Telefonica (TEF) — Capital Reinvestment Ratio
Telefonica (TEF) has a Capital Reinvestment Ratio of 0.32x as of December 2025, meaning it reinvests 0% of its operating cash flow (€3.26 Billion) in capital expenditures (€1.04 Billion). See Telefonica balance sheet quality to measure how much of total assets are equity-financed.
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. Check TEF capex plus investments ratio to assess the company's total reinvestment commitment from operating cash flow.
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 Telefonica (TEF) total market value.
| 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 | — |