Telenor ASAOSTO:TELO -0.97%71 Operating Margin % is 22.61% as of Mar. 2026, which is 1% above its 10-year median of 22.45. GuruFocus rates OSTO:TELO with a GF Score™ of 71/100 and a GF Value™ of kr128.55 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 367 Telecommunication Services companies, Telenor ASA ranks better than 82.83% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Telenor ASA's Operating Income for the
three
months ended in Mar. 2026 was kr4,115 Mil. Telenor ASA's Revenue for the
three
months ended in Mar. 2026 was kr18,197 Mil. Therefore, Telenor ASA's Operating Margin % for the quarter that ended in Mar. 2026 was 22.61%.
Good Sign:
Telenor ASA operating margin is expanding. Margin expansion is usually a good sign.
The historical rank and industry rank for Telenor ASA's Operating Margin % or its related term are showing as below:
OSTO:TELo'
s Operating Margin % Range Over the Past 10 Years
Min: 19.98 Med: 22.45 Max: 23.89
Current: 23.89
OSTO:TELo's Operating Margin % is ranked better than 82.83% of 367
companies
in the Telecommunication Services industry
Industry Median: 9.73
vs OSTO:TELo: 23.89
Telenor ASA's 5-Year Average Operating Margin % Growth Rate was 2.00% per year.
Telenor ASA's Operating Income for the
three
months ended in Mar. 2026 was kr4,115 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was kr18,788 Mil.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Telenor ASA Operating Margin % Related Terms
Telenor ASA Operating Margin % Historical Data
* Premium members only.
The historical data trend for Telenor ASA's Operating Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
OSTO:TELO vs TMUS, VZ, T: Operating Margin % Comparison
For the Telecom Services subindustry, Telenor ASA's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Telenor ASA Operating Margin % vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Telenor ASA's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Telenor ASA's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Telenor ASA's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Telenor ASA (OSTO:TELO) has a Operating Margin % of 22.61% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Telenor ASA and its competitors. This is near median its historical median of 22.45. Over the past decade, Telenor ASA's Operating Margin % has ranged from 19.98 to 23.89. According to the industry distribution chart, Telenor ASA ranks #63 out of 367 companies in the Telecommunication Services industry, placing it in the top 17.2%.
Is Telenor ASA's Operating Margin % too high?
Telenor ASA's current Operating Margin % of 22.61% is near median its 10-year median of 22.45. Over the past 10 years, this metric has ranged from a low of 19.98 to a high of 23.89. The Telecommunication Services industry median Operating Margin % is 9.73. Telenor ASA's value of 22.61% is 132.4% above this industry median. Based on the distribution chart, Telenor ASA ranks #63 out of 367 companies in the Telecommunication Services industry, which is in the top quartile — a strong position relative to peers. Overall, Telenor ASA has a GF Score™ of 71/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Telenor ASA's Operating Margin % compare to TMUS and VZ?
According to the Telecommunication Services industry distribution chart, Telenor ASA ranks #63 out of 367 companies for Operating Margin %. This places Telenor ASA in the top 17% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 9.73. Telenor ASA's value of 22.61% is 132.4% above this benchmark. Historically, Telenor ASA's own Operating Margin % has ranged from 19.98 to 23.89 over the past decade. While the company's 10-year median is 22.45 vs. the industry median of 9.73, Telenor ASA has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for a Telecommunication Services company?
The median Operating Margin % among Telecommunication Services companies is 9.73, based on 367 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Telenor ASA's current Operating Margin % of 22.61% is 132.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Telenor ASA and its competitors. For the Telecommunication Services industry, the median Operating Margin % is 9.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Telenor ASA's current Operating Margin % is 22.61%, which is near median its own 10-year median of 22.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Telenor ASA stock overvalued right now?
Based on GuruFocus' analysis, Telenor ASA (OSTO:TELO) is currently considered Modestly Overvalued. The stock's GF Value™ is kr128.55, compared to a current price of kr143.40 — trading 11.6% above its estimated fair value. The current Operating Margin % is 22.61%, which is near median its 10-year median of 22.45 and 132.4% above the Telecommunication Services industry median of 9.73. Telenor ASA's overall GF Score™ is 71/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Telenor ASA (OSTO:TELO), the current Operating Margin % is 22.61% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Telenor ASA (OSTO:TELO) Overvalued in 2026?
Based on GuruFocus' analysis, Telenor ASA stock appears to be overvalued.
The current stock price of kr143.40 is trading 11.6% above its estimated GF Value™ of kr128.55.
GuruFocus considers Telenor ASA to be Modestly Overvalued.
Key valuation signals for OSTO:TELO:
Operating Margin %: 22.61% (near median its 10-year median of 22.45)
GF Value™: kr128.55 vs. price of kr143.40 (11.6% above fair value)
Industry Position: 132.4% above the Telecommunication Services median (#63 of 367)
No single metric tells the full story. See the OSTO:TELO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Telenor is an international provider of telecommunications services. It is the incumbent dominant telecom operator in Norway, and the Norwegian government holds a stake of more than 50% in the firm. Telenor also operates in other Nordic countries like Sweden, Denmark, and Finland, and owns several businesses in Asia. Most of Telenor's operations are mobile businesses, although it also has some fixed-line operations in Nordic European countries.
71GF Score
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