CLNX Stock Analysis: Cellnex Telecom | MC
Real Estate Services | MC, Spain | Market Cap: 17.325m EUR | 12M Return: -13% | ES0105066007 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 28.9M
Qual. Beats: 0
Rev. Trend: 90.8%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.2 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Cellnex Telecom, S.A. (CLNX) is a Madrid-headquartered telecommunications infrastructure operator founded in 2008 (originally as Abertis Telecom Terrestre, rebranded in April 2015) that manages terrestrial wireless and broadcasting networks across 12 European markets, including Spain, France, Italy, the UK, the Netherlands, and Poland. The company organizes its operations into four reporting segments: Towers (passive network infrastructure, colocation, and engineering services); DAS, Small Cells, and RAN as a Service (active network services including PPDR/mission-critical networks and IoT); Fiber, Connectivity, and Housing Services (fibre-to-the-tower, backhaul, and edge data center hosting); and Broadcast (DTT distribution, radio transmission, and OTT connectivity).
The company follows a shared-infrastructure business model, leasing tower and site capacity to multiple mobile network operators under long-term contracts, while also extending into adjacent areas such as fiber backhaul, small cells, edge data centers, and public-safety networks. Its Broadcast segment operates the DTT platform in Spain, providing a stable, contract-based revenue stream that complements the cyclical tower business, and Cellnex also constructs and operates its own optic fiber networks.
- Tower and DAS revenue grow on European 5G densification
- Asset divestitures accelerate deleveraging and debt reduction
- Inflation-indexed escalators lift organic top-line growth
| Net Income: -343.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.61 > 1.0 |
| NWC/Revenue: -38.47% < 20% (prev -25.94%; Δ -12.53% < -1%) |
| CFO/TA 0.05 > 3% & CFO 2.29b > Net Income -343.1m |
| Net Debt (23.2b) to EBITDA (3.12b): 7.44 < 3 |
| Current Ratio: 0.62 > 1.5 & < 3 |
| Outstanding Shares: last quarter (668.7m) vs 12m ago -3.78% < -2% |
| Gross Margin: 13.29% > 18% (prev 59.61%; Δ -46.32% > 0.5%) |
| Asset Turnover: 11.11% > 50% (prev 9.93%; Δ 1.18% > 0%) |
| Interest Coverage Ratio: 0.60 > 6 (EBIT TTM 564.8m / Interest Expense TTM 942.9m) |
| A: -0.04 (Total Current Assets 2.99b - Total Current Liabilities 4.80b) / Total Assets 41.7b |
| B: -0.00 (Retained Earnings -63.2m / Total Assets 41.7b) |
| C: 0.01 (EBIT TTM 564.8m / Avg Total Assets 42.2b) |
| D: 0.40 (Book Value of Equity 11.7b / Total Liabilities 28.8b) |
| Altman-Z'' = 0.23 = B |
| DSRI: 1.13 (Receivables 1.13b/897.4m, Revenue 4.69b/4.23b) |
| GMI: 4.48 (GM 59.61% / 13.29%) |
| AQI: 0.97 (AQ_t 0.54 / AQ_t-1 0.56) |
| SGI: 1.11 (Revenue 4.69b / 4.23b) |
| TATA: -0.06 (NI -343.1m - CFO 2.29b) / TA 41.7b) |
| Beneish M = 0.29 (Cap -4..+1) = D |
As of August 30, 2026, the stock is trading at EUR 26.24 with a total of 771,119 shares traded. Over the past week, the price has changed by +0.38%, over one month by -3.56%, over three months by -7.50% and over the past year by -12.99%.
Current recommended Stop Loss: 25.20 (which is 4% or 1.6 ATR below the current price).
Cellnex Telecom has no consensus analysts rating.
P/E Forward = 1250.0
P/S = 4.1501
P/B = 1.4857
Revenue TTM = 4.69b EUR
EBIT TTM = 564.8m EUR
EBITDA TTM = 3.12b EUR
Long Term Debt = 17.1b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.96b EUR (from shortTermDebt, last quarter)
Debt = 25.0b EUR (from shortLongTermDebtTotal, last quarter) + Leases 2.87b
Net Debt = 23.2b EUR (calculated: Debt 25.0b - CCE 1.85b)
Enterprise Value = 40.5b EUR (17.3b + Debt 25.0b - CCE 1.85b)
Interest Coverage Ratio = 0.60 (Ebit TTM 564.8m / Interest Expense TTM 942.9m)
EV/FCF = 77.08x (Enterprise Value 40.5b / FCF TTM 525.8m)
FCF Yield = 1.30% (FCF TTM 525.8m / Enterprise Value 40.5b)
FCF Margin = 11.22% (FCF TTM 525.8m / Revenue TTM 4.69b)
Net Margin = -7.32% (Net Income TTM -343.1m / Revenue TTM 4.69b)
Gross Margin = 13.29% ((Revenue TTM 4.69b - Cost of Revenue TTM 4.06b) / Revenue TTM)
Gross Margin QoQ = 10.90% (prev 15.75%)
Tobins Q-Ratio = 0.97 (Enterprise Value 40.5b / Total Assets 41.7b)
Interest Expense / Debt = 3.76% (Interest Expense 942.9m / Debt 25.0b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 423.6m (EBIT 564.8m * (1 - 25.00%))
Current Ratio = 0.62 (Total Current Assets 2.99b / Total Current Liabilities 4.80b)
Debt / Equity = 2.15 (Debt 25.0b / totalStockholderEquity, last quarter 11.7b)
Debt / EBITDA = 7.44 (Net Debt 23.2b / EBITDA 3.12b)
Debt / FCF = 44.13 (Net Debt 23.2b / FCF TTM 525.8m)
Total Stockholder Equity = 12.1b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.81% (Net Income -343.1m / Total Assets 41.7b)
RoE = -2.83% (Net Income TTM -343.1m / Total Stockholder Equity 12.1b)
RoCE = 1.93% (EBIT 564.8m / Capital Employed (Equity 12.1b + L.T.Debt 17.1b))
RoIC = 1.07% (NOPAT 423.6m / Invested Capital 39.6b)
WACC = 3.95% (E(17.3b)/V(42.4b) * Re(5.57%) + D(25.0b)/V(42.4b) * Rd(3.76%) * (1-Tc(0.25)))
Discount Rate = 5.57% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -95.26 | Cagr: -2.36%
[DCF] Terminal Value 77.97% ; FCFF base≈426.0m ; Y1≈488.3m ; Y5≈718.7m
[DCF] Fair Price = N/A (negative equity: EV 10.8b - Net Debt 23.2b = -12.4b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.07 | # QB: 0
Revenue Correlation: 90.81 | Revenue CAGR: 7.47% | SUE: 1.64 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.04 | Chg30d=+174.00% | Revisions=-25% | Analysts=2
EPS current Year (2026-12-31): EPS=-0.18 | Chg30d=-59.87% | Revisions=+25% | GrowthEPS=+53.5% | GrowthRev=-2.1%
EPS next Year (2027-12-31): EPS=-0.00 | Chg30d=N/A | Revisions=+0% | GrowthEPS=+97.5% | GrowthRev=+4.6%
[Analyst] Revisions Ratio: +0% (up=1, down=1)