The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 1.22B (2021) → 2.70B (2025)
Cellnex Telecom, S.A. is a prominent European operator of wireless telecommunication infrastructure, maintaining a significant presence across twelve countries: Austria, Denmark, France, Ireland, Italy, the Netherlands, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Its business is structured around three core divisions: Telecom Infrastructure Services, Broadcasting Networks, and a segment encompassing Network Services and Other offerings. Within its Telecom Infrastructure Services, Cellnex facilitates co-location for mobile network operators, allowing them to house their telecommunications and wireless broadcasting equipment on its existing sites. It also deploys and manages advanced distributed antenna systems (DAS) and small cells, which are networks of interconnected, geographically dispersed antenna nodes designed to enhance wireless service coverage and capacity. The Broadcasting Networks segment delivers a comprehensive suite of services, including various forms of digital terrestrial television (DTT) – such as hybrid, satellite, and premium DTT – alongside traditional FM and modern digital radio services. Additionally, it extends its reach into internet media, offering solutions like online multiscreen video platforms, digital business support tools, and content distribution networks. Under its Network Services and Other segment, the company provides diverse offerings. These encompass robust data transportation services, featuring satellite links, digital terrestrial circuits, direct Amazon connections, and general internet throughput. It also specializes in critical security and control solutions, developing emergency networks, secure terminals, early warning systems (e.g., for forest fires), and command centers. Furthermore, Cellnex is active in smart communication networks, delivering wireless broadband, IoT (Internet of Things) solutions, and even specialized services like rural irrigation management. Its portfolio extends to smart city initiatives, comprehensive engineering and consulting, operational and maintenance services, and the construction and management of fiber optic telecommunication networks. Its clientele primarily consists of mobile network operators, broadcast media companies, and governmental administrations. Originally founded in 2008 as Abertis Telecom Terrestre, S.A.U., the entity rebranded to Cellnex Telecom, S.A. in April 2015. The company maintains its corporate headquarters in Madrid, Spain.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+2.1% YoY
YoY Growth Rate
Slow revenue growth
+65.1% YoY
YoY Growth Rate
Strong earnings growth
$0/ year
0.0% of revenue
Below sector average (12%)
Research and development spending
Cash flow positive
$3.6B cash & investments
Company generates more cash than it spends — no dilution risk from fundraising
Cellnex Telecom, S.A. is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.
ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage below 1. Their profits don't cover the interest bill.
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Standard yield zone for stable dividend payers. A meaningful piece of total return.
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