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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
MTN Nigeria CommunicationsNSA:MTNN 85 3-Year ROIIC % is 29.71 as of Dec. 2025, which is 44% above its 10-year median of 20.67. GuruFocus rates NSA:MTNN with a GF Score™ of 85/100 and a GF Value™ of ₦622.88 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 351 Telecommunication Services companies, MTN Nigeria Communications ranks better than 84.05% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
MTN Nigeria Communications's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 29.71%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for MTN Nigeria Communications's 3-Year ROIIC % or its related term are showing as below:
NSA:MTNN's 3-Year ROIIC % is ranked better than 84.05% of 351
companies
in the Telecommunication Services industry
Industry Median: 1.72
vs NSA:MTNN: 29.71
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
MTN Nigeria Communications 3-Year ROIIC % Related Terms
MTN Nigeria Communications 3-Year ROIIC % Historical Data
* 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.
NSA:MTNN vs TMUS, VZ, T: 3-Year ROIIC % Comparison
For the Telecom Services subindustry, MTN Nigeria Communications's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 Nigeria Communications 3-Year ROIIC % vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, MTN Nigeria Communications's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where MTN Nigeria Communications's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
MTN Nigeria Communications (NSA:MTNN) has a 3-Year ROIIC % of 29.71 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on MTN Nigeria Communications and its competitors. This is 44% above median its historical median of 20.67. Over the past decade, MTN Nigeria Communications' 3-Year ROIIC % has ranged from 5.07 to 37.35. According to the industry distribution chart, MTN Nigeria Communications ranks #56 out of 351 companies in the Telecommunication Services industry, placing it in the top 16%.
Is MTN Nigeria Communications' 3-Year ROIIC % too high?
MTN Nigeria Communications' current 3-Year ROIIC % of 29.71 is 44% above median its 10-year median of 20.67. Over the past 10 years, this metric has ranged from a low of 5.07 to a high of 37.35. The Telecommunication Services industry median 3-Year ROIIC % is 1.72. MTN Nigeria Communications' value of 29.71 is 1627.3% above this industry median. Based on the distribution chart, MTN Nigeria Communications ranks #56 out of 351 companies in the Telecommunication Services industry, which is in the top quartile — a strong position relative to peers. Overall, MTN Nigeria Communications has a GF Score™ of 85/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does MTN Nigeria Communications' 3-Year ROIIC % compare to TMUS and VZ?
According to the Telecommunication Services industry distribution chart, MTN Nigeria Communications ranks #56 out of 351 companies for 3-Year ROIIC %. This places MTN Nigeria Communications in the top 16% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 1.72. MTN Nigeria Communications' value of 29.71 is 1627.3% above this benchmark. Historically, MTN Nigeria Communications' own 3-Year ROIIC % has ranged from 5.07 to 37.35 over the past decade. While the company's 10-year median is 20.67 vs. the industry median of 1.72, MTN Nigeria Communications 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 3-Year ROIIC % for a Telecommunication Services company?
The median 3-Year ROIIC % among Telecommunication Services companies is 1.72, based on 351 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. MTN Nigeria Communications's current 3-Year ROIIC % of 29.71 is 1627.3% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on MTN Nigeria Communications and its competitors. For the Telecommunication Services industry, the median 3-Year ROIIC % is 1.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MTN Nigeria Communications's current 3-Year ROIIC % is 29.71, which is 44% above median its own 10-year median of 20.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MTN Nigeria Communications stock overvalued right now?
Based on GuruFocus' analysis, MTN Nigeria Communications (NSA:MTNN) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦622.88, compared to a current price of ₦826.50 — trading 32.7% above its estimated fair value. The current 3-Year ROIIC % is 29.71, which is 44% above median its 10-year median of 20.67 and 1627.3% above the Telecommunication Services industry median of 1.72. MTN Nigeria Communications' overall GF Score™ is 85/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For MTN Nigeria Communications (NSA:MTNN), the current 3-Year ROIIC % is 29.71 as of Dec. 2025. 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 Nigeria Communications (NSA:MTNN) Overvalued in 2026?
Based on GuruFocus' analysis, MTN Nigeria Communications stock appears to be overvalued.
The current stock price of ₦826.50 is trading 32.7% above its estimated GF Value™ of ₦622.88.
GuruFocus considers MTN Nigeria Communications to be Significantly Overvalued.
Key valuation signals for NSA:MTNN:
3-Year ROIIC %: 29.71 (44% above median its 10-year median of 20.67)
GF Value™: ₦622.88 vs. price of ₦826.50 (32.7% above fair value)
Industry Position: 1627.3% above the Telecommunication Services median (#56 of 351)
No single metric tells the full story. See the NSA:MTNN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MTN Nigeria Communications PLC is a provider of communications services. The principal activities of the company are the provision of broadband fixed wireless access service, mobile broadband solutions, and fibre-to-the-home connectivity. The group operates in three reportable segments, namely, Consumer Business Unit (CBU), which consists of subscribers sitting in value propositions and tariff plans for Youth, High Value, and Mass segments, Enterprise Business Unit (EBU), which consists of small and medium organizations to whom the services are provided, and Wholesale Business Unit (WBU), which serves customers who buy MTN telecom products. The majority of the revenue is generated from the CBU segment.
85GF Score
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