# Telecom Argentina (TEO.US)

Canonical: https://gigainvestors.com/s/TEO

Analysis as of: 2026-10-16T07:32:19.226Z. Financial observations: FY2016–FY2025.

Listing currency: USD. Reporting currency: ARS. ARS is hyperinflationary (Argentina: periods ending on or after 1 July 2018 (FACPCE JG 539/18; IPTF)): the tests are measured in US dollars, each statement at the exchange rate of the year-end currency it is stated in, not in nominal ARS; FY2015, FY2021 have a statement no annual filing places in a measuring unit, so their amounts are unknown.

## 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: $12.49 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- In US dollars (ARS, IAS 29)

- 2 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: 2

- Years with a net loss: 5

- Operating margin variation: 5.01×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.21×

- FY2018: 0.13×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2022: -0.40×

- FY2023: -0.03×

- FY2024: -0.04×

- FY2025: 0.10×

### moat: fail

- In US dollars (ARS, IAS 29)

- ROIC median below threshold

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

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: -2.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 18.0%

- ROIC including acquisitions, ten-year median: 3.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.8%

- FY2017: 14.9%

- FY2018: 9.5%

- FY2019: 4.3%

- FY2020: 4.8%

- FY2022: -56.3%

- FY2023: -1.6%

- FY2024: -2.2%

- FY2025: 11.5%

### economics: na

### management: na

### accounting: pass

- In US dollars (ARS, IAS 29)

- Sloan accruals: -15.4%

- Receivables to sales index (DSRI): 1.38×

- 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: 1.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.7%

- FY2017: -10.9%

- FY2018: -7.1%

- FY2019: -15.1%

- FY2020: -14.5%

- FY2022: -40.4%

- FY2023: -14.7%

- FY2024: 1.8%

- FY2025: -15.4%

## Holders

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 151% since Oct 2023 · sales +40.9%

Story as of 2026-10-16T09:59:40.665Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +40.9%; source https://www.sec.gov/Archives/edgar/data/932470/000110465926026480/teo-20251231x20f.htm; observed 2026-03-11.

- FY2016: ARS 1.6B 

- FY2017: ARS 1.7B 

- FY2018: ARS 4.2B 

- FY2019: ARS 4.7B 

- FY2020: ARS 5.0B 

- FY2022: ARS 4.9B 

- FY2023: ARS 4.1B 

- FY2024: ARS 4.1B 

- FY2025: ARS 5.8B 

### Gross margin · FY2025

gross margin 75.4%; source https://www.sec.gov/Archives/edgar/data/932470/000110465926026480/teo-20251231x20f.htm; observed 2026-03-11.

- FY2016: 70.3% 

- FY2017: 72.7% 

- FY2018: 73.9% 

- FY2019: 73.5% 

- FY2020: 74.9% 

- FY2022: 73.8% 

- FY2023: 73.4% 

- FY2024: 73.3% 

- FY2025: 75.4% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are ARS 8.3 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/932470/000110465926026480/teo-20251231x20f.htm (filed 2026-03-11); FY2025: revenue 8328814000000; grossProfit 6281258000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEO.US: Telecom Argentina S.A., together with its subsidiaries, provides telecommunications services in Argentina, Paraguay, Uruguay, Chile and the United States. The company offers mobile telecommunications services, including voice communications, high-speed mobile internet content and applications download, online streaming, and other services; and sells mobile communication devices, such as handsets, modems, MiFi and wingles, and smartwatches. It also offers internet connectivity products, including virtual private network services, traditional internet protocol links, and other products; and programming and other cable television services. In addition, the company provides telephone services, including local, domestic, and international long-distance telephone services, as well as public telephone services; and other related supplementary services, such as call waiting, call forwarding, conference calls, caller ID, voice mail, itemized billing, and maintenance services. Further, it offers infrastructure, interconnection, datacenter, internet, value added, and international long-distance services; and data services, including data transmission, virtual private networks, symmetric internet access, national and international signal transport, and videoconferencing services; Personal Pay, a digital wallet service. The company also offers broadcasting, cable television, financial, cybersecurity, ICT services and audiovisual communication, content platform and related services; security solutions and services; closed-circuit and community closed-circuit television, as well as investment and consulting services. The company was formerly known as Cablevisión S.A. and changed its name to Telecom Argentina S.A. in January 2018. Telecom Argentina S.A. was founded in 1979 and is based in Buenos Aires, Argentina.

### Why customers stay

Margins ranged from 73.3% to 75.4% during 2023–25; it earns 4.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2023: grossProfit / revenue = 73.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2024: grossProfit / revenue = 73.3%.

- Source: https://www.sec.gov/Archives/edgar/data/932470/000110465926026480/teo-20251231x20f.htm (filed 2026-03-11); FY2025: grossProfit / revenue = 75.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); 10-year return on capital observations [[2016,0.15790343042554175],[2017,0.14938535045127044],[2018,0.09458615052112194],[2019,0.04319799467585786],[2020,0.04758410947147971],[2022,-0.5627067906787518],[2023,-0.015863722084367246],[2024,-0.021891949487555785],[2025,0.1145515704977018]]; median 0.04758410947147971. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2016: growth capex 8207119511.187874; upkeep 11220880488.812126; owner earnings 7119119511.187874. Growth capex / owner earnings = 1.1528278880962992.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2017: growth capex 15567000000; upkeep 15082000000; owner earnings 14969000000. Growth capex / owner earnings = 1.039949228405371.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2018: growth capex 1565000000; upkeep 69157000000; owner earnings 11089000000. Growth capex / owner earnings = 0.14113085039228063.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2019: growth capex 0; upkeep 50798000000; owner earnings 60843000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2020: growth capex 0; upkeep 54360000000; owner earnings 170578000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2021: growth capex 0; upkeep 76126000000; owner earnings 747023000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2022: growth capex 0; upkeep 122475000000; owner earnings 157953000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2024: growth capex 0; upkeep 394208000000; owner earnings 1930646000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/932470/000110465926026480/teo-20251231x20f.htm (filed 2026-03-11); FY2025: growth capex 0; upkeep 0; owner earnings 1878474000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); Dividend observations: [[2016,3005000000],[2017,4014000000],[2018,71255000000],[2019,35528000000],[2020,367000000],[2021,744000000],[2022,1229000000],[2023,4020000000],[2024,9604000000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### 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); TEO.US SharesStats.PercentInsiders = 0.128 percentage points; cache date 2026-10-16.

### What the price says

The price is 1398.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); Closing price 12.49 USD; reporting-to-trading FX 0.00066; FY2025 annual sales per share 13.535316628963898; price multiple 1398.1381406140802. FY2025 cash earnings/share 3.0527444086608644. Closing-price date 2026-10-15.

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

- 2016-10: $18.82 per share

- 2016-11: $18.00 per share

- 2016-12: $18.17 per share

- 2017-01: $19.30 per share

- 2017-02: $21.16 per share

- 2017-03: $22.19 per share

- 2017-04: $22.66 per share

- 2017-05: $25.77 per share

- 2017-06: $25.34 per share

- 2017-07: $26.39 per share

- 2017-08: $29.95 per share

- 2017-09: $30.84 per share

- 2017-10: $32.61 per share

- 2017-11: $34.79 per share

- 2017-12: $36.63 per share

- 2018-01: $37.36 per share

- 2018-02: $33.31 per share

- 2018-03: $31.33 per share

- 2018-04: $30.04 per share

- 2018-05: $22.03 per share

- 2018-06: $17.74 per share

- 2018-07: $20.07 per share

- 2018-08: $16.53 per share

- 2018-09: $17.42 per share

- 2018-10: $18.11 per share

- 2018-11: $17.18 per share

- 2018-12: $15.56 per share

- 2019-01: $16.49 per share

- 2019-02: $14.89 per share

- 2019-03: $14.60 per share

- 2019-04: $13.15 per share

- 2019-05: $14.83 per share

- 2019-06: $17.67 per share

- 2019-07: $16.90 per share

- 2019-08: $8.94 per share

- 2019-09: $10.00 per share

- 2019-10: $9.00 per share

- 2019-11: $10.38 per share

- 2019-12: $11.35 per share

- 2020-01: $11.28 per share

- 2020-02: $11.60 per share

- 2020-03: $9.22 per share

- 2020-04: $6.87 per share

- 2020-05: $8.59 per share

- 2020-06: $8.95 per share

- 2020-07: $8.72 per share

- 2020-08: $6.76 per share

- 2020-09: $6.54 per share

- 2020-10: $6.41 per share

- 2020-11: $8.43 per share

- 2020-12: $6.56 per share

- 2021-01: $6.48 per share

- 2021-02: $5.96 per share

- 2021-03: $5.52 per share

- 2021-04: $4.63 per share

- 2021-05: $5.74 per share

- 2021-06: $5.32 per share

- 2021-07: $5.02 per share

- 2021-08: $5.61 per share

- 2021-09: $4.95 per share

- 2021-10: $5.05 per share

- 2021-11: $4.85 per share

- 2021-12: $5.10 per share

- 2022-01: $5.08 per share

- 2022-02: $5.02 per share

- 2022-03: $6.01 per share

- 2022-04: $5.47 per share

- 2022-05: $5.21 per share

- 2022-06: $4.55 per share

- 2022-07: $4.45 per share

- 2022-08: $4.59 per share

- 2022-09: $4.01 per share

- 2022-10: $4.17 per share

- 2022-11: $4.43 per share

- 2022-12: $5.45 per share

- 2023-01: $6.42 per share

- 2023-02: $5.66 per share

- 2023-03: $4.99 per share

- 2023-04: $5.09 per share

- 2023-05: $4.85 per share

- 2023-06: $6.09 per share

- 2023-07: $6.27 per share

- 2023-08: $5.75 per share

- 2023-09: $4.79 per share

- 2023-10: $4.98 per share

- 2023-11: $8.26 per share

- 2023-12: $7.15 per share

- 2024-01: $7.76 per share

- 2024-02: $7.25 per share

- 2024-03: $7.95 per share

- 2024-04: $7.75 per share

- 2024-05: $8.76 per share

- 2024-06: $7.23 per share

- 2024-07: $6.34 per share

- 2024-08: $6.97 per share

- 2024-09: $7.54 per share

- 2024-10: $9.28 per share

- 2024-11: $13.56 per share

- 2024-12: $12.59 per share

- 2025-01: $12.20 per share

- 2025-02: $11.48 per share

- 2025-03: $10.19 per share

- 2025-04: $9.59 per share

- 2025-05: $9.75 per share

- 2025-06: $8.83 per share

- 2025-07: $9.24 per share

- 2025-08: $9.00 per share

- 2025-09: $7.27 per share

- 2025-10: $11.25 per share

- 2025-11: $12.62 per share

- 2025-12: $11.61 per share

- 2026-01: $13.50 per share

- 2026-02: $11.68 per share

- 2026-03: $11.69 per share

- 2026-04: $11.94 per share

- 2026-05: $14.71 per share

- 2026-06: $13.00 per share

- 2026-07: $14.00 per share

- 2026-08: $13.28 per share

- 2026-09: $12.27 per share

- 2026-10: $12.37 per share

## Annual estimated value (USD per share)

- FY2016: low $1.92 per share, central $1.95 per share, high $2.00 per share

- FY2017: low $0.98 per share, central $1.00 per share, high $1.03 per share

- FY2018: low $0.65 per share, central $0.69 per share, high $0.74 per share

- FY2019: low $4.57 per share, central $5.09 per share, high $5.79 per share

- FY2020: low $4.65 per share, central $5.23 per share, high $5.99 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

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/932470/000110465926026480/teo-20251231x20f.htm); period 2025-12-31, filed 2026-03-11.

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

- [Howard Marks](https://gigainvestors.com/oc): 116,105 TEO shares; USD 1,509,000 reported position value; 0.04% of portfolio; reduce; quarter 2026 Q2.

# TEO — Telecom Argentina S.A.

Held by 1 investor · USD 1,509,000 total · 2026 Q2 · reported price USD 13.00 (split-adjusted).
Page: https://gigainvestors.com/s/TEO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Howard Marks (https://gigainvestors.com/oc) | USD 1,509,000 | <0.1% | reduce -92.84% |

## Total held by quarter

- 2014 Q1: USD 6,197,235 · 1 holder · USD 19.07
- 2014 Q2: USD 12,030,541 · 1 holder · USD 23.55
- 2014 Q3: USD 10,552,975 · 1 holder · USD 20.30
- 2014 Q4: USD 10,059,117 · 1 holder · USD 19.35
- 2015 Q1: USD 11,805,816 · 1 holder · USD 22.71
- 2015 Q2: USD 9,352,119 · 1 holder · USD 17.99
- 2015 Q3: USD 7,569,031 · 1 holder · USD 14.56
- 2015 Q4: USD 8,354,006 · 1 holder · USD 16.07
- 2016 Q1: USD 9,300,134 · 1 holder · USD 17.89
- 2016 Q2: USD 10,230,908 · 1 holder · USD 18.33
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 0 · 0 holders
- 2018 Q2: USD 4,275,340 · 1 holder · USD 17.74
- 2018 Q3: USD 12,411,750 · 1 holder · USD 17.42
- 2018 Q4: USD 14,610,840 · 1 holder · USD 15.56
- 2019 Q1: USD 15,242,400 · 1 holder · USD 14.60
- 2019 Q2: USD 21,168,660 · 1 holder · USD 17.67
- 2019 Q3: USD 13,105,000 · 1 holder · USD 10.00
- 2019 Q4: USD 20,776,175 · 1 holder · USD 11.35
- 2020 Q1: USD 18,075,810 · 1 holder · USD 9.22
- 2020 Q2: USD 20,231,475 · 1 holder · USD 8.95
- 2020 Q3: USD 14,783,670 · 1 holder · USD 6.54
- 2020 Q4: USD 14,828,880 · 1 holder · USD 6.56
- 2021 Q1: USD 12,477,960 · 1 holder · USD 5.52
- 2021 Q2: USD 12,025,860 · 1 holder · USD 5.32
- 2021 Q3: USD 11,189,475 · 1 holder · USD 4.95
- 2021 Q4: USD 11,324,550 · 1 holder · USD 5.10
- 2022 Q1: USD 13,345,205 · 1 holder · USD 6.01
- 2022 Q2: USD 10,103,275 · 1 holder · USD 4.55
- 2022 Q3: USD 8,155,301 · 1 holder · USD 4.01
- 2022 Q4: USD 11,083,888 · 1 holder · USD 5.45
- 2023 Q1: USD 10,148,368 · 1 holder · USD 4.99
- 2023 Q2: USD 12,385,483 · 1 holder · USD 6.09
- 2023 Q3: USD 11,707,507 · 1 holder · USD 4.79
- 2023 Q4: USD 17,547,215 · 1 holder · USD 7.15
- 2024 Q1: USD 21,062,380 · 1 holder · USD 7.95
- 2024 Q2: USD 21,828,006 · 1 holder · USD 7.23
- 2024 Q3: USD 23,216,324 · 1 holder · USD 7.54
- 2024 Q4: USD 35,242,721 · 1 holder · USD 12.59
- 2025 Q1: USD 27,607,390 · 1 holder · USD 10.19
- 2025 Q2: USD 23,348,842 · 1 holder · USD 8.83
- 2025 Q3: USD 19,116,341 · 1 holder · USD 7.27
- 2025 Q4: USD 27,254,568 · 1 holder · USD 11.61
- 2026 Q1: USD 18,964,032 · 1 holder · USD 11.69
- 2026 Q2: USD 1,509,000 · 1 holder · USD 13.00