Cellnex Telecom - Public Comps and Valuation Multiples

Cellnex Telecom Overview

About Cellnex Telecom

Cellnex owns and operates more than 100,000 wireless towers in Europe, the result of continued merger and acquisition activity since its initial public offering in 2015. It has acquired towers from several European mobile network operators, including Telefonica, Iliad, CK Hutchison, Bouygues, and Altice. Cellnex is present in France, Italy, Spain, Poland, and the United Kingdom, among others.

Founded

2008

HQ

Employees

2.7K+

Website

cellnex.com

Sectors

Data Centers
Telecom Infrastructure

Financials

LTM Revenue $4.7B

LTM EBITDA $3.9B

EV

$46.2B

Valuation Multiples

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Cellnex Telecom Financials

As of September 2025, Cellnex Telecom reported last 12-month revenue of $4.7B and EBITDA of $3.9B.

In the same period, Cellnex Telecom generated $3.9B in LTM gross profit and -$132M in net income.

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Cellnex Telecom P&L

In the most recent fiscal year, Cellnex Telecom reported revenue of $4.7B and EBITDA of $3.2B.

Cellnex Telecom expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$4.7B	XXX	$4.7B	XXX	XXX	XXX
Gross Profit	$3.9B	XXX	n/a	XXX	XXX	XXX
Gross Margin	83%	XXX	n/a	XXX	XXX	XXX
EBITDA	$3.9B	XXX	$3.2B	XXX	XXX	XXX
EBITDA Margin	83%	XXX	67%	XXX	XXX	XXX
EBIT	$681M	XXX	$680M	XXX	XXX	XXX
EBIT Margin	15%	XXX	14%	XXX	XXX	XXX
Net Profit	-$132M	XXX	-$32.7M	XXX	XXX	XXX
Net Margin	-3%	XXX	-1%	XXX	XXX	XXX
Net Debt	XXX	XXX	$20.0B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Cellnex Telecom including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $4.7B. EBITDA for the last twelve months was $3.9B. In the most recent fiscal year, Cellnex Telecom achieved $4.7B in revenue and $3.2B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$4.7B	Analyst estimates available to subscribers	$4.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$3.9B	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	83.1% gross margin	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$3.9B	Analyst estimates available to subscribers	$3.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	82.6% EBITDA margin	Analyst estimates available to subscribers	66.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$681M	Analyst estimates available to subscribers	$680M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	14.6% EBIT margin	Analyst estimates available to subscribers	14.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$132M	Analyst estimates available to subscribers	-$32.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-2.8% net profit margin	Analyst estimates available to subscribers	-0.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$20.0B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Cellnex Telecom

This financial data table provides comprehensive performance metrics for Cellnex Telecom, a company based in Spain. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Cellnex Telecom generated $4.7B in revenue over the last twelve months.
The company achieved $3.9B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $3.9B.
Net income over the last twelve months reached -$132M.

Fiscal Year Performance

In the most recent fiscal year, Cellnex Telecom reported $4.7B in total revenue.
Fiscal year EBITDA was $3.2B.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was 66.9%.
Net profit margin reached -0.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Cellnex Telecom. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Cellnex Telecom Stock Performance

Cellnex Telecom has current market cap of EUR 19.2B (or $22.4B), and EV of EUR 39.6B (or $46.2B).

Market Cap Evolution

Cellnex Telecom Stock Data

As of October 30, 2025, Cellnex Telecom's stock price is EUR 28 (or $33).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$46.2B	$22.4B	XXX	XXX	XXX	XXX	$-0.06

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Cellnex Telecom Valuation Multiples

Cellnex Telecom's trades at 9.7x EV/Revenue multiple, and 14.6x EV/EBITDA.

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Cellnex Telecom Financial Valuation Multiples

As of October 30, 2025, Cellnex Telecom has market cap of $22.4B and EV of $46.2B.

Equity research analysts estimate Cellnex Telecom's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Cellnex Telecom has a P/E ratio of -169.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$22.4B	XXX	$22.4B	XXX	XXX	XXX
EV (current)	$46.2B	XXX	$46.2B	XXX	XXX	XXX
EV/Revenue	9.9x	XXX	9.7x	XXX	XXX	XXX
EV/EBITDA	12.0x	XXX	14.6x	XXX	XXX	XXX
EV/EBIT	67.8x	XXX	67.9x	XXX	XXX	XXX
EV/Gross Profit	11.9x	XXX	n/a	XXX	XXX	XXX
P/E	-169.3x	XXX	-685.0x	XXX	XXX	XXX
EV/FCF	63.2x	XXX	143.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Cellnex Telecom Margins & Growth Rates

Cellnex Telecom's last 12 month revenue growth is 5%

Cellnex Telecom's revenue per employee in the last FY averaged $1.8M, while opex per employee averaged $1.5M for the same period.

Cellnex Telecom's rule of 40 is 80% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cellnex Telecom's rule of X is 95% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Cellnex Telecom Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	2%	XXX	XXX	XXX
EBITDA Margin	83%	XXX	67%	XXX	XXX	XXX
EBITDA Growth	5%	XXX	7%	XXX	XXX	XXX
Rule of 40	80%	XXX	72%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	95%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	86%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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