aismaeel/research
Saudi equity research · Tadawul Main Market & Nomu
Abdulla Ismaeel · updated 24 September 2026
Research › Telecom › Data

Data appendix

Every figure behind the telecom piece, as it comes out of the model. One table per measure, with all 3 companies and the industry aggregate in every one of them, FY2018 to FY2025.

Reading these tables

One table per measure. The rows are the 3 companies and then the industry, which is the benchmark the others are read against rather than another company. Figures are as the model carries them: ratios and multiples unscaled, days as days, per-share amounts in riyals, a minus sign for negatives. The last column is shaded because it is the year being reported on.

Industry figures on this site are computed on a three-company basis: stc (7010), Mobily (7020) and Zain KSA (7030). Etihad Atheeb Telecom (GO, 7040) is excluded because it reports on a 31 March fiscal year end, which is not comparable to the 31 December year end used by the other three without restating its accounts. Any reference to a “sector median” here means the median of those three companies, not of the full Tadawul telecom index.

Growth Rates

YoY Revenue Growth Rate#

Company20182019202020212022202320242025
stc2.6%4.6%8.4%6.9%7.0%6.4%5.7%2.5%
Mobily4.5%13.4%4.4%5.6%5.6%7.0%8.6%7.9%
Zain KSA3.1%11.4%-5.6%-0.2%14.9%8.9%4.9%6.0%
Industry2.9%6.8%6.2%6.0%7.5%6.8%6.1%3.8%

5Yr Revenue CAGR#

Company20182019202020212022202320242025
stcn/an/an/a4.5%5.3%5.7%5.2%4.3%
Mobilyn/an/an/a5.5%5.7%4.5%5.3%5.8%
Zain KSAn/an/an/a1.6%3.8%3.3%5.5%6.8%
Industryn/an/an/a4.3%5.3%5.3%5.2%4.8%

YoY Free Cash Flows Growth Rate#

Company20182019202020212022202320242025
stcn/a-115.6%-1,307.9%-82.8%511.9%-31.4%-37.0%-18.5%
Mobilyn/a-17.5%-48.5%246.8%29.6%14.4%-1.5%-6.5%
Zain KSAn/a332.3%59.0%-73.3%50.6%-25.3%123.2%-7.4%
Industryn/a-86.7%1,275.4%-70.1%266.9%-24.6%-22.3%-13.8%

YoY EPS Growth Rate#

Company20182019202020212022202320242025
stcn/a-1.4%2.5%3.7%-57.2%2.2%-13.6%38.7%
Mobilyn/a-125.4%2,411.8%36.8%54.6%34.7%39.2%11.9%
Zain KSAn/a46.0%-65.2%-17.6%156.5%130.5%-52.9%1.3%
Industryn/a1.3%-2.2%5.3%-37.6%10.7%-9.4%31.5%

Working Capital Turnover

Accounts Receivables Turnover#

Company20182019202020212022202320242025
stc2.802.872.952.782.532.903.072.79
Mobily2.172.622.772.522.392.713.073.20
Zain KSA3.944.073.092.572.532.322.142.17
Industry2.752.922.932.712.512.802.952.78

Inventory Turnover#

Company20182019202020212022202320242025
stc7.873.603.475.164.546.254.285.30
Mobily12.8118.7118.4020.0518.0116.3011.8116.34
Zain KSA4.534.616.117.049.2612.109.389.57
Industry7.844.584.616.536.387.515.356.54

Accounts Payables Turnover#

Company20182019202020212022202320242025
stc8.604.514.526.886.977.837.035.91
Mobily1.741.832.102.262.203.305.295.68
Zain KSA2.302.322.092.122.172.192.021.80
Industry4.443.333.494.564.495.495.644.95

Cash Conversion Cycle

Days Sales Outstanding#

Company20182019202020212022202320242025
stc130127124131144126119131
Mobily168139132145153135119114
Zain KSA9390118142144158171168
Industry133125125135146130124131

Days Inventory Outstanding#

Company20182019202020212022202320242025
stc461011057180588569
Mobily2820201820223122
Zain KSA8179605239303938
Industry4780795657496856

Days Payables Outstanding#

Company20182019202020212022202320242025
stc4281815352475262
Mobily2101991751621661116964
Zain KSA159157175172168167182203
Industry821101058081676574

Cash Conversion Cycle#

Company20182019202020212022202320242025
stc134148149149172137152138
Mobily-13-41-2317478172
Zain KSA14123221521284
Industry9795100110121112128113

CapEx

CapEx % of Revenues#

Company20182019202020212022202320242025
stc18.8%20.9%18.4%13.0%11.8%13.6%15.7%15.2%
Mobily15.1%15.6%24.5%15.0%15.5%12.1%14.7%16.4%
Zain KSA20.2%24.3%23.1%13.8%14.8%15.4%6.8%4.5%
Industry18.3%20.0%19.6%13.2%12.2%13.0%14.5%14.1%

Tangibility#

Company20182019202020212022202320242025
stc45.9%48.8%50.1%47.6%44.6%41.8%35.3%38.9%
Mobily76.6%79.4%79.2%75.1%71.3%70.9%70.4%71.4%
Zain KSA85.0%85.6%86.7%84.4%72.9%72.4%69.8%67.6%
Industry39.7%39.3%40.3%38.1%34.6%32.1%28.7%29.9%

Capex-to-CF Ratio#

Company20182019202020212022202320242025
stc0.511.150.380.730.300.440.600.65
Mobily0.510.600.830.470.430.350.420.48
Zain KSA0.810.540.390.580.480.570.240.14
Industry0.540.910.430.650.330.430.530.57

CF-to-CapEx Ratio#

Company20182019202020212022202320242025
stc1.950.872.611.373.322.291.671.55
Mobily1.951.671.212.132.342.832.372.06
Zain KSA1.241.872.561.722.071.764.247.15
Industry1.871.102.301.543.012.341.881.75

Share Performance

Earnings per Share#

Company20182019202020212022202320242025
stc5.5405.4625.6015.8062.4862.5402.1943.044
Mobily-0.1590.0401.0171.3922.1522.8994.0354.517
Zain KSA0.5690.8310.2890.2380.6121.4100.6640.672
Industry3.3663.4113.3363.5142.1942.4292.2012.894

Sales per Share#

Company20182019202020212022202320242025
stc25.98227.18429.52131.54913.53514.40015.21915.596
Mobily15.40917.46718.24219.26520.34921.77023.64525.592
Zain KSA12.90114.3678.8098.79110.09810.99611.53312.221
Industry21.27722.72222.07423.38913.85914.79315.69616.293

Cash Flow per Share#

Company20182019202020212022202320242025
stc9.5074.96014.1845.6185.2904.4973.9883.664
Mobily4.5364.5575.4156.1427.3827.4708.2308.671
Zain KSA3.1465.6974.4831.7522.1281.9092.4021.976
Industry7.2584.9969.9634.7805.1054.4924.2644.013

Book Value per Share#

Company20182019202020212022202320242025
stc33.33131.52832.68235.74415.26016.35418.54617.313
Mobily18.01217.85918.76019.73521.24522.88724.51426.485
Zain KSA6.8737.0299.71310.05810.90411.78511.91312.101
Industry25.20924.12524.12626.08415.36416.49318.34017.667

Price Multiples

P/E Ratio#

Company20182019202020212022202320242025
stc6.637.457.577.7414.7215.9119.7214.12
Mobily-104.08617.3228.1722.3816.1516.9213.2314.61
Zain KSA17.9814.3847.0250.4916.459.9915.4615.52
Industry8.169.419.739.6814.9515.5818.1814.26

P/S Ratio#

Company20182019202020212022202320242025
stc1.411.501.441.432.702.812.842.76
Mobily1.081.431.571.621.712.252.262.58
Zain KSA0.790.831.541.371.001.280.890.85
Industry1.291.411.471.452.372.562.552.53

P/CF Ratio#

Company20182019202020212022202320242025
stc3.868.212.998.006.928.9810.8511.73
Mobily3.665.495.295.074.716.576.497.61
Zain KSA3.262.103.036.874.737.374.275.28
Industry3.796.433.267.116.438.439.3810.28

P/B Ratio#

Company20182019202020212022202320242025
stc1.101.291.301.262.402.472.332.48
Mobily0.921.401.531.581.642.142.182.49
Zain KSA1.491.701.401.200.921.190.860.86
Industry1.091.331.351.302.142.302.182.33

Dividends

Dividends per Share#

Company20182019202020212022202320242025
stc4.0007.0004.0035.0001.6031.6002.7504.200
Mobily0.0000.0000.0000.5000.8501.1502.3502.508
Zain KSA0.0000.0000.0000.0000.0000.5000.5000.500
Industry2.3854.1742.1812.8291.2991.3992.4003.505

Dividends Payout Ratio#

Company20182019202020212022202320242025
stc72.2%128.1%71.5%86.1%64.5%63.0%125.3%138.0%
Mobily0.0%0.0%0.0%35.9%39.5%39.7%58.2%55.5%
Zain KSA0.0%0.0%0.0%0.0%0.0%35.5%75.4%74.4%
Industry70.9%122.4%65.4%80.5%59.2%57.6%109.0%121.1%

Dividends Coverage Ratio#

Company20182019202020212022202320242025
stc1.3850.7801.3991.1611.5511.5870.7980.725
Mobilyn/an/an/a2.7832.5322.5211.7171.801
Zain KSAn/an/an/an/an/a2.8201.3271.344
Industry1.4110.8171.5291.2421.6891.7360.9170.826

Dividends Yield#

Company20182019202020212022202320242025
stc10.9%17.2%9.4%11.1%4.4%4.0%6.4%9.8%
Mobily0.0%0.0%0.0%1.6%2.4%2.3%4.4%3.8%
Zain KSA0.0%0.0%0.0%0.0%0.0%3.6%4.9%4.8%
Industry8.7%13.0%6.7%8.3%4.0%3.7%6.0%8.5%

Liquidity

Current Ratio#

Company20182019202020212022202320242025
stc1.521.381.391.531.671.491.871.44
Mobily0.610.570.590.730.830.850.910.93
Zain KSA0.540.750.370.370.790.840.571.28
Industry1.171.131.051.151.361.301.441.33

Quick Ratio#

Company20182019202020212022202320242025
stc1.491.321.361.511.651.451.821.40
Mobily0.610.560.580.720.820.840.890.92
Zain KSA0.510.700.350.350.770.820.551.25
Industry1.151.091.031.131.341.271.401.29

Cash ratio#

Company20182019202020212022202320242025
stc0.250.250.270.250.490.280.400.33
Mobily0.090.110.080.090.070.150.130.28
Zain KSA0.190.260.120.050.040.120.070.15
Industry0.210.220.210.180.330.240.290.30

Operating Cash Flow Ratio#

Company20182019202020212022202320242025
stc0.590.300.860.330.720.470.510.46
Mobily0.300.310.380.430.490.510.610.59
Zain KSA0.250.740.440.150.220.210.170.28
Industry0.480.350.690.320.600.450.460.46

Solvency & Capital Structure

Debt ratio#

Company20182019202020212022202320242025
stc6.0%12.9%12.1%11.5%12.1%21.2%14.1%15.0%
Mobily48.4%47.4%44.3%43.0%37.6%32.0%24.7%22.0%
Zain KSA71.8%62.0%30.5%39.3%38.0%42.2%43.4%44.0%
Industry24.5%26.0%21.5%21.8%20.5%25.7%19.5%20.0%

Debt-to-equity ratio#

Company20182019202020212022202320242025
stc0.060.150.140.130.140.270.160.18
Mobily0.940.900.790.760.600.470.330.28
Zain KSA2.541.630.440.650.610.730.770.79
Industry0.330.350.270.280.260.350.240.25

Interest coverage ratio#

Company20182019202020212022202320242025
stc55.5830.5439.2940.3338.8022.2521.0822.93
Mobily5.805.459.5811.3710.399.9512.0211.39
Zain KSA3.233.904.106.415.874.465.105.66
Industry14.0011.8716.1220.9819.5513.6614.3815.06

Fixed Charge Coverage Ratio#

Company20182019202020212022202320242025
stc55.58430.06-114.01-67.05-76.28-149.77-87.0393.08
Mobily5.8014.10-43.54-48.38917.18-219.57-92.48-30.46
Zain KSA3.235.805.7843.9334.117.046.908.35
Industry14.0030.81119.04-79.14-138.25135.65221.2874.18

Efficiency

Fixed Assets Turnover#

Company20182019202020212022202320242025
stc1.241.211.231.331.451.471.831.80
Mobily0.530.620.660.730.800.880.970.97
Zain KSA1.231.381.151.191.842.092.082.30
Industry1.021.051.061.161.301.361.601.59

Total Assets Turnover#

Company20182019202020212022202320242025
stc0.460.460.480.490.490.450.470.49
Mobily0.310.340.370.380.390.430.470.46
Zain KSA0.290.300.280.280.320.360.370.38
Industry0.400.410.430.440.450.440.460.47

Goodwill to Assets Ratio#

Company20182019202020212022202320242025
stc0.1%0.1%0.1%0.1%0.2%1.8%0.7%0.7%
Mobily3.8%3.7%3.8%3.7%3.7%3.8%3.8%3.5%
Zain KSA0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Industry0.9%0.9%0.9%0.8%0.9%1.9%1.1%1.1%

Profit Margins

Gross Profits#

Company20182019202020212022202320242025
stc59.5%60.2%58.1%54.0%55.7%48.6%49.4%48.7%
Mobily55.5%58.0%58.0%58.5%59.8%55.2%54.3%54.7%
Zain KSA72.0%71.2%68.8%61.8%58.6%59.3%62.4%59.9%
Industry60.2%61.0%59.1%55.5%56.7%50.8%51.6%50.9%

EBITDA#

Company20182019202020212022202320242025
stc42.7%43.0%41.6%39.6%40.1%33.1%34.3%33.2%
Mobily39.1%37.7%38.3%38.7%40.2%41.0%40.6%39.1%
Zain KSA40.0%48.5%46.5%39.7%37.1%32.4%36.2%35.1%
Industry41.8%42.7%41.5%39.5%39.8%34.4%35.6%34.4%

EBIT#

Company20182019202020212022202320242025
stc27.3%26.2%25.2%23.8%25.0%20.0%21.5%20.0%
Mobily6.0%8.1%9.9%12.2%15.7%19.2%20.5%19.9%
Zain KSA16.2%21.0%15.7%8.9%14.4%11.1%15.7%15.4%
Industry22.6%22.5%21.7%20.5%22.4%18.9%20.8%19.5%

NOPAT#

Company20182019202020212022202320242025
stc31.2%30.6%29.5%27.6%28.7%24.4%25.2%24.7%
Mobily8.9%11.8%13.5%15.6%18.8%22.1%23.2%23.1%
Zain KSA16.2%22.0%16.7%9.9%15.2%12.0%16.6%16.4%
Industry25.9%26.3%25.4%23.9%25.7%22.7%24.0%23.5%

EBT#

Company20182019202020212022202320242025
stc22.8%21.5%21.0%20.1%20.0%19.5%16.0%18.9%
Mobily-1.4%0.6%5.9%7.8%11.4%14.6%17.5%18.1%
Zain KSA4.4%6.0%3.5%2.9%6.3%13.7%5.3%5.9%
Industry16.8%16.1%16.6%16.3%17.2%18.1%15.2%17.5%

Net Profits#

Company20182019202020212022202320242025
stc21.3%20.1%19.0%18.4%18.4%17.6%14.4%19.5%
Mobily-1.0%0.2%5.6%7.2%10.6%13.3%17.1%17.6%
Zain KSA4.4%5.8%3.3%2.7%6.1%12.8%5.8%5.5%
Industry15.8%15.0%15.1%15.0%15.8%16.4%14.0%17.8%

Returns

ROIC#

Company20182019202020212022202320242025
stc20.2%19.2%19.3%18.0%19.0%14.4%15.6%16.2%
Mobily3.8%5.3%6.4%7.4%9.6%12.2%14.2%13.8%
Zain KSA5.7%7.8%6.8%3.7%6.8%5.7%8.0%7.8%
Industry14.3%14.3%14.8%13.8%15.5%13.0%14.4%14.6%

Weighted Average Cost of Capital (WACC)#

Company20182019202020212022202320242025
stc13.3%11.4%7.1%7.9%8.0%10.4%9.6%9.3%
Mobily9.2%9.0%7.7%4.9%8.5%9.6%9.8%11.2%
Zain KSA8.9%12.2%10.8%7.3%9.2%8.8%8.6%8.6%
Industry10.6%10.6%8.1%6.7%8.9%9.6%9.6%10.3%

Return on Assets#

Company20182019202020212022202320242025
stc9.9%9.2%9.2%9.1%9.0%7.9%6.8%9.6%
Mobily-0.3%0.1%2.0%2.7%4.2%5.7%8.1%8.2%
Zain KSA1.3%1.7%0.9%0.8%1.9%4.6%2.1%2.1%
Industry6.4%6.2%6.5%6.6%7.1%7.2%6.4%8.4%

Return on Equity#

Company20182019202020212022202320242025
stc16.6%17.3%17.1%16.2%16.3%15.5%11.8%17.6%
Mobily-0.9%0.2%5.4%7.1%10.1%12.7%16.5%17.1%
Zain KSA8.3%11.8%3.0%2.4%5.6%12.0%5.6%5.6%
Industry13.4%14.1%13.8%13.5%14.3%14.7%12.0%16.4%

Valuation Multiples

EV/Revenues#

Company20182019202020212022202320242025
stc1.341.571.491.492.652.992.872.81
Mobily2.092.452.512.532.492.842.702.91
Zain KSA1.961.672.062.231.692.091.741.71
Industry1.531.741.721.742.532.882.732.72

EV/EBITDA#

Company20182019202020212022202320242025
stc3.143.663.583.776.629.048.398.49
Mobily5.346.506.556.546.186.946.657.42
Zain KSA4.903.444.445.624.566.454.824.88
Industry3.664.084.154.416.368.377.687.90

EV/Book Value#

Company20182019202020212022202320242025
stc1.041.361.341.322.352.642.362.53
Mobily1.782.392.442.472.382.702.612.81
Zain KSA3.683.411.871.951.571.951.691.73
Industry1.291.641.571.562.282.582.342.51