Telefonica (TEF) - Net Assets

Latest as of December 2025: €17.81 Billion EUR ≈ $20.82 Billion USD

Based on the latest financial reports, Telefonica (TEF) has net assets worth €17.81 Billion EUR (≈ $20.82 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€92.02 Billion ≈ $107.58 Billion USD) and total liabilities (€74.21 Billion ≈ $86.76 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Telefonica (TEF) asset resilience to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	€17.81 Billion
% of Total Assets	19.35%
Annual Growth Rate	1.97%
5-Year Change	-37.92%
10-Year Change	-37.26%
Growth Volatility	20.01

Telefonica - Net Assets Trend (1987–2025)

This chart illustrates how Telefonica's net assets have evolved over time, based on quarterly financial data. Also explore balance sheet size of Telefonica for the complete picture of this company's asset base.

Annual Net Assets for Telefonica (1987–2025)

The table below shows the annual net assets of Telefonica from 1987 to 2025. For live valuation and market cap data, see Telefonica (TEF) market capitalisation.

Year	Net Assets	Change
2025-12-31	€17.81 Billion ≈ $20.82 Billion	-21.72%
2024-12-31	€22.75 Billion ≈ $26.60 Billion	-16.04%
2023-12-31	€27.10 Billion ≈ $31.68 Billion	-14.55%
2022-12-31	€31.71 Billion ≈ $37.07 Billion	+10.54%
2021-12-31	€28.68 Billion ≈ $33.53 Billion	+57.09%
2020-12-31	€18.26 Billion ≈ $21.35 Billion	-28.25%
2019-12-31	€25.45 Billion ≈ $29.75 Billion	-5.67%
2018-12-31	€26.98 Billion ≈ $31.54 Billion	+1.36%
2017-12-31	€26.62 Billion ≈ $31.12 Billion	-6.23%
2016-12-31	€28.39 Billion ≈ $33.19 Billion	+3.01%
2015-12-31	€27.56 Billion ≈ $32.22 Billion	-9.02%
2014-12-31	€30.29 Billion ≈ $35.41 Billion	+10.21%
2013-12-31	€27.48 Billion ≈ $32.13 Billion	-0.65%
2012-12-31	€27.66 Billion ≈ $32.34 Billion	+1.02%
2011-12-31	€27.38 Billion ≈ $32.01 Billion	-13.57%
2010-12-31	€31.68 Billion ≈ $37.04 Billion	+30.53%
2009-12-31	€24.27 Billion ≈ $28.38 Billion	+24.09%
2008-12-31	€19.56 Billion ≈ $22.87 Billion	-14.41%
2007-12-31	€22.86 Billion ≈ $26.72 Billion	+14.27%
2006-12-31	€20.00 Billion ≈ $23.38 Billion	+23.88%
2005-12-31	€16.15 Billion ≈ $18.88 Billion	-19.21%
2004-12-31	€19.99 Billion ≈ $23.37 Billion	-5.49%
2003-12-31	€21.15 Billion ≈ $24.72 Billion	-6.47%
2002-12-31	€22.61 Billion ≈ $26.43 Billion	-32.12%
2001-12-31	€33.31 Billion ≈ $38.94 Billion	-5.50%
2000-12-31	€35.25 Billion ≈ $41.21 Billion	+40.01%
1999-12-31	€25.17 Billion ≈ $29.43 Billion	+47.74%
1998-12-31	€17.04 Billion ≈ $19.92 Billion	+19.01%
1997-12-31	€14.32 Billion ≈ $16.74 Billion	+4.45%
1996-12-31	€13.71 Billion ≈ $16.02 Billion	+15.02%
1995-12-31	€11.92 Billion ≈ $13.93 Billion	+27.22%
1994-12-31	€9.37 Billion ≈ $10.95 Billion	-8.97%
1991-12-31	€10.29 Billion ≈ $12.03 Billion	+4.06%
1990-12-31	€9.89 Billion ≈ $11.56 Billion	+5.12%
1989-12-31	€9.41 Billion ≈ $11.00 Billion	+3.40%
1988-12-31	€9.10 Billion ≈ $10.64 Billion	+7.06%
1987-12-31	€8.50 Billion ≈ $9.93 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to Telefonica's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 4218.6% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	€16.50 Billion	115.76%
Total Equity	€14.26 Billion	100.00%

Telefonica Competitors by Market Cap

The table below lists competitors of Telefonica ranked by their market capitalization.

Company	Market Cap
BOE Technology Group Co Ltd SHE:000725	$21.70 Billion
Airports of Thailand Public Company Limited F:NYVQ	$21.71 Billion
Indian Oil Corporation Limited NSE:IOC	$21.72 Billion
Veralto Corporation NYSE:VLTO	$21.76 Billion
Veolia Environnement VE SA PA:VIE	$21.66 Billion
Woodward Inc NASDAQ:WWD	$21.64 Billion
InterContinental Hotels Group PLC LSE:IHG	$21.64 Billion
ZTE Corp SHE:000063	$21.63 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Telefonica's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 19,347,000,000 to 14,258,000,000, a change of -5,089,000,000 (-26.3%).
Net loss of 4,318,000,000 reduced equity.
Dividend payments of 1,857,000,000 reduced retained earnings.
Share repurchases of 362,000,000 reduced equity.
Other comprehensive income increased equity by 19,740,000,000.
Other factors decreased equity by 18,292,000,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	€-4.32 Billion	-30.28%
Dividends Paid	€1.86 Billion	-13.02%
Share Repurchases	€362.00 Million	-2.54%
Other Comprehensive Income	€19.74 Billion	+138.45%
Other Changes	€-18.29 Billion	-128.29%
Total Change	€-	-26.30%

Book Value vs Market Value Analysis

This analysis compares Telefonica's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 1.53x
The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
The price-to-book ratio has increased from 1.37x to 1.53x over the analyzed period, suggesting growing market confidence.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
1987-12-31	€2.82	€3.86	x
1988-12-31	€2.71	€3.86	x
1989-12-31	€2.82	€3.86	x
1990-12-31	€2.89	€3.86	x
1991-12-31	€3.07	€3.86	x
1994-12-31	€2.70	€3.86	x
1995-12-31	€2.89	€3.86	x
1996-12-31	€3.31	€3.86	x
1997-12-31	€3.18	€3.86	x
1998-12-31	€3.65	€3.86	x
1999-12-31	€3.80	€3.86	x
2000-12-31	€5.30	€3.86	x
2001-12-31	€4.86	€3.86	x
2002-12-31	€3.17	€3.86	x
2003-12-31	€2.55	€3.86	x
2004-12-31	€3.15	€3.86	x
2005-12-31	€2.61	€3.86	x
2006-12-31	€3.59	€3.86	x
2007-12-31	€4.23	€3.86	x
2008-12-31	€3.59	€3.86	x
2009-12-31	€4.78	€3.86	x
2010-12-31	€5.40	€3.86	x
2011-12-31	€4.80	€3.86	x
2012-12-31	€4.44	€3.86	x
2013-12-31	€4.66	€3.86	x
2014-12-31	€4.58	€3.86	x
2015-12-31	€3.63	€3.86	x
2016-12-31	€3.59	€3.86	x
2017-12-31	€3.31	€3.86	x
2018-12-31	€3.46	€3.86	x
2019-12-31	€3.34	€3.86	x
2020-12-31	€2.05	€3.86	x
2021-12-31	€3.87	€3.86	x
2022-12-31	€4.35	€3.86	x
2023-12-31	€2.50	€3.86	x
2024-12-31	€3.43	€3.86	x
2025-12-31	€2.53	€3.86	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Telefonica utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): -30.28%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -12.29%
• Asset Turnover: 0.38x
• Equity Multiplier: 6.45x
Recent ROE (-30.28%) is below the historical average (13.97%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
1987	4.50%	9.85%	0.25x	1.81x	€-467.58 Million
1988	5.22%	10.26%	0.26x	1.94x	€-434.76 Million
1989	5.64%	9.69%	0.25x	2.33x	€-410.33 Million
1990	5.85%	8.89%	0.26x	2.54x	€-409.97 Million
1991	7.84%	8.85%	0.32x	2.80x	€-222.61 Million
1994	7.45%	6.50%	0.36x	3.15x	€-239.08 Million
1995	8.61%	7.65%	0.36x	3.12x	€-137.32 Million
1996	8.60%	7.99%	0.37x	2.92x	€-159.79 Million
1997	9.54%	8.04%	0.38x	3.13x	€-54.46 Million
1998	9.69%	7.49%	0.35x	3.67x	€-42.27 Million
1999	12.46%	7.86%	0.36x	4.43x	€357.26 Million
2000	9.67%	8.42%	0.32x	3.56x	€-86.67 Million
2001	8.15%	6.60%	0.37x	3.34x	€-479.80 Million
2002	-32.81%	-19.11%	0.43x	4.00x	€-7.28 Billion
2003	13.15%	7.58%	0.47x	3.70x	€527.00 Million
2004	17.73%	9.22%	0.49x	3.91x	€1.25 Billion
2005	34.92%	11.74%	0.52x	5.75x	€3.17 Billion
2006	36.28%	11.78%	0.49x	6.34x	€4.51 Billion
2007	44.25%	15.78%	0.53x	5.26x	€6.89 Billion
2008	45.42%	13.51%	0.58x	5.80x	€6.10 Billion
2009	35.78%	13.32%	0.54x	4.98x	€5.60 Billion
2010	41.58%	15.26%	0.51x	5.31x	€7.72 Billion
2011	24.97%	8.32%	0.50x	5.99x	€3.24 Billion
2012	19.20%	6.30%	0.48x	6.34x	€1.88 Billion
2013	21.68%	8.05%	0.48x	5.61x	€2.47 Billion
2014	14.21%	5.96%	0.41x	5.79x	€889.50 Million
2015	15.34%	5.81%	0.38x	6.87x	€955.90 Million
2016	13.05%	4.55%	0.42x	6.81x	€553.30 Million
2017	18.51%	6.02%	0.45x	6.80x	€1.44 Billion
2018	18.56%	6.84%	0.43x	6.35x	€1.54 Billion
2019	9.72%	3.44%	0.41x	6.94x	€-47.80 Million
2020	14.08%	3.67%	0.41x	9.35x	€458.50 Million
2021	36.64%	20.72%	0.36x	4.92x	€5.92 Billion
2022	8.02%	5.03%	0.36x	4.37x	€-497.80 Million
2023	-6.24%	-2.19%	0.39x	7.29x	€-2.32 Billion
2024	-0.25%	-0.12%	0.41x	5.19x	€-1.98 Billion
2025	-30.28%	-12.29%	0.38x	6.45x	€-5.74 Billion

Industry Comparison

This section compares Telefonica's net assets metrics with peer companies in the Telecom Services industry.

Industry Context

Industry: Telecom Services
Average net assets among peers: $5,787,024
Average return on equity (ROE) among peers: -3.05%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Telefonica (TEF)	€17.81 Billion	4.50%	4.17x	$21.69 Billion
Commcenter S.A. (CMM)	$8.81 Million	-2.80%	2.87x	$11.41 Million
Lleidanetworks Serveis Telematics SA (LLN)	$5.85 Million	-6.73%	1.29x	$22.06 Million
Parlem Telecom Companyia de Telecomunicacions S.A. (PAR)	$2.70 Million	0.39%	2.02x	$22.82 Million

About Telefonica

MC:TEF Spain Telecom Services

Market Cap

$25.43 Billion

€21.75 Billion EUR

Market Cap Rank

#1172 Global

#13 in Spain

Share Price

€3.86

Change (1 day)

+1.45%

52-Week Range

€3.24 - €4.89

All Time High

€7.42