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Royal KPN NV
(KPN)
Select Model
Select Model
Rating:66Neutral
Price Target:
€4.50
▼(-1.75% Downside)
Action:Reiterated
Date:02/28/26
The score is driven primarily by solid but leverage-constrained financial performance, complemented by strong technical momentum (price above key moving averages and positive MACD). Valuation is mixed: a decent dividend yield is offset by a higher P/E for a mature telecom business.
Positive Factors
Subscription-based recurring revenue
KPN’s core business is recurring subscriptions across mobile, fixed broadband and TV, plus bundle strategies that raise ARPU and reduce churn. This predictable revenue mix creates durable cash visibility, supports long-term customer lifetime value and underpins stable service margins.
Negative Factors
Rising financial leverage
A sharp increase in leverage reduces balance-sheet flexibility and raises refinancing and rating risk over the medium term. Higher debt burdens constrain strategic options, increase interest cost sensitivity, and make funding cyclical investments or acquisitions more costly and risky.
Read all positive and negative factors
Positive Factors
Negative Factors
Subscription-based recurring revenue
KPN’s core business is recurring subscriptions across mobile, fixed broadband and TV, plus bundle strategies that raise ARPU and reduce churn. This predictable revenue mix creates durable cash visibility, supports long-term customer lifetime value and underpins stable service margins.
Read all positive factors
Royal KPN NV (KPN) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€16.24B
Dividend Yield4.43%
Average Volume (3M)8.30M
Price to Earnings (P/E)19.5
Beta (1Y)0.03
Revenue Growth3.46%
EPS Growth2.21%
CountryNL
Employees9,718
SectorGeneral
Sector StrengthN/A
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.22
Shares Outstanding3,827,465,300
10 Day Avg. Volume7,730,284
30 Day Avg. Volume8,297,447
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)6.55
Price to Sales (P/S)2.86
P/FCF Ratio12.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€4.88Price Target Upside6.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.25
Revenue Forecast (FY)€5.91B
Royal KPN NV Business Overview & Revenue Model
Company Description
Koninklijke KPN N.V., a company based in the Netherlands, delivers a range of telecommunication and information technology (IT) services. Its operations are organized across four main divisions: Consumer, Business, Wholesale, and Network, Operatio...
How the Company Makes Money
KPN makes money primarily by selling recurring connectivity services to consumers and business customers, largely on a subscription basis. Its key revenue streams include: (1) Mobile services: monthly plan revenues from consumer and business mobil...
Royal KPN NV Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
49
Neutral
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.80B | 5.60B | 5.44B | 5.31B | 5.27B |
| Gross Profit | 1.79B | 4.09B | 2.92B | 2.84B | 1.35B |
| EBITDA | 2.69B | 2.60B | 2.56B | 2.50B | 3.29B |
| Net Income | 855.00M | 848.00M | 844.00M | 760.00M | 1.29B |
Balance Sheet | |||||
| Total Assets | 13.07B | 12.55B | 12.25B | 11.96B | 12.74B |
| Cash, Cash Equivalents and Short-Term Investments | 587.00M | 802.00M | 828.00M | 527.00M | 1.11B |
| Total Debt | 8.55B | 7.10B | 6.79B | 6.29B | 7.62B |
| Total Liabilities | 10.50B | 9.01B | 8.69B | 8.31B | 9.51B |
| Stockholders Equity | 2.53B | 3.53B | 3.56B | 3.65B | 3.23B |
Cash Flow | |||||
| Free Cash Flow | 1.29B | 950.00M | 993.00M | 982.00M | 908.00M |
| Operating Cash Flow | 2.31B | 2.26B | 2.24B | 2.19B | 2.13B |
| Investing Cash Flow | -1.39B | -1.44B | -1.43B | -1.08B | -1.21B |
| Financing Cash Flow | -1.18B | -769.00M | -606.00M | -1.50B | -717.00M |
Royal KPN NV Technical Analysis
Negative
4.58
Price Trends
4.44
Negative
4.54
Negative
4.24
Positive
Market Momentum
-0.06
Positive
43.24
Neutral
29.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:KPN, the sentiment is Negative. The current price of 4.58 is above the 20-day moving average (MA) of 4.31, above the 50-day MA of 4.44, and above the 200-day MA of 4.24, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 43.24 is Neutral, neither overbought nor oversold. The STOCH value of 29.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:KPN.
Royal KPN NV Peers Comparison
UnderperformOutperform
Sector (55)
NL:KPN
Royal KPN NV
4.25
0.32
8.06%
NL:PNL
PostNL N.V.
0.93
<0.01
0.43%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.