Telefónica, S.A.

OTCPK:TELF.Y Stock Report

Market Cap: US$22.8b

Telefónica Management

Management criteria checks 1/4

We currently do not have sufficient information about the CEO.

Key information

Marc Thomas Millar

Chief executive officer

€5.1m

Total compensation

CEO salary percentage35.74%
CEO tenure1.4yrs
CEO ownershipn/a
Management average tenure1.4yrs
Board average tenure2.6yrs

Recent management updates

Recent updates

Seeking Alpha • Nov 19

Telefonica: The Turnaround Story Income Investors Should Skip

Summary Telefónica (TEF) is cutting its dividend by 50% in 2026-2027, ending its status as a high-yield income stock. TEF's persistent dividend cuts reflect high leverage, weak free cash flow, and years of mismanagement, forcing a shift to a payout tied to recurring FCF. The new strategic plan targets modest 1.5-2.5% revenue growth, cost cuts, capex reduction, and deleveraging to 2.5x net debt/EBITDAaL by 2028. While the turnaround plan is coherent, TEF remains a low-growth, low-margin story; it is no longer suitable for dividend-focused investors. Read the full article on Seeking Alpha
Seeking Alpha • Nov 07

Telefonica Q3 Earnings: Not Very Attractive Due To Volatility In Certain Regions

Summary Telefonica S.A.'s Q3 earnings show a 3% y/y decline in sales, with significant revenue drops in Brazil and Hispam due to currency depreciation and competitive pressures. The company's high debt load (€32B long-term, €6B short-term) is concerning, though it has decent free cash flow and cash reserves to cover obligations. Telefonica Tech's growth in digital solutions, with a 9.5% y/y increase, offers potential for future revenue diversification and top-line improvement. Despite an attractive 7.22% dividend yield, high exposure to volatile currencies and lackluster growth leads me to assign a hold rating for now. Read the full article on Seeking Alpha
Seeking Alpha • Sep 18

AT&T Vs. Telefonica: Only One Of These High-Yields Is A Buy

Summary Telefonica and AT&T are high-yield telecoms with checkered pasts. Both have made a lot of progress towards deleveraging and putting their businesses and dividends on a more sustainable path. We compare them side-by-side and share our take on which is the better buy today. Read the full article on Seeking Alpha
Seeking Alpha • Aug 22

Telefonica: There Is Further Upside Here - I Say 'Buy'

Summary Conservative leverage, FCF improvement, and on-track results make Telefonica stock a buy with a €4.9/share price target. Telefonica is a decent investment with good yield and potential for outperformance, primarily income-oriented. The company's 2Q24 results show accelerating top-line growth, EBITDA growth, and expansion of 5G coverage, supporting the positive thesis. Read the full article on Seeking Alpha
Seeking Alpha • May 31

Telefonica: Steadily Pushing Upward

Summary Telefonica has seen improvements in its results, with accelerating revenue and EBITDA growth, low churn rates, and enhanced customer experience. The company has achieved its goals in terms of fiber, infra growth, and coverage, with 5G coverage at 63% in core markets. Telefonica's FCF is expected to grow at more than 10%, affirming a positive outlook for the company. Read the full article on Seeking Alpha
Seeking Alpha • Jan 29

With 8% Dividend Yield, Telefonica Has Upside Potential

Summary Telefonica's various telecoms businesses present a mixed bag overall, with solid positions in Spain and the U.K. offset by weaker operations in Latin America and Germany. Medium-term financial goals point to modest growth and look achievable, while the 8%-yielding dividend is more secure than it appears at first glance. These shares look around 25% undervalued based on a rough sum-of-the-parts method, with the market basically ignoring the value of its U.K. joint venture. Read the full article on Seeking Alpha
Seeking Alpha • Nov 23

Telefonica: Don't Let An 8% Dividend Yield Fool You

Summary Telefonica S.A. offers an 8% forward dividend yield, but dividend growth is unlikely due to revenue challenges and high leverage. The company's financial performance has been declining, and its weak balance sheet limits room for investment in growth initiatives. My valuation analysis suggests the stock has almost no upside potential. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Marc Thomas Millar's remuneration changed compared to Telefónica's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

-€2b

Dec 31 2025€5m€2m

-€2b

Compensation vs Market: Marc Thomas's total compensation ($USD5.86M) is below average for companies of similar size in the US market ($USD14.46M).

Compensation vs Earnings: Insufficient data to compare Marc Thomas's compensation with company performance.

CEO

Marc Thomas Millar (54 yo)

1.4yrs
Tenure
€5,133,764
Compensation

Mr. Marc Thomas Murtra Millar served as Chairman at Indra Sistemas, S.A. since May 27, 2021 until 2025 and served as its Executive Chairman until 2025. Mr. Murtra serves as Advisor of Intelliment Security....

Leadership Team

NamePositionTenureCompensationOwnership
Marc Thomas Millar
Executive Chairman & CEO1.4yrs€5.13mno data
Emilio Rodríguez
COO & Executive Director1.3yrs€3.19mno data
Juan Azcue Vich
Chief Financial & Corporate Development Officerno datano datano data
Adrian Ruano
Head of Investor Relationsno datano datano data
Pablo de Carvajal González
General Counsel8.5yrsno datano data
Salvador Ruiz
Chief Communications & Corporate Marketing Officer1.5yrsno datano data
Marta Machicot
Chief People Officer8.5yrsno datano data
Francisco de Paz Mancho
Deputy to Chairman1.5yrs€258.60k0.0014%
$ 325.4k
Daniel Domenjó
CEO of Movistar+1.3yrsno datano data
Alvaro Arevalo
Chief of Staff of Chairman's Office & Corporate Affairs1.3yrsno datano data
Borja Ochoa Gil
CEO of Telefonica Spain1.3yrsno datano data
Santiago Hesse
CEO of Telefónica Germanyless than a yearno datano data
1.4yrs
Average Tenure
61yo
Average Age

Experienced Management: TELF.Y's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Marc Thomas Millar
Executive Chairman & CEO1.5yrs€5.13mno data
Emilio Rodríguez
COO & Executive Director1.3yrs€3.19mno data
Christian Mauad Gebara
Chairman & CEO of Telefónica Brasilno datano datano data
Isidro Faine Casas
Vice Chairman32.5yrs€280.00k0.012%
$ 2.8m
Peter Loscher
Lead Independent Director10.3yrs€329.93k0.0032%
$ 725.8k
Alejandro Ample
Independent Director2.6yrs€120.93kno data
Maria Garci Blanco
Independent Director8.3yrs€246.20k0.00066%
$ 150.2k
Claudia Ramirez
Independent Director6.6yrs€200.00kno data
Solange Targa
Independent Director2.6yrs€140.20kno data
Ana Maria Andres
Independent Director1.4yrs€125.87kno data
Carlos Orbis
Vice-Chairman of the Board2.2yrs€306.20kno data
Olayan Alwetaid
Proprietary Director1.4yrs€100.00kno data
2.6yrs
Average Tenure
54yo
Average Age

Experienced Board: TELF.Y's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/07 15:08
End of Day Share Price 2026/07/07 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

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

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

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

Telefónica, S.A. is covered by 40 analysts. 11 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
null nullBanco de Sabadell. S.A.
Fernando Cordero BarreiraBanco Santander