Telecom & Cable

Wireless, wireline, cable, fiber and satellite communications providers.

Companies

With a moat

51%

Average quality

1 wide moat · 36 narrow moat · 36 no moat · Open in screener →

Updated 27 Sep 2026

Telecom & Cable covers wireless carriers, broadband and cable operators, fiber networks and satellite communications. MoatScope covers 73 companies here. One has a wide moat, 36 a narrow moat and 36 none.

How the industry makes money

Carriers earn monthly subscriptions for wireless service, home broadband and television, and spend heavily to build and upgrade their networks and to acquire spectrum. Profit depends on filling expensive networks with paying customers and keeping them.

Where the moats are

Intangible assets, mostly spectrum licenses, appear in 17 of the 37 moat-rated companies, and efficient scale in 16, since most markets support only a few networks. Switching costs from bundles and contracts appear in ten.

Iridium: a global satellite network with a long-standing U.S. Department of Defense anchor relationship and protected spectrum and regulatory positions.

The narrow-moat group includes Verizon, T-Mobile, AT&T, Comcast, América Móvil, TIM and Telefônica Brasil. Companies without a moat include VEON, EchoStar and AST SpaceMobile.

What wears moats down

Price competition among carriers, fiber and fixed-wireless broadband taking customers from cable, and satellite services connecting directly to phones all pressure incumbents, while network upgrades keep capital spending and debt high.

What to watch

Subscriber growth and pricing.
Fiber and fixed-wireless competition in broadband.
Spectrum auctions and capital spending.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Telecom & Cable into 5 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Wireless & integrated carriers

Mobile and fixed-line telecom operators in the US.

US market · $368.2B total revenue in 2025 · source: Company reports. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Built from the US carriers' revenue (wireless and wireline, including equipment sales); cable companies' mobile and broadband are in Cable & broadband.

#	Business	Market share	Revenue
1	VZ · VERIZON COMMUNICATIONS INC	37.5%	$138.2B
2	T · AT&T INC. US revenue (excl. Mexico)	33.1%	$121.9B
3	TMUS · T-Mobile US, Inc.	24.0%	$88.3B
4	LUMN · Lumen Technologies, Inc.	3.4%	$12.4B
5	Frontier Communications Not covered by MoatScope · The Desk	1.7%	$6.2B
6	AMCX · AMC Global Media Inc. US revenue	0.5%	$1.8B
7	TDS · TELEPHONE & DATA SYSTEMS INC /DE/	0.3%	$1.2B
8	IDT · IDT CORP US revenue	0.3%	$972M
9	CALX · CALIX, INC US revenue	0.3%	$935M
10	ADEA · Adeia Inc. US revenue	<0.1%	$363M

International carriers

Mobile and fixed-line telecom operators outside the US, each competing in its own country.

22 businesses MoatScope covers, ranked by revenue. These companies compete in different national markets, so there's no single market to take a share of. These carriers compete in their own countries, so there's no single market to take a share of.

#	Business	Revenue
1	AMX · AMERICA MOVIL SAB DE CV/	$50.4B
2	VOD · VODAFONE GROUP PUBLIC LTD CO	$40.4B
3	KT · KT CORP	$19.5B
4	BCE · BCE INC	$16.0B
5	TU · TELUS CORP	$15.2B
6	SKM · SK TELECOM CO LTD	$13.3B
7	VIV · TELEFONICA BRASIL S.A.	$10.1B
8	TLK · PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK	$9.1B
9	RCI · ROGERS COMMUNICATIONS INC Wireless	$7.9B
10	CHT · CHUNGHWA TELECOM CO LTD	$7.1B

Cable & broadband

Cable TV, broadband and fiber providers in the US.

US market · $162.2B total revenue in 2025 · source: Company reports · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Built from the US operators' revenue; Comcast's figure includes Sky in the UK and Italy.

#	Business	Market share	Revenue
1	CMCSA · COMCAST CORP	49.9%	$80.9B
2	CHTR · CHARTER COMMUNICATIONS, INC. /MO/	33.8%	$54.8B
3	Cox Communications Private · StreamTV Insider	8.1%	$13.1B
4	OPTU · Optimum Communications, Inc.	5.3%	$8.6B
5	UNIT · Uniti Group Inc.	1.4%	$2.2B
6	CABO · Cable One, Inc.	0.9%	$1.5B
7	GLIBB · GCI Liberty, Inc.	0.6%	$1.0B
8	LBRDK · Liberty Broadband Corp	0.6%	$1.0B

International cable & broadband

Cable TV and broadband operators outside the US: Canada, Europe, Latin America and the Caribbean.

4 businesses MoatScope covers, ranked by revenue. These companies compete in different national markets, so there's no single market to take a share of. These operators compete in their own countries, so there's no single market to take a share of.

#	Business	Revenue
1	RCI · ROGERS COMMUNICATIONS INC	$5.8B
2	LBTYB · Liberty Global Ltd.	$4.9B
3	LILAK · Liberty Latin America Ltd.	$4.4B
4	TV · GRUPO TELEVISA, S.A.B.	$3.6B

Satellite & specialty networks

Satellite communications, business networks and specialty connectivity.

Global market · $105.0B total revenue in 2025 · source: Satellite Industry Association. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Satellite services revenue (SIA). EchoStar's figure is mostly pay-TV and Boost Mobile.

#	Business	Market share	Revenue
1	ECHO · EchoStar CORP	14.3%	$15.0B
2	VSAT · VIASAT INC	3.1%	$3.3B
3	CCOI · COGENT COMMUNICATIONS HOLDINGS, INC.	0.9%	$976M
4	GOGO · Gogo Inc.	0.9%	$910M
5	IRDM · Iridium Communications Inc.	0.8%	$872M
6	BAND · Bandwidth Inc.	0.7%	$754M
7	TSAT · Telesat Corp	0.3%	$309M
8	GSAT · Globalstar, Inc.	0.3%	$273M
9	SPOK · Spok Holdings, Inc	0.1%	$140M
10	KVHI · KVH INDUSTRIES INC \DE\	0.1%	$111M
	All other companies	78.4%	$82.3B

Companies

Company	Moat	Quality	Market
VZ VERIZON COMMUNICATIONS INC	Narrow	52	Wireless & integrated carriers	37.5%	$183.4B
TMUS T-Mobile US, Inc.	Narrow	58	Wireless & integrated carriers	24.0%	$167.4B
T AT&T INC.	Narrow	50	Wireless & integrated carriers	33.1%	$159.0B
CMCSA COMCAST CORP	Narrow	55	Cable & broadband + 2 other markets	49.9%	$77.7B
AMX AMERICA MOVIL SAB DE CV/	Narrow	53	International carriers	—	$68.8B
VIV TELEFONICA BRASIL S.A.	Narrow	52	International carriers	—	$38.1B
CHT CHUNGHWA TELECOM CO LTD	Narrow	64	International carriers	—	$35.4B
VOD VODAFONE GROUP PUBLIC LTD CO	Narrow	41	International carriers	—	$27.7B
ECHO EchoStar CORP	None	23	Satellite & specialty networks	14.3%	$25.0B
BCE BCE INC	Narrow	70	International carriers + 1 other market	—	$22.4B
RCI ROGERS COMMUNICATIONS INC	Narrow	50	International cable & broadband + 2 other markets	—	$20.6B
ASTS AST SpaceMobile, Inc.	None	16	Satellite & specialty networks	<0.1%	$16.3B
TIGO MILLICOM INTERNATIONAL CELLULAR SA	Narrow	57	International carriers	—	$16.2B
TU TELUS CORP	Narrow	44	International carriers	—	$14.9B
CHTR CHARTER COMMUNICATIONS, INC. /MO/	Narrow	50	Cable & broadband	33.8%	$12.9B
SKM SK TELECOM CO LTD	Narrow	47	International carriers	—	$12.4B
GSAT Globalstar, Inc.	Narrow	41	Satellite & specialty networks	0.3%	$10.8B
TLK PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK	Narrow	72	International carriers	—	$10.4B
KT KT CORP	Narrow	40	International carriers	—	$9.1B
TIMB TIM S.A.	Narrow	63	International carriers	—	$8.9B
VSAT VIASAT INC	Narrow	26	Satellite & specialty networks + 1 other market	3.1%	$8.3B
TKC TURKCELL ILETISIM HIZMETLERI A S	Narrow	51	International carriers	—	$7.7B
VEON VEON Ltd.	None	45	International carriers	—	$6.1B
LBRDK Liberty Broadband Corp	Narrow	33	Cable & broadband	0.6%	$5.2B
IRDM Iridium Communications Inc.	Wide	68	Satellite & specialty networks	0.8%	$4.7B
LUMN Lumen Technologies, Inc.	None	22	Wireless & integrated carriers	3.4%	$4.6B
LBTYB Liberty Global Ltd.	Narrow	33	International cable & broadband	—	$4.5B
PHI PLDT Inc.	Narrow	52	International carriers	—	$4.3B
TDS TELEPHONE & DATA SYSTEMS INC /DE/	Narrow	42	Wireless & integrated carriers	0.3%	$3.8B
KYIV Kyivstar Group Ltd.	None	50	International carriers	—	$3.0B
AD ARRAY DIGITAL INFRASTRUCTURE, INC.	None	38	Wireless & integrated carriers	<0.1%	$2.8B
IHS IHS Holding Ltd	Narrow	60	International carriers	—	$2.8B
ADEA Adeia Inc.	Narrow	63	Wireless & integrated carriers	<0.1%	$2.3B
CALX CALIX, INC	Narrow	48	Wireless & integrated carriers	0.3%	$2.2B
IDT IDT CORP	Narrow	55	Wireless & integrated carriers	0.3%	$2.0B
TV GRUPO TELEVISA, S.A.B.	None	33	International cable & broadband	—	$1.6B
LILAK Liberty Latin America Ltd.	Narrow	38	International cable & broadband	—	$1.5B
ATEX Anterix Inc.	Narrow	51	Wireless & integrated carriers	<0.1%	$1.5B
TEO TELECOM ARGENTINA SA	Narrow	27	International carriers	—	$1.4B
BAND Bandwidth Inc.	Narrow	34	Satellite & specialty networks	0.7%	$1.4B
UNIT Uniti Group Inc.	None	27	Cable & broadband	1.4%	$1.3B
GLIBB GCI Liberty, Inc.	None	21	Cable & broadband	0.6%	$838M
SIFY SIFY TECHNOLOGIES LTD	None	27	International carriers	—	$834M
TSAT Telesat Corp	None	14	Satellite & specialty networks	0.3%	$800M
GLTK GlobalTech Corp	None	11	Wireless & integrated carriers	<0.1%	$723M
SHEN SHENANDOAH TELECOMMUNICATIONS CO/VA/	None	17	Wireless & integrated carriers	<0.1%	$563M
AMCX AMC Global Media Inc.	None	32	Wireless & integrated carriers	0.5%	$414M
CCOI COGENT COMMUNICATIONS HOLDINGS, INC.	None	32	Satellite & specialty networks	0.9%	$397M
ATNI ATN International, Inc.	None	21	Wireless & integrated carriers	<0.1%	$389M
GOGO Gogo Inc.	Narrow	41	Satellite & specialty networks	0.9%	$272M
OPTU Optimum Communications, Inc.	None	23	Cable & broadband	5.3%	$245M
SPOK Spok Holdings, Inc	Narrow	53	Satellite & specialty networks	0.1%	$218M
CXDO Crexendo, Inc.	Narrow	44	Wireless & integrated carriers	<0.1%	$185M
KVHI KVH INDUSTRIES INC \DE\	None	30	Satellite & specialty networks	0.1%	$112M
NUVR Nuvera Communications, Inc.	None	27	Wireless & integrated carriers	<0.1%	$84M
FNGR FingerMotion, Inc.	None	13	International carriers	—	$50M
PAAI Arena Group Holdings, Inc.	None	46	Wireless & integrated carriers	<0.1%	$39M
ELWT Elauwit Connection, Inc.	None	14	Wireless & integrated carriers	<0.1%	$37M
CABO Cable One, Inc.	Narrow	31	Cable & broadband	0.9%	$35M
NXPL NextPlat Corp	None	16	Wireless & integrated carriers	<0.1%	$25M
CHAI Core AI Holdings, Inc.	None	14	International carriers	—	$20M
IQST iQSTEL Inc	None	13	Wireless & integrated carriers	<0.1%	$10M
VPLM Voip-pal.com Inc	None	14	Wireless & integrated carriers	—	$9M
UCL uCloudlink Group Inc.	None	39	International carriers	—	$9M
MYSE Myseum.AI, Inc.	None	7	Wireless & integrated carriers	<0.1%	$8M
HMMR HAMMER TECHNOLOGY HOLDINGS CORP.	None	22	Wireless & integrated carriers	—	$7M
IOTR iOThree Ltd	None	25	International carriers	—	$7M
SURG SurgePays, Inc.	None	9	Wireless & integrated carriers	<0.1%	$6M
WYTC WYTEC INTERNATIONAL INC	None	11	Wireless & integrated carriers	<0.1%	$5M
CUEN Cuentas Inc.	None	5	Wireless & integrated carriers	<0.1%	$5M
CLRI Cleartronic, Inc.	None	38	Wireless & integrated carriers	<0.1%	$2M
KTEL KonaTel, Inc.	None	7	Wireless & integrated carriers	<0.1%	$2M
SLDC Solidus Communications, Inc.	None	13	Wireless & integrated carriers	—	$1M

73 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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