# Telenor ASA (TEL.OL)

Canonical: https://gigainvestors.com/s/TEL.OL

Analysis as of: 2026-10-16T07:34:54.634Z. Financial observations: FY1999–FY2025.

Listing currency: NOK. Reporting currency: NOK.

## 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: NOK 125.40 per share; close as of 2026-10-15.

Estimated value: low NOK 105.14 per share, central NOK 115.71 per share, high NOK 129.77 per share. Buy at or below the central value NOK 115.71 per share. Valuation as of 2026-10-16T07:34:54.634Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 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: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.21×

- FY2018: 0.20×

- FY2019: 0.23×

- FY2020: 0.24×

- FY2021: 0.20×

- FY2022: 0.14×

- FY2023: 0.21×

- FY2024: 0.33×

- FY2025: 0.24×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.7%

- ROIC, second-lowest year: 10.0%

- Typical minus recent gross margin: -1.5 pp

- Typical gross margin (annual median): 75.6%

- Recent gross margin (lower of latest and 3-year median): 77.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.9%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.0%

- FY2017: 23.3%

- FY2018: 16.9%

- FY2019: 12.3%

- FY2020: 15.8%

- FY2021: 12.4%

- FY2022: 10.0%

- FY2023: 9.1%

- FY2024: 13.6%

- FY2025: 11.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NOK 54B

- Net income, five-year total: NOK 64B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -2.2 pp

- Working capital / revenue, change between three-year averages: -15.0 pp

- Working capital / revenue, final three-year average: -3.7%

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

- FY2021: 0.72×

- FY2022: 0.38×

- FY2023: 0.88×

- FY2024: 1.00×

- FY2025: 1.42×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.9% vs 11.2%

- Per-share earnings: 2.28 to 9.90 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: NOK 6.9B

- Cumulative retained earnings: NOK 26B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.2%

- Per-share value change: NOK 7.62

- Per-share value, starting three-year median: NOK 2.28

- Per-share value, ending three-year median: NOK 9.90

- Buybacks concentrated in cheaper years (correlation): 0.07

- Average buyback yield: 1.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: NOK 3.0B

- Cumulative net income, 10 years: NOK 123B

- ROIC, first three-year median: 16.9%

- ROIC, last three-year median: 11.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: NOK 1.89

- FY2017: NOK 7.99

- FY2018: NOK 10.04

- FY2019: NOK 8.31

- FY2020: NOK 12.37

- FY2021: NOK 8.10

- FY2022: NOK 9.75

- FY2023: NOK 9.90

- FY2024: NOK 13.57

- FY2025: NOK 5.14

### accounting: pass

- Sloan accruals: -10.9%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.51×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -17.9%

- FY2017: -14.9%

- FY2018: -11.3%

- FY2019: -9.0%

- FY2020: -10.3%

- FY2021: -13.7%

- FY2022: -10.7%

- FY2023: -7.0%

- FY2024: -5.7%

- FY2025: -10.9%

## Holders

## Price story

Down 29% since Feb 2026 · sales +1.4%

Story as of 2026-10-16T10:00:03.003Z; price observation 2026-10-15.

Price needs cash profits to grow 2.2% a year for ten years

- 2025-07-18: Telenor lifts 2025 EBITDA outlook on strong Q2 Nordic performance ([investing.com](https://www.investing.com/news/earnings/telenor-lifts-2025-ebitda-outlook-on-strong-q2-nordic-performance-4141019))

- 2025-08-26: Telenor Subsidiary Secures €15 Million Nordic Defence Contracts ([finance.yahoo.com](https://finance.yahoo.com/news/telenor-subsidiary-secures-15-million-063000580.html))

- 2025-10-29: Telenor slightly lags earnings forecast, takes $50 million hit in Malaysia ([finance.yahoo.com](https://finance.yahoo.com/news/norways-telenor-slightly-lags-earnings-061642331.html))

### Sales · FY2024–2025

sales +1.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NOK 131B 

- FY2017: NOK 125B 

- FY2018: NOK 110B 

- FY2019: NOK 114B 

- FY2020: NOK 123B 

- FY2021: NOK 110B 

- FY2022: NOK 99B 

- FY2023: NOK 80B 

- FY2024: NOK 75B 

- FY2025: NOK 77B 

### Gross margin · FY2025

gross margin 77.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 74.1% 

- FY2017: 75.1% 

- FY2018: 76.3% 

- FY2019: 75.4% 

- FY2020: 75.8% 

- FY2021: 73.5% 

- FY2022: 73.3% 

- FY2023: 76.3% 

- FY2024: 77.1% 

- FY2025: 77.5% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are NOK 76.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2025: revenue 76548000000; grossProfit 59304000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEL.OL: Telenor ASA, together with its subsidiaries, operates as a telecommunication company worldwide. It operates through four segments: Nordics, Asia, Infrastructure, and Amp. The company offers mobile and broadband telecom products and services, including mobile, broadband and TV services; other services, including solutions for business customers like managed services, virtual private networks, software defined networks, and network as a service; IoT solutions; and mobile maritime communication for cruise and ferry, fisheries, and oil and gas industry. It also provides hardware comprising mobile phones, broadband modems, and TV boxes; wholesale services, such as national and international roaming and interconnect, and solutions for mobile and fixed virtual network operators and service providers, as well as leased lines and colocation at towers and data centres. In addition, the company provides cloud storage service for private use and businesses that allows to back up, store, synchronize, and share files over the Internet. Telenor ASA was founded in 1855 and is headquartered in Fornebu, Norway.

### Why customers stay

Margins ranged from 76.3% to 77.5% during 2023–25; it earns 12.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2023: grossProfit / revenue = 76.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2024: grossProfit / revenue = 77.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2025: grossProfit / revenue = 77.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); 10-year return on capital observations [[2016,0.1304508847216507],[2017,0.23280256486014364],[2018,0.1692408232269119],[2019,0.12321007139064252],[2020,0.15816912167213965],[2021,0.12381017842781514],[2022,0.09966753858041101],[2023,0.09144861789561856],[2024,0.13613804385219716],[2025,0.111984361479033]]; median 0.12713053157473292. 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 NOK 195 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2016: growth capex 1640230657.243332; upkeep 22086769342.756668; owner earnings 328230657.2433319. Growth capex / owner earnings = 4.997189083490627.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2017: growth capex 0; upkeep 18361000000; owner earnings 13243000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2018: growth capex 0; upkeep 20920000000; owner earnings 13850000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2019: growth capex 0; upkeep 21986000000; owner earnings 6216600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2020: growth capex 0; upkeep 19000000000; owner earnings 15662600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2021: growth capex 0; upkeep 19447000000; owner earnings 8128400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2022: growth capex 0; upkeep 19298000000; owner earnings 5243800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2023: growth capex 0; upkeep 14728000000; owner earnings 12079400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2024: growth capex 0; upkeep 13383000000; owner earnings 18315800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2025: growth capex 0; upkeep 11338000000; owner earnings 9988200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); Dividend observations: [[2016,11246000000],[2017,11944000000],[2018,18381000000],[2019,12121000000],[2020,12277000000],[2021,12595000000],[2022,13015000000],[2023,13017000000],[2024,13082000000],[2025,13135000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); FY2025: cash repurchases 195000000 NOK.

### Are managers owners

Insiders own 54% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEL.OL SharesStats.PercentInsiders = 53.991 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.2% yearly over ten years; actual growth was 12.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.634Z); Ten-year compound average after fade. Initial solved rate 0.018787453285973865. Price 125.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.276 → FY2025 7.302576151127312. Closing-price date 2026-10-15.

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

- 2016-10: NOK 131.50 per share

- 2016-11: NOK 125.80 per share

- 2016-12: NOK 129.00 per share

- 2017-01: NOK 130.60 per share

- 2017-02: NOK 136.70 per share

- 2017-03: NOK 142.90 per share

- 2017-04: NOK 138.80 per share

- 2017-05: NOK 139.50 per share

- 2017-06: NOK 138.50 per share

- 2017-07: NOK 157.30 per share

- 2017-08: NOK 157.10 per share

- 2017-09: NOK 168.40 per share

- 2017-10: NOK 173.50 per share

- 2017-11: NOK 186.40 per share

- 2017-12: NOK 175.90 per share

- 2018-01: NOK 180.50 per share

- 2018-02: NOK 178.35 per share

- 2018-03: NOK 177.00 per share

- 2018-04: NOK 177.80 per share

- 2018-05: NOK 168.55 per share

- 2018-06: NOK 167.15 per share

- 2018-07: NOK 159.50 per share

- 2018-08: NOK 158.10 per share

- 2018-09: NOK 159.10 per share

- 2018-10: NOK 154.65 per share

- 2018-11: NOK 166.45 per share

- 2018-12: NOK 167.50 per share

- 2019-01: NOK 159.40 per share

- 2019-02: NOK 166.85 per share

- 2019-03: NOK 172.70 per share

- 2019-04: NOK 173.20 per share

- 2019-05: NOK 180.00 per share

- 2019-06: NOK 181.10 per share

- 2019-07: NOK 180.10 per share

- 2019-08: NOK 187.10 per share

- 2019-09: NOK 182.55 per share

- 2019-10: NOK 172.15 per share

- 2019-11: NOK 168.20 per share

- 2019-12: NOK 157.45 per share

- 2020-01: NOK 166.95 per share

- 2020-02: NOK 150.35 per share

- 2020-03: NOK 151.90 per share

- 2020-04: NOK 157.25 per share

- 2020-05: NOK 147.40 per share

- 2020-06: NOK 140.10 per share

- 2020-07: NOK 140.85 per share

- 2020-08: NOK 142.10 per share

- 2020-09: NOK 156.45 per share

- 2020-10: NOK 147.20 per share

- 2020-11: NOK 151.45 per share

- 2020-12: NOK 145.90 per share

- 2021-01: NOK 142.05 per share

- 2021-02: NOK 140.15 per share

- 2021-03: NOK 150.50 per share

- 2021-04: NOK 148.45 per share

- 2021-05: NOK 144.40 per share

- 2021-06: NOK 145.10 per share

- 2021-07: NOK 153.40 per share

- 2021-08: NOK 152.35 per share

- 2021-09: NOK 147.30 per share

- 2021-10: NOK 133.35 per share

- 2021-11: NOK 133.85 per share

- 2021-12: NOK 138.60 per share

- 2022-01: NOK 146.65 per share

- 2022-02: NOK 130.45 per share

- 2022-03: NOK 126.75 per share

- 2022-04: NOK 132.90 per share

- 2022-05: NOK 129.55 per share

- 2022-06: NOK 131.00 per share

- 2022-07: NOK 117.00 per share

- 2022-08: NOK 109.00 per share

- 2022-09: NOK 99.66 per share

- 2022-10: NOK 94.50 per share

- 2022-11: NOK 95.30 per share

- 2022-12: NOK 91.60 per share

- 2023-01: NOK 104.35 per share

- 2023-02: NOK 116.55 per share

- 2023-03: NOK 122.70 per share

- 2023-04: NOK 132.95 per share

- 2023-05: NOK 114.00 per share

- 2023-06: NOK 108.80 per share

- 2023-07: NOK 108.50 per share

- 2023-08: NOK 113.90 per share

- 2023-09: NOK 121.50 per share

- 2023-10: NOK 114.15 per share

- 2023-11: NOK 116.30 per share

- 2023-12: NOK 116.60 per share

- 2024-01: NOK 116.70 per share

- 2024-02: NOK 116.20 per share

- 2024-03: NOK 120.75 per share

- 2024-04: NOK 127.90 per share

- 2024-05: NOK 122.40 per share

- 2024-06: NOK 121.70 per share

- 2024-07: NOK 130.00 per share

- 2024-08: NOK 131.50 per share

- 2024-09: NOK 135.00 per share

- 2024-10: NOK 135.10 per share

- 2024-11: NOK 130.00 per share

- 2024-12: NOK 126.90 per share

- 2025-01: NOK 138.40 per share

- 2025-02: NOK 145.80 per share

- 2025-03: NOK 150.50 per share

- 2025-04: NOK 156.20 per share

- 2025-05: NOK 156.60 per share

- 2025-06: NOK 156.70 per share

- 2025-07: NOK 158.70 per share

- 2025-08: NOK 167.60 per share

- 2025-09: NOK 165.40 per share

- 2025-10: NOK 150.60 per share

- 2025-11: NOK 146.10 per share

- 2025-12: NOK 146.70 per share

- 2026-01: NOK 162.00 per share

- 2026-02: NOK 176.30 per share

- 2026-03: NOK 170.30 per share

- 2026-04: NOK 152.50 per share

- 2026-05: NOK 151.10 per share

- 2026-06: NOK 141.80 per share

- 2026-07: NOK 133.80 per share

- 2026-08: NOK 137.10 per share

- 2026-09: NOK 128.20 per share

- 2026-10: NOK 124.50 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 61.50 per share, central NOK 67.94 per share, high NOK 76.52 per share

- FY2017: low NOK 59.03 per share, central NOK 66.00 per share, high NOK 74.44 per share

- FY2018: low NOK 51.54 per share, central NOK 57.07 per share, high NOK 64.44 per share

- FY2019: low NOK 55.73 per share, central NOK 62.25 per share, high NOK 70.93 per share

- FY2020: low NOK 114.88 per share, central NOK 128.90 per share, high NOK 147.56 per share

- FY2021: low NOK 100.87 per share, central NOK 113.46 per share, high NOK 130.21 per share

- FY2022: low NOK 62.90 per share, central NOK 70.76 per share, high NOK 81.22 per share

- FY2023: low NOK 60.60 per share, central NOK 67.05 per share, high NOK 75.62 per share

- FY2024: low NOK 85.50 per share, central NOK 96.24 per share, high NOK 110.53 per share

- FY2025: low NOK 91.25 per share, central NOK 102.25 per share, high NOK 116.90 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 2026-10-15T06:40:39.962Z 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