October 2026
Largest Telecom Service Providers Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
SpaceX, China Mobile, SoftBank Group, Verizon and T-Mobile US.
 | SpaceX is an American aerospace manufacturer and space transportation company founded in 2002 by Elon Musk and incorporated in Texas, alongside launch and manufacturing sites in Hawthorne, California, Cape Canaveral, Florida, and Vandenberg Space Force Base. The company designs, builds, and operates the Falcon 9 and Falcon Heavy rockets, the Dragon crew and cargo spacecraft, and the fully reusable Starship vehicle, and has accounted for the large majority of global mass launched to orbit in recent years on the strength of reusable-rocket economics and a high launch cadence. Its Starlink division operates a low-Earth-orbit satellite constellation delivering broadband internet to more than ten million subscribers across roughly 160 countries, while the Starshield program supplies satellite and connectivity services to government and defense customers. In February 2026 SpaceX combined with Musk's artificial intelligence firm xAI, the developer of the Grok chatbot, which had itself absorbed the social platform X, consolidating space, connectivity, and AI operations under common ownership. The company completed an initial public offering on June 12, 2026, one of the largest in market history, and is led by Musk as CEO. | $163 | -- | $2.2T | $2.1T | 114.9x | 545.4x | ||
 | China Mobile is not only the largest telecom operator in China by the number of mobile subscribers (1 billion) but also the largest in the world. It has 60% of the total wireless market in China and over 50% of the fixed-line broadband market. The firm has largely rolled out its 5G network, having launched 5G service in late 2019. It is doing some 5G network sharing with China Broadnet at 700 MHz and also resells its 3G/4G/5G network through China Broadnet. Growth is being generated through internet data centers where it has the second-largest network in China and through Cloud Services. The company issued stock on the A-share market in 2022 and completed its first buyback of H-shares. | $15 | +34% | $226B | $191B | 1.2x | 3.5x | ||
 | SoftBank Group is a Tokyo-listed technology investment and telecommunications holding company founded in 1981. Its assets include a controlling interest in semiconductor designer Arm, ownership positions in Japanese telecommunications and internet businesses, and a global portfolio of public and private technology companies. SoftBank also sponsors the Vision Funds, which invest large pools of capital in growth-stage companies across artificial intelligence, software, consumer internet, mobility and related sectors. The group earns operating revenue from consolidated businesses and investment returns through asset management, equity ownership and disposals. In September 2021 SoftBank Vision Fund 2 led Sorare’s USD 680 million Series B financing, which valued the fantasy-sports company at USD 4.3 billion. The live Sorare round already names SoftBank Group as lead investor; the Aldea correction only adds the missing participating investor and aligns the date with Sorare’s official announcement. | $37 | -16% | $209B | $364B | 7.4x | 55.6x | ||
| Wireless services account for 75% of Verizon Communications' total service revenue and nearly all of its operating income. The firm serves about 94 million postpaid and 20 million prepaid phone customers via its nationwide network, making it the largest US wireless carrier. Fixed-line telecom operations include local networks in the Northeast that reach about 30 million homes and businesses, including about 20 million served by the Fios fiber-optic network. Verizon closed its acquisition of Frontier Communications in January, adding networks that reach another 15 million locations, including 9 million with fiber. These networks serve about 11 million broadband customers. Verizon also provides telecom services nationwide to enterprise customers, using a mix of its own and other networks. | $42 | +5% | $173B | $361B | 2.6x | 7.6x | ||
| Deutsche Telekom merged its T-Mobile USA unit with prepaid specialist MetroPCS in 2013, and that firm merged with Sprint in 2020, creating the second-largest wireless carrier in the US. T-Mobile now serves 86 million postpaid and 26 million prepaid phone customers, equal to around 30% of the US retail wireless market. The firm entered the fixed-wireless broadband market aggressively in 2021 and now serves 8 million residential and business customers with its wireless network. It also serves 1 million fiber broadband customers through joint ventures with fiber network owners. T-Mobile owns a stake in these firms, which provide wholesale access to their networks. In addition, T-Mobile provides wholesale services to wireless resellers. | $149 | -29% | $159B | $276B | 3.1x | 8.7x | ||
| The wireless business contributes nearly 70% of AT&T’s revenue. The company is the third-largest US wireless carrier, connecting 74 million postpaid and 17 million prepaid phone customers. Fixed-line enterprise services, which account for about 14% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential services, about 11% of revenue, primarily consist of in-home broadband internet access, serving 15 million customers. AT&T also has a sizable presence in Mexico, with 25 million wireless customers, but this business only accounts for 3% of revenue. The company recently sold its 70% equity stake in satellite television provider DirecTV to its partner, private equity firm TPG. | $22 | -10% | $152B | $315B | 2.5x | 5.8x | ||
 | Deutsche Telekom is a Bonn-headquartered telecommunications group formed in 1995 from Germany’s former federal postal and telecom administration. It provides mobile and fixed connectivity, broadband, enterprise ICT, cloud and digital services across Europe and the United States. Revenue comes from subscriptions, usage, equipment sales, wholesale access and technology services. The group serves consumers, businesses, carriers and public-sector organizations through brands including Telekom, T-Mobile and regional subsidiaries. Deutsche Telekom was already OTE’s strategic shareholder when it exercised its right of first refusal over HRADF’s 5% stake in 2018. The purchase was a secondary increase in an existing strategic holding rather than a new primary financing. | $28 | -11% | $133B | $315B | 2.4x | 5.8x | ||
 | Bharti Airtel Ltd is a telecommunications company. The company's segments include Mobile Services India, Mobile Services Africa, Mobile Services South Asia, Airtel Business, Passive Infrastructure Services, Homes Services, Digital TV Services, and others. It generates maximum revenue from the Mobile Services India segment. Mobile Services India services cover voice and data telecom services provided through wireless technology (2G /3G/4G) in India. It includes the captive national long-distance networks, which provide connectivity to the mobile services business in India. It also includes intra-city fibre networks. | $19 | -19% | $117B | $133B | 6.1x | 11.2x | ||
| NTT Group is the Japanese telecommunications and information technology group led by NTT, Inc., a holding company headquartered in Otemachi, Chiyoda, Tokyo and listed on the Tokyo Stock Exchange. The company traces its origins to Japan's state telegraph service; the government-owned Nippon Telegraph and Telephone Public Corporation was set up in 1952, privatised on 1 April 1985 as Nippon Telegraph and Telephone Corporation, and renamed NTT, Inc. on 1 July 2025. Its main subsidiaries are mobile operator NTT Docomo, which also sells broadband; NTT East and NTT West, the regional fixed-line and fibre-to-the-home operators; NTT Data, which provides system integration, IT consulting, cloud and managed services, cybersecurity and data centre infrastructure worldwide; plus NTT Urban Solutions and NTT Anode Energy. It serves consumers, businesses and public bodies, earning recurring fees for mobile and fixed communications services and project and service fees from its IT business. In fiscal 2025 (the year to March 2026) it reported revenue of ¥14.41 trillion and net income of ¥1.04 trillion, with about 347,700 employees, and it ranks among the world's largest telecommunications companies by revenue. Japan's Minister of Finance holds 34.25% of the shares. Akira Shimada is president and chief executive and Jun Sawada is chairman. | $1 | +6% | $88B | $178B | 2.0x | 8.0x | ||
| China Telecom is the largest fixed-line operator in China, originally covering 21 southern provinces but now operating nationally. It has 200 million broadband customers, and 437 million wireless subscribers, having overtaken China Unicom to become the second-largest wireless operator in China behind China Mobile. The firm is increasing its cross-selling of products and seeing strong growth from industrial digitization services, such as internet data centers and cloud computing. Its internet data center business is already the largest in China and it is expanding overseas. | $1 | -37% | $83B | $76B | 1.0x | 3.5x | ||
| Comcast is made up of three parts. The core cable business owns networks capable of providing television, internet access, and phone services to 65 million US homes and businesses, or nearly half of the country. The firm provides services to about 47% of the locations in this territory. Comcast acquired NBCUniversal from General Electric in 2011. Following the spinoff of several cable networks, including CNBC, MSNBC, and USA, NBCU now consists of the NBC network, several local NBC affiliates, Bravo, the Peacock streaming platform, Universal Studios, and several theme parks. Finally, Sky, acquired in 2018, is a large television provider in the UK and Italy. | $21 | -26% | $73B | $156B | 1.3x | 3.4x | ||
| SoftBank is an established, telecommunications services provider in Japan owning a mobile network with around 50 million mobile customers and 24% market share. It also provides some fixed line services, which are mostly resold so are low margin. The company also owns 32.4% of LY Corp, and SoftBank and LY Corp each own 32% of PayPay so SoftBank consolidates PayPay. SoftBank Group sold 33.5% of SoftBank Corp in an IPO in 2018 and has since sold down further to a 40% holding. | $2 | +8% | $73B | $113B | 2.5x | 17.4x | ||
| KDDI is a Japanese telecommunications operator headquartered in Iidabashi, Chiyoda, Tokyo, and the country's second-largest mobile carrier by number of contracts after NTT Docomo. Its roots go back to DDI, founded in 1984 by Kyocera founder Kazuo Inamori, and KDDI was formed in 2000 by merging DDI, the former international monopoly KDD and mobile operator IDO. It sells mobile services under the au brand and the UQ Mobile and povo sub-brands, fixed broadband under au Hikari, and cable television through its J:COM joint venture. It also runs data centres through Telehouse, corporate network and cloud services, and financial services through au Financial Holdings. KDDI earns most of its revenue from monthly mobile and broadband subscriptions, and reported revenue of about ¥5.24 trillion and 44,952 employees in fiscal 2020. It invests in start-ups through its corporate venture programme, the KDDI Open Innovation Fund. In sports technology it backed multi-angle replay company 4DReplay in 2017 and 2019 and Tokyo sports video-analysis software maker RUN.EDGE in 2020. KDDI is listed on the Tokyo Stock Exchange. | $18 | +14% | $68B | $97B | 2.5x | 8.5x | ||
 | America Movil is the largest telecom carrier in Latin America, serving about 330 million wireless customers across the region. It also provides fixed-line phone, internet access, and television services in most of the countries it serves. Mexico is the firm’s largest market, providing about 35% of service revenue. Movil dominates the Mexican wireless market with about 60% customer share and also serves about half of the country's fixed-line internet access customers. Brazil, its second most important market, provides about 20% of service revenue. Movil sold its low-margin wireless resale business in the US to Verizon in 2021 and now owns a 1.4% stake in the US telecom giant. The firm also holds a 61% stake in Telekom Austria. | $1 | -5% | $65B | $98B | 1.9x | 4.6x | ||
 | Saudi Telecom Co offers telecommunications, information and media services that establish, manage, operates and maintains fixed and mobile telecommunication networks and systems to customers. The company manufactures and markets devices, equipment, and components of different telecommunication networks including fixed, moving and special networks, and computer programs and the other intellectual properties. It is also engaged in real estate investment activities. The company principally earns its revenue from airtime usage, messaging, data services, interconnect fees, connection fees and device sales. Its reportable segments include: stc; Channels; Solutions; stc Kuwait; stc Bahrain; Center 3; STC Bank; Sirar; Specialized; iot2; and Other operating segments. | $11 | -6% | $57B | $58B | 2.8x | 8.8x | ||
 | Singapore Telecommunications is Singapore's leading telecoms company. It owns extensive wired and wireless networks offering data and voice services to a broad customer base. Singtel's diverse investment portfolio spreads across the region. The firm wholly owns Optus in Australia and minority equity stakes in Airtel (28%) in India; Telkomsel (35%) in Indonesia; Globe Telecom (47%) in the Philippines; and Advanced Information Services (23%) and Intouch (21%) in Thailand. Singtel is majority-owned by the Singapore government. | $3 | +1% | $54B | $61B | ||||
 | Emirates Telecommunications Group Co PJSC is a telecommunications company. Through its subsidiaries, the company provides telecommunication and consulting services, media services, and equipment to over sixteen countries in Asia and Africa. Etisalat specializes in fixed-line services, voice communication, wireless communication, and data communication services. The majority of the company's revenues profits and assets relates to its operations in the UAE. | $6 | +6% | $49B | $64B | ||||
 | Orange is a France-based telecommunications group that operates mobile, fixed-line, broadband and enterprise-network services across Europe, Africa and the Middle East. It serves consumers, businesses and public-sector organizations through subscription connectivity, devices, digital services and managed networks. The group was historically known as France Télécom and adopted the Orange corporate name in 2013. In Morocco it entered Medi Telecom with a 40 percent acquisition in 2010 and bought a further 9 percent in 2015. The operator subsequently adopted the Orange Maroc brand while retaining the Medi Telecom legal heritage. Orange is a publicly traded operating company, so its purchases of the Moroccan operator are classified as strategic M&A rather than financial sponsor transactions. | $16 | -3% | $41B | $42B | ||||
 | Swisscom is the incumbent telecom operator in Switzerland, with a very high market share in mobile and fixed-line markets. It charges high prices compared with its competitors and other European peers due to the historical stability of the Swiss telecom market and a favorable regulatory environment. In 2024, Swisscom acquired Vodafone Italia in a deal worth EUR 8 billion. | $756 | +3% | $39B | $43B | ||||
 | Telstra is Australia’s largest telecommunications company, with dominant market shares in voice, mobile, enterprise telecom, and fixed-line broadband resale via the national broadband network. Telstra provides most of its products and services via its infrastructure assets, such as a fixed-line network (data centers, exchanges, poles, ducts, pits and pipes, fiber network), a mobile network, and mobile towers. Its customers span retail, corporate, government, wholesale, and overseas segments. Telstra also provides the government-owned, last-mile fixed-line National Broadband Network with long-term access to its infrastructure, in return for recurring payments. Finally, Telstra operates a leading telecom operation in Papua New Guinea and the surrounding South-Pacific countries. | $3 | +4% | $37B | $51B | ||||
 | Vodafone operates mobile and fixed-line networks and businesses across Europe, Africa, and the Middle East. Its largest market is Germany, where it is the second mobile operator after Deutsche Telekom and owns two cable network after acquiring Kabel Deutschland in 2013 and Liberty Global Germany in 2019. In the UK Vodafone merger with CK Hutchison in 2024, consolidating the mobile market. It also divested its Spanish and Italian divisions in that same year, given their low returns on invested capital. | $2 | +29% | $36B | $87B | ||||
 | Chunghwa Telecom Co Ltd is Taiwan's integrated telecom operator, providing fixed-line, wireless, and Internet and data services. The company segment consists of Consumer Business, Enterprise Business, International Business, and Others. The company generates the majority of its revenue from the Consumer Business segment. The consumer Business segment generates revenue from Mobile services, Fixed-line services, Sales, and others. | $5 | +8% | $36B | $35B | ||||
| BT Group is the incumbent telecommunications operator in the UK. BT is the owner of Openreach, the largest fixed-line network in the country. Openreach operates as a separate entity due to regulatory requirements but is still 100% owned by BT. Openreach has accelerated its fiber investments and expects to have 90% of the UK covered with FTTH by 2026. In the consumer division, BT has approximately 30% market share in broadband and mobile services. The enterprise segment serves large corporations while the global services division provides communications consultancy services. | $3 | +4% | $25B | $53B | ||||
 | China Unicom is the incumbent fixed-line operator in 10 northern Chinese provinces, as well as the third-largest wireless operator nationwide. As of June 2025, it had around 355 million billing wireless customers and over 125 million fixed-line subscribers. China Unicom also has a growing ICT business. We estimate it has the third largest internet data center business in China with 420,000 cabinets and its Cloud Service revenue is also showing strong growth. It has its own 4G network and shares the radio access function with China Telecom for its 5G network. | $1 | -40% | $22B | $16B | ||||
 | Telefónica is a company whose business is listed telecommunications group providing fixed, mobile and digital services. The organisation is based in Madrid and operates with sector-specific employees, commercial relationships and delivery infrastructure. It serves households, small businesses, enterprises and wholesale network customers. Its products and services are used in Spain, Germany, Brazil and other markets through fibre, mobile and cloud infrastructure. The company earns revenue through subscription and services, reflecting the way customers purchase its offering. Management coordinates product development, sales, operations and customer support for the relevant market. The business is an operating company rather than an investment vehicle, even where a financial sponsor owns shares. This profile describes the transaction-period entity and avoids conflating it with similarly named companies, subsidiaries or current parent groups. The description supplies the operating context required to interpret its role as a target, platform or acquirer in the documented transactions. | $4 | -28% | $21B | $27B | ||||
 | MTN Group Ltd is a mobile telecommunications provider operating across South Africa, Nigeria, Ghana, Cameroon, Ivory Coast, Uganda, Syria, and Sudan. The majority of the company's revenue is earned in South Africa and Nigeria. The company also has a joint venture in Iran. From a product perspective, the majority of its revenue is from voice and data. Other contributors include SMS and sale of devices revenue. MTN also provides enterprise services to small/midsize enterprises and corporate clients. The company owns the mobile infrastructure and data centers. Its segments include Network services, Mobile devices, Inter connect and roaming, Digital and fintech and others. | $11 | +12% | $20B | $24B | ||||
| China United Network Communications Ltd is a Chinese telecom operator. It operates fixed and mobile communications services, as well as domestic and international communications facilities, a satellite IPLC service, a data communications service, a network access service, value-added telecom services, and system integration services related to information and communications services. The company provides its products to personal & residential customers, small & medium businesses, VIP customers, and international customers. | $1 | -16% | $20B | $50B | ||||
 | Telefonica Brasil, known as Vivo, is the largest wireless carrier in Brazil with 102 million customers, which is equal to about 39% market share. The firm is strongest in the postpaid business, where it has 68 million customers, or about 41% share of this market. Wireless services and equipment contribute about 70% of total revenue. Vivo is the incumbent fixed-line telephone operator in Sao Paulo state and also owns an extensive fiber network across the country. The firm provides internet access to 8 million households on this network. The firm also sells pay-TV and phone services to its fixed-line customers. Finally, corporate data and IT services, including cloud computing support, contribute about 9% of total revenue. | $6 | +2% | $19B | $22B | ||||
| Vodacom Group Ltd is a telecommunications provider. The company provides fixed-line, broadband, and mobile services. It earns revenue through two main segments: South Africa and international. International includes regions such as Tanzania, Democratic Republic of Congo, Mozambique, and Lesotho; the majority of revenue is sourced from South Africa. Vodacom also has an enterprise service product, whereby telecommunications and managed services are offered to enterprises. The company owns mobile infrastructure. | $9 | +15% | $18B | $23B | ||||
 | Telenor is an international provider of telecommunications services. It is the incumbent dominant telecom operator in Norway, and the Norwegian government holds a stake of more than 50% in the firm. Telenor also operates in other Nordic countries like Sweden, Denmark, and Finland, and owns several businesses in Asia. Most of Telenor's operations are mobile businesses, although it also has some fixed-line operations in Nordic European countries. | $13 | -13% | $18B | $23B | ||||
 | BCE is one of Canada’s “Big 3” telecom service providers, offering wireless and broadband services nationally, but with strongholds in Ontario, Quebec, and Atlantic Canada. The firm serves 10 million postpaid and nearly 1 million prepaid wireless customers, and 5 million broadband customers across a footprint reaching about 13 million homes. The firm purchased Ziply Fiber in 2025, expanding its reach to the Pacific Northwest of the US. Outside of its wireless and wireline services, BCE operates a media segment containing multiple broadcast television channels, regional radio stations, and a digital media platform. The firm completed its divestiture of its 37.5% share of Maple Leafs Sports and Entertainment to Rogers in 2025, retaining its minority position in the Montreal Canadiens. | $19 | -18% | $18B | $49B | ||||
| Bouygues is a family-controlled French conglomerate that comprises a disparate range of assets: construction businesses, a TV network, and a telecom network. It is one of the largest construction companies in France and Europe, with over EUR 45 billion in revenue across the four engineering, procurement, and construction businesses under its ownership, as well as one of the four telecom operators in France. | $45 | +0% | $17B | $30B | ||||
 | Telia is the incumbent telecom operator in Sweden. It also operates in Norway, Finland and the Baltic countries. In the past five years, Telia has been narrowing its business focus, divesting businesses in Asia and focusing on its core markets. | $4 | +10% | $17B | $25B | ||||
 | KPN is the incumbent telecommunications operator in the Netherlands. It has 40% share of the broadband market and 20% of the postpaid mobile market, with VodafoneZiggo (mobile and fixed) and Odido (mobile) as main competitors. KPN is rolling out fiber to the home in the Netherlands and expects to have most of the country covered by 2026. KPN's management has a cost-conscious mentality, something that has allowed it to grow dividends at midsingle digits over many years. | $4 | -6% | $16B | $25B | ||||
| Rogers Communications is the largest wireless service provider in Canada with more than 11 million subscribers, equating to one-third of the total Canadian market. Rogers' wireless business accounts for more than half of total revenue and has been growing at a higher rate than other segments. The cable segment, which provides about 38% of total revenue after acquiring Shaw, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers' media unit, which owns and operates various television and radio stations and major Toronto sports franchises, including the Blue Jays, Maple Leafs, Raptors, Toronto FC, and Argonauts. | $30 | -24% | $16B | $52B | ||||
| Emirates Integrated Telecommunications Co PJSC is a telecommunication service provider. The company provides telecommunications and entertainment services to customers in the UAE. It is organized into four business segments: Mobile, Fixed, Wholesale, and Others Segment. The Mobile Segment derives the majority revenue and offers mobility services to the enterprise and consumer market; and fixed services to the enterprise and consumer customers. Services include broadband, IPTV, home wireless, IP/VPN business internet, and telephony.; Wholesale Segment provides voice and SMS to national and international carriers and operators.; Others include broadcasting services, international roaming, site sharing, etc. | $3 | +26% | $15B | $15B | ||||
| Vodafone Idea Ltd is a telecommunications company that provides mobile services and operates under one segment namely Mobility services. Mobility services generates revenue from mobile services and constitutes the majority of overall company revenue. The company owns telecommunications infrastructure, such as fiber networks and mobile towers. The company generates the vast majority of its revenue in India. | $0 | +36% | $15B | $34B | ||||
| China Satellite Communications Co Ltd is engaged in the development and management of communication and broadcasting satellite systems; the design and development of satellite ground application systems and related equipment. It also offers technical consulting, engineering design, engineering contracting services related to the satellite business. | $3 | +11% | $14B | $14B | ||||
| Airtel Africa PLC is engaged in providing affordable and inventive mobile services. The principal activities of the company principally consist of the provision of telecommunications and mobile money services. The company's segment includes Nigeria mobile services; East Africa mobile services; Francophone Africa mobile services; Mobile money. It generates maximum revenue from the East Africa mobile services, which comprises mobile service operations in Uganda, Zambia, Kenya, Tanzania, Malawi and Rwanda. | $4 | +5% | $14B | $20B | ||||
 | SK Telecom is South Korea's largest wireless telecom operator, with 32 million mobile customers. The firm also owns SK Broadband (formerly Hanaro Telecom), which has 7.2 million broadband customers and 9.5 million pay TV customers (6.7 million IPTV and 2.8 million Cable TV). While the firm also purchased stakes in businesses in security and semiconductor memory production as well as developing e-commerce and internet platform businesses, these were all spun off into the separate, SK Square business in November 2021. The company was formed after SK Group purchased KT’s mobile business in 1994. | $63 | +78% | $13B | $19B | ||||
 | PT Ekamas Mora Republik Tbk, formerly PT Mora Telematika Indonesia Tbk is a wholesale telecommunications network provider. It is engaged in telecommunication activities with cables, internet service providers, internet interconnection services, and Data Center. The company's segments include Telco; Wholesale; Retail, and Others. | $0 | +212% | $13B | $14B | ||||
 | Millicom offers wireless and fixed-line telecom services primarily in smaller, less developed countries in Latin America. Countries served include Bolivia (100% owned), Nicaragua (100%), Panama (100%), El Salvador (100%), Guatemala (100%), Paraguay (100%), Colombia (50%), and Honduras (67% but not controlled or consolidated in the firm's financial statements). The firm’s wireless networks cover about 120 million people, serving 42 million customers. Its fixed-line networks reach 14 million homes, serving about 4 million broadband customers. Increasingly, Millicom offers converged packages that include broadband with wireless services. The firm has agreed to acquire Telefonica's operations in Ecuador and Uruguay. | $79 | +69% | $13B | $24B | ||||
 | Telecom Italia is the incumbent telecommunications operator in Italy, with 23% share in the Italian mobile market and 35% share in broadband. In the mobile market, it competes with Vodafone, WindTre, and Iliad. After the sale of its fixed network to KKR for EUR 18.8 billion in 2024, TIM has become a pure service provider with no network ownership. TIM Brazil is significantly smaller than its peers, Telefonica and America Movil, with 25% wireless market share. | $6 | +261% | $13B | $27B | ||||
 | MTN Nigeria Communications PLC is a provider of communications services. The principal activities of the company are the provision of broadband fixed wireless access service, mobile broadband solutions, and fibre-to-the-home connectivity. The group operates in three reportable segments, namely, Consumer Business Unit (CBU) which consists of subscribers sitting in value propositions and tariff plans for Youth, High Value and Mass segments, Enterprise Business Unit (EBU) consists of small and medium organizations to whom the services are provided, and Wholesale Business Unit (WBU) serves customers who buy MTN telecom products. The majority of the revenue is generated from the CBU segment. | $1 | +75% | $13B | $15B | ||||
| Etihad Etisalat Co JSC operates in the telecom sector. The company also manages, installs, and operates telephone networks, terminals, and telecommunication unit systems, as well as to sell and maintains mobile phones and telecommunication units in the Kingdom of Saudi Arabia. The company's segment includes Consumer, Business, Wholesale and Others. It derives maximum revenue from Consumer segment, which includes products and services such as voice calls, mobile Internet, and fixed Internet. The company has provides integrated services for three main sectors; individuals, businesses, and carriers. All of the company's operations are principally conducted in the Kingdom of Saudi Arabia. | $17 | -6% | $13B | $14B | ||||
 | True Corp PCL is a triple-play telecommunications company. It operates through three business segments: Mobile, Pay TV, Broadband internet and others. The majority of revenue is derived from Mobile segment, the company's mobile services product offering. The majority of the company's customer base in its mobile services division is considered prepaid. Broadband internet and other generated revenue internet services are recognized when rendering the service to subscribers. Pay TV generates revenues from monthly subscription fees recognized in the month in which the service is provided, commencing from the completion of installation. It operates in a single geographical area, which is Thailand. | $0 | +7% | $13B | $25B | ||||
| PT Telkom Indonesia (Persero) Tbk is the integrated telecommunications provider in Indonesia. The company is focusing on dividing business into 3 Digital Business Domains namely, digital connectivity, digital platform, and digital services. It also provides a wide range of other communication services, including telephone network, interconnection services, multimedia, data and internet communication-related services, satellite transponder leasing, leased line, intelligent network and related services, cable television, and VoIP services. The group derives revenue from product lines: Mobile, Consumer, Enterprise, WIB and Others. | $0 | -33% | $13B | $15B | ||||
| Telus is one of the Big Three wireless service providers in Canada, with over 10 million mobile phone subscribers nationwide constituting almost 30% of the total market. It is the incumbent local exchange carrier in the western Canadian provinces of British Columbia and Alberta, where it provides internet, television, and landline phone services. It also has a small wireline presence in eastern Quebec. Mostly because of recent acquisitions, more than 20% of Telus’ sales now come from nontelecom businesses, most notably in the international business services, health, security, and agriculture industries. The firm has a 55% economic stake in Telus International. | $8 | -46% | $12B | $34B | ||||
| Far EasTone Telecommunications Co Ltd is a telecommunications company. It provides mobile telecommunications services (including voice and internet services), international simple resale services, digital value-added services, sale of cellular phone equipment and accessories and enterprise information and communication integration services, etc. The company operating segments are Mobile services business, Fixed-line services business, Sales business. The company generates the vast majority of its revenue in Taiwan. | $3 | +10% | $12B | $13B | ||||
| Taiwan Mobile Co Ltd is engaged in providing wireless communication service, sale of mobile phones, and accessories, games, ebooks, and value-added services. The reportable segments of the company are telecommunication, retail, Cable television and broadband, and others. The telecommunication segment engages in providing mobile communication services, data mobile services, and fixed line services; retail segment in providing online shopping, TV shopping, and catalog shopping; Cable television and broadband segment in providing pay TV and cable broadband services; and others in business other than telecommunication, retail, and cable television. The company derives the majority of its revenue from the retail segment. | $4 | +9% | $12B | $14B | ||||
| Charter is the product of the 2016 merger of three cable companies, each with a decades-long history in the business: Legacy Charter, Time Warner Cable, and Bright House Networks. The firm now holds networks capable of providing television, internet access, and phone services to roughly 58 million US homes and businesses, around 35% of the country. Across this footprint, Charter serves 30 million residential and 2 million commercial customer accounts under the Spectrum brand, making it the second-largest US cable company behind Comcast. The firm also owns, in whole or in part, sports and news networks, including Spectrum SportsNet (Los Angeles Lakers), SportsNet LA (Los Angeles Dodgers), SportsNet New York (New York Mets), and Spectrum News NY1. Charter plans to acquire cable peer Cox. | $103 | -56% | $12B | $113B | ||||
| HKT Trust and HKT Ltd is a triple-play telecommunications provider that operates through three segments, telecommunications services, mobile, and Other businesses. Telecommunication services are the larger business segment and generates revenue by providing technology and telecommunications and related services including enterprise solutions, total home solutions, healthtech services, and media entertainment. The Mobile segment represents mobile telecommunications businesses in Hong Kong, and the other segment comprises other new businesses such as The Club’s loyalty platform and HKT Financial Services, and corporate support functions. The company's key revenue is generated from Hong Kong. | $2 | +5% | $12B | $18B | ||||
 | Safaricom PLC is a Kenya-based telecommunications company. The principal activities of the company are the provision of telecommunication services, providing a comprehensive range of integrated telecommunication services including voice and data both mobile and fixed, SMS, the internet, and m-pesa. The company also offers a wide range of devices such as Mobile handsets, mobile broadband modems, routers, tablets, and notebooks. The majority of its revenue comes from service revenues: Voice, m-pesa, mobile data, messaging, fixed data and other service revenue. The company serves both individual and corporate/enterprise customers. | $0 | +18% | $11B | $12B | ||||
| Tele2 is the second-largest telecom operator by market share in Sweden, after Telia. Tele2 was a pure mobile operator until 2018 when it acquired Com Hem, Sweden’s largest cable company. Tele2 is also present in the Baltic markets, where it runs a pure mobile business. Tele2 is a well-managed firm, showing good cost discipline and a healthy dividend policy, which we expect will remain. | $16 | -1% | $11B | $14B | ||||
| Globalstar Inc is a telecommunications company that derives revenue from the provision of mobile satellite services. Mobile satellite services are typically used by customers where existing terrestrial wireline and wireless communications networks are impaired or do not exist. The company provides communications services such as two-way voice and data transmission. In addition, one-way data transmission is also offered. Both services are offered using mobile or fixed devices. The company is an owner of satellite assets. It has one reportable segment: MSS business. The company generates the vast majority of its revenue within the United States. | $84 | +54% | $11B | $11B | ||||
 | Ooredoo QSC is a Middle Eastern telecommunications company. | $3 | -15% | $10B | $13B | ||||
| Dian Swastatika Sentosa (DSSA) is an Indonesian energy, infrastructure and technology group listed on the Indonesia Stock Exchange and part of the Sinar Mas conglomerate, headquartered at Sinar Mas Land Plaza in Jakarta. Its largest business is coal mining through PT Golden Energy Mines (GEMS), which has operated since 1997 and holds concessions in Jambi, South Sumatra, West Sumatra and South and Central Kalimantan, and PT DSSE Energi Mas Utama, which supplies independent power producers; the group reports about 0.9 billion tons of proven thermal coal reserves. It also generates electricity, including through a 600 MW joint venture with China Datang Corporation, and trades fertilisers, pesticides and industrial chemicals. Its digital infrastructure arm runs MyRepublic Indonesia, which passed more than 6.4 million homes in 140 cities and had over 914,000 internet customers at the end of 2024, and SM+ data centres. Through PT Sinarmas Sukses Sejahtera it invests in digital platforms including the payments app DANA and the streaming service Vidio, whose rounds it joined in 2022 and 2025, and it runs GWS Medika clinics and GWS Farma pharmacies in Jakarta. | $0 | -69% | $9.8B | $12B | ||||
| Quebecor primarily provides telecom services in Quebec, where it has roughly 1.7 million internet subscribers—equating to a penetration rate of about 50% in its footprint—and over 3 million mobile subscribers, including more than 20% wireless market share in Quebec. With the acquisition of Freedom Mobile in April 2023, Quebecor also has more than 1 million mobile subscribers in Ontario, British Columbia, and Alberta. Quebecor also offers a French-language subscription video-on-demand service and has a media segment that owns and operates television stations, publishes newspapers and magazines, and produces and distributes films and television shows. A very small portion of Quebecor’s business engages in live event production and promotion and owns live-event venues. | $44 | +37% | $9.8B | $15B | ||||
| KT is South Korea's largest fixed-line telecom operator, with around 11.5 million fixed-line broadband customers and 9.5 million IPTV customers, and is the second-largest wireless operator with 28 million subscribers. Additionally, it has a number of nontelecom businesses, including real estate, payment processing, artificial intelligence, and IDC/cloud services, many of which are the focus of its growth strategy. The company was formed from the previously government-owned, monopoly telecom business and was listed in 1998. After selling its mobile business in 1994 (forming its mobile competitor, SK Telecom), KT created its own mobile operator in 1997. | $39 | +125% | $9.2B | $15B | ||||
| TIM, which is 67%-owned by Telecom Italia, is the third largest wireless carrier in Brazil, with 62 million subscribers, equal to about 23% of the market. The firm owns 49% of I-Systems, an infrastructure partnership that is expanding its network footprint across Brazil. I-Systems can provide broadband service to about 8 million locations, including 6.5 million with fiber, equal to 10%-15% of the country. TIM leases capacity on the venture's network to serve retail broadband customers under the UltraFibra brand, but it has agreed to buy out its joint venture partner in 2026, taking full ownership of these assets. TIM also resells fiber network access from other providers. | $4 | -20% | $8.6B | $11B | ||||
 | OTE is Greece’s incumbent telecommunications group and operates consumer and enterprise services primarily under the COSMOTE brand. It provides fixed and mobile connectivity, broadband, pay television, ICT integration, cloud and managed communications services. Revenue is generated from subscriptions, usage, equipment sales and business technology contracts. The company serves households, businesses and public-sector organizations in Greece and selected regional markets. OTE is listed on the Athens Exchange and Deutsche Telekom has been its strategic shareholder for many years. In 2018 Deutsche Telekom exercised a contractual right of first refusal to acquire HRADF’s additional 5% block, increasing its ownership without changing OTE’s operating identity. | $22 | +15% | $8.5B | $8.9B | ||||
 | Mobile Telecommunications Co KSC is a mobile and data services operator. The company and its subsidiaries, along with associates, provide mobile telecommunication services. The company provides of technologies and digital lifestyle communications. Its geographical segments are Kuwait, Jordan, Bahrain, KSA, and others. | $2 | +9% | $8.2B | $16B | ||||
 | Maroc Telecom SA telecommunications operator in the Kingdom of Morocco. The company provides a wide range of services covering Fixed-Line and Mobile communications, data transfer, and other value-added services. It operates in the Fixed-Line telephony, Mobile telephony and Internet segments. The Fixed-Line and Mobile operating segments are combined within the Services Division (DGS) and the Networks and Systems Division. The company derives majority revenues from Morocco. | $9 | -30% | $8B | $10B | ||||
| Bharti Hexacom Ltd is a communications solutions provider offering consumer mobile services, fixed-line telephone, and broadband services to customers in the Rajasthan and the North East telecommunication circles in India, It offers services under the brand ‘Airtel’. The company has three reportable segments: Mobile Services: which covers voice and data telecom services provided through wireless technology (2G/4G/5G). This also includes intra-city fiber networks. Homes and Office Services: covers voice and data communications through fixed-line network and broadband technology for homes and offices. Unallocated: items include expenses/results, assets and liabilities of corporate headquarters of the company. Key revenue is generated from Mobile Services segment. | $16 | -25% | $7.9B | $8.3B | ||||
 | Telekom Malaysia Bhd is a telecommunications company. It generates revenue from the Internet and multimedia services, Data services, Voice services, Non-telecommunications related services, and Other telecommunications-related services, in which it generates the majority of its revenue from Internet and multimedia services. The company owns telecommunications infrastructure. Its segments include TM ONE; TM Global; and Shared Services/Others. It generates the vast majority of its revenue in Malaysia. | $2 | +11% | $7.4B | $7.9B | ||||
 | MTN Ghana is a Ghana-based company that provides mobile financial services in the financial services industry. The principal activities are the provision of telecommunication services including voice, data, and enterprise solutions, mobile financial services, the development of strategic partnerships to provide developed services, and the provision of consultancy and support services in the mobile banking, payment services and fintech space. The company has four reportable segments, namely Network services, Interconnect and roaming, Digital and Fintech, and devices and accessories, out of which it derives maximum revenue from Network services. | $1 | +43% | $7.3B | $7.4B | ||||
| CelcomDigi Bhd is a telecommunications company. The company is primarily involved in the e provision of mobile communication services and wireless Internet services to customers across the country and its services and products essentially have a similar risk profile. | $1 | -29% | $7.2B | $11B | ||||
 | Magyar Telekom Telecommunications PLC, formerly known as Magyar Telekom PLC, is a telecommunications company that operates in two segments: MT-Hungary and North Macedonia. MT Hungary supplies mobile, information communication, television distribution, and system integration services to both business and residential consumers in Hungary. The North Macedonia segment expands the company's mobile and fixed-line telecommunication services across North Macedonia. Magyar controls the majority share of the Hungarian telecom market and has a footprint in Macedonia, Bulgaria, and Romania. The company receives majority of its revenue from Hungary. | $8 | +49% | $7B | $7.7B | ||||
| Maxis Bhd is a telecommunications provider. Its primary services include mobile, wireless, fixed, and enterprise services, with the majority of revenue generated from mobile and wireless. The company generates mobile revenue from prepaid and postpaid subscribers, with roughly an even split between both. Within enterprise services, Maxis provides traditional managed services in addition to mobile and fixed services. Additionally, the company owns fiber backhaul infrastructure. | $1 | -6% | $6.7B | $8.8B | ||||
 | Bezeq The Israeli Telecommunication Corp Ltd is a triple-play telecommunications company. The company generates revenue through the provision of mobile, broadband, and data. It operates through four business segments: Domestic fixed-line communications, Pelephone, Bezeq International, and DBS Satellite Services. The Bezeq segment generates revenue from fixed-line communications and contributes the majority of overall company revenue. Pelephone derives revenue from the provision of mobile services. Bezeq International and DBS Satellite Services produce revenue from the provision of Internet services and satellite TV services, respectively. The company owns telecommunications infrastructure, such as fibre networks. It generates the vast majority of its revenue in Israel. | $2 | +16% | $6.6B | $8.9B | ||||
 | Telekom Austria AG is a telecommunications provider. The company offers products and services in the areas of voice telephony, broadband Internet, mobile and home entertainment as well as smart home, data and IT solutions, wholesale, payment solutions, and digital services. It generates income in the form of Service revenues and Equipment revenues. Geographically, the company operates across Austria, Croatia, Serbia, Slovenia, North Macedonia, Bulgaria, and Belarus. A majority of its revenue is generated from its business in Austria. | $10 | -9% | $6.4B | $8.1B | ||||
 | Elisa Oyj is a telecommunications company that operates in two segments, Consumer Customers and Corporate Customers. The Consumer Customers segment provides consumers with telecommunications and communications services, such as fixed and mobile subscriptions with supplementary digital services, cable TV subscriptions, and Elisa Viihde entertainment service. The Corporate Customers segment provides corporate and public administration organizations with services such as IT and communication solutions for the digital environment and fixed and mobile subscriptions. The majority of revenue is generated from the Consumer Customers segment. The company generates the majority of its revenue in Finland. | $39 | -12% | $6.3B | $7.9B | ||||
| Telefonica Deutschland Holding AG is the German subsidiary of Telefonica, which provides integrated network operations in Germany. It offers mobile and fixed-network services for private and business customers as well as digital products and services. Its core brand is O2. It includes secondary brands and partners such as ALDI TALK, Tchibo MOBIL, NettoKOM, AY YILDIZ, and Ortel Mobile and service providers such as Freenet. | $2 | -11% | $6.2B | $10B | ||||
 | Telecom Argentina SA offers its customers quadruple play services, combining mobile telephony services, cable television services, Internet services and fixed telephony services. It also provides other telephone-related services such as international long-distance and wholesale services, data transmission and IT solutions outsourcing and install, operate and develop cable television and data transmission services. The company provides services in Argentina (mobile, cable television, Internet and fixed and data services), Paraguay (mobile, Internet and satellite TV services), Uruguay (cable television services), the United States (fixed wholesale services) and Chile (Cybersecurity services and products). | $3 | +12% | $5.7B | $9.1B | ||||
| Lumen Technologies is one of the largest telecommunications carriers serving global enterprises. The merger with Level 3 in 2017, the 2022 divestiture of much of its local phone business in rural areas, and the 2026 sale of its remaining consumer fiber network to AT&T have shifted the company’s operations away from the legacy consumer business and toward enterprises services, which account for about 90% of revenue. Lumen offers businesses a full suite of communications services, providing colocation and data center services, data transportation, phone service, and internet access. | $5 | -49% | $5.4B | $17B | ||||
| Sterlite Technologies Ltd is an Indian-based company engaged in the business of Connectivity and Network Solutions. Its products and solutions mainly include integrated optical fiber, copper telecom cables, structured data cables, access equipment, fiber connectivity and system integration solution offerings for telecom networks, OSS/ BSS solutions, billing and bandwidth management solutions for organizations, and others. Its segments include Optical networking business (ONB), Global service business (GSB) and Digital and technology solutions (Digital). The company offers its services within India and in the International market. It earns majority of the revenue from Optical networking business segment. | $11 | +693% | $5.4B | $5.6B | ||||
| TPG Telecom is Australia's third-largest telecom services company. It offers mobile, fixed-line broadband and telephony solutions. The group caters to all market segments spanning consumer, small business, corporate, wholesale, and government. TPG Telecom has grown substantially since listing on the ASX in 2008, via organic growth and acquisitions, and culminated with the July 2020 Vodafone Hutchison Australia merger, the third-ranked mobile network operator in Australia. It owns an extensive stable of infrastructure assets, including a nationwide mobile network that is upgrading to 5G wireless. In July 2025, TPG sold its fiber assets for AUD 5.3 billion to Vocus. | $3 | -25% | $5.3B | $8.2B | ||||
 | VEON is a Nasdaq-listed multinational telecommunications and digital services group. It operates mobile and fixed network businesses together with digital platforms in five markets across Europe and Asia: Bangladesh, Kazakhstan, Pakistan, Ukraine and Uzbekistan. Its principal consumer brands are Banglalink in Bangladesh, Jazz in Pakistan, Kyivstar in Ukraine and Beeline in Kazakhstan and Uzbekistan. The group earns revenue from mobile voice, data and subscription services, and increasingly from digital services such as financial services, entertainment, health and enterprise offerings sold to its subscriber base. It reported 2025 revenue of USD 4.399 billion and had roughly 151.5 million mobile subscribers and 227.7 million digital service users in the second quarter of 2026. The company began as VimpelCom Ltd. in 2009 and was renamed VEON in 2017. It was originally incorporated in Bermuda, moved its headquarters from Amsterdam to Dubai in December 2024 and is listed on the Nasdaq under the ticker VEON. Its group chief executive is Kaan Terzioglu. | $77 | +60% | $5.3B | $8.9B | ||||
| PCCW Ltd is a Hong Kong-based company engaged in the businesses of telecommunications, media, information technology solutions, property development and investment, and others. The operating segments of the company are HKT Limited (HKT), Media Business, and other businesses. The entity derives key revenue from the HKT segment, which includes the provision of telecommunications and related services such as local telephony, local data and broadband, international telecommunications, mobile, and other telecommunications businesses such as customer premises equipment sales, outsourcing, consulting, and contact centers. The company operates in Hong Kong, Mainland and other parts of China, Singapore, and other countries, of which the maximum revenue is derived from the operations in Hong Kong. | $1 | -8% | $5.1B | $14B | ||||
| Zegona Communications PLC is a United Kingdom-based holding company. The company is engaged in operating a network-based telecommunications business. It aims to utilize a Buy-Fix-Sell strategy. The company offers television, broadband internet, mobile telecommunications, and fixed-line telecommunications services to residential and business customers. It is organized into two segments, Central Cost, and Investment in Euskaltel. | $23 | +40% | $5.1B | $9.9B | ||||
 | Orange Polska SA is a provider of telecommunications services in Poland. The Group provides mobile and fixed telecommunications services, including calls, messaging, content, access to the Internet and TV. In addition, it provides IT and integration services, leased lines and other telecommunications value-added services, sells telecommunications equipment, provides data transmission, constructs telecommunications infrastructure, and sells electrical energy. It derives revenue from the provision of Internet, mobile, and television services. The maximum of the company's revenue is earned through mobile-only services. | $4 | +58% | $5.1B | $6.7B | ||||
| Iridium Communications Inc is the commercial provider of communications services offering true globalised coverage, connecting people, organizations, and assets to and from anywhere, in real time. The company is a provider of mobile voice and data communications services through a constellation of low-earth-orbiting satellites. Iridium's solutions are ideally suited for industries such as maritime, aviation, government/military, emergency/humanitarian services, mining, forestry, oil and gas, heavy equipment, transportation, and utilities. Iridium also provides service to subscribers from the U.S. Department of Defense, as well as other civil and government agencies world-wide. The Company operates in one business segment, providing satellite communications services and products. | $47 | +148% | $5B | $6.6B | ||||
| Tata Communications Ltd is the primary provider of international and national voice and data transmission long-distance services, internet dial-up and broadband services and other value-added services. The company’s reportable segments are Voice Solutions (VS), Data and Managed Services (DMS) and Real Estate (RE). It generates maximum revenue from Data and Managed Services (DMS) segment. | $17 | -19% | $4.9B | $6.1B | ||||
 | Telecom Egypt SAE is the country's sole provider of fixed-line voice telecommunication services, where it generates the vast majority of its revenue. The company provides voice services, Internet, and data services in four segments: Communications marine cables and infrastructure services, Internet services, Outsourcing services, and Other activities. Additionally, because of Telecom Egypt's ownership of telecommunication infrastructure, there is wholesale revenue. This constitutes the majority of overall company revenue. | $3 | +167% | $4.8B | $6.1B | ||||
 | Orange Cote D ivoire acts as a mobile network operator company. The activities of the company covers very high-speed networks (3G, 4G, Fiber), mobile Money service, TV services via mobile, and others organized around its subsidiaries located in Cote d Ivoire, Burkina Faso, and Liberia. | $31 | -- | $4.6B | $4.6B | ||||
| 1&1 AG is a network-independent telecommunications provider in Germany. The company has two business segments which include Access and 1&1 Mobile Network. 1&1’s Access segment offers internet access products based on landline and mobile networks. The Group's chargeable mobile Internet and broadband products, including the related applications (such as home networks, online storage, telephony, smart home or IPTV) are grouped together in the Access segment. Majority revenue is from Access Segment. | $26 | +4% | $4.6B | $5.7B | ||||
| LG Uplus is a Korean telecommunications operator selling mobile and fixed-line products. It entered the Korean mobile market in 1996 as LG Telecom by acquiring a mobile license, then building out a mobile network. Parent company LG Corp. merged LG Telecom with LG Dacom and LG Powercom in 2010 to add fixed-line and internet capabilities to the existing mobile business and changed its name to LG Uplus that same year. The firm competes against KT and SK Telecom, which were formed from the previously state-owned monopoly, Korea Telecom. Given that KT and SKT had incumbent telecom businesses before LG Uplus started its business, LG Uplus has lower market shares than the other two in the key telecom services, but has gradually taken market share. | $11 | +1% | $4.6B | $8.1B | ||||
| United Internet is a German internet and telecommunications group based in Montabaur. Its operating businesses provide internet access, hosting, online applications, communications services and related digital infrastructure to consumers and commercial customers. The parent company manages group functions including investment management, financial control, risk management and corporate administration. Its commercial model combines recurring subscriptions and service fees across its operating subsidiaries. In 2013, important operating businesses included 1&1 Internet, mail and media activities, hosting providers and Sedo’s online services. The group also held minority investments in technology and internet companies through dedicated subsidiaries. United Internet acquired an indirect 25.1% interest in Versatel in 2012 and agreed to buy the remaining 74.9% from KKR in 2014. That acquisition added a substantial German fibre network to the group and increased the infrastructure available for its telecommunications services. | $26 | -16% | $4.5B | $9.1B | ||||
 | Sonae SGPS SA is a retail company that manages a variety of business portfolios, including food, sports goods, clothing & apparel, financial services, electronics, technology, and telecommunication. The company's business is divided into eight segments based on the business offerings: Sonae MC, Worten, Sonae Fashion, Iberian Sports Retail Group, Sonae FS, Sonae IM, Sonae Sierra, and NOS. The Sonae MC business segment, which generates most of the company's revenue, is the company's food retail unit and operates restaurants, supermarkets, and convenience stores, among others. The company operates globally but earns most of its revenue in Portugal. | $2 | +40% | $4.5B | $9.3B | ||||
 | Turkcell is an integrated Turkish telecommunications and technology-services group headquartered in Istanbul. It commenced operations in 1994 and operates a nationwide mobile network alongside fixed broadband, data-center, cloud, digital-service and information-technology businesses. The company serves consumers, enterprises and public institutions with connectivity, devices, digital applications, managed services and infrastructure solutions. Turkcell has traded on Borsa İstanbul and the New York Stock Exchange since 2000. Türkiye Wealth Fund acquired 26.2% and control in 2020 through a shareholder restructuring that included privileged shares and board-nomination rights. Turkcell therefore remains a publicly traded operating company, not an investment vehicle, with revenue driven by subscriptions, usage and contracted technology services across Türkiye and selected international markets. | $2 | -16% | $4.4B | $6.3B | ||||
 | PLDT Inc is the telecommunications carrier in the Philippines. The company's business activities include three business units: Wireless, Fixed Line and Others. The wireless segment consists of mobile telecommunications services provided by Smart and DMPI, and Fixed-line telecommunications services mainly provided by PLDT. It also provides fixed-line services through PLDT’s subsidiaries. | $18 | -3% | $4B | $9.5B | ||||
| Telephone and Data Systems Inc is a diversified telecommunications operator that provides communications services to customers through broadband, video, voice, and wireless connections. The company has two reportable segments: TDS Telecom and Array. The majority of its revenue is generated from the TDS Telecom segment, which generates revenue by providing broadband, video, voice, and wireless services. The Array segment generates its revenue mainly by leasing tower space on Array-owned towers to customers. | $34 | -14% | $3.9B | $4.2B | ||||
| PT Indosat Tbk, branded as Indosat Ooredoo Hutchison, is an Indonesian telecommunications operator headquartered in Jakarta. Established in 1967, it provides mobile voice, messaging and data connectivity as well as fixed-network, internet and digital services. Its consumer operations serve prepaid and postpaid subscribers through the IM3 and Tri brands, while its enterprise business supplies connectivity, cloud, data-centre, security and managed information-technology services. The company earns recurring and usage-based revenue from subscriptions, prepaid packages, data traffic, interconnection and business-service contracts. Its nationwide network connects customers across Indonesia and supports both personal communications and corporate digital transformation. Indosat is publicly listed in Indonesia and operates as part of the Ooredoo Hutchison ownership group following the combination of Indosat Ooredoo and Hutchison 3 Indonesia. | $0 | +5% | $3.8B | $7.1B | ||||
| Türk Telekom is Türkiye’s integrated fixed-line, broadband, mobile and digital-services operator and is headquartered in Ankara. The company was legally separated from the national postal organization in 1995, building on a telecommunications network with much older roots. It provides fixed voice, fiber and copper broadband, mobile service, television, data-center, cybersecurity, cloud and enterprise information-technology solutions. Its network and brands serve households, businesses, carriers and public institutions throughout Türkiye. Türk Telekom is listed on Borsa İstanbul, while the Turkish Treasury retains a separate minority interest and a special share. Türkiye Wealth Fund acquired LYY’s 55% controlling block in 2022, adding that negotiated majority stake to the fund’s previously transferred holding and making TWF the dominant economic shareholder. | $1 | -12% | $3.7B | $6.1B | ||||
| Axiata Group Bhd is a telecommunications company. The business segment of the company is the Mobile segment, which includes the provision of mobile services and other services such as the provision of interconnect services, sale of devices, pay television transmission services, broadband services, digital business, and others; the Fixed broadband segment is engaged in the broadband and broadcasting business; Infrastructure segment is engaged in the provision of telecommunication infrastructure and related services; and Others comprise investment holding entities, financing entities and other operating companies providing other services including digital business and fibre optic transmission. The company has a presence in Malaysia, Indonesia, Bangladesh, Sri Lanka, Nepal, and Cambodia. | $0 | -34% | $3.6B | $7.9B | ||||
| Fujian Star-Net Communication Co Ltd is a China-based company operates in the terminals and video application systems. It serves in the fields of network communication, switches, cloud computing, payment terminals, desktop clouds, wireless and broadband access, and video information applications. The company serves approximately 100 countries worldwide. Its product portfolio includes smart network, smart cloud, and smart finance. | $5 | +61% | $3.5B | $4.4B | ||||
| Globe Telecom Inc is a telecommunications company that provides mobile, voice, and broadband services. Its operating segments are Mobile Business, Fixed Line, and Broadband Business. Mobile involves traditional mobile services and contributes the majority of company revenue. Within the mobile division, the majority of subscribers are considered prepaid customers. The other division, fixed-line and broadband, provides fixed-line voice services, corporate data, and Internet for its customers. The company generates the vast majority of its revenue in the Philippines. | $24 | -3% | $3.5B | $9.8B | ||||
| Sunrise Communications is a Swiss telecommunications operator serving residential customers, businesses and other communications providers. Its services include mobile communications, fixed-line telephony and broadband internet access, combining network infrastructure with customer subscriptions. Residential customers purchase connectivity services and related devices, while business customers use its communications services for their own operations. The company also supplies wholesale services to other providers, extending its commercial reach beyond customers who buy directly under the Sunrise brand. Its operating model depends on maintaining communications networks, acquiring subscribers and supplying reliable voice and data connections. Sunrise was part of Denmark's TDC group before its sale to CVC Capital Partners in 2010. At that transaction, the parties described it as a major alternative telecommunications provider in Switzerland, with both fixed and mobile services and a nationwide customer base. | $48 | -13% | $3.5B | $10B | ||||
 | Hrvatski Telekom DD is a telecommunications service provider in Croatia that offers fixed and mobile telephony services as well as wholesale, Internet, and data. The company's business segments are Residential, Business, Other and Crnogorski Telekom. The majority of its revenue is derived from the Residential unit segment that includes marketing, sales, and customer services, focused on providing mobile, fixed-line telecommunications, electricity, and TV distribution and services to residential customers. Geographically the company generates the majority of its revenue from the Republic of Croatia. | $44 | -10% | $3.3B | $3.3B | ||||
| Nos Sgps SA is engaged in cable and satellite television services, voice and Internet access services, video production and sale, advertising on Pay TV channels, cinema exhibition, and distribution, the production of channels for Pay TV, management of data centers, and consulting services in IT, mainly in the Portuguese market. The company’s business segments are Telco and Audiovisuals. The Telco segment includes fixed and mobile TV, internet, and voice services. The Audiovisuals segment comprises video production services and sales, cinema exhibition and distribution, and the acquisition and negotiation of Pay TV and VOD rights. | $6 | +34% | $3B | $4.9B | ||||
| Median | $6 | +2% | $12B | $15B | 2.6x | 6.4x |
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