Saudi Telecom Company
The incumbent and by some distance the largest operator in the cohort, with revenues roughly four times Mobily's and seven times Zain KSA's. Majority state-linked ownership through the Public Investment Fund. Business mix spans consumer and business connectivity plus a growing set of digital, fintech and infrastructure subsidiaries.
Overview
What it is. stc is Saudi Arabia's incumbent telecom operator and the largest company in the sector by a wide margin. It was established as a Saudi joint stock company by Royal Decree M/35 in April 1998, taking over the Kingdom's state telecom operations, and was partially privatised through an IPO on Tadawul in January 2003. The Public Investment Fund remains the majority shareholder.
What it sells. The core business is connectivity: mobile voice and data, fixed lines, fibre broadband and enterprise data circuits, sold to consumers, businesses and government. Around that sits a set of digital businesses that increasingly define the group — stc pay in fintech, sirar in cybersecurity, cloud by stc, Intigral in digital media, and Tawal in tower infrastructure. Handset and device resale is a large and growing share of revenue, which matters because it carries far lower margin than connectivity.
Where it operates. Saudi Arabia is the overwhelming majority of the business. Beyond it, stc runs operations in Kuwait and Bahrain, and in September 2023 acquired a 9.9% stake in the Spanish multinational Telefónica for a reported €2.1bn, becoming its largest shareholder. International activity has been reported at roughly 15% of group revenue.
The financial picture
Business & sector context
The incumbent operator and the largest company in the cohort by a wide margin: FY2025 revenue of SAR 77,819mn is 4.0x Mobily and 7.1x Zain KSA, and stc alone is 71.8% of cohort revenue. Main Market listing with full IFRS-KSA disclosure, quarterly reporting and the deepest liquidity of the three, so disclosure completeness is not a constraint on the analysis. The FY2024 accounts include a SAR 13,973mn discontinued-operations gain which inflates that year's reported net profit to SAR 24,916mn against SAR 10,943mn from continuing operations — every trend on this page uses the continuing-operations line unless stated.
stc earned a 14.5% return on invested capital in FY2025 against a 9.3% cost of capital — a +5.2 point spread, the widest since FY2022 and a recovery from the +1.2 point trough in FY2024. The single metric that drives the view is not that spread but the gap beneath it: NOPAT rose 15.4% from FY2022 to FY2025 (SAR 14,959mn to SAR 17,258mn) while operating cash flow fell 30.6% over the same three years (SAR 26,354mn to SAR 18,283mn). Accounting returns are improving while cash generation goes the other way, and a 138% dividend payout ratio is being funded across that gap.
Value creation
Quality of earnings
NOPAT of SAR 17,258mn against operating cash flow of SAR 18,283mn gives a cash conversion of 1.06x for FY2025, which taken alone looks clean. The three-year trend does not. Working capital absorbed SAR 4,630mn of cash in FY2025 and SAR 5,476mn in FY2024, against a SAR 994mn release in FY2022. Trade and other receivables reached SAR 30,086mn, or 19.1% of total assets, up from 13.9% in FY2018 — the largest single common-size shift on the balance sheet. At 130.6 days, stc is itself the cohort median for days sales outstanding, so this is not an outlier against peers; it is a deterioration against stc's own FY2024 figure of 119.1 days, an 11.5-day slippage worth roughly SAR 2.4bn of working capital in a single year.
Ratio analysis vs cohort benchmark
| FY2025 | Company | Cohort median | Verdict |
|---|---|---|---|
| Current ratio | 1.4x | 1.3x | better than cohort +0.2x |
| Quick ratio | 1.4x | 1.3x | better than cohort +0.1x |
| Debt-to-equity | 17.6% | 28.2% | better than cohort -10.6pt |
| Interest coverage | 24.0x | 15.3x | better than cohort +8.7x |
| Days sales outstanding | 131 | 131 | in line with cohort +0d |
| Cash conversion cycle | -40 | -55 | worse than cohort +15d |
| Capex % of revenues | 15.2% | 15.2% | in line with cohort +0.0pt |
| Gross margin | 48.7% | 54.7% | worse than cohort -6.0pt |
| EBITDA margin | 31.9% | 31.9% | in line with cohort +0.0pt |
| EBIT margin | 18.7% | 18.7% | in line with cohort +0.0pt |
| Net margin | 19.5% | 17.6% | better than cohort +1.9pt |
| Return on assets | 9.6% | 8.2% | better than cohort +1.5pt |
| Return on equity | 17.6% | 17.1% | better than cohort +0.5pt |
| Return on invested capital | 14.5% | 11.0% | better than cohort +3.6pt |
| WACC | 9.3% | 6.2% | worse than cohort +3.1pt |
| P/E | 14.1x | 14.6x | better than cohort -0.5x |
| EV/EBITDA | 8.8x | 7.3x | worse than cohort +1.5x |
| Dividend yield | 9.8% | 3.8% | better than cohort +6.0pt |
Cohort median is the median of stc, Mobily and Zain KSA for FY2025. Etihad Atheeb Telecom (GO, 7040) is excluded on fiscal-year-end grounds, so this is a three-company median and not a full-sector median. Every underlying figure and its formula is shown on the Ratios, ROIC & WACC and Valuation tabs.
Valuation cross-check
Multiple-based. The shares trade on 14.1x trailing earnings and 8.8x EV/EBITDA, against cohort medians of 14.6x and 7.3x respectively.
Intrinsic. Applying the key value driver formula V = NOPATt+1 × (1 − g ÷ ROIC) ÷ (WACC − g) to FY2025 NOPAT of SAR 17,258mn at ROIC 14.5% and WACC 9.3%, then deducting net debt of SAR 4,069mn and dividing by 4,989,798,000 net shares, gives an implied value of SAR 43.9 per share at a 3% perpetual growth rate — +2% versus the FY2025 share price of SAR 42.98.
| Implied value per share, SAR | g = 2% | g = 3% | g = 4% |
|---|---|---|---|
| WACC 8.3% | 47.3 +10% | 52.3 +22% | 59.6 +39% |
| WACC 9.3% | 40.8 -5% | 43.9 +2% | 48.2 +12% |
| WACC 10.3% | 35.8 -17% | 37.8 -12% | 40.5 -6% |
A perpetuity is highly sensitive when WACC − g is small: a one-point move in WACC changes the implied value materially, which is why the grid is shown rather than a single point estimate. The grid is a sanity check on what the market multiple implies about growth and returns — it is not a valuation opinion and no price objective is expressed or implied.
Catalysts & risks
What would have to happen for the analysis above to move in either direction, with a rough subjective weighting. These are scenarios to test, not forecasts, and no buy, sell or hold recommendation is made on this site.
Bull case
Margin rebounded from 28.1% in FY2024 to 31.9% in FY2025, a 3.8 point recovery, as other expenses fell from 6.8% to 2.5% of revenue. If FY2024's cost spike proves non-recurring and margin holds near 32%, the ROIC−WACC spread stays above +5 points.
A return to the FY2024 DSO of 119.1 days on FY2025 revenue would release roughly SAR 2.4bn of working capital, closing most of the gap between reported FCF of SAR 6,488mn and the SAR 21,398mn of dividends paid.
Bear case
Dividends declared of SAR 20,955mn against net profit of SAR 15,135mn is a 138% payout, and dividends paid of SAR 21,398mn against free cash flow of SAR 6,488mn is 0.30x cover. Equity fell from SAR 92,485mn to SAR 86,386mn during FY2025 despite a profitable year. A payout at this level cannot persist without either cash conversion recovering or leverage rising.
Gross margin has fallen from 59.5% in FY2018 to 48.7% in FY2025, a 10.8 point decline, driven by cost of devices rising from 8.4% to 18.2% of revenue and network access charges from 9.6% to 13.0%. Neither is under management control in the short run.
Market, tax and disclosure profile
Market. Tadawul Main Market. Full IFRS-KSA disclosure, quarterly reporting under CMA rules, and Main Market liquidity — so the analysis is not constrained by disclosure depth, and no Nomu illiquidity premium is applied to the cost of equity. Had this been a Nomu Parallel Market listing, the lighter disclosure obligations and thinner free float would require an explicit illiquidity loading in WACC and a wider margin of safety on any recommendation.
Zakat / tax profile. Ownership split not yet confirmed from the shareholder register, so the zakat-versus-corporate-income-tax blend is unconfirmed. The workbook's after-tax cost of debt uses the effective tax and zakat charge actually reported in the income statement rather than an assumed statutory rate, which avoids importing a fabricated blend into WACC. Note that the reported charge is dominated by zakat, which is levied on the zakat base rather than on profit and therefore does not behave like a conventional interest tax shield.
Share price performance
Performance summary
| 2018–2025 | First close | Last close | Total | Annualised | Max drawdown | Volatility | Best year | Worst year |
|---|---|---|---|---|---|---|---|---|
| stc | 27.27 | 42.98 | +58% | +5.9% | -40% | 21% | 2018 +35% | 2022 -21% |
| Mobily | 16.10 | 66.00 | +310% | +19.3% | -31% | 28% | 2019 +51% | 2018 +3% |
| Zain KSA | 7.34 | 10.43 | +42% | +4.5% | -40% | 29% | 2019 +42% | 2024 -27% |
| TASI | 7,194.15 | 10,490.69 | +46% | +4.8% | -36% | 15% | 2021 +30% | 2025 -13% |
Total and annualised returns are price returns from the first to the last close in the series. Max drawdown is the largest peak-to-trough decline on closing prices. Volatility is the annualised standard deviation of daily returns (252 trading days). Calendar-year returns are measured close-to-close across the year boundary.
Commentary
Over the eight years to 31 December 2025, Mobily was the strongest performer in the cohort, rising +310% from SAR 16.10 to SAR 66.00, an annualised +19.3%. Zain KSA was the weakest at +42% in total, or +4.5% a year. The TASI returned +46% over the same period (+4.8% annualised), so on price alone Mobily and stc outperformed the index.
Drawdowns separate the cohort as sharply as returns do. Mobily fell 31% peak-to-trough at its worst point against 40% for Zain KSA, on annualised volatility of 28% and 29% respectively. The single best calendar year in the cohort was Mobily in 2019 at +51%; the worst was Zain KSA in 2024 at -27%.
These are price series only. They say nothing about whether the underlying businesses earned their cost of capital over the same period — that comparison is on the ROIC & WACC tab, and the two do not line up neatly.
Daily closing prices as recorded in the model workbook, covering 2 January 2018 to 31 December 2025. The rebased chart sets every series to 100 at the first trading day so relative performance is comparable across shares that trade at very different absolute levels; the second chart shows actual closing prices in Saudi Riyals. Prices are not adjusted for dividends, so the rebased lines understate total return — materially so for stc, which paid a dividend in every year of the window, and least so for Zain KSA, which paid none in five of the eight years. No daily move in any series exceeds the ±10% Tadawul limit, so the series contains no unadjusted corporate-action gap. Where shares outstanding changed materially, this is flagged under Data checks below.
Data checks
- stc, FY2022. Shares outstanding moved from 1,997,149,000 to 4,982,178,000, a change of +149%, while the year-end closing price moved -18.6%. Earnings, book value and dividends per share — and every price multiple built on them — are not comparable across that boundary, and the daily price series above contains no corresponding adjustment. Worth confirming against the issuer's corporate-action history before reading the periods either side of it as one continuous series.
Income Statement — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net Revenues | 51,963 | 54,368 | 58,953 | 63,008 | 67,432 | 71,777 | 75,893 | 77,819 |
| Network Access Charges | 4,999 | 4,515 | 4,740 | 4,968 | 4,406 | 9,150 | 8,126 | 10,094 |
| Government Charges | 4,482 | 3,109 | 3,807 | 5,848 | 5,535 | 4,571 | 5,378 | 5,418 |
| Cost of Devices | 4,386 | 8,795 | 9,667 | 9,640 | 10,713 | 13,360 | 14,645 | 14,196 |
| Other Costs of Revenues | 4,208 | 2,182 | 3,178 | 4,954 | 5,265 | 4,754 | 4,719 | 4,678 |
| Salaries & Wages | 2,968 | 3,059 | 3,338 | 3,570 | 3,947 | 5,051 | 5,535 | 5,544 |
| Gross Profits | 30,920 | 32,707 | 34,223 | 34,028 | 37,565 | 34,891 | 37,490 | 37,889 |
| Employee Costs & Benefits | 4,933 | 5,456 | 5,880 | 6,329 | 6,770 | 7,183 | 7,502 | 7,637 |
| Marketing & Advertising Expenses | 1,193 | 1,640 | 1,491 | 1,040 | 1,553 | 1,801 | 1,764 | 2,368 |
| General & Administrative Expenses | 2,627 | 2,241 | 2,339 | 1,695 | 2,213 | 2,146 | 2,216 | 2,084 |
| Other Expenses | 2,634 | 2,507 | 2,797 | 2,981 | 3,493 | 2,139 | 5,197 | 1,965 |
| Other Income | (103) | (50) | (478) | (840) | (190) | (1,386) | (529) | (957) |
| EBITDA | 19,636 | 20,913 | 22,193 | 22,823 | 23,726 | 23,008 | 21,340 | 24,792 |
| Depreciation | 5,905 | 6,834 | 7,224 | 7,624 | 7,702 | 6,666 | 6,519 | 6,584 |
| Amortization | 2,059 | 2,267 | 2,403 | 2,322 | 2,460 | 2,769 | 3,171 | 3,637 |
| EBIT | 11,672 | 11,813 | 12,566 | 12,876 | 13,564 | 13,573 | 11,650 | 14,572 |
| Interest and Finance Charges | 399 | 628 | 525 | 526 | 613 | 1,008 | 1,157 | 1,033 |
| Interest on Lease Liabilities | 0 | 138 | 99 | 93 | 83 | 60 | 77 | 92 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | (555) | (639) | (414) | (378) | (602) | (1,482) | (1,718) | (1,276) |
| EBT | 11,828 | 11,687 | 12,356 | 12,635 | 13,470 | 13,987 | 12,134 | 14,723 |
| Taxes | 23 | 21 | 16 | 19 | 26 | 60 | 62 | 87 |
| Zakat | 725 | 741 | 1,154 | 1,021 | 1,057 | 1,267 | 1,130 | (554) |
| Net Profits | 11,080 | 10,925 | 11,185 | 11,595 | 12,387 | 12,660 | 10,943 | 15,189 |
| Discontinued Operations | — | — | — | — | — | (759) | (13,973) | 54 |
| Net Profits | 11,080 | 10,925 | 11,185 | 11,595 | 12,387 | 13,419 | 24,916 | 15,135 |
As reported under IFRS as endorsed in Saudi Arabia.
Common-Size P&L — % of net revenues
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net Revenues | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Network Access Charges | 9.6% | 8.3% | 8.0% | 7.9% | 6.5% | 12.7% | 10.7% | 13.0% |
| Government Charges | 8.6% | 5.7% | 6.5% | 9.3% | 8.2% | 6.4% | 7.1% | 7.0% |
| Cost of Devices | 8.4% | 16.2% | 16.4% | 15.3% | 15.9% | 18.6% | 19.3% | 18.2% |
| Other Costs of Revenues | 8.1% | 4.0% | 5.4% | 7.9% | 7.8% | 6.6% | 6.2% | 6.0% |
| Salaries & Wages | 5.7% | 5.6% | 5.7% | 5.7% | 5.9% | 7.0% | 7.3% | 7.1% |
| Gross Profits | 59.5% | 60.2% | 58.1% | 54.0% | 55.7% | 48.6% | 49.4% | 48.7% |
| Employee Costs & Benefits | 9.5% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 9.9% | 9.8% |
| Marketing & Advertising Expenses | 2.3% | 3.0% | 2.5% | 1.7% | 2.3% | 2.5% | 2.3% | 3.0% |
| General & Administrative Expenses | 5.1% | 4.1% | 4.0% | 2.7% | 3.3% | 3.0% | 2.9% | 2.7% |
| Other Expenses | 5.1% | 4.6% | 4.7% | 4.7% | 5.2% | 3.0% | 6.8% | 2.5% |
| Other Income | (0.2%) | (0.1%) | (0.8%) | (1.3%) | (0.3%) | (1.9%) | (0.7%) | (1.2%) |
| EBITDA | 37.8% | 38.5% | 37.6% | 36.2% | 35.2% | 32.1% | 28.1% | 31.9% |
| Depreciation | 11.4% | 12.6% | 12.3% | 12.1% | 11.4% | 9.3% | 8.6% | 8.5% |
| Amortization | 4.0% | 4.2% | 4.1% | 3.7% | 3.6% | 3.9% | 4.2% | 4.7% |
| EBIT | 22.5% | 21.7% | 21.3% | 20.4% | 20.1% | 18.9% | 15.4% | 18.7% |
| Interest and Finance Charges | 0.8% | 1.2% | 0.9% | 0.8% | 0.9% | 1.4% | 1.5% | 1.3% |
| Interest on Lease Liabilities | 0.0% | 0.3% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Others | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Interest Income | (1.1%) | (1.2%) | (0.7%) | (0.6%) | (0.9%) | (2.1%) | (2.3%) | (1.6%) |
| EBT | 22.8% | 21.5% | 21.0% | 20.1% | 20.0% | 19.5% | 16.0% | 18.9% |
| Taxes | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% |
| Zakat | 1.4% | 1.4% | 2.0% | 1.6% | 1.6% | 1.8% | 1.5% | (0.7%) |
| Net Profits | 21.3% | 20.1% | 19.0% | 18.4% | 18.4% | 17.6% | 14.4% | 19.5% |
| Discontinued Operations | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | (1.1%) | (18.4%) | 0.1% |
| Net Profits | 21.3% | 20.1% | 19.0% | 18.4% | 18.4% | 18.7% | 32.8% | 19.4% |
Every line divided by net revenues of the same year. Formula: line item ÷ row 23 net revenues.
Balance Sheet — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 8,154 | 8,031 | 9,004 | 8,281 | 17,794 | 13,371 | 15,543 | 13,376 |
| Trade and other receivables | 15,517 | 22,376 | 17,660 | 27,616 | 25,633 | 23,786 | 25,603 | 30,086 |
| Inventory | 787 | 2,113 | 1,370 | 1,201 | 1,254 | 2,091 | 2,012 | 2,071 |
| Other Current Assets | 24,149 | 12,321 | 17,824 | 14,370 | 16,251 | 31,528 | 29,609 | 12,483 |
| Total Current Assets | 48,608 | 44,841 | 45,859 | 51,468 | 60,933 | 70,776 | 72,767 | 58,016 |
| Property, plant and equipment | 41,920 | 45,085 | 47,848 | 47,205 | 46,645 | 48,701 | 41,514 | 43,286 |
| Right of Use Assets | 0 | 2,888 | 2,893 | 2,952 | 3,030 | 3,894 | 1,352 | 1,741 |
| Intangible Assets | 9,485 | 9,764 | 10,324 | 10,617 | 11,477 | 14,186 | 13,880 | 16,275 |
| Goodwill | 76 | 143 | 143 | 118 | 298 | 2,815 | 1,074 | 1,050 |
| Deferred tax Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others | 11,861 | 15,605 | 14,906 | 15,420 | 14,837 | 19,273 | 30,050 | 37,109 |
| Total Noncurrent Assets | 63,341 | 73,485 | 76,113 | 76,311 | 76,287 | 88,869 | 87,871 | 99,461 |
| Total Assets | 111,949 | 118,326 | 121,972 | 127,779 | 137,220 | 159,646 | 160,638 | 157,477 |
| Trade and other payables | 3,050 | 6,551 | 4,398 | 4,029 | 4,547 | 4,875 | 6,048 | 7,453 |
| Short-term Loans & Borrowings | 321 | 389 | 318 | 1,457 | 277 | 8,316 | 392 | 787 |
| Short-term Leases | 0 | 717 | 742 | 870 | 913 | 948 | 593 | 539 |
| Other Current Liabilities | 28,664 | 24,950 | 27,432 | 27,206 | 30,664 | 33,484 | 31,923 | 31,394 |
| Total Current Liabilities | 32,035 | 32,607 | 32,891 | 33,561 | 36,400 | 47,623 | 38,956 | 40,173 |
| Indemnity Provision | 3,919 | 4,813 | 5,239 | 5,467 | 4,871 | 5,258 | 5,185 | 5,152 |
| Long-term Loans & Borrowings | 3,965 | 8,923 | 8,638 | 7,847 | 10,214 | 13,642 | 14,740 | 14,404 |
| Long-term Leases | 0 | 2,164 | 2,238 | 2,354 | 2,383 | 3,328 | 1,571 | 1,715 |
| Deferred tax liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-current Liabilities | 5,367 | 6,764 | 7,699 | 7,166 | 7,326 | 8,280 | 7,702 | 9,647 |
| Total Noncurrent Liabilities | 13,252 | 22,664 | 23,814 | 22,833 | 24,794 | 30,508 | 29,197 | 30,918 |
| Total Liabilities | 45,287 | 55,271 | 56,705 | 56,393 | 61,194 | 78,131 | 68,153 | 71,090 |
| Share capital | 20,000 | 20,000 | 20,000 | 20,000 | 50,000 | 50,000 | 50,000 | 50,000 |
| Reserves | 8,096 | 7,254 | 6,738 | 11,572 | 13,249 | 2,125 | 1,485 | 1,495 |
| Retained Earnings | 37,418 | 34,508 | 37,508 | 37,985 | 10,954 | 27,472 | 38,449 | 32,322 |
| Other Equity | 1,148 | 1,292 | 1,021 | 1,829 | 1,822 | 1,918 | 2,551 | 2,569 |
| Total Equity | 66,662 | 63,055 | 65,267 | 71,386 | 76,026 | 81,515 | 92,485 | 86,386 |
| Total Liabilities and Equity | 111,949 | 118,326 | 121,972 | 127,779 | 137,220 | 159,646 | 160,638 | 157,477 |
| Match Check | match | match | match | match | match | match | match | match |
Common-Size Balance Sheet — % of total assets
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 7.3% | 6.8% | 7.4% | 6.5% | 13.0% | 8.4% | 9.7% | 8.5% |
| Trade and other receivables | 13.9% | 18.9% | 14.5% | 21.6% | 18.7% | 14.9% | 15.9% | 19.1% |
| Inventory | 0.7% | 1.8% | 1.1% | 0.9% | 0.9% | 1.3% | 1.3% | 1.3% |
| Other Current Assets | 21.6% | 10.4% | 14.6% | 11.2% | 11.8% | 19.7% | 18.4% | 7.9% |
| Total Current Assets | 43.4% | 37.9% | 37.6% | 40.3% | 44.4% | 44.3% | 45.3% | 36.8% |
| Property, plant and equipment | 37.4% | 38.1% | 39.2% | 36.9% | 34.0% | 30.5% | 25.8% | 27.5% |
| Right of Use Assets | 0.0% | 2.4% | 2.4% | 2.3% | 2.2% | 2.4% | 0.8% | 1.1% |
| Intangible Assets | 8.5% | 8.3% | 8.5% | 8.3% | 8.4% | 8.9% | 8.6% | 10.3% |
| Goodwill | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 1.8% | 0.7% | 0.7% |
| Deferred tax Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Others | 10.6% | 13.2% | 12.2% | 12.1% | 10.8% | 12.1% | 18.7% | 23.6% |
| Total Noncurrent Assets | 56.6% | 62.1% | 62.4% | 59.7% | 55.6% | 55.7% | 54.7% | 63.2% |
| Total Assets | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Trade and other payables | 2.7% | 5.5% | 3.6% | 3.2% | 3.3% | 3.1% | 3.8% | 4.7% |
| Short-term Loans & Borrowings | 0.3% | 0.3% | 0.3% | 1.1% | 0.2% | 5.2% | 0.2% | 0.5% |
| Short-term Leases | 0.0% | 0.6% | 0.6% | 0.7% | 0.7% | 0.6% | 0.4% | 0.3% |
| Other Current Liabilities | 25.6% | 21.1% | 22.5% | 21.3% | 22.3% | 21.0% | 19.9% | 19.9% |
| Total Current Liabilities | 28.6% | 27.6% | 27.0% | 26.3% | 26.5% | 29.8% | 24.3% | 25.5% |
| Indemnity Provision | 3.5% | 4.1% | 4.3% | 4.3% | 3.6% | 3.3% | 3.2% | 3.3% |
| Long-term Loans & Borrowings | 3.5% | 7.5% | 7.1% | 6.1% | 7.4% | 8.5% | 9.2% | 9.1% |
| Long-term Leases | 0.0% | 1.8% | 1.8% | 1.8% | 1.7% | 2.1% | 1.0% | 1.1% |
| Deferred tax liability | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Other Non-current Liabilities | 4.8% | 5.7% | 6.3% | 5.6% | 5.3% | 5.2% | 4.8% | 6.1% |
| Total Noncurrent Liabilities | 11.8% | 19.2% | 19.5% | 17.9% | 18.1% | 19.1% | 18.2% | 19.6% |
| Total Liabilities | 40.5% | 46.7% | 46.5% | 44.1% | 44.6% | 48.9% | 42.4% | 45.1% |
| Share capital | 17.9% | 16.9% | 16.4% | 15.7% | 36.4% | 31.3% | 31.1% | 31.8% |
| Reserves | 7.2% | 6.1% | 5.5% | 9.1% | 9.7% | 1.3% | 0.9% | 0.9% |
| Retained Earnings | 33.4% | 29.2% | 30.8% | 29.7% | 8.0% | 17.2% | 23.9% | 20.5% |
| Other Equity | 1.0% | 1.1% | 0.8% | 1.4% | 1.3% | 1.2% | 1.6% | 1.6% |
| Total Equity | 59.5% | 53.3% | 53.5% | 55.9% | 55.4% | 51.1% | 57.6% | 54.9% |
| Total Liabilities and Equity | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Every line divided by total assets of the same year. Formula: line item ÷ total assets.
Cash Flow Summary — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Beginning Cash Balance | 2,567 | 8,154 | 8,031 | 9,004 | 8,281 | 17,794 | 13,371 | 15,543 |
| Net Cash From Operating Activities | 19,014 | 9,921 | 28,325 | 11,220 | 26,354 | 22,418 | 19,885 | 18,283 |
| Net Cash From Investing Activities | (4,909) | (1,977) | (17,429) | (1,715) | (8,579) | (28,383) | (7,179) | 2,546 |
| Net Cash From Financing Activities | (8,519) | (8,066) | (9,922) | (10,229) | (8,262) | 1,543 | (10,534) | (22,997) |
| Ending Cash Balance | 8,154 | 8,031 | 9,004 | 8,281 | 17,794 | 13,371 | 15,543 | 13,376 |
Beginning cash, the three activity subtotals, and closing cash. Operating + investing + financing equals the net movement in cash for the year.
Cash Flow Indicators — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash Flow (CF) | 19,014 | 9,921 | 28,325 | 11,220 | 26,354 | 22,418 | 19,885 | 18,283 |
| Free Cash Flow (FCF) | 9,257 | (1,448) | 17,484 | 3,010 | 18,420 | 12,627 | 7,959 | 6,488 |
| Free Cash Flow to Equity (FCFE) | 8,925 | 3,583 | 17,103 | 3,403 | 19,564 | 24,028 | 9,759 | 6,423 |
| Unlevered Free Cash Flow to Equity (FCFF) | 18,255 | 8,952 | 28,733 | 14,641 | 29,866 | 22,247 | 4,502 | 18,718 |
FCF = operating cash flow − acquisition of PPE. FCFE = FCF + net loan issuance. Unlevered FCF = NOPAT + D&A − capex − change in working capital.
Growth
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| YoY Revenue Growth Rate | 2.6% | 4.6% | 8.4% | 6.9% | 7.0% | 6.4% | 5.7% | 2.5% |
| 5Yr CAGR | — | — | — | 4.5% | 5.3% | 5.7% | 5.2% | 4.3% |
Working Capital Turnover
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Accounts Receivables Turnover | 2.80 | 2.87 | 2.95 | 2.78 | 2.53 | 2.90 | 3.07 | 2.79 |
| Inventory Turnover | 7.87 | 3.11 | 2.72 | 3.86 | 3.59 | 5.47 | 3.96 | 4.95 |
| Accounts Payables Turnover | 2.04 | 0.94 | 0.87 | 1.18 | 1.03 | 1.94 | 1.49 | 1.50 |
Receivables turnover = revenues ÷ trade receivables. Inventory turnover = cost of devices ÷ inventory. Payables turnover = cost of revenues ÷ trade payables.
Cash Conversion Cycle — days
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Days Sales Outstanding | 130 | 127 | 124 | 131 | 144 | 126 | 119 | 131 |
| Days Inventory Outstanding | 46 | 117 | 134 | 94 | 102 | 67 | 92 | 74 |
| Days Payables Outstanding | 179 | 388 | 423 | 310 | 355 | 188 | 246 | 244 |
| Cash Conversion Cycle | (2) | (144) | (164) | (84) | (109) | 4 | (35) | (40) |
DSO = receivables ÷ revenues × days. DIO = inventory ÷ cost of devices × days. DPO = payables ÷ cost of revenues × days. CCC = DSO + DIO − DPO.
Capital Expenditure
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| CapEx % of Revenues | 18.8% | 20.9% | 18.4% | 13.0% | 11.8% | 13.6% | 15.7% | 15.2% |
| Tangibility | 37.4% | 38.1% | 39.2% | 36.9% | 34.0% | 30.5% | 25.8% | 27.5% |
| Capex-to-CF Ratio | 0.51 | 1.15 | 0.38 | 0.73 | 0.30 | 0.44 | 0.60 | 0.65 |
| CF-to-CapEx Ratio | 1.95 | 0.87 | 2.61 | 1.37 | 3.32 | 2.29 | 1.67 | 1.55 |
Liquidity
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.52 | 1.38 | 1.39 | 1.53 | 1.67 | 1.49 | 1.87 | 1.44 |
| Quick Ratio | 1.49 | 1.31 | 1.35 | 1.50 | 1.64 | 1.44 | 1.82 | 1.39 |
| Cash ratio | 0.25 | 0.25 | 0.27 | 0.25 | 0.49 | 0.28 | 0.40 | 0.33 |
| Operating Cash Flow Ratio | 0.59 | 0.30 | 0.86 | 0.33 | 0.72 | 0.47 | 0.51 | 0.46 |
Current ratio = current assets ÷ current liabilities. Quick ratio excludes inventory. Cash ratio = cash ÷ current liabilities. OCF ratio = operating cash flow ÷ current liabilities.
Solvency & Capital Structure
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debt ratio | 6.0% | 12.9% | 12.1% | 11.5% | 12.1% | 21.2% | 14.1% | 15.0% |
| Debt-to-equity ratio | 0.06 | 0.15 | 0.14 | 0.13 | 0.14 | 0.27 | 0.16 | 0.18 |
| Interest coverage ratio | 49.24 | 33.32 | 42.29 | 43.37 | 38.70 | 22.83 | 18.45 | 23.99 |
| Fixed Charge Coverage Ratio | 49.24 | (237.97) | (69.61) | (48.49) | (53.49) | (103.29) | (55.29) | 135.93 |
Debt ratio = interest-bearing debt ÷ total assets. D/E = interest-bearing debt ÷ total equity. Interest coverage = EBIT ÷ interest expense.
Efficiency
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Goodwill to Assets Ratio | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 1.8% | 0.7% | 0.7% |
| Revenues per FTE | 3,056,661 | 3,106,716 | 3,239,193 | 3,231,179 | 2,962,852 | 3,154,901 | 3,820,843 | 4,112,820 |
Fixed asset turnover = revenues ÷ net PPE. Total asset turnover = revenues ÷ total assets. Revenues per FTE = revenues ÷ year-end headcount. Rows absent from a given sheet are omitted rather than estimated.
Profit Margins
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Gross Profits | 59.5% | 60.2% | 58.1% | 54.0% | 55.7% | 48.6% | 49.4% | 48.7% |
| EBITDA | 37.8% | 38.5% | 37.6% | 36.2% | 35.2% | 32.1% | 28.1% | 31.9% |
| EBIT | 22.5% | 21.7% | 21.3% | 20.4% | 20.1% | 18.9% | 15.4% | 18.7% |
| NOPAT | 26.4% | 24.5% | 24.0% | 22.5% | 22.2% | 21.0% | 17.4% | 22.2% |
| EBT | 22.8% | 21.5% | 21.0% | 20.1% | 20.0% | 19.5% | 16.0% | 18.9% |
| Net Profits | 21.3% | 20.1% | 19.0% | 18.4% | 18.4% | 17.6% | 14.4% | 19.5% |
Returns
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Return on Assets | 9.9% | 9.2% | 9.2% | 9.1% | 9.0% | 7.9% | 6.8% | 9.6% |
| Return on Equity | 16.6% | 17.3% | 17.1% | 16.2% | 16.3% | 15.5% | 11.8% | 17.6% |
ROA = net profits ÷ total assets. ROE = net profits ÷ total equity (DuPont: net margin × asset turnover × equity multiplier).
Return on Invested Capital — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| NOPAT | 13,707 | 13,345 | 14,120 | 14,202 | 14,959 | 15,059 | 13,238 | 17,258 |
| Invested Capital | 80,234 | 86,826 | 90,142 | 96,545 | 102,010 | 121,286 | 122,667 | 118,630 |
| ROIC | 17.1% | 15.4% | 15.7% | 14.7% | 14.7% | 12.4% | 10.8% | 14.5% |
NOPAT = EBIT + amortisation of acquired intangibles − operating lease payments − cash taxes. Invested capital = net working capital + net PPE + acquired intangibles + other long-term assets, and reconciles to the financing-method total of debt + other long-term liabilities + equity. ROIC = NOPAT ÷ invested capital.
Cost of Capital
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cost of Debt | 9.3% | 6.3% | 5.2% | 4.9% | 5.1% | 4.1% | 7.1% | 6.5% |
| After Tax Cost of Debt | 9.3% | 6.3% | 5.2% | 4.9% | 5.0% | 4.1% | 7.1% | 6.4% |
| Cost of Equity | 13.5% | 12.1% | 7.4% | 8.3% | 8.2% | 11.2% | 9.8% | 9.6% |
| Weighted Average Cost of Capital (WACC) | 13.3% | 11.4% | 7.1% | 7.9% | 8.0% | 10.4% | 9.6% | 9.3% |
Cost of debt = interest expense ÷ interest-bearing debt; the after-tax figure applies the effective tax and zakat charge actually reported, not an assumed statutory shield. Cost of equity = Saudi sukuk risk-free rate + beta × equity risk premium + country risk premium. WACC weights the two by market value of equity and debt.
Market Value — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Share Price | 36.720 | 40.720 | 42.400 | 44.960 | 36.600 | 40.400 | 43.280 | 42.980 |
| Number of Shares Outstanding | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 |
| Market Value | 73,440 | 81,440 | 84,800 | 89,920 | 183,000 | 202,000 | 216,400 | 214,900 |
Enterprise Value — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash | 8,154 | 8,031 | 9,004 | 8,281 | 17,794 | 13,371 | 15,543 | 13,376 |
| Debt | 4,286 | 12,194 | 11,936 | 12,526 | 13,787 | 26,233 | 17,296 | 17,445 |
| Enterprise Value | 69,572 | 85,603 | 87,732 | 94,165 | 178,992 | 214,861 | 218,152 | 218,969 |
EV = market value of equity + interest-bearing debt − cash.
Per-Share Performance
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Earnings per Share | 5.540 | 5.462 | 5.601 | 5.806 | 2.486 | 2.540 | 2.194 | 3.044 |
| Sales per Share | 25.982 | 27.184 | 29.521 | 31.549 | 13.535 | 14.400 | 15.219 | 15.596 |
| Cash Flow per Share | 9.507 | 4.960 | 14.184 | 5.618 | 5.290 | 4.497 | 3.988 | 3.664 |
| Book Value per Share | 33.331 | 31.528 | 32.682 | 35.744 | 15.260 | 16.354 | 18.546 | 17.313 |
EPS = net profits ÷ net shares. BVPS = total equity ÷ net shares.
Price Multiples
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 6.63 | 7.45 | 7.57 | 7.74 | 14.72 | 15.91 | 19.72 | 14.12 |
| P/S Ratio | 1.41 | 1.50 | 1.44 | 1.43 | 2.70 | 2.81 | 2.84 | 2.76 |
| P/CF Ratio | 3.86 | 8.21 | 2.99 | 8.00 | 6.92 | 8.98 | 10.85 | 11.73 |
| P/B Ratio | 1.10 | 1.29 | 1.30 | 1.26 | 2.40 | 2.47 | 2.33 | 2.48 |
Enterprise Value Multiples
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| EV/Revenues | 1.34 | 1.57 | 1.49 | 1.49 | 2.65 | 2.99 | 2.87 | 2.81 |
| EV/EBITDA | 3.54 | 4.09 | 3.95 | 4.13 | 7.54 | 9.34 | 10.22 | 8.83 |
| EV/Book Value | 1.04 | 1.36 | 1.34 | 1.32 | 2.35 | 2.64 | 2.36 | 2.53 |
Share Capital — number of shares
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Issued & Fully Paid | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 |
| Treasury Shares | — | — | (2,983,000) | (2,851,000) | (17,822,000) | (15,494,000) | (13,084,000) | (10,202,000) |
| Net Shares | 2,000,000,000 | 2,000,000,000 | 1,997,017,000 | 1,997,149,000 | 4,982,178,000 | 4,984,506,000 | 4,986,916,000 | 4,989,798,000 |
Share Capital — Saudi Riyals — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Issued & Fully Paid [p= SAR10] | 20,000 | 20,000 | 20,000 | 20,000 | 50,000 | 50,000 | 50,000 | 50,000 |
| Treasury Shares | — | — | (300) | (287) | (704) | (613) | (517) | (404) |
| Net Shares | 20,000 | 20,000 | 19,700 | 19,713 | 49,296 | 49,387 | 49,483 | 49,596 |
Dividends — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Dividends Declared | 8,000 | 14,000 | 7,995 | 9,985 | 7,984 | 7,975 | 13,712 | 20,955 |
| Dividends Paid | 8,055 | 12,106 | 8,076 | 10,139 | 8,225 | 8,203 | 10,036 | 21,398 |
| Dividends Received | — | 38 | — | 83 | 75 | 31 | 3 | 28 |
Dividend Ratios
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Dividends per Share | 4.000 | 7.000 | 4.003 | 5.000 | 1.603 | 1.600 | 2.750 | 4.200 |
| Dividends Payout Ratio | 72.2% | 128.1% | 71.5% | 86.1% | 64.5% | 63.0% | 125.3% | 138.0% |
| Dividends Coverage Ratio | 1.385 | 0.780 | 1.399 | 1.161 | 1.551 | 1.587 | 0.798 | 0.725 |
| Dividends Yield | 10.9% | 17.2% | 9.4% | 11.1% | 4.4% | 4.0% | 6.4% | 9.8% |
Payout = dividends declared ÷ net profits. Coverage = net profits ÷ dividends declared. Yield = dividends per share ÷ share price.
Audit & Headcount — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| External Auditor | EY | EY | EY | EY | EY | EY | EY | Deloitte |
| Audit Fees | — | — | — | — | — | — | 31 | 43 |
| Number of Employees | 17,000 | 17,500 | 18,200 | 19,500 | 22,759 | 22,751 | 19,863 | 18,921 |
Audit fees disclosed only where the company reports them. Headcount is the year-end figure per the annual report; blank years are not disclosed at this granularity.
Not yet populated. This tab will carry the shareholder register (major holders, free float, PIF / strategic foreign stakes), the resulting zakat-versus-corporate-income-tax split, and board composition. Until the ownership split is confirmed from the issuer's disclosures, the tax profile shown elsewhere on this site is flagged as unconfirmed rather than estimated.