Telefonica (TEF) — Cash Flow Reinvestment Rate
Latest as of June 2026:
0.62x
Telefonica (TEF) has a Cash Flow Reinvestment Rate of 0.62x as of June 2026, reinvesting €1.32 Billion (capex €1.32 Billion ) from operating cash flow of €2.12 Billion. See how much free cash does Telefonica generate to measure how efficiently the company converts operating cash flow to free cash.
Reinvestment Rate
0.62x
(Capex + Investments) / Operating CF
Total Reinvested
€1.32 Billion
Capex + Investments
Operating Cash Flow
€2.12 Billion
EUR
Capital Expenditures
€1.32 Billion
EUR
Telefonica Cash Flow Reinvestment Rate (1989–2025)
Historical reinvestment intensity for Telefonica across 30 annual periods. For the full cash flow conversion analysis, see TEF cash flow metrics.
Annual Cash Flow Reinvestment Rate for Telefonica (1989–2025)
Year-by-year capital reinvestment analysis for Telefonica. See financial flexibility index of Telefonica to measure the company's free cash flow as a share of total liabilities.
| Year | Reinvestment Rate | Total Reinvested (EUR) | Operating CF | Capex | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.60x | €5.83 Billion | €9.72 Billion | €5.05 Billion | ▼ -40.2% |
| 2024 | 1.00x | €11.01 Billion | €10.99 Billion | €5.79 Billion | ▼ -3.3% |
| 2023 | 1.04x | €12.07 Billion | €11.65 Billion | €6.16 Billion | ▲ +3.3% |
| 2022 | 1.00x | €10.84 Billion | €10.81 Billion | €5.51 Billion | ▲ +64.4% |
| 2021 | 0.61x | €6.26 Billion | €10.27 Billion | €6.16 Billion | ▲ +14.2% |
| 2020 | 0.53x | €7.04 Billion | €13.20 Billion | €7.02 Billion | ▼ -6.1% |
| 2019 | 0.57x | €8.53 Billion | €15.01 Billion | €8.41 Billion | ▼ -14.4% |
| 2018 | 0.66x | €8.84 Billion | €13.31 Billion | €8.78 Billion | ▲ +1.0% |
| 2017 | 0.66x | €9.07 Billion | €13.79 Billion | €8.99 Billion | ▼ -49.5% |
| 2016 | 1.30x | €17.39 Billion | €13.36 Billion | €9.19 Billion | ▲ +73.5% |
| 2015 | 0.75x | €10.20 Billion | €13.60 Billion | €9.40 Billion | ▼ -9.4% |
| 2014 | 0.83x | €10.09 Billion | €12.18 Billion | €9.21 Billion | ▲ +17.7% |
| 2013 | 0.70x | €9.98 Billion | €14.18 Billion | €9.67 Billion | ▲ +12.9% |
| 2012 | 0.62x | €9.48 Billion | €15.21 Billion | €9.48 Billion | ▲ +19.9% |
| 2011 | 0.52x | €9.09 Billion | €17.48 Billion | €9.09 Billion | ▼ -3.1% |
| 2010 | 0.54x | €8.94 Billion | €16.67 Billion | €8.94 Billion | ▲ +14.1% |
| 2009 | 0.47x | €7.59 Billion | €16.15 Billion | €7.59 Billion | ▼ -2.4% |
| 2008 | 0.48x | €7.89 Billion | €16.38 Billion | €7.89 Billion | ▲ +3.0% |
| 2007 | 0.47x | €7.27 Billion | €15.55 Billion | €7.27 Billion | ▲ +4.0% |
| 2006 | 0.45x | €6.93 Billion | €15.41 Billion | €6.93 Billion | ▲ +13.2% |
| 2005 | 0.40x | €4.42 Billion | €11.13 Billion | €4.42 Billion | ▲ +27.5% |
| 2004 | 0.31x | €3.17 Billion | €10.18 Billion | €3.17 Billion | ▼ -3.8% |
| 2003 | 0.32x | €2.97 Billion | €9.18 Billion | €2.97 Billion | ▼ -33.8% |
| 2002 | 0.49x | €4.31 Billion | €8.81 Billion | €4.31 Billion | ▼ -36.2% |
| 2001 | 0.77x | €6.77 Billion | €8.83 Billion | €6.77 Billion | ▲ +7.2% |
| 1996 | 0.72x | €4.16 Billion | €5.81 Billion | €4.16 Billion | ▼ -88.2% |
| 1995 | 6.06x | €3.73 Billion | €616.36 Million | €3.73 Billion | ▲ +373.1% |
| 1994 | 1.28x | €5.02 Billion | €3.92 Billion | €5.02 Billion | ▼ -66.4% |
| 1990 | 3.81x | €5.42 Billion | €1.42 Billion | €5.42 Billion | ▲ +124.5% |
| 1989 | 1.70x | €4.35 Billion | €2.56 Billion | €4.35 Billion | — |
Cash Flow Reinvestment Rate = (ABS(Capex) + ABS(Investments)) / Operating Cash Flow