Telefonica (TEF) — Capital Reinvestment Ratio
Latest as of March 2026:
0.78x
Telefonica (TEF) has a Capital Reinvestment Ratio of 0.78x as of March 2026, meaning it reinvests 1% of its operating cash flow (€1.47 Billion) in capital expenditures (€1.15 Billion). See TEF free cash flow generation to measure how efficiently the company converts operating cash flow to free cash.
Capital Reinvestment Ratio
0.78x
Capex / Operating Cash Flow
Operating Cash Flow
€1.47 Billion
EUR
Capital Expenditures
€1.15 Billion
EUR
Data as of
Mar 2026
Most recent filing
Telefonica Capital Reinvestment Ratio (1989–2025)
This chart tracks Telefonica's Capital Reinvestment Ratio across 30 annual periods.
Annual Capital Reinvestment Ratio for Telefonica (1989–2025)
Year-by-year Capital Reinvestment Ratio for Telefonica from 1989 to 2025. For live market cap and broader valuation context, see market value of Telefonica.
| 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 | — |
Capital Reinvestment Ratio = ABS(Capital Expenditures) / Operating Cash Flow