TLK vs VOD: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. TLK and VOD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined TLK and VOD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

PT Telkom Indonesia (Persero) Tbk is Indonesia's largest telecommunications and digital services company, majority owned by the Indonesian government. Its core businesses are mobile connectivity through its Telkomsel subsidiary (roughly 158.8 million mobile subscribers and about half of the national mobile market), fixed broadband under the IndiHome brand (around 11 million B2C and B2B customers), and enterprise, data-center, tower, and wholesale infrastructure services. In 2025 the company advanced its TLKM 30 transformation program, including a partial spin-off of wholesale fiber connectivity and related assets valued at about Rp35.8 trillion into a new infrastructure entity (InfraNexia).

Full TLK guide

Vodafone Group is one of Europe's largest telecommunications companies, providing mobile and fixed-line broadband, TV, and business connectivity services across markets including Germany, the UK, and other European and African countries, plus a large IoT and digital-services arm. The US-listed VOD ADR gives American investors dollar-denominated exposure to the group (each ADR represents ten ordinary London-listed shares). Over recent years management has reshaped the portfolio, exiting Italy and Spain, trimming its stake in the Vantage Towers infrastructure unit, and merging Vodafone UK with Three UK to create VodafoneThree, now the largest mobile operator in the UK with over 28 million customers.

Full VOD guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• TLK drivers: Mobile and broadband scale; TLKM 30 and infrastructure monetization.
• VOD drivers: Germany recovery; VodafoneThree UK integration.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Revenue and profit both declined in 2025, with operating profit and net income falling year over year as price competition and legacy erosion outpaced digital growth. For VOD, germany remains the biggest risk, where regulatory changes to TV bundling cost Vodafone roughly half of about 8.5 million bundled TV households and where it competes as the number-two mobile player behind Deutsche Telekom alongside O2, leaving it exposed to price-led churn.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick TLK if you believe its drivers more; VOD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the TLK and VOD guides.

TLK. Figures are approximate and converted from Indonesian rupiah at recent exchange rates, so US-dollar values shift with the currency. The valuation looks inexpensive on an earnings basis with a high yield, but that reflects declining revenue and profit rather than a bargain in a growing business. Each TLK ADR represents 100 underlying ordinary shares.

VOD. Vodafone reported FY26 (year ended March 2026) total revenue up about 8% to roughly €40.5 billion, lifted by the Three UK consolidation, and it hit the top end of its guidance on EBITDAaL and free cash flow. The stock trades at a low price-to-sales multiple with a dividend yield around 4%, reflecting a value-and-income profile rather than growth. Figures are group results in euros; the US-listed VOD ADR represents ten ordinary shares.

Headline figures (approximate, July 2026): TLK shows revenue (fy2025) ~$9.0B (Rp146.7T), ebitda (fy2025) ~$4.4B (Rp72.2T), net income (fy2025) ~$1.1B (Rp17.8T), market cap ~$15B; VOD shows revenue (fy26) ~€40.5B, service revenue (fy26) ~€33.5B, adjusted ebitdaal (fy26) ~€11.4B, adjusted free cash flow (fy26) ~€2.6B.

TLK and VOD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined TLK and VOD exposure against your real portfolio. It is not an investment adviser.