Hong Kong · HKEX · 00941
China Mobile (00941) stock analysis: valuation and financials
电讯
HK$80.45 +0.6% Price as of Oct 13, 2026
Dominant scale, net cash CNY304.4B and a 6.7% yield, but revenue is flat (+0.9%), free cash flow halved and ROIC fading; cheap at 11.4x earnings — value hinges on cash conversion.
- Market cap
- HK$1.7T
- P/E
- 11.4x
- EV/Sales
- 1.1x
- FCF yield
- 7.8%
- Dividend yield
- 6.7%
- 52-week range
- HK$76.15 – HK$88.85
Research as of Oct 14, 2026
Business quality scorecard
- Growth18
- Profitability46
- Cash flow72
- Balance sheet69
- Capital allocation51
- Valuation95
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Retail and enterprise customers pay monthly tariffs and usage fees for mobile, broadband and IoT connectivity plus cloud and project fees for computing and smart services; connectivity is the revenue base (FY2025 revenue CNY1.05T, +0.9% yoy) while cloud/AI computing is the growth engine, and segment profit mix is not disclosed.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥848.3B | ¥937.3B | ¥1.0T | ¥1.0T | ¥1.1T |
| Revenue growth | +10.4% | +10.5% | +7.7% | +3.1% | +0.9% |
| Gross margin | 62.1% | 59.8% | 59.2% | 58.4% | 58.2% |
| Operating margin | 13.9% | 13.8% | 13.3% | 13.7% | 14.2% |
| Net income | ¥116.1B | ¥125.5B | ¥131.8B | ¥138.4B | ¥137.1B |
| Free cash flow | ¥107.5B | ¥91.2B | ¥122.5B | ¥159.8B | ¥76.0B |
| FCF margin | 12.7% | 9.7% | 12.1% | 15.4% | 7.2% |
Amounts in CNY · What is free cash flow?
Margins Gross margin 58.23% in FY2025 vs 58.44% FY2024 (TTM 57.03%, -21bps) while operating margin improved to 14.18% from 13.70% (TTM 13.08%). Revenue growth stalled at +0.9% and turned -3.0% y/y in Q2 FY2026; quarterly gross margin swings widely, 51.4% in Q4 FY2025 to 61.9% in Q2 FY2026.
- Cash flow WatchOCF 263.9B TTM vs net income 131.8B (2.09x cash conversion), but FY2025 OCF fell 26% to 232.9B from 315.7B; the gap rests on 190B of non-cash D&A, not on cash generation strength.
- Debt LowNet cash of 304.4B at FY2025; net debt/EBITDA -0.93x. Total debt 26.95B, down from 40.84B in FY2024; debt/equity 1.87%.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥331.7B
- Total debt
- ¥27.3B
- Net cash
- ¥304.4B
- Interest coverage
- 37.0x
- Current ratio
- 0.9x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateExecution steady but decelerating: revenue 768.1B to 1,050.0B CNY over five years (CAGR 6.5%) and net income 107.8B to 137.1B, yet FY2025 growth slowed to 0.9% and EPS fell 1.9%.
Valuation range
Implied value per share · Price when researched: HK$80.45
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.