Deep Value: cash covers about 94% of the stock price

This company holds roughly $34.6B in cash and investments — about 94% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Vodafone Group Public Limited Company

VOD

Telecommunications Services · Communication Services

Also trades as: 0LQQ.L

Price

$15.96

-0.05 (-0.31%)

Market Cap

$36.75B

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Mixed

Stability

Strong

Valuation

Data not available

Dividends

Mixed

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Share count falling — buybacks

−2.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.45B (2022) → 2.40B (2026)

Winston Score History

The full picture

Vodafone is a large British telecommunications company that sells mobile phone service, home internet, and TV packages to everyday consumers and businesses. It operates in multiple countries across Europe and Africa, with major markets including Germany, the UK, Italy, and Spain. Through its Vodacom subsidiary, it also serves tens of millions of customers across Africa.

Vodafone earns money through monthly subscription fees for mobile and broadband plans, as well as business contracts for connectivity and cloud services. It is one of the largest mobile operators in the world by subscriber count, but it has been shrinking its footprint — selling operations in several countries to cut costs and reduce debt. The company's very low ROIC of 0.1% highlights a key challenge: heavy infrastructure spending and intense price competition make it difficult to earn strong returns, and successfully integrating recent mergers, like its UK combination with Three, will be critical to improving profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+73.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€29.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Vodafone Group Public Limited Company is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

30.5%

Modest — 30.5% gross margin

Profit after running costs

Operating Margin

5.3%

Thin — 5.3% operating margin

Return on the money invested

ROCE

3.2%

Weak — 3.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+8.8%

Steady sales growth (+8.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

21.0%

Converts sales into free cash efficiently (21.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.04

Elevated debt (1.04)

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

3.40%

Moderate income — 3.40% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-46.1%

Dividend cut (-46.1% YoY) — warning sign

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