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Multiples Telecom Index

Curated by Multiples, this index tracks publicly listed telecom service providers globally.

Explore the Multiples Telecom Index

100

public companies
tracked

$6.3T

cumulative
enterprise value

2.5x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Telecom Index constituents, indexed to 0% at the beginning of the period.

+25.0%

Multiples Telecom Index

Data as of 15 August 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Telecom Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Telecom Index.

x-axis:

y-axis:

Data as of August 15, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Telecom Index.

Metric:

Data as of August 15, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Telecom Index.

Metric	SpaceX	China Mobile	SoftBank Group
Market Cap	$1.8T	$230B	$205B
EV/Revenue (NTM)	23.6x	1.3x	5.9x
EV/Gross Profit (NTM)	38.5x	5.3x	11.0x
EV/EBITDA (NTM)	40.8x	3.9x	15.0x
EV/FCF (NTM)	-25.6x	8.1x	-32.5x
Revenue Growth	-	1%	7%
Gross Margin (NTM)	61%	24%	53%
EBITDA Margin (NTM)	58%	33%	39%
FCF Margin (NTM)	-92%	16%	-18%
Rule of 40	180%	31%	63%
Rule of X	374%	29%	76%

Data as of August 15, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Telecom Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Telecom Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples Telecom Index

This index tracks the largest telecom service providers worldwide.


SpaceX		20.0%	$140	-	$1.8T	23.6x	-	61%	58%	-92%	180%	$849K
China Mobile		6.1%	$11	-7%	$230B	1.3x	1%	24%	33%	16%	31%	$342K
SoftBank Group		5.4%	$36	+31%	$205B	5.9x	7%	53%	39%	-18%	63%	$519K
Verizon		5.3%	$48	+10%	$201B	2.7x	2%	60%	38%	16%	40%	$2M
T-Mobile US		5.2%	$183	-28%	$196B	3.2x	5%	87%	40%	20%	46%	$1M
AT&T		4.5%	$25	-15%	$171B	2.4x	2%	61%	38%	14%	40%	$945K
Deutsche Telekom		4.2%	$33	-9%	$158B	2.2x	3%	-	41%	16%	45%	$689K
Bharti Airtel		3.4%	$21	-3%	$130B	5.3x	15%	71%	57%	26%	74%	$235K
Comcast		2.4%	$26	-23%	$93B	1.5x	-2%	-	28%	12%	25%	$691K
Econet Wireless Zimbabwe		2.4%	-	-	$90B	68.4x	9%	-	43%	-	51%	$1M
China Telecom		2.2%	$1	-14%	$84B	1.0x	0%	-	28%	9%	25%	$283K
NTT Group		2.2%	$1	-4%	$83B	1.8x	3%	78%	23%	5%	29%	$235K
SoftBank		1.9%	$1	-5%	$70B	2.0x	6%	72%	26%	9%	31%	$566K
América Móvil		1.8%	$1	+17%	$70B	1.8x	5%	63%	40%	16%	42%	$310K
KDDI		1.8%	$18	+4%	$67B	2.3x	4%	-	30%	11%	35%	$324K
stc Group		1.6%	$12	+8%	$60B	2.7x	5%	48%	32%	14%	33%	$87K
Singtel		1.5%	$3	+4%	$57B	5.3x	5%	49%	28%	16%	40%	$530K
Orange		1.3%	$19	+17%	$50B	0.9x	9%	-	34%	8%	46%	$367K
e&		1.3%	$6	+15%	$49B	2.8x	7%	68%	44%	14%	53%	$3M
Swisscom		1.1%	$785	+9%	$41B	2.5x	-3%	75%	44%	11%	42%	$796K
Telstra		1.0%	$3	+6%	$38B	3.0x	1%	38%	39%	16%	41%	$520K
Vodafone		1.0%	$2	+36%	$37B	1.6x	6%	-	30%	6%	42%	$503K
Chunghwa Telecom		0.9%	$4	-3%	$33B	4.0x	3%	36%	37%	19%	43%	$364K
BT Group		0.7%	$3	-9%	$26B	2.2x	-3%	-	44%	12%	38%	$311K
China Unicom		0.7%	$1	-36%	$25B	0.3x	1%	-	24%	10%	23%	$233K
Telefónica		0.6%	$4	-20%	$24B	0.7x	-1%	71%	36%	7%	31%	$402K
BCE		0.6%	$23	-6%	$22B	3.0x	1%	46%	43%	12%	46%	$435K
MTN Group		0.6%	$12	+39%	$22B	1.3x	17%	-	47%	22%	59%	$968K
Bouygues		0.6%	$55	+29%	$21B	0.5x	1%	-	9%	3%	9%	$328K
China United Network		0.5%	$1	-19%	$20B	0.3x	1%	-	24%	-	23%	$242K
TIM		0.5%	$9	+561%	$20B	1.9x	4%	-	32%	7%	37%	$620K
Rogers		0.5%	$36	+2%	$20B	3.1x	1%	48%	44%	18%	49%	$650K
Telenor		0.5%	$14	-15%	$19B	3.1x	0%	69%	45%	18%	43%	$711K
Charter Communications		0.5%	$154	-42%	$18B	2.1x	-1%	58%	42%	12%	40%	$596K
Telia		0.5%	$5	+24%	$18B	2.9x	0%	52%	40%	13%	43%	$503K
Telefônica Brasil		0.5%	$6	-10%	$18B	1.6x	5%	92%	43%	22%	48%	$327K
KPN		0.5%	$5	0%	$18B	3.7x	1%	-	48%	19%	50%	$665K
Vodacom		0.5%	$9	+15%	$18B	1.6x	22%	-	41%	29%	63%	$747K
China Satellite		0.4%	$4	+11%	$17B	-	-	-	-	-	-	-
Vodafone Idea		0.4%	$0	+100%	$16B	6.5x	13%	62%	45%	18%	83%	$470K
Airtel Africa		0.4%	$4	+47%	$16B	2.6x	20%	73%	50%	23%	74%	$2M
Tigo		0.4%	$94	+94%	$16B	3.0x	16%	76%	46%	26%	93%	$410K
TELUS		0.4%	$10	-41%	$15B	2.5x	-1%	62%	36%	10%	35%	$266K
SK Telecom		0.4%	$39	+8%	$15B	1.7x	4%	100%	31%	13%	34%	$498K
du		0.4%	$3	+15%	$15B	3.2x	5%	67%	47%	18%	52%	$2M
Telkom Indonesia		0.4%	$0	-23%	$14B	1.8x	1%	50%	50%	23%	52%	$379K
True Corporation		0.4%	$0	+16%	$14B	4.6x	-2%	40%	60%	31%	57%	$798K
Mobily		0.4%	$17	+4%	$13B	2.6x	7%	53%	38%	17%	41%	$2M
MTN Nigeria		0.3%	$1	+109%	$12B	2.5x	25%	87%	57%	23%	83%	$2M
Tele2		0.3%	$17	-2%	$12B	4.6x	-1%	43%	45%	25%	47%	$723K
Ooredoo Qatar		0.3%	$4	+5%	$12B	1.9x	4%	63%	43%	13%	43%	$417K
HKT Trust and HKT		0.3%	$2	+4%	$12B	3.7x	2%	-	40%	-	42%	$356K
Far EasTone		0.3%	$3	+12%	$11B	3.1x	6%	-	34%	19%	44%	$684K
Safaricom		0.3%	$0	+24%	$11B	3.3x	9%	75%	55%	30%	63%	$488K
Globalstar		0.3%	$82	+175%	$11B	33.8x	12%	64%	50%	35%	54%	$702K
Quebecor		0.3%	$47	+55%	$11B	3.7x	2%	59%	43%	21%	46%	$357K
Taiwan Mobile		0.3%	$3	-4%	$10B	2.0x	2%	-	23%	-	26%	$2M
Frontier Comms Parent Inc	-	0.3%	-	-	$9.6B	3.4x	3%	-	43%	-	45%	$473K
Mobile TeleSystems		0.2%	$6	-	$9.4B	-	-	-	-	-	-	$108K
OTE		0.2%	$23	+23%	$9.4B	2.4x	0%	-	42%	18%	42%	$405K
Maroc Telecom		0.2%	$11	-23%	$9.3B	2.8x	1%	86%	51%	12%	50%	$476K
KT		0.2%	$19	-4%	$9B	0.8x	1%	100%	21%	9%	17%	$1M
Zain Group		0.2%	$2	+21%	$8.7B	1.6x	8%	64%	34%	13%	41%	$937K
Bharti Hexacom		0.2%	$17	-16%	$8.5B	7.5x	14%	60%	55%	31%	67%	$372K
MTN Ghana		0.2%	$1	+88%	$8.5B	2.6x	23%	91%	58%	-	83%	$1M
TIM Brasil		0.2%	$3	-18%	$8.2B	1.9x	4%	96%	53%	26%	55%	$561K
CelcomDigi		0.2%	$1	-20%	$8.2B	3.5x	0%	45%	45%	25%	46%	$1M
A1 Telekom Austria		0.2%	$12	+9%	$7.8B	1.4x	1%	38%	38%	15%	44%	$351K
Magyar Telekom		0.2%	$8	+48%	$7.5B	2.5x	4%	64%	44%	22%	47%	$467K
Telekom Malaysia		0.2%	$2	+16%	$7.4B	2.5x	2%	55%	38%	15%	42%	$162K
Bezeq Group		0.2%	$3	+40%	$7.1B	3.1x	7%	-	43%	17%	44%	$559K
Maxis		0.2%	$1	+9%	$7.1B	3.4x	0%	47%	40%	22%	42%	$792K
MoraRepublic		0.2%	$0	+923%	$6.9B	-	-	-	-	-	-	$242K
Lumen		0.2%	$7	+35%	$6.9B	1.7x	-6%	49%	29%	10%	18%	$517K
Telefonica Deutschland		0.2%	$2	-8%	$6.7B	-	-	-	-	-	-	-
Elisa		0.2%	$41	-22%	$6.6B	3.1x	0%	50%	36%	17%	37%	$423K
Telecom Argentina		0.2%	$14	+54%	$6B	1.4x	7%	-	34%	8%	56%	$279K
Iridium		0.1%	$50	+102%	$5.3B	7.2x	6%	73%	53%	36%	59%	$894K
PCCW		0.1%	$1	+1%	$5.3B	2.5x	4%	-	35%	-	37%	$351K
Liberty Broadband		0.1%	$36	-40%	$5.2B	-	-	-	-	-	-	-
Orange Polska		0.1%	$4	+56%	$5.2B	1.9x	1%	-	32%	10%	34%	$393K
SES		0.1%	$12	-1%	$5.1B	3.1x	10%	-	44%	15%	74%	$1M
Tata Communications		0.1%	$18	+2%	$5.1B	2.1x	9%	57%	21%	8%	29%	$199K
TPG Telecom		0.1%	$3	-27%	$4.9B	2.1x	2%	56%	33%	13%	35%	$1M
United Internet		0.1%	$28	-11%	$4.9B	1.2x	3%	34%	24%	8%	26%	$643K
Turkcell		0.1%	$2	-6%	$4.7B	0.9x	26%	-	42%	-13%	73%	$227K
Orange Côte d’Ivoire		0.1%	$31	-	$4.6B	-	-	-	-	-	-	-
Zegona Communications		0.1%	$20	+30%	$4.6B	2.2x	1%	64%	52%	14%	55%	$2M
Sonae		0.1%	$2	+56%	$4.5B	0.6x	6%	-	11%	4%	17%	$230K
LG U+		0.1%	$11	-1%	$4.5B	0.7x	3%	99%	25%	10%	25%	$1M
Digi Communications		0.1%	$15	+135%	$4.2B	2.3x	9%	-	34%	-6%	45%	$105K
Axiata Group		0.1%	$0	-21%	$4.1B	2.5x	1%	-	48%	26%	50%	$274K
Globe Telecom		0.1%	$29	+8%	$4.1B	3.4x	2%	85%	49%	37%	53%	$455K
PLDT		0.1%	$19	-3%	$4.1B	2.7x	1%	-	51%	20%	53%	$239K
TDS		0.1%	$35	-12%	$4.1B	3.3x	1%	62%	44%	-20%	44%	$307K
1&1		0.1%	$23	-5%	$4B	1.0x	5%	22%	18%	3%	29%	$1M
Türk Telekom		0.1%	$1	-16%	$4B	0.8x	26%	-	41%	-26%	77%	$138K
VEON		0.1%	$57	-2%	$3.9B	1.3x	10%	89%	44%	20%	59%	$244K
Telecom Egypt		0.1%	$2	+143%	$3.9B	2.1x	8%	56%	44%	2%	55%	$67K
Sunrise Communications		0.1%	$51	-18%	$3.7B	2.9x	-2%	72%	38%	13%	38%	$1M