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Lumen Technologies, Inc. (LUMN)

NYSE / Communication Services / Telecommunications Services

Share price

4.55 USD Market dataClose of Oct 14, 2026

Market capitalisation

4.69B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Feb 20, 2026
Ratios computed
Oct 14, 2026
Filed years
17, FY2008 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

-3.1% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

n/m Computed

FY2025 accounts, priced at the latest close

Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

Read valuation

Cash generation

Free cash flow yield

8.2% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 17.47B USDFY2016 Net income: 626.0M USDFY2017 Revenue: 17.66B USDFY2017 Net income: 1.39B USDFY2018 Revenue: 22.58B USDFY2018 Net income: -1.73B USDFY2019 Revenue: 21.46B USDFY2019 Net income: -5.27B USDFY2020 Revenue: 20.71B USDFY2020 Net income: -1.23B USDFY2021 Revenue: 19.69B USDFY2021 Net income: 2.03B USDFY2022 Revenue: 17.48B USDFY2022 Net income: -1.55B USDFY2023 Revenue: 14.56B USDFY2023 Net income: -10.30B USDFY2024 Revenue: 13.11B USDFY2024 Net income: -55.0M USDFY2025 Revenue: 12.40B USDFY2025 Net income: -1.74B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on invested capital was -3.1% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Communication Services sector (80 companies), -3.1% sits at the 23rd percentile; the middle half of that group runs from -2.3% to 8.8%.

Is it safe

Net debt to EBITDA was 9.30x in FY2025, in the band labelled "High, covenant territory" (4.00x and above), on lines set by credit-analyst convention, suggesting debt in the range lenders write covenants around.

Year by year against peers
Whether Lumen Technologies, Inc.'s gross margin stayed above the median of the Communication Services sector, year by year. (FY2018 to FY2025, 8 fiscal years of Lumen Technologies, Inc. with a comparable figure)
The direction
Which way Lumen Technologies, Inc.'s gross margin has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Lumen Technologies, Inc.)
What could explain it
What in Lumen Technologies, Inc.'s filed statements could explain the movements. (6 readings drawn from the statement lines Lumen Technologies, Inc. filed)
What to check next
What to check next on Lumen Technologies, Inc., and where in its filings. (5 questions for Lumen Technologies, Inc.)
In one paragraph
One paragraph on Lumen Technologies, Inc.'s returns, cash, balance sheet and price. (9 of sixteen figures read for Lumen Technologies, Inc.)

These are LUMN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research LUMNPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 20, 2026, accession 0000018926-26-000014.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Lumen Technologies, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax-3.1% ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Return on equity
Why n/m

Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.

n/m ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Return on capital employed, pre-tax-2.7% ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Return on assets-5.1% ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Gross margin46.5% ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Operating margin-6.5% ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Net margin-14.0% ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
LUMN -14.0%
TDS -0.5%KT 1.7%TKC 11.7%IHS 9.1%LBTYK -146.3%
-146.3%11.7%
Net margin: LUMN against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Lumen Technologies, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/m

Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).

n/m ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Current ratio1.80 ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Quick ratio1.80 ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Interest coverage
Why n/m

Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

n/m ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Altman Z-score-0.32 ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Net debt18.02B ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Total assets 34.34BTotal liabilities 35.46BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity (zero or below, not drawn)
The balance sheet, line by line

Financial health

What Lumen Technologies, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 20, 2026, 0000018926-26-000014).

Lumen Technologies, Inc: balance sheet position
Total assets34.34B FiledFY2025 10-K, filed Feb 20, 2026
Total liabilities35.46B FiledFY2025 10-K, filed Feb 20, 2026
Shareholders' equity-1.12B FiledFY2025 10-K, filed Feb 20, 2026
Cash1.00B FiledFY2025 10-K, filed Feb 20, 2026
Total debt19.02B FiledFY2025 10-K, filed Feb 20, 2026
Net debt18.02B
Current ratio1.80
Debt to equityn/m
  • Debt to equity: FY2025: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
  • Interest cover: FY2025: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Lumen Technologies, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
P/E on trailing twelve months1.85x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book
Why n/m

Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Price to sales0.36x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Enterprise value to EBITDA11.64x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Diluted earnings per share-1.75 USD FiledFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014

We publish no fair value or price target of our own. Value LUMN on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Lumen Technologies, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Lumen Technologies, Inc: valuation
Share price4.55 USD
Market capitalisation4.69B USD
Enterprise value to EBITDA11.64x
Graham numbern/m
Diluted earnings per share, FY2025-1.75 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 1.82x, median 9.03x, high 32.98x, latest 1.85x. 1,063 trading days with a meaningful ratio, 1,457 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Lumen Technologies, Inc

  1. Telephone and Data Systems, Inc. (TDS)Market cap 3.61B USD
  2. KT Corporation (KT)Market cap 8.80B USD
  3. Turkcell Iletisim Hizmetleri A.S. (TKC)Market cap 4.38B USD
  4. IHS Holding Limited (IHS)Market cap 2.85B USD
  5. Liberty Global plc (LBTYK)Market cap 2.74B USD

Same industry (Telecommunications Services) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Lumen Technologies, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield8.2% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Free cash flow371.0M USD ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Free cash flow margin3.0% ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Dividend yield
Why n/a

The dividends on file cannot be split between common and preferred holders, so the common dividend cannot be stated.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
FY2016 Free cash flow: 1.63B USDFY2016 Net income: 626.0M USDFY2017 Free cash flow: 772.0M USDFY2017 Net income: 1.39B USDFY2018 Free cash flow: 3.86B USDFY2018 Net income: -1.73B USDFY2019 Free cash flow: 3.05B USDFY2019 Net income: -5.27B USDFY2020 Free cash flow: 2.79B USDFY2020 Net income: -1.23B USDFY2021 Free cash flow: 3.60B USDFY2021 Net income: 2.03B USDFY2022 Free cash flow: 1.72B USDFY2022 Net income: -1.55B USDFY2023 Free cash flow: -940.0M USDFY2023 Net income: -10.30B USDFY2024 Free cash flow: 1.10B USDFY2024 Net income: -55.0M USDFY2025 Free cash flow: 371.0M USDFY2025 Net income: -1.74B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Lumen Technologies, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2025Oct 14, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
8.2%FY2025Oct 14, 2026
-3.1%FY2025Feb 20, 2026
n/aFY2025Oct 14, 2026
n/a The dividends on file cannot be split between common and preferred holders, so the common dividend cannot be stated.
n/mFY2025Feb 20, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.80FY2025Feb 20, 2026
0.36xFY2025Oct 14, 2026
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
-0.32FY2025Oct 14, 2026
-2.37FY2025Feb 20, 2026
4/9FY2025Feb 20, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 17 filed fiscal years on record, FY2008 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Lumen Technologies, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Lumen Technologies, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202512.40B-812.0M-1.74B-1.75371.0M-6.5%n/m10-K, Feb 20, 20260000018926-26-000014
FY202413.11B460.0M-55.0M-0.061.10B3.5%-11.8%10-K, Feb 20, 20250000018926-25-000010
FY202314.56B-9.58B-10.30B-10.48-940.0M-65.8%-2469.5%10-K, Feb 22, 20240000018926-24-000016
FY202217.48B95.0M-1.55B-1.541.72B0.5%-14.9%10-K, Feb 23, 20230000018926-23-000013
FY202119.69B4.29B2.03B1.913.60B21.8%17.3%10-K, Feb 24, 20220000018926-22-000007
FY202020.71B962.0M-1.23B-1.142.79B4.6%-11.0%10-K, Feb 25, 20210000018926-21-000017
FY201921.46B-2.73B-5.27B-4.923.05B-12.7%-39.1%10-K, Feb 28, 20200000018926-20-000009
FY201822.58B570.0M-1.73B-1.633.86B2.5%-8.7%10-K, Mar 11, 20190000018926-19-000006
FY201717.66B2.01B1.39B2.21772.0M11.4%5.9%10-K, Mar 1, 20180000018926-18-000012
FY201617.47B2.33B626.0M1.161.63B13.3%4.7%10-K, Feb 23, 20170000018926-17-000013
  • Revenue, compound annual growth FY2016 to FY2025: -3.7%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2016 to FY2025: -15.1%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Lumen Technologies, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.37 ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Piotroski F-score4/9 ComputedFY2025 10-K, filed Feb 20, 2026, 0000018926-26-000014
Named tests met0 of 30 Computed
Beta1.84 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 0 met, 22 not met, 8 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC
Not measured
Low PEG, low debt (Peter Lynch); High yield, low payout; P/E times P/B (Benjamin Graham); Book or below, low debt (Walter Schloss); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(14)
  • Debt to Equity: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
  • P/B Ratio: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Return on Equity: Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.
  • Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
  • Dividend Yield: The dividends on file cannot be split between common and preferred holders, so the common dividend cannot be stated.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The dividends on file cannot be split between common and preferred holders, so the common dividend cannot be stated.
  • Price Tangible Book: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 14 figures could not be read on this company, among them Debt to Equity, P/B Ratio, P/E Ratio. Each blank in the table above names the rest, with its reason. 8 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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