Vodafone Group Public Ltd. Co. (VOD) intrinsic value & 10-year financials
Vodafone Group Public Ltd. Co. (VOD) has a Graham intrinsic value of €0.08 per share. At €16.11 on Oct 17, 2026, the stock trades 20038% above that value. Over the last 10 fiscal years revenue shrank 3.1% a year to €37.4B, with an average return on invested capital of 3.1%.
- Graham intrinsic value
- €0.08
- Share price (Oct 17, 2026)
- €16.11
- Price vs Graham value
- 20038% above
- Market cap
- €421.3B
- Revenue (FY2025)
- €37.4B
- Revenue growth (10-yr CAGR)
- -3.1%
- ROIC (10-yr avg)
- 3.1%
- Free cash flow (FY2025)
- €11.0B
VOD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €37.4B | -€3.7B | -€0.16 | €11.0B | -1.1% | -0.4% |
| FY2024 | €36.7B | €1.5B | €0.04 | €12.3B | 10.0% | 3.1% |
| FY2023 | €45.7B | €12.3B | €0.43 | €11.8B | 31.3% | 11.5% |
| FY2022 | €45.6B | €2.6B | €0.07 | €12.3B | 12.4% | 3.1% |
| FY2021 | €43.8B | €536.0M | €0.38 | €11.8B | 11.6% | 2.1% |
| FY2020 | €45.0B | -€455.0M | -€0.03 | €12.2B | 9.1% | 1.8% |
| FY2019 | €43.7B | -€7.6B | -€0.29 | €7.9B | -2.2% | -0.9% |
| FY2018 | €46.6B | €2.8B | €0.09 | €8.7B | 9.2% | 3.9% |
| FY2017 | €47.6B | -€6.1B | -€0.23 | €7.9B | 7.8% | 3.3% |
| FY2016 | €49.8B | -€5.1B | -€0.20 | €6.1B | 2.7% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
VODAFONE GROUP PLC is facing top-line stagnation, with revenue contracting over the decade.
VODAFONE GROUP PLC has historically struggled to out-earn its cost of capital, averaging just 3.1% ROIC.
VODAFONE GROUP PLC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, VODAFONE GROUP PLC is modeled at -3.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.08 per share.