Vodafone Group Public Limited Company

LSE:VOD Stock Report

Market Cap: UK£22.7b

Vodafone Group Future Growth

Future criteria checks 3/6

Vodafone Group is forecast to grow earnings and revenue by 41.9% and 3.9% per annum respectively. EPS is expected to grow by 41.5% per annum. Return on equity is forecast to be 6.9% in 3 years.

Key information

41.9%

Earnings growth rate

41.52%

EPS growth rate

Wireless Telecom earnings growth22.9%
Revenue growth rate3.9%
Future return on equity6.94%
Analyst coverage

Good

Last updated20 Jun 2026

Recent future growth updates

Analysis Article • Nov 14

The Vodafone Group Public Limited Company (LON:VOD) Second-Quarter Results Are Out And Analysts Have Published New Forecasts

Investors in Vodafone Group Public Limited Company ( LON:VOD ) had a good week, as its shares rose 9.4% to close at...

Recent updates

Narrative Update • Jul 02

VOD: German Competition And Inorganic Investment Needs Will Pressure Future Returns

Vodafone Group's analyst price targets have generally shifted lower, with cuts such as £1.55 to £1.50 and £1.20 to £1.10. These changes reflect analyst concerns about German competitive pressures and the balance between UK growth, elevated spending, and German EBITDA trends.
Narrative Update • Jun 18

VOD: Future Re Rating May Follow Improved Margins Despite German Pressure

The latest narrative update on Vodafone Group reflects a lower analyst price target of £1.50, down £0.05, as analysts weigh ongoing pressure in Germany and elevated UK spending against adjusted assumptions for revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent Street research on Vodafone Group has become more mixed, with several firms revising price targets and ratings as they reassess the balance between pressure in Germany, higher UK spending, and the company’s broader execution.
Narrative Update • Jun 04

VOD: German EBITDA Strains And Elevated Spending Will Pressure Future Returns

Vodafone Group's analyst price target has been revised modestly, with a small fair value uplift to £0.65 as analysts weigh mixed views that include concerns about higher spending and German EBITDA pressure, alongside recent target increases from several banks. Analyst Commentary Recent Street research shows a split in sentiment, with some bearish analysts turning more cautious on Vodafone's ability to convert its current footprint into consistent value for shareholders.
Narrative Update • May 19

VOD: Rising Telecom Confidence May Drive Re Rating On Branded Calling

Analysts have nudged their average price target for Vodafone higher to £1.48 from £1.25, reflecting updated assumptions around a lower discount rate, slightly adjusted revenue growth and profit margin expectations, as well as a higher future P/E multiple, alongside a mix of recent target increases and one downgrade to Hold. Analyst Commentary Recent research updates show a mix of views, with at least one downgrade to Hold alongside several upward price target revisions.
Narrative Update • May 03

VOD: Cash Flow Hopes Will Confront Persistent P/E And Execution Risks

Vodafone Group's analyst price targets have increased by between £0.05 and £0.15 across several recent reports, as analysts highlight updated assumptions around revenue growth, profit margins and a lower future P/E multiple in their refreshed models. Analyst Commentary Recent research updates show that while several firms have adjusted price targets higher in absolute terms, some of the commentary around Vodafone Group remains cautious.
Narrative Update • Apr 16

VOD: Higher Price Hopes Will Continue To Face Execution Risks

Narrative Update: Vodafone Group The analyst price target for Vodafone Group has moved higher to £1.04 from £1.02, with analysts pointing to updated assumptions around revenue growth, profitability and a lower future P/E. This is reflected in a series of recent target lifts from major banks.
Narrative Update • Apr 02

VOD: Higher Price Hopes Will Face Ongoing Execution Risk Concerns

The analyst fair value estimate for Vodafone has been adjusted higher to reflect a slightly lower discount rate, modest tweaks to revenue growth and profit margin assumptions, and a higher future P/E. Recent price target increases from multiple firms, including moves such as Berenberg's lift to £1.19 and Goldman Sachs's to £11.58, have reset expectations around the shares.
Narrative Update • Mar 19

VOD: Cash Flow Hopes Will Face Persistent Execution And Capital Allocation Risks

Narrative Update The updated analyst price target for Vodafone Group moves to £11.58 from £10.48. This reflects analysts' focus on slightly higher assumed revenue growth, improved profit margins and free cash flow expectations, alongside a lower future P/E, following recent research that highlights potential for sustainable cash generation and a stronger balance sheet.
Narrative Update • Mar 05

VOD: Fair Value View Balances Free Cash Flow Resilience And Execution Risks

Analysts have nudged their fair value targets on Vodafone Group higher, with our updated view moving from £0.99 to £1.02. This reflects slightly stronger assumptions on revenue growth, profit margins and future P/E after recent price target increases and rating changes from the Street.
Narrative Update • Feb 18

VOD: Lofty Cash Flow Hopes Will Struggle Against Execution And Legal Risks

Narrative Update Vodafone's updated fair value estimate edges higher to reflect a modest uplift in analyst price targets, with recent moves such as Berenberg's increase to £1.19 and broader Street commentary pointing to expectations for steadier free cash flow, a more supportive profit margin profile, and a slightly lower future P/E assumption. Analyst Commentary Recent Street research on Vodafone highlights a mix of optimism and restraint, with some firms lifting price targets while still flagging execution and valuation risks.
Narrative Update • Feb 04

VOD: Elevated Cash Flow And Dividend Hopes Will Likely Disappoint

Analysts have raised their price target on Vodafone Group, with the updated fair value implying a modest uplift. This view is supported by expectations for sustainable free cash flow, dividend growth, and what they see as greater capacity for value creation following recent research upgrades that cited an increasingly robust balance sheet.
Narrative Update • Jan 21

VOD: Free Cash Flow Resilience And Fibre Competition Will Shape Future Returns

Analysts have lifted their fair value estimate for Vodafone, pointing to a higher blended price target. This is supported by expectations for more resilient free cash flow and dividends highlighted in recent research, even as views remain split between a £1.19 Buy case and an £0.80 Sell case on competition and tower revenue risks.
Narrative Update • Jan 07

VOD: Rising German Fiber Competition Will Pressure Future Free Cash Flows

Analysts have lifted their price target for Vodafone Group, citing refreshed views on revenue growth, improved profit margins and a lower assumed future P/E multiple. Together, these factors support a higher fair value for the shares in light of recent bullish and cautious Street research.
Narrative Update • Dec 16

VOD: Rising German Fiber Competition Will Pressure Cash Flows And Share Price

Analysts have nudged their consolidated price target for Vodafone Group modestly higher by roughly 7 percent to about 140 GBp, citing a lower perceived risk profile from a reduced discount rate and slightly better margin and earnings multiple assumptions, even as they factor in tougher revenue trends and competitive pressures in key European markets. Analyst Commentary Bearish analysts continue to flag structural and execution risks that, in their view, are not fully reflected in Vodafone Group's current valuation.
Narrative Update • Dec 02

VOD: Rising Fiber Competition And Efficiency Drives Will Balance Future Prospects

Vodafone Group's analyst consensus price target has increased from £0.89 to £0.90 per share, as analysts point to improved revenue growth projections and a higher future earnings multiple. This comes despite heightened risks in key markets.
Narrative Update • Nov 18

VOD: Competitive Pressures And Efficiency Moves Will Shape Outlook Amid Modest Fairness

Analysts have modestly increased their fair value estimate for Vodafone Group to £0.89 per share from £0.88. They cite a slightly improved profit margin outlook, continuing premium valuation concerns, and shifting competitive dynamics in key markets.
Analysis Article • Nov 14

The Vodafone Group Public Limited Company (LON:VOD) Second-Quarter Results Are Out And Analysts Have Published New Forecasts

Investors in Vodafone Group Public Limited Company ( LON:VOD ) had a good week, as its shares rose 9.4% to close at...
Narrative Update • Nov 03

VOD: Upcoming Partnerships And Competitive Pressures Will Shape Near-Term Performance

Vodafone Group's analyst price target has been increased by analysts, rising from £0.87 to £0.88 per share. This change reflects updated expectations for stronger revenue growth, an improved discount rate, and market positioning amidst competitive pressures.
Analysis Article • Nov 02

Insufficient Growth At Vodafone Group Public Limited Company (LON:VOD) Hampers Share Price

When you see that almost half of the companies in the Wireless Telecom industry in the United Kingdom have...
Narrative Update • Oct 14

Digital Partnerships With Google And Microsoft Will Strengthen Future Operations

Narrative Update on Vodafone Group Analysts have raised Vodafone Group's price target by 5 GBp to 140 GBp, citing improved valuation metrics and a supportive market outlook. Analyst Commentary Analyst sentiment around Vodafone Group's outlook reflects a mix of optimism regarding recent improvements and ongoing caution in several key areas.
Analysis Article • Jul 22

We Think Vodafone Group Public Limited Company's (LON:VOD) CEO Compensation Package Needs To Be Put Under A Microscope

Key Insights Vodafone Group to hold its Annual General Meeting on 29th of July Total pay for CEO Margherita Della Valle...
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New Narrative • Nov 24

Critical Partnerships And Digital Expansion Pave The Way For Telecom Growth And Innovation

Investments in Germany and strategic partnerships aim to drive revenue growth and improve margins through market share and digital services expansion.

Earnings and Revenue Growth Forecasts

LSE:VOD - Analysts future estimates and past financials data (EUR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
3/31/202946,9983,4483,73615,7048
3/31/202845,9113,0943,24513,79410
3/31/202744,4512,2612,33214,52810
3/31/202640,461-2896,97314,291N/A
9/30/202538,781-4,3667,90614,821N/A
6/30/202538,115-4,2568,29015,097N/A
3/31/202537,448-4,1478,67415,373N/A
12/31/202437,229-8939,44816,015N/A
9/30/202437,0102,36010,22216,657N/A
6/30/202436,8641,7839,96016,607N/A
3/31/202436,7171,2059,69716,557N/A
9/30/202332,72511,03310,82117,318N/A
6/30/202335,19911,55910,56017,686N/A
3/31/202337,67212,08510,29818,054N/A
12/31/202245,8646,9928,75517,980N/A
9/30/202246,0212,1868,66817,906N/A
6/30/202245,8012,2128,84517,994N/A
3/31/202237,0102,05211,15918,081N/A
12/31/202145,2269858,59717,871N/A
9/30/202144,871-1618,17317,661N/A
6/30/202144,340-248,37417,438N/A
3/31/202143,809598,57517,215N/A
12/31/202044,1361,2959,06417,232N/A
9/30/202044,4622,4779,55217,249N/A
6/30/202044,7187799,66317,314N/A
3/31/202044,974-9209,77417,379N/A
12/31/201944,366-1,567N/A15,836N/A
9/30/201943,757-2,214N/A14,293N/A
6/30/201943,712-3,349N/A13,637N/A
3/31/201943,666-4,485N/A12,980N/A
12/31/201844,505-2,976N/A12,793N/A
9/30/201845,344-1,467N/A12,605N/A
6/30/201845,9581,471N/A13,103N/A
3/31/201846,5714,408N/A13,600N/A
12/31/201746,6131,771N/A13,912N/A
9/30/201746,655-866N/A14,224N/A
6/30/201747,143-1,528N/A14,224N/A
3/31/201747,631-2,190N/A14,223N/A
9/30/201645,710-2,755N/A14,421N/A
6/30/201647,760-4,082N/A14,379N/A
3/31/201649,810-5,410N/A14,336N/A
9/30/201557,269-2,121N/A13,903N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: VOD is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.4%).

Earnings vs Market: VOD is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: VOD is expected to become profitable in the next 3 years.

Revenue vs Market: VOD's revenue (3.9% per year) is forecast to grow slower than the UK market (4.7% per year).

High Growth Revenue: VOD's revenue (3.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: VOD's Return on Equity is forecast to be low in 3 years time (6.9%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/05 04:36
End of Day Share Price 2026/07/03 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Vodafone Group Public Limited Company is covered by 33 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Andrew Charles BealeArete Research Services LLP
John EadeArgus Research Company
William PowerBaird