| 1 | Bharti Airtel Limited (BHARTIARTL.NS) | 9/10 | 14.3x |
| 2 | Telefônica Brasil S.A. (VIV) | 9/10 | 1.8x |
| 3 | Telecom Argentina SA (TEO) | 9/10 | 1.2x |
| 4 | NOS, S.G.P.S., S.A. (NOS.LS) | 9/10 | 6.3x |
| 5 | TIM S.A. (TIMB) | 9/10 | 1.2x |
| 6 | Globalstar Inc (GSAT) | 8/10 | 17.9x |
| 7 | Crexendo Inc (CXDO) | 8/10 | 34.3x |
| 8 | Tele2 AB (publ) (TEL2-B.ST) | 8/10 | 15.9x |
| 9 | Swisscom AG (SCMN.SW) | 8/10 | 10.9x |
| 10 | Hellenic Telecommunications Organization S.A. (HTO.AT) | 8/10 | 11.2x |
| 11 | Comcast Corp (CMCSA) | 8/10 | 4.5x |
| 12 | Kyivstar Group Ltd. (KYIV) | 8/10 | 13.2x |
| 13 | Gamma Communications plc (GAMA.L) | 8/10 | 1379.1x |
| 14 | Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) | 7/10 | 0.0x |
| 15 | Elisa Oyj (ELISA.HE) | 7/10 | 15.5x |
| 16 | Deutsche Telekom AG (DTE.DE) | 7/10 | 6.3x |
| 17 | IDT Corp (IDT) | 7/10 | 34.0x |
| 18 | Anterix Inc (ATEX) | 7/10 | 250.8x |
| 19 | PLDT Inc. (PHI) | 7/10 | 0.1x |
| 20 | Shenandoah Telecommunications Co (SHEN) | 7/10 | 4.6x |
| 21 | América Móvil, S.A.B. de C.V. (AMX) | 7/10 | 0.5x |
| 22 | Telia Company AB (publ) (TELIA.ST) | 7/10 | 15.2x |
| 23 | T-Mobile US Inc (TMUS) | 7/10 | 11.1x |
| 24 | Iridium Communications Inc (IRDM) | 7/10 | 19.7x |
| 25 | China Telecom Corporation Limited (0728.HK) | 7/10 | 8.7x |
| 26 | Telenor ASA (TEL.OL) | 7/10 | 9.5x |
| 27 | Helios Towers plc (HTWS.L) | 6/9 | 2758.4x |
| 28 | Koninklijke KPN N.V. (KPN.AS) | 6/10 | 16.0x |
| 29 | Chunghwa Telecom Co., Ltd. (CHT) | 6/10 | 0.7x |
| 30 | Telephone and Data Systems Inc (TDS) | 6/10 | 72.2x |
| 31 | Cogent Communications Holdings Inc (CCOI) | 6/10 | 8.1x |
| 32 | Elauwit Connection, Inc. (ELWT) | 6/10 | n.d. |
| 33 | Verizon Communications Inc (VZ) | 6/10 | 5.1x |
| 34 | AT&T Inc (T) | 6/10 | 9.1x |
| 35 | Liberty Broadband Corp (LBRDA) | 6/10 | 88.7x |
| 36 | TELUS Corporation (TU) | 6/10 | 8.0x |
| 37 | Turkcell Iletisim Hizmetleri A.S. (TKC) | 6/10 | 0.3x |
| 38 | Liberty Broadband Corp (LBRDK) | 6/10 | 88.7x |
| 39 | BT Group plc (BT-A.L) | 6/10 | 1057.7x |
| 40 | SoftBank Group Corp. (9984.T) | 6/10 | n.d. |
| 41 | KDDI Corporation (9433.T) | 6/10 | 18.5x |
| 42 | Chunghwa Telecom Co., Ltd. (2412.TW) | 6/10 | 21.7x |
| 43 | China Mobile Limited (0941.HK) | 6/10 | 23.4x |
| 44 | Sinch AB (publ) (SINCH.ST) | 5/10 | 23.3x |
| 45 | Orange S.A. (ORA.PA) | 5/10 | 13.2x |
| 46 | Liberty Global Ltd. (LBTYK) | 5/10 | n.d. |
| 47 | Surgepays Inc (SURG) | 5/10 | 0.8x |
| 48 | Liberty Global Ltd. (LBTYB) | 5/10 | n.d. |
| 49 | KVH Industries Inc (KVHI) | 5/10 | 12.6x |
| 50 | iOThree Limited (IOTR) | 5/10 | n.d. |
| 51 | Gogo Inc (GOGO) | 5/10 | 6.3x |
| 52 | Singapore Telecommunications Limited (Z74.SI) | 5/10 | 30.1x |
| 53 | Liberty Capital Corporation (GLIBK) | 5/10 | 5.3x |
| 54 | VEON Ltd. (VEON) | 5/10 | 8.9x |
| 55 | SK Telecom Co., Ltd. (SKM) | 5/10 | 0.0x |
| 56 | Rogers Communications Inc. (RCI) | 5/10 | 9.7x |
| 57 | Millicom International Cellular S.A. (TIGO) | 5/10 | 15.1x |
| 58 | 4iG Nyrt. (4IG.BD) | 5/10 | 6.7x |
| 59 | Orange Belgium S.A. (OBEL.BR) | 5/10 | 9.8x |
| 60 | iQSTEL Inc (IQST) | 5/10 | 8.1x |