Telefónica S.A (TNE2) — Working Capital to Net Assets Ratio
Telefónica S.A (TNE2) has a Working Capital to Net Assets ratio of -15.9% as of December 2025. Working capital of €-2.83 Billion (current assets of €22.00 Billion minus current liabilities of €24.84 Billion) is measured against net assets of €17.81 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See TNE2 cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Telefónica S.A Working Capital to Net Assets (2016–2025)
This chart shows how Telefónica S.A's Working Capital to Net Assets ratio has evolved across 10 annual periods from 2016 to 2025. As of December 2025, the ratio stands at -15.9%, reflecting working capital of €-2.83 Billion against net assets of €17.81 Billion EUR. For the complete balance sheet picture, see Telefónica S.A asset portfolio.
Annual Working Capital to Net Assets for Telefónica S.A (2016–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Telefónica S.A from 2016 to 2025, covering 10 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. Check asset resilience ratio of Telefónica S.A to evaluate the company's liquid asset resilience ratio.
| Year | WC/NA Ratio | Working Capital (EUR) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -15.9% | €-2.83 Billion | €17.81 Billion | €22.00 Billion | €24.84 Billion | ▼ -1.1 pp |
| 2024 | -14.8% | €-3.37 Billion | €22.75 Billion | €22.37 Billion | €25.73 Billion | ▼ -5.0 pp |
| 2023 | -9.8% | €-2.64 Billion | €27.10 Billion | €20.76 Billion | €23.40 Billion | ▼ -8.1 pp |
| 2022 | -1.6% | €-511.00 Million | €31.71 Billion | €22.59 Billion | €23.10 Billion | ▲ +0.4 pp |
| 2021 | -2.0% | €-566.00 Million | €28.68 Billion | €24.93 Billion | €25.50 Billion | ▼ -32.3 pp |
| 2020 | 30.3% | €5.54 Billion | €18.26 Billion | €33.66 Billion | €28.12 Billion | ▲ +53.4 pp |
| 2019 | -23.0% | €-5.86 Billion | €25.45 Billion | €24.33 Billion | €30.19 Billion | ▲ +0.3 pp |
| 2018 | -23.4% | €-6.31 Billion | €26.98 Billion | €23.34 Billion | €29.65 Billion | ▲ +10.9 pp |
| 2017 | -34.3% | €-9.13 Billion | €26.62 Billion | €19.93 Billion | €29.07 Billion | ▲ +20.2 pp |
| 2016 | -54.5% | €-15.48 Billion | €28.39 Billion | €19.97 Billion | €35.45 Billion | — |