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MTN · JSE · South Africa · Telecom and media
In shortMTN Group is profitable, generates cash and holds more cash than debt, with revenue growing (+20.6% last year).
Financial health
Solid
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 28.2% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 8.9% | 56/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 15.1% | 76/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 17.0% | 100/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.94× | 12/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.49× | 84/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 3.20× | 16/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 1.83 | 19/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 15.7% | 83/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 1.76× | 100/100 |
| Years with positive free cash flow (last 5) | 4 of 4 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 3 of 4 | 75/100 |
|---|---|---|
| Years of revenue decline (last 5) | 1 of 3 | 44/100 |
| Revenue growth volatility | 17.9% | 45/100 |
| Operating margin volatility | 4.0% | 73/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 3.1% | 34/100 |
|---|---|---|
| EPS growth, 3-year average | 2.3% | 37/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Figures from the company's published annual accounts, as collected by Yahoo Finance, in the reporting currency.
Annual figures as reported. Hover a bar or point for the exact value.
The same model applied each year to the statements published at the time: the score is never recalculated with later information.
The last 4 fiscal years from the company's annual reports.
ZAR millions; negative values in parentheses.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 207,003 | 221,056 | 188,001 | 226,707 |
| Cost of revenue | 56,197 | 63,318 | 56,678 | 54,676 |
| Gross profit | 150,806 | 157,738 | 131,323 | 172,031 |
| Selling, general & admin | 24,819 | 27,134 | 24,138 | 28,890 |
| Operating income | 57,653 | 48,695 | 38,186 | 63,845 |
| Interest expense | 14,313 | 18,954 | 18,702 | 19,979 |
| Pre-tax income | 40,890 | 11,768 | (4,073) | 47,426 |
| Income tax | 17,036 | 7,751 | 6,841 | 20,025 |
| Net income | 19,037 | 4,092 | (9,369) | 20,262 |
| Diluted EPS | ZAR10.28 | ZAR2.23 | −ZAR5.19 | ZAR11.01 |
| Diluted shares (millions) | 1,852 | 1,838 | 1,811 | 1,840 |
1.83 Grey zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
7/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: Yahoo Finance. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated –