Telefonica (TEF) — Capital Reinvestment Ratio
Telefonica (TEF) has a Capital Reinvestment Ratio of 0.62x as of June 2026, meaning it reinvests 1% of its operating cash flow (€2.12 Billion) in capital expenditures (€1.32 Billion). Check TEF goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Telefonica Capital Reinvestment Ratio (1989–2025)
This chart tracks Telefonica's Capital Reinvestment Ratio across 30 annual periods. For the full cash flow conversion analysis, see cash flow conversion of Telefonica.
Annual Capital Reinvestment Ratio for Telefonica (1989–2025)
Year-by-year Capital Reinvestment Ratio for Telefonica from 1989 to 2025. See how much free cash does Telefonica generate to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (EUR) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.52x | €9.72 Billion | €5.05 Billion | ▼ -1.3% |
| 2024 | 0.53x | €10.99 Billion | €5.79 Billion | ▼ -0.4% |
| 2023 | 0.53x | €11.65 Billion | €6.16 Billion | ▲ +3.8% |
| 2022 | 0.51x | €10.81 Billion | €5.51 Billion | ▼ -15.1% |
| 2021 | 0.60x | €10.27 Billion | €6.16 Billion | ▲ +12.8% |
| 2020 | 0.53x | €13.20 Billion | €7.02 Billion | ▼ -5.1% |
| 2019 | 0.56x | €15.01 Billion | €8.41 Billion | ▼ -15.0% |
| 2018 | 0.66x | €13.31 Billion | €8.78 Billion | ▲ +1.2% |
| 2017 | 0.65x | €13.79 Billion | €8.99 Billion | ▼ -5.2% |
| 2016 | 0.69x | €13.36 Billion | €9.19 Billion | ▼ -0.6% |
| 2015 | 0.69x | €13.60 Billion | €9.40 Billion | ▼ -8.5% |
| 2014 | 0.76x | €12.18 Billion | €9.21 Billion | ▲ +10.8% |
| 2013 | 0.68x | €14.18 Billion | €9.67 Billion | ▲ +9.5% |
| 2012 | 0.62x | €15.21 Billion | €9.48 Billion | ▲ +19.9% |
| 2011 | 0.52x | €17.48 Billion | €9.09 Billion | ▼ -3.1% |
| 2010 | 0.54x | €16.67 Billion | €8.94 Billion | ▲ +14.1% |
| 2009 | 0.47x | €16.15 Billion | €7.59 Billion | ▼ -2.4% |
| 2008 | 0.48x | €16.38 Billion | €7.89 Billion | ▲ +3.0% |
| 2007 | 0.47x | €15.55 Billion | €7.27 Billion | ▲ +4.0% |
| 2006 | 0.45x | €15.41 Billion | €6.93 Billion | ▲ +13.2% |
| 2005 | 0.40x | €11.13 Billion | €4.42 Billion | ▲ +27.5% |
| 2004 | 0.31x | €10.18 Billion | €3.17 Billion | ▼ -3.8% |
| 2003 | 0.32x | €9.18 Billion | €2.97 Billion | ▼ -33.8% |
| 2002 | 0.49x | €8.81 Billion | €4.31 Billion | ▼ -36.2% |
| 2001 | 0.77x | €8.83 Billion | €6.77 Billion | ▲ +7.2% |
| 1996 | 0.72x | €5.81 Billion | €4.16 Billion | ▼ -88.2% |
| 1995 | 6.06x | €616.36 Million | €3.73 Billion | ▲ +373.1% |
| 1994 | 1.28x | €3.92 Billion | €5.02 Billion | ▼ -66.4% |
| 1990 | 3.81x | €1.42 Billion | €5.42 Billion | ▲ +124.5% |
| 1989 | 1.70x | €2.56 Billion | €4.35 Billion | — |