Decide at what price you'd be comfortable buying and we'll help you stay ready.
Across the multi-year record, operating profitability and earnings have varied sharply, while the network-heavy model requires recurring capital expenditure. Depreciation and other non-cash charges make operating cash flow materially larger than net income, so cash conversion and debt service are central to the financial profile.
Trailing-year earnings have returned to profit as free cash flow expanded alongside higher operating cash generation and lower capital spending. This is a material recovery from prior loss-making periods, though the recurring need to fund network assets remains.
Whether free cash flow remains positive as network investment continues and debt repayments proceed.
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| 25.5B | 32.7B | 33.6B | 26.8B | 17.9B | |
| — | — | 33.6B | 26.8B | 17.9B | |
| 25.5B | 32.7B | (1k) | 3k | — | |
| 682.2m | 497m | 114k | 118k | 119k | |
| 80.4B | 73.2B | 67.3B | 59.7B | 48.1B | |
| 63.2B | 59.4B | 47.3B | 42.1B | 33B | |
| 17.1B | 13.8B | 20B | 17.6B | 15.1B | |
| 2.7B | 2.3B | 2.3B | 2.6B | 1.9B | |
| 10.6B | 10.3B | 5.8B | 4.9B | 4.1B | |
| 119.8B | 119.1B | 109B | 94B | 71.9B | |
| 320.6B | 330B | 322.2B | 293.6B | 292.2B | |
| — | — | 322.2B | 293.6B | 292.2B | |
| — | — | (285.8B) | (299.1B) | (291.2B) | |
| 170.4B | 158.5B | 142.8B | 126.4B | 137.2B | |
| 126.8B | 125.1B | 126.3B | 121.9B | 121.1B | |
| 4.5B | 3.4B | 2.2B | 633.1m | 348.5m | |
| 31B | 28.7B | 25B | 23.5B | 23.9B | |
| 28.9B | 28.9B | 17.2B | 15.5B | 17.5B | |
| 126.8B | 125.1B | 126.3B | 121.9B | 121.1B | |
| 802.1B | 793.7B | 744.7B | 675.5B | 664.2B | |
| 125.6B | 116.6B | 51B | 49.1B | 37B | |
| — | — | 42.2B | 44.9B | 38.8B | |
| 6B | 21B | 14.6B | 882k | 1.6B | |
| 82B | 88.8B | 83.8B | 105.1B | 82.9B | |
| 8.6B | 8.1B | 11.5B | 10.3B | 10B | |
| — | — | 7.2B | 7.1B | 6.9B | |
| 222.2B | 234.4B | 203.1B | 209.4B | 170.4B | |
| 361.9B | 368.9B | 379.2B | 330.8B | 349.1B | |
| 7.8B | 7.6B | 4.9B | 4.6B | 4.1B | |
| 456.1m | 424.6m | 361.3m | 295.2m | (340.8m) | |
| 98.8B | 83.8B | 71.4B | 56.4B | 65.5B | |
| 691.2B | 695.2B | 658.9B | 601.6B | 588.7B | |
| 138.2B | 138.2B | 138.2B | 138.2B | 138.2B | |
| (170.1B) | (182.6B) | (195.1B) | (208.2B) | (205.8B) | |
| 145.1B | 145.1B | 145.1B | 145.1B | 145.1B | |
| — | — | — | (465m) | (213.2m) | |
| (72.5m) | 0 | — | — | — | |
| (2.1B) | (2.2B) | (2.4B) | (764.9m) | (1.8B) | |
| 111B | 98.5B | 85.8B | 73.9B | 75.5B | |
| 802.1B | 793.7B | 744.7B | 675.5B | 664.2B | |
| 34.6B | 34.6B | 34.6B | 34.6B | 34.6B |
Alpha Spread
Preferences
We rebuilt our DCF valuation models from the ground up and upgraded how Intrinsic Value is calculated. Alpha Spread now selects the method that best fits each company.
You can now see how the new methodology performed across thousands of stocks on our new Valuation Backtest page. We update the results at the end of every month.
New to Alpha Spread? Create free account
By using Alpha Spread you are agreeing to our Terms of Service and Privacy Policy.
Already have an account? Sign in
Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
Read more