TEONYSETelephone Communications (No Radiotelephone)Fiscal year ends December 31Also trades as TCMFF
TELECOM ARGENTINA SA
Financials through Q4 FY2025, quarter ended Dec 31, 2025Last filing: 20-F on Mar 11, 2026
$12.20−0.27 (-2.17%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Operating margin
5.4%−1.3 pts over 5 years
Net margin
-2.0%−0.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +53.0% | +11.4% | +56.5% | +70.3% | |
| Operating income | – | – | +49.8% | +53.4% | |
| Free cash flow | +69.1% | +8.8% | +49.0% | +90.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -3.4% | -2.4% | |
| Return on assets | – | -1.7% | -1.1% | |
| Current ratio | 0.94 | 0.50 | 0.48 | |
| Debt to equity | 0.62 | 0.52 | 0.79 | |
| Net debt to EBITDA | 0.24× | – | – | |
| Interest coverage | 20.7× | 0.8× | 0.6× | |
| Capex to revenue | 32.1% | 17.3% | 16.3% | |
| Diluted shares | 1.18B | 2.15B | 2.15B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Telecom Argentina generated 7.78T ARS from operations and spent 4.01T ARS on capital expenditure, dividends and share buybacks. 99% of that went back into the business.
Generated
7.78T ARS
Used
4.01T ARS
Capital expenditure3.99T ARS99%Dividends22.96B ARS1%Share buybacks0 ARS0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-2.0%
×Asset turnover0.54×
×Equity multiplier2.22×
=Return on equity, FY2025-2.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -2.0% | 0.54× | 2.22× | -2.4% |
| FY2024 | 24.5% | 0.38× | 2.24× | 20.7% |
| FY2023 | -12.5% | 0.59× | 2.42× | -17.9% |
| FY2022 | -28.5% | 1.61× | 2.12× | -97.3% |
| FY2021 | 2.0% | 1.59× | 1.98× | 6.4% |
| FY2020 | -1.9% | 0.92× | 1.94× | -3.4% |
| FY2019 | -1.9% | 0.72× | 1.78× | -2.4% |
| FY2018 | 3.2% | 1.06× | 1.66× | 5.5% |
| FY2017 | 14.6% | 1.44× | 1.93× | 40.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-170.01B ARS
- Cash generatingOperating cash flow above zero2.39T ARS
- Return on assets improvedROA up on the prior year9.2% → -1.2%
- Earnings backed by cashOperating cash flow above net income2.39T ARS vs -170.01B ARS
- Less leverageLong-term debt to assets fell16.5% → 23.0%
- Better liquidityCurrent ratio rose0.39 → 0.48
- No dilutionShare count did not rise2.15B → 2.15B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.37 → 0.58