR 0.28

- FY2019: EUR 0.28

- FY2020: EUR 0.18

- FY2021: EUR 0.28

- FY2022: EUR 0.44

- FY2023: EUR 0.35

- FY2024: EUR 0.54

- FY2025: EUR 0.48

### accounting: pass

- Sloan accruals: -16.1%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.33×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.1%

- FY2017: -13.4%

- FY2018: -19.3%

- FY2019: -16.9%

- FY2020: -18.5%

- FY2021: -17.2%

- FY2022: -12.1%

- FY2023: -15.8%

- FY2024: -18.8%

- FY2025: -16.1%

## Holders

## Price story

Price needs cash profits to grow 8.3% a year for ten years · sales +2.1%

Story as of 2026-10-16T10:00:10.618Z; price observation 2026-10-15.

Price needs cash profits to grow 8.3% a year for ten years

- 2026-03-04: NOS S G P S Balances Earnings Growth With Heavy 5G And AI Investment ([finance.yahoo.com](https://finance.yahoo.com/news/nos-g-p-balances-earnings-141124075.html))

### Sales · FY2025–2026

sales +2.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 1.6B 

- FY2018: EUR 1.6B 

- FY2019: EUR 1.6B 

- FY2020: EUR 1.4B 

- FY2021: EUR 1.4B 

- FY2022: EUR 1.5B 

- FY2023: EUR 1.6B 

- FY2024: EUR 1.7B 

- FY2025: EUR 1.8B 

- FY2026: EUR 1.9B 

### Gross margin · FY2025

gross margin 70.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 66.0% 

- FY2017: 65.2% 

- FY2018: 63.3% 

- FY2019: 63.2% 

- FY2020: 69.1% 

- FY2021: 66.8% 

- FY2022: 69.8% 

- FY2023: 71.3% 

- FY2024: 71.4% 

- FY2025: 70.9% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are EUR 1.8 billion.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2025-12-31 (filed 2026-10-16T07:39:12.678Z); FY2025: revenue 1823162000; grossProfit 1292350000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NOS.LS: NOS, S.G.P.S., S.A. together with its subsidiaries, engages in the telecommunications and entertainment business. The company offers cable and satellite television, voice and internet access, mobile broadband internet access and mobile voice; and voice over internet protocol services. It is involved in publishing and sale of video grams; advertising on pay-TV channels; operation of cinemas and mobile communications network; distribution of films; production of pay-TV channels; data center management; licensing; and provision of engineering and consultancy services in information systems. In addition, the company engages in the negotiation, acquisition, purchase, and distribution of content rights and other multimedia products; distributing films; acquiring/negotiating rights for pay-TV and video-on-demand; cinema exhibition and distribution; sale of DVDs and insurance; and provision of security solutions. Further, it invests in and supports the development of companies that commercialize technologies and products; ownership, management, and operation of intellectual property; supply and marketing of electronic communications products and equipment; distribution of television and radio program; and provision of accounting, logistical, administrative, financial, tax, human resources and any other services. Additionally, the company is involved in demonstration, dissemination, and technology transfer and training activities; import, distribution, exploitation, commercialization, and production of audiovisual products; design, construction, management, and operation of electronic communications networks, and related equipment and infrastructures; buying and selling, renting, operating, purchase, and sale of property and commercial establishments; development and construction of buildings, planning, urban management, studies, construction and property management. The company was incorporated in 1999 and is headquartered in Lisbon, Portugal.

### Why customers stay

Margins ranged from 70.9% to 71.4% during 2023–25; it earns 11.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2023-12-31 (filed 2026-10-16T07:39:12.678Z); FY2023: grossProfit / revenue = 71.3%.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2024-12-31 (filed 2026-10-16T07:39:12.678Z); FY2024: grossProfit / revenue = 71.4%.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2025-12-31 (filed 2026-10-16T07:39:12.678Z); FY2025: grossProfit / revenue = 70.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:12.678Z); 10-year return on capital observations [[2016,0.08894880113222055],[2017,0.09167339430374835],[2018,0.1565296475279405],[2019,0.20341756249223295],[2020,0.06835901287188469],[2021,0.09270637836993734],[2022,0.11636296310509231],[2023,0.11609519703919507],[2024,0.16608053107430426],[2025,0.1993040270000148]]; median 0.11622908007214369. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 8.5% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2016-12-31 (filed 2026-10-16T07:39:12.678Z); FY2016: growth capex 0; upkeep 431027000; owner earnings 79720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2017-12-31 (filed 2026-10-16T07:39:12.678Z); FY2017: growth capex 0; upkeep 170700000; owner earnings 351612000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2018-12-31 (filed 2026-10-16T07:39:12.678Z); FY2018: growth capex 0; upkeep 260502000; owner earnings 444502000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2019-12-31 (filed 2026-10-16T07:39:12.678Z); FY2019: growth capex 14034000; upkeep 229333000; owner earnings 92756400. Growth capex / owner earnings = 0.15129953297023171.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2020-12-31 (filed 2026-10-16T07:39:12.678Z); FY2020: growth capex 0; upkeep 215469000; owner earnings 71995200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2021-12-31 (filed 2026-10-16T07:39:12.678Z); FY2021: growth capex 0; upkeep 271223000; cash acquisitions 0; owner earnings 87197000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2022-12-31 (filed 2026-10-16T07:39:12.678Z); FY2022: growth capex 0; upkeep 226574000; cash acquisitions 0; owner earnings 254859600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2023-12-31 (filed 2026-10-16T07:39:12.678Z); FY2023: growth capex 55788856.121744275; upkeep 394703143.8782557; cash acquisitions 0; owner earnings 46510456.121744275. Growth capex plus acquisitions / owner earnings = 1.1994906258436417.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2024-12-31 (filed 2026-10-16T07:39:12.678Z); FY2024: growth capex 57812000; upkeep 399963000; owner earnings 146932400. Growth capex / owner earnings = 0.39345984956347274.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2025-12-31 (filed 2026-10-16T07:39:12.678Z); FY2025: growth capex 10095000; upkeep 406426000; owner earnings 118142200. Growth capex / owner earnings = 0.08544787552627257.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:12.678Z); Dividend observations: [[2016,82121000],[2017,102617000],[2018,153923000],[2019,179607000],[2020,142516000],[2021,142376000],[2022,142357000],[2023,219987000],[2024,178958000],[2025,204905000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/NOS.LS.json#2025-12-31 (filed 2026-10-16T07:39:12.678Z); FY2025: cash repurchases 2517000 EUR.

### Are managers owners

Insiders own 63.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NOS.LS SharesStats.PercentInsiders = 63.547 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:12.678Z); Ten-year compound average after fade. Initial solved rate 0.10559072342463194. Price 5.27; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: EUR 6.05 per share

- 2016-11: EUR 5.35 per share

- 2016-12: EUR 5.64 per share

- 2017-01: EUR 5.21 per share

- 2017-02: EUR 5.59 per share

- 2017-03: EUR 5.11 per share

- 2017-04: EUR 5.26 per share

- 2017-05: EUR 5.44 per share

- 2017-06: EUR 5.31 per share

- 2017-07: EUR 5.38 per share

- 2017-08: EUR 5.38 per share

- 2017-09: EUR 5.24 per share

- 2017-10: EUR 5.14 per share

- 2017-11: EUR 5.71 per share

- 2017-12: EUR 5.48 per share

- 2018-01: EUR 5.49 per share

- 2018-02: EUR 5.03 per share

- 2018-03: EUR 4.79 per share

- 2018-04: EUR 4.93 per share

- 2018-05: EUR 4.59 per share

- 2018-06: EUR 4.69 per share

- 2018-07: EUR 4.98 per share

- 2018-08: EUR 4.92 per share

- 2018-09: EUR 5.16 per share

- 2018-10: EUR 4.96 per share

- 2018-11: EUR 5.49 per share

- 2018-12: EUR 5.30 per share

- 2019-01: EUR 5.67 per share

- 2019-02: EUR 5.25 per share

- 2019-03: EUR 5.70 per share

- 2019-04: EUR 5.99 per share

- 2019-05: EUR 5.66 per share

- 2019-06: EUR 5.78 per share

- 2019-07: EUR 5.63 per share

- 2019-08: EUR 5.35 per share

- 2019-09: EUR 5.01 per share

- 2019-10: EUR 5.33 per share

- 2019-11: EUR 4.92 per share

- 2019-12: EUR 4.80 per share

- 2020-01: EUR 4.68 per share

- 2020-02: EUR 3.57 per share

- 2020-03: EUR 3.05 per share

- 2020-04: EUR 3.40 per share

- 2020-05: EUR 3.70 per share

- 2020-06: EUR 3.88 per share

- 2020-07: EUR 3.75 per share

- 2020-08: EUR 3.39 per share

- 2020-09: EUR 3.03 per share

- 2020-10: EUR 2.95 per share

- 2020-11: EUR 3.20 per share

- 2020-12: EUR 2.86 per share

- 2021-01: EUR 2.84 per share

- 2021-02: EUR 2.77 per share

- 2021-03: EUR 3.10 per share

- 2021-04: EUR 3.15 per share

- 2021-05: EUR 2.92 per share

- 2021-06: EUR 2.96 per share

- 2021-07: EUR 3.12 per share

- 2021-08: EUR 3.57 per share

- 2021-09: EUR 3.48 per share

- 2021-10: EUR 3.37 per share

- 2021-11: EUR 3.36 per share

- 2021-12: EUR 3.41 per share

- 2022-01: EUR 3.50 per share

- 2022-02: EUR 3.43 per share

- 2022-03: EUR 3.81 per share

- 2022-04: EUR 4.02 per share

- 2022-05: EUR 3.96 per share

- 2022-06: EUR 3.84 per share

- 2022-07: EUR 3.69 per share

- 2022-08: EUR 3.67 per share

- 2022-09: EUR 3.34 per share

- 2022-10: EUR 3.96 per share

- 2022-11: EUR 3.84 per share

- 2022-12: EUR 3.78 per share

- 2023-01: EUR 3.94 per share

- 2023-02: EUR 4.18 per share

- 2023-03: EUR 4.22 per share

- 2023-04: EUR 3.99 per share

- 2023-05: EUR 3.45 per share

- 2023-06: EUR 3.26 per share

- 2023-07: EUR 3.46 per share

- 2023-08: EUR 3.47 per share

- 2023-09: EUR 3.48 per share

- 2023-10: EUR 3.45 per share

- 2023-11: EUR 3.41 per share

- 2023-12: EUR 3.20 per share

- 2024-01: EUR 3.28 per share

- 2024-02: EUR 3.22 per share

- 2024-03: EUR 3.63 per share

- 2024-04: EUR 3.24 per share

- 2024-05: EUR 3.32 per share

- 2024-06: EUR 3.31 per share

- 2024-07: EUR 3.56 per share

- 2024-08: EUR 3.60 per share

- 2024-09: EUR 3.66 per share

- 2024-10: EUR 3.52 per share

- 2024-11: EUR 3.46 per share

- 2024-12: EUR 3.33 per share

- 2025-01: EUR 3.40 per share

- 2025-02: EUR 4.27 per share

- 2025-03: EUR 4.41 per share

- 2025-04: EUR 3.68 per share

- 2025-05: EUR 3.85 per share

- 2025-06: EUR 3.87 per share

- 2025-07: EUR 3.62 per share

- 2025-08: EUR 3.91 per share

- 2025-09: EUR 3.89 per share

- 2025-10: EUR 3.76 per share

- 2025-11: EUR 3.69 per share

- 2025-12: EUR 4.02 per share

- 2026-01: EUR 4.39 per share

- 2026-02: EUR 5.15 per share

- 2026-03: EUR 5.44 per share

- 2026-04: EUR 5.62 per share

- 2026-05: EUR 5.27 per share

- 2026-06: EUR 5.05 per share

- 2026-07: EUR 4.83 per share

- 2026-08: EUR 5.03 per share

- 2026-09: EUR 5.38 per share

- 2026-10: EUR 5.24 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 7.30 per share, central EUR 8.31 per share, high EUR 9.65 per share

- FY2018: low EUR 7.37 per share, central EUR 8.39 per share, high EUR 9.74 per share

- FY2019: low EUR 6.07 per share, central EUR 6.91 per share, high EUR 8.02 per share

- FY2020: low EUR 1.94 per share, central EUR 2.17 per share, high EUR 2.49 per share

- FY2021: low EUR 1.86 per share, central EUR 2.12 per share, high EUR 2.46 per share

- FY2022: low EUR 1.98 per share, central EUR 2.25 per share, high EUR 2.62 per share

- FY2023: low EUR 1.98 per share, central EUR 2.25 per share, high EUR 2.62 per share

- FY2024: low EUR 2.22 per share, central EUR 2.53 per share, high EUR 2.94 per share

- FY2025: low EUR 2.52 per share, central EUR 2.87 per share, high EUR 3.33 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 2026-10-15T06:44:59.803Z where newer inputs omit a numeric field or fiscal period.

## 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.

## Reported holder observations