Deutsche Telekom AG DTEGY

Communication ServicesTelecommunications ServicesGermany

Last close 29.00 USD on Nov 1, 2026, −8.4% year to date

Quant rating

Quant rating C Rank 68 of 152 in Communication Services

Growth C 92 of 152
Valuation B 28 of 152
Quality C 61 of 152
Revisions C 93 of 152
Momentum C 81 of 152

Wall Street consensus Strong Buy (1.50)Average target 43.95 USD +51.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 141.2B
Enterprise value: 324.0B
52-week range: 26.90 – 40.58
3-year range: 22.00 – 40.58
Dividend yield: 4.03%
Beta (5 years): 0.41
Shares outstanding: 4,850M
Next earnings: Nov 5, 2026

About the company

Deutsche Telekom AG is a Germany-based company that provides information technology (IT) and telecommunications services. The Company's operating segments include Germany, consisting of fixed-network and mobile activities in Germany; United States, which consists of mobile activities in the United States market; Europe, consisting of fixed-network and mobile operations of the national companies in various European countries, such as Greece, Romania, Hungary, Poland, the Czech Republic, Croatia, Slovakia, Austria, Albania, Macedonia and Montenegro; Systems Solutions, which operates information and communication technology (ICT) systems for multinational corporations and public sector institutions; Group Development, comprising the entities T-Mobile Netherlands and Deutsche Funkturm (DFMG) and its equity investment in Stroeer SE & Co. KGaA, and Group Headquarters & Group Services, which consists of the operations of service headquarters and various other subsidiaries of the Company.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	139,860	119,856	123,569	122,214	122,331	–
Revenue growth	16.7%	−3.0%	1.1%	−0.1%	−0.8%	2.5%
EPS (basic, normalized)	2.26	2.06	1.73	1.92	1.44	–
EPS growth	9.8%	18.8%	−10.0%	33.3%	–	–
Gross margin	61.3%	61.4%	60.3%	56.2%	56.7%	59.2%
Net margin	8.1%	9.7%	3.7%	6.6%	3.7%	6.3%
ROE	15.3%	18.6%	7.8%	16.6%	10.1%	13.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	11,028
Current ratio	1.03x
Long-term debt (mil)	147,322
Net debt (mil)	186,569
Total equity (mil)	68,802
Net debt / equity	2.71x
Net debt / EBITDA	3.74x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	139,860	+16.7%	2.3x	49,901	+2.5%	6.5x	2.26	+9.8%	12.9x
2026	142,160	+1.6%	2.3x	58,396	+17.0%	5.5x	2.58	+14.2%	11.3x
2027	147,912	+4.0%	2.2x	62,361	+6.8%	5.2x	2.99	+15.9%	9.7x
2028	153,529	+3.8%	2.1x	64,398	+3.3%	5.0x	3.17	+6.0%	9.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	142,160	−0.7%	−0.9%	−2.3%	2.58	−0.9%	−14.0%	−16.8%
2027	147,912	−0.4%	−0.7%	−1.7%	2.99	−0.8%	−14.6%	−15.1%
2028	153,529	0.0%	−0.7%	−1.6%	3.17	0.0%	−24.0%	−24.3%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	34,958	34,789
Sales mean (mil)	–	–	–	–	–	–	–	–	34,987	34,294
Surprise	–	–	–	–	–	–	–	–	−0.1%	+1.4%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DTEGY Deutsche Telekom AG	141.2B	3.74x	8.1%	2.06x	11.3x	9.7x	5.5x	5.2x
VZ Verizon Communications Inc	185.4B	3.26x	12.4%	1.75x	8.8x	8.4x	6.5x	6.3x
T AT&T Inc.	144.2B	3.60x	17.4%	1.36x	8.9x	8.2x	6.4x	6.3x
NTTYY NTT, Inc.	99.5B	–	7.2%	1.43x	13.0x	12.7x	8.6x	8.3x
CMCSA Comcast Corporation	82.5B	2.14x	16.2%	0.89x	6.6x	6.6x	4.9x	4.9x
ORAN Orange SA	43.0B	–	1.2%	1.21x	10.7x	13.2x	5.7x	5.4x
Mean		3.18x	10.4%	1.45x	9.9x	9.8x	6.3x	6.1x
Median		3.43x	10.2%	1.39x	9.8x	9.1x	6.1x	5.8x

Technical analysis

1M−4.8%
3M−7.7%
1Y−11.6%
3Y+49.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Deutsche Telekom AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	139,860	119,856	123,569	122,214	122,331	123,350
Cost of revenue	54,102	46,322	49,095	53,562	52,958	51,191
Gross profit	85,758	73,535	74,475	68,653	69,373	72,159
Selling, general & administrative expenses	24,075	20,600	22,207	22,197	22,178	24,207
Research & development	–	–	–	–	–	–
Depreciation/amortization	28,116	24,750	26,215	28,543	30,918	30,570
Interest expense (income), operating	24.7	–	–	–	–	–
Unusual expense (income)	1,984	−1,359	1,295	−440	1,129	666
Other operating expenses	2,409	2,351	1,807	1,856	863	1,078
Operating income	29,150	27,192	22,953	16,496	14,286	15,638
Net interest income (expense)	−6,219	−3,278	−9,152	−5,380	−5,806	−4,392
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−29.4	−146	−593	631	191	−649
Net income before taxes	22,901	23,769	13,208	11,748	8,672	10,597
Provision for taxes	5,371	5,488	4,052	2,073	1,969	2,356
Minority interest	−6,245	−6,676	−4,640	−1,585	−2,191	−3,162
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	11,286	11,605	4,516	8,090	4,512	5,079
Extraordinary items	–	0	15,115	474	235	–
Net income	11,286	11,605	19,631	8,564	4,747	5,079
EBIT, normalized	32,992	27,734	12,472	20,277	19,322	20,570
EBITDA, normalized	61,107	52,485	38,687	48,821	50,240	51,142
Basic EPS, normalized	2.26	2.06	1.73	1.92	1.44	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Deutsche Telekom AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	9,616	8,867	8,149	6,274	8,765	15,916
Receivables	28,974	24,600	25,976	25,691	24,354	23,112
Total inventory	3,366	2,538	2,670	2,824	3,246	3,291
Prepaid expenses	–	–	–	–	–	–
Other current assets	6,407	2,468	3,335	7,103	7,743	3,227
Total current assets	48,362	38,473	40,130	41,892	44,107	45,546
Property, plant & equipment	109,663	102,315	108,007	106,438	105,208	111,477
Goodwill	24,499	22,376	22,399	22,097	23,340	24,205
Intangibles	132,472	132,003	127,695	128,374	127,454	119,989
Long-term investments	14,392	11,046	9,651	6,809	6,564	8,499
Note receivable	1,677	–	–	–	–	–
Other long-term assets	9,267	9,486	12,498	13,943	13,482	13,828
Total assets	340,332	315,699	320,379	319,553	320,154	323,543
Liabilities
Accounts payable	11,154	9,695	11,895	12,822	11,818	11,836
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,325	5,350	5,615	5,481	4,756	4,880
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	16,558	12,696	14,779	19,076	17,890	19,678
Other current liabilities	12,241	8,683	7,512	11,196	9,647	8,959
Total current liabilities	43,278	36,424	39,801	48,576	44,111	45,353
Long-term debt	149,259	138,931	140,631	138,420	143,613	147,953
Minority interest	35,306	36,592	37,867	41,483	44,097	44,734
Other liabilities	39,470	38,222	39,258	39,106	39,815	41,632
Total liabilities	267,314	250,169	257,557	267,586	271,637	279,671
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	14,748	13,216	14,087	13,661	14,511	14,886
Additional paid-in capital	62,443	57,047	62,669	65,852	72,497	76,502
Retained earnings (accumulated deficit)	−1,923	−5,953	−13,333	−28,348	−36,585	−42,436
Treasury stock	−202	−228	−22.1	−37.5	−42.1	−56.2
Other equity	−2,048	1,448	−579	839	−1,864	−5,024
Total equity	73,018	65,531	62,822	51,967	48,518	43,872
Total liabilities & shareholders' equity	340,332	315,699	320,379	319,553	320,154	323,543

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Deutsche Telekom AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	22,901	23,769	27,542	12,525	9,001	10,597
Depreciation, depletion & amortization	28,198	24,875	26,459	29,781	30,914	30,385
Deferred taxes	–	–	–	–	–	–
Non-cash items	7,673	1,734	−4,118	3,376	6,447	5,592
Changes in working capital	−11,056	−9,096	−8,695	−7,367	−9,713	−17,665
Cash from operations	47,717	41,282	41,188	38,314	36,649	28,909
Investing activities
Capital expenditures	−22,616	−19,848	−19,717	−25,807	−29,972	−22,831
Other investing cash flows	−5,329	281	8,446	1,935	−1,180	−4,830
Cash from investing	−27,945	−19,567	−11,271	−23,872	−31,152	−27,661
Financing activities
Financing cash flow items	−9,657	−8,210	−14,016	−6,201	−559	−625
Cash dividends paid	−7,561	−5,789	−4,444	−3,623	−3,575	−3,746
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,918	−6,999	−9,719	−6,698	−8,119	13,605
Cash from financing	−19,136	−20,998	−28,179	−16,522	−12,254	9,234
Foreign exchange effects	−1,405	524	−75.0	99.5	705	−1,265
Net change in cash	−768	1,240	1,663	−1,980	−6,051	9,217
Free cash flow	25,101	21,434	21,472	12,507	6,678	6,078

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.