VODNasdaqRadiotelephone CommunicationsFiscal year ends March 31Also trades as VODPF
VODAFONE GROUP PUBLIC LTD CO
Financials through fiscal 2025, year ended Mar 31, 2025
$15.87−0.24 (-1.49%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
33.4%+1.7 pts over 5 years
Operating margin
-1.1%−10.2 pts over 5 years
Net margin
-11.1%−9.1 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 | +2.0% | +0.4% | -3.6% | – | |
| Gross profit | +2.1% | -1.4% | -2.6% | – | |
| Free cash flow | -10.4% | -6.5% | -2.0% | – | |
| Dividend per share | -50.0% | – | -12.9% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -1.5% | -7.4% | |
| Return on assets | – | -0.6% | -3.1% | |
| Current ratio | – | 1.00 | – | |
| Debt to equity | – | 1.22 | 1.01 | |
| Net debt to EBITDA | – | 3.36× | 4.05× | |
| Interest coverage | 0.6× | 1.2× | -0.2× | |
| Inventory turnover | – | 46.8× | 42.1× | |
| Capex to revenue | 16.6% | 11.5% | 11.5% | |
| Diluted shares | 26.69B | 29.42B | 26.15B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Vodafone Group Public generated €85.28B from operations and spent €42.79B on capital expenditure, dividends and share buybacks. 55% of that went back into the business.
Generated
€85.28B
Used
€42.79B
Capital expenditure€23.46B55%Dividends€13.44B31%Share buybacks€5.88B14%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-11.1%
×Asset turnover0.27×
×Equity multiplier2.42×
=Return on equity, FY2025-7.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -11.1% | 0.27× | 2.42× | -7.4% |
| FY2024 | 3.1% | 0.24× | 2.43× | 1.8% |
| FY2023 | 31.4% | 0.24× | 2.62× | 20.0% |
| FY2022 | 6.0% | 0.24× | 2.80× | 4.0% |
| FY2021 | 0.1% | 0.27× | 2.76× | 0.1% |
| FY2020 | -2.0% | 0.29× | 2.52× | -1.5% |
| FY2019 | -18.4% | 0.30× | 2.22× | -12.4% |
| FY2018 | 5.2% | 0.31× | 2.15× | 3.5% |
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-€4.17B
- Cash generatingOperating cash flow above zero€15.37B
- Return on assets improvedROA up on the prior year0.7% → -2.9%
- Earnings backed by cashOperating cash flow above net income€15.37B vs -€4.17B
- Less leverageLong-term debt to assets fell34.1% → 35.9%
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise27.15B → 26.15B
- Gross margin improvedGross margin up on the prior year33.39% → 33.43%
- More efficientAsset turnover rose0.24 → 0.26