Telenor ASA (TEL.OL) stock analysis

In our weekly check, Telenor ASA is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 15 pass, warnings: 4, red flags: 6.

About Telenor ASA

Telenor ASA is a Communication Services company (Telecommunications Services) based in Norway, listed on OSL as TEL.OL.

What our checks show for TEL.OL

Red flags

• The gross margin fell by 4.6 points, to 68.9%: costs are rising faster than prices.
• Analysts expect revenue to shrink about 0.6% a year.
• Revenue fell 8.2% a year over the last 3 years.
• The dividend takes 101% of profit: little cushion if profit falls.
• The stock has fallen as much as 76% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 4.8 years.

Warning signs

• Net debt is 1.3x a year of EBITDA (debt/equity 1.39). That limits room in a downturn and raises refinancing risk.
• Margins expected to shrink
• Earnings per share fell 0.9% a year over the last 3 years.
• Net profit fell 1.6% a year over the last 3 years.

Strengths

• The net margin rose by 6.7 points over 5 years, to 17%.
• Operating cash flow is 2.2x net profit: the profit arrives as real cash.
• Free cash flow is 22.6% of revenue: cash for dividends, buybacks or growth.
• The price is 13.4 times earnings (P/E), reasonable for its growth.
• A large company: market value $18.61 billion.
• Beta 0.26: the stock usually moves less than the market.

Next earnings report: 2026-10-28

Similar companies

VZ · TELIA.ST · TMUS · 0788.HK · 7010.SR · DTEGF

Questions

What grade does Telenor ASA (TEL.OL) have?

In our weekly check, Telenor ASA is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 15 pass, warnings: 4, red flags: 6. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of TEL.OL stock?

This week's biggest flags for Telenor ASA: Gross margin falling, Weak revenue forecast, Weak revenue growth. In total 10 of 25 checks show a warning or a red flag.

What does Telenor ASA do?

Telenor ASA is a Communication Services company (Telecommunications Services) based in Norway, listed on OSL as TEL.OL.

When does Telenor ASA report earnings next?

The next earnings report is expected on 2026-10-28. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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