Telefonica Capital Reinvestment Ratio
Telefonica 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). See how much free cash does Telefonica generate to measure how efficiently the company converts operating cash flow to free cash.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Capital Reinvestment Ratio of Telefonica (1989–2025)
Capital reinvestment ratio of Telefonica from 1989 to 2025. This chart tracks Telefonica's Capital Reinvestment Ratio across 30 annual periods. See TEF FCF to total liabilities ratio to measure the company's free cash flow as a share of total liabilities.
Telefonica Capital Reinvestment Ratio by Year (1989–2025)
Telefonica capital reinvestment ratio by year from 1989 to 2025. For the full cash flow conversion analysis, see Telefonica operating cash flow efficiency.
| 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 | — |