CLNX Stock Analysis: Cellnex Telecom | MC
Real Estate Services | MC, Spain | Market Cap: 16.615m EUR | 12M Return: -8.1% | ES0105066007 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 32.6M
Qual. Beats: 0
Rev. Trend: 90.8%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.4 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 that provides passive and active network services across twelve European markets, including Spain, France, Italy, the United Kingdom, the Netherlands, and Poland. The company was incorporated in 2008 under the name Abertis Telecom Terrestre and adopted its current name in April 2015.
Cellnexs operations are organized into four segments: Towers (passive infrastructure, colocation, and engineering services for wireless and broadband operators); DAS, Small Cells, and RAN as a Service (active emission/transmission services, PPDR/mission-critical networks, and smart cities/IoT); Fiber, Connectivity, and Housing Services (fibre-to-the-tower transport, backhaul, and edge data center hosting); and Broadcast (distribution and transmission of TV and radio signals, DTT coverage, and OTT connectivity).
The business follows the independent towerco model, in which Cellnex owns and manages physical network assets and leases capacity to mobile network operators and broadcasters under long-term contracts, rather than competing with them for end-user subscribers. Listed on the Madrid Stock Exchange, Cellnex is classified within the GICS Communication Services sector and the Integrated Telecommunication Services sub-industry.
- Tower portfolio expansion drives organic revenue growth
- Deleveraging plan and debt reduction impact net leverage
- European 5G rollout accelerates small cells and DAS demand
| 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 (3.30b): 7.04 < 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 October 17, 2026, the stock is trading at EUR 25.62 with a total of 1,904,099 shares traded. Over the past week, the price has changed by +7.15%, over one month by +0.71%, over three months by +3.31% and over the past year by -8.06%.
Current recommended Stop Loss: 24.60 (which is 4% or 1.4 ATR below the current price).
Cellnex Telecom has no consensus analysts rating.
P/E Forward = 200.0
P/S = 3.9798
P/B = 1.4154
Revenue TTM = 4.69b EUR
EBIT TTM = 564.8m EUR
EBITDA TTM = 3.30b 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 = 39.8b EUR (16.6b + Debt 25.0b - CCE 1.85b)
Interest Coverage Ratio = 0.60 (Ebit TTM 564.8m / Interest Expense TTM 942.9m)
EV/FCF = 75.72x (Enterprise Value 39.8b / FCF TTM 525.8m)
FCF Yield = 1.32% (FCF TTM 525.8m / Enterprise Value 39.8b)
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 = 0.96 (Enterprise Value 39.8b / 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 = 7.04 (Net Debt 23.2b / EBITDA 3.30b)
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 = 3.88% (E(16.6b)/V(41.7b) * Re(5.48%) + D(25.0b)/V(41.7b) * Rd(3.76%) * (1-Tc(0.25)))
Discount Rate = 5.48% (= 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=N/A | Revisions=+0% | Analysts=2
EPS current Year (2026-12-31): EPS=-0.22 | Chg30d=-9.90% | Revisions=+0% | GrowthEPS=+43.5% | GrowthRev=-2.5%
EPS next Year (2027-12-31): EPS=-0.07 | Chg30d=N/A | Revisions=-25% | GrowthEPS=+69.2% | GrowthRev=+4.6%
[Analyst] Revisions Ratio: -25% (up=0, down=1)