Deep Value: cash covers more than 100% of the stock price

This company holds roughly $34.5B in cash and investments — more than 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

VODI.DE

Telecommunications Services · Communication Services

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

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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Winston Score History

The full picture

Vodafone is one of the world's largest telecommunications companies. It sells mobile phone plans, home internet, and TV services to everyday consumers and businesses across Europe and Africa. The company owns well-known local brands in markets like Germany, the UK, Italy, and South Africa.

Vodafone earns money through monthly subscriptions for mobile and broadband services, as well as business contracts for managed connectivity and cloud services. It operates in roughly 15 countries and generates around $45 billion in annual revenue, making it one of Europe's biggest telecoms. Its main competitive advantage is its large network infrastructure, which is expensive for rivals to replicate. However, the company faces serious pressure from heavy debt, intense price competition, and the high cost of building out 5G networks — all of which help explain its very low return on invested capital and ongoing efforts to sell assets and cut costs.

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

+8.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+73.5% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

7.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

€29.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Vodafone Group is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

3.7%

Weak — 3.7% 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

+7.0%

Steady sales growth (+7.0% 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

21.2%

Converts sales into free cash efficiently (21.2%)

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

0.85

Moderate — manageable debt (0.85)

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

no trend

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%

no trend

Moderate income — 3.40% yield

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

Dividend record

Dividend Growth

-49.2%

no trend

Dividend cut (-49.2% YoY) — warning sign

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