Vodafone Group Public LTD Co key statistics and ratios

In fiscal 2026, Vodafone Group Public LTD Co had return on equity of -0.8%, an operating margin of 7.0% and debt equal to 104.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Vodafone Group Public LTD Co: financial ratios, annual
Fiscal year	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026
Gross margin	26.3%	27.4%	29.6%	30.9%	31.8%	31.3%	35.3%	35.3%	33.4%	33.4%	31.5%
Operating margin	2.7%	7.8%	9.2%	−2.2%	9.1%	11.7%	15.5%	38.4%	10.0%	−1.1%	7.0%
Net margin	−10.9%	−13.2%	5.2%	−18.4%	−2.0%	0.1%	6.0%	31.4%	3.1%	−11.1%	−1.0%
Free-cash-flow margin	12.2%	16.7%	18.6%	18.2%	27.1%	26.9%	36.6%	34.8%	33.6%	29.5%	23.3%
Return on equity	−6.2%	−7.9%	3.5%	−11.9%	−1.5%	0.1%	4.1%	19.0%	1.9%	−7.4%	−0.8%
Return on assets	—	−4.2%	1.6%	−5.3%	−0.6%	0.0%	1.5%	7.3%	0.8%	−3.0%	−0.3%
Asset turnover	—	0.32	0.31	0.29	0.28	0.28	0.24	0.23	0.25	0.27	0.33
Current ratio	—	0.83	0.94	1.41	1.00	0.94	0.82	0.89	—	—	—
Debt to equity	—	64.5%	59.3%	101.7%	122.0%	121.4%	127.9%	104.7%	95.0%	100.8%	104.0%
Interest cover (operating income ÷ interest)	—	—	—	n/m	2.1x	2.4x	3.1x	7.0x	1.8x	n/m	1.4x
Effective tax rate	—	—	−22.7%	—	—	88.9%	37.6%	3.8%	3.1%	—	96.8%
Capital spending as % of revenue	16.6%	13.2%	10.6%	11.6%	11.5%	12.4%	12.3%	13.2%	11.5%	11.5%	12.0%
Free cash flow ÷ net income	—	—	356.0%	—	—	>999%	605.0%	110.6%	>999%	—	—
Dividends and buybacks ÷ free cash flow	—	—	20.3%	6.0%	6.7%	0.5%	15.4%	14.3%	0.0%	16.9%	21.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · March 31, 2026

Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $10.3bn of cash against $52.4bn of debt.
Debt below 40% of shareholders' equity Debt is 90% of equity.
Debt burden no higher than five years ago Debt to equity moved from 106% to 90% over five years.
A year's operating cash flow covers at least 20% of debt $16.6bn of operating cash flow against $52.4bn of debt.
Operating profit covers interest at least five times over Operating income of $3.3bn against $2.4bn of interest.

From Vodafone Group Public LTD Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: TMUS vs VOD ECHO vs VOD SPOK vs VOD

More: Wireless Telecommunication Services stocks compared, Communication Services sector, rankings of US companies

Figures from Vodafone Group Public LTD Co's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vodafone Group Public LTD Co.