MTN GhanaXGHA:MTNGH -0.31%100 ROE % is 68.64% as of Mar. 2026, which is 32% above its 10-year median of 51.97. GuruFocus rates XGHA:MTNGH with a GF Score™ of 100/100 and a GF Value™ of GHS4.21 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 345 Telecommunication Services companies, MTN Ghana ranks better than 97.68% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. MTN Ghana's annualized net income for the quarter that ended in Mar. 2026 was GHS9,918 Mil. MTN Ghana's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was GHS14,449 Mil. Therefore, MTN Ghana's annualized ROE % for the quarter that ended in Mar. 2026 was 68.64%.
The historical rank and industry rank for MTN Ghana's ROE % or its related term are showing as below:
XGHA:MTNGH'
s ROE % Range Over the Past 10 Years
Min: 35.24 Med: 51.97 Max: 67.7
Current: 67.7
During the past 9 years, MTN Ghana's highest ROE % was 67.70%. The lowest was 35.24%. And the median was 51.97%.
XGHA:MTNGH's ROE % is ranked better than 97.68% of 345
companies
in the Telecommunication Services industry
Industry Median: 7.35
vs XGHA:MTNGH: 67.70
MTN Ghana (XGHA:MTNGH) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
MTN Ghana ROE % Related Terms
MTN Ghana ROE % Historical Data
* Premium members only.
The historical data trend for MTN Ghana's ROE % 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.
For the Telecom Services subindustry, MTN Ghana's ROE %, along with its competitors' market caps and ROE % 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.
MTN Ghana ROE % vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, MTN Ghana's ROE % distribution charts can be found below:
* The bar in red indicates where MTN Ghana's ROE % falls into.
* 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.
In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
ROE % is displayed in the 30-year financial page.
MTN Ghana (XGHA:MTNGH) has a ROE % of 68.64% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on MTN Ghana and its competitors. This is 32% above median its historical median of 51.97. Over the past decade, MTN Ghana's ROE % has ranged from 35.24 to 67.70. According to the industry distribution chart, MTN Ghana ranks #8 out of 345 companies in the Telecommunication Services industry, placing it in the top 2.3%.
Is MTN Ghana's ROE % too high?
MTN Ghana's current ROE % of 68.64% is 32% above median its 10-year median of 51.97. Over the past 10 years, this metric has ranged from a low of 35.24 to a high of 67.70. The Telecommunication Services industry median ROE % is 7.35. MTN Ghana's value of 68.64% is 833.9% above this industry median. Based on the distribution chart, MTN Ghana ranks #8 out of 345 companies in the Telecommunication Services industry, which is in the top quartile — a strong position relative to peers. Overall, MTN Ghana has a GF Score™ of 100/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does MTN Ghana's ROE % compare to TMUS and VZ?
According to the Telecommunication Services industry distribution chart, MTN Ghana ranks #8 out of 345 companies for ROE %. This places MTN Ghana in the top 2% of its industry — outperforming the majority of peers. The industry median ROE % is 7.35. MTN Ghana's value of 68.64% is 833.9% above this benchmark. Historically, MTN Ghana's own ROE % has ranged from 35.24 to 67.70 over the past decade. While the company's 10-year median is 51.97 vs. the industry median of 7.35, MTN Ghana 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 ROE % for a Telecommunication Services company?
The median ROE % among Telecommunication Services companies is 7.35, based on 345 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. MTN Ghana's current ROE % of 68.64% is 833.9% 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on MTN Ghana and its competitors. For the Telecommunication Services industry, the median ROE % is 7.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MTN Ghana's current ROE % is 68.64%, which is 32% above median its own 10-year median of 51.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MTN Ghana stock overvalued right now?
Based on GuruFocus' analysis, MTN Ghana (XGHA:MTNGH) is currently considered Significantly Overvalued. The stock's GF Value™ is GHS4.21, compared to a current price of GHS6.40 — trading 52% above its estimated fair value. The current ROE % is 68.64%, which is 32% above median its 10-year median of 51.97 and 833.9% above the Telecommunication Services industry median of 7.35. MTN Ghana's overall GF Score™ is 100/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For MTN Ghana (XGHA:MTNGH), the current ROE % is 68.64% 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 MTN Ghana (XGHA:MTNGH) Overvalued in 2026?
Based on GuruFocus' analysis, MTN Ghana stock appears to be overvalued.
The current stock price of GHS6.40 is trading 52% above its estimated GF Value™ of GHS4.21.
GuruFocus considers MTN Ghana to be Significantly Overvalued.
Key valuation signals for XGHA:MTNGH:
ROE %: 68.64% (32% above median its 10-year median of 51.97)
GF Value™: GHS4.21 vs. price of GHS6.40 (52% above fair value)
Industry Position: 833.9% above the Telecommunication Services median (#8 of 345)
No single metric tells the full story. See the XGHA:MTNGH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MTN Ghana is a Ghana-based company that provides mobile financial services in the financial services industry. The principal activities are the provision of telecommunication services including voice, data, and enterprise solutions, mobile financial services, the development of strategic partnerships to provide developed services, and the provision of consultancy and support services in the mobile banking, payment services and fintech space. The company has four reportable segments, namely Network services, Interconnect and roaming, Digital and Fintech, and devices and accessories, out of which it derives maximum revenue from Network services.
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