Leading mobile network operators by market cap
Mobile network operators form the critical infrastructure of global digital connectivity, enabling communication across billions of devices. They are primarily traded on exchanges like the New York Stock Exchange (NYSE) and NASDAQ, essential platforms for telecommunications investments. Despite infrastructure costs, the telecom sector, led by connectivity providers, offers investors access to companies building nationwide 5G networks and fiber-optic systems.
Global telecom exchanges are not just platforms for wireless carriers; they attract capital seeking exposure to the $1.2T+ connectivity market. The main advantages of investing in mobile operator stocks include:
- Infrastructure owners: Companies controlling nationwide spectrum assets and physical network infrastructure with recurring revenue streams.
- Core service domains: 5G deployment (Verizon, T-Mobile), fiber broadband expansion (AT&T), emerging markets growth (Airtel), and enterprise solutions (Vodafone).
- Subscriber economics: High-margin postpaid plans and IoT connections generating predictable cash flows.
Industry leader Verizon, founded in 2000, operates America’s most extensive 4G LTE network covering 99% of the US population, now transitioning 50 million subscribers to 5G. Together with T-Mobile (holder of the largest 2.5GHz mid-band spectrum portfolio), they anchor the sector, with Verizon generating $33B in wireless service revenue annually. Investing in mobile operator stocks provides exposure to companies connecting 5.4 billion global subscribers.
Leading operators are spectrum portfolio managers. China Mobile serves 990 million subscribers with 1.2 million 5G base stations, while AT&T’s fiber network passes 26 million locations. T-Mobile’s Ultra Capacity 5G covers 300 million people. This infrastructure explains why global telecom revenue reached $1.2T in 2023. Beyond consumer services, the sector includes 4 of the world’s 10 most valuable telecom brands: Verizon, AT&T, Deutsche Telekom (T-Mobile parent), and China Mobile.
Regulated brokerThe following table contains a list of the largest mobile network operators by market capitalization, primarily traded on NYSE/NASDAQ/global exchanges (including integrated telecom providers with major wireless divisions). The list includes only publicly traded companies, and the presented data (price, market cap) are regularly updated to reflect the current market situation.
| Stock | Price | Change % | Marketcap |
|---|---|---|---|
 Verizon VZ | $39.32 | 0.76% | 165.79B |
 AT&T T | $23.00 | 1.92% | 164.46B |
T-Mobile US TMUS | $184.49 | 1.85% | 207.63B |
Vodafone VOD | $14.50 | 1.90% | 33.97B |
 Deutsche Telekom DTE.DE | $32.05 | 0.33% | 159.57B |
 ORANGE ORA.PA | $18.38 | 1.71% | 48.87B |
 BT Group BT-A.L | $2.56 | 2.35% | 0.2493B |
 China Mobile 0941.HK | $10.40 | 3.31% | 0.2277T |
Bharti Airtel BHARTIARTL.NS | $21.44 | 0.38% | 0.1306T |
 KDDI 9433.T | $16.92 | 0.27% | 0.0644T |
 Singtel Z74.SI | $3.61 | 0.00% | 59.59B |
| $36.66 | 0.47% | 19.92B | |
| $13.72 | 1.05% | 21.29B | |
Telstra TLS.AX | $3.33 | 0.41% | 37.43B |
| $21.10 | 1.83% | 63.55B |
