Wireline networks have the weakest returns on invested capital with a 1.5 percent gain over the last decade, argues Sanford Bernstein financial analyst Craig Moffett.
Wireless networks had a meager return of 0.3 percent. Cable garnered a 2.5 percent return. Satellite networks had the best return on invested capital at 5.5 percent.
At least in part, that's one reason DirecTV shares have trounced other companies in 8-year returns, he argues. Other stocks—AT&T, Comcast, Dish, Sprint and Verizon—have negative returns, says Moffett.
But here’s where the returns get tricky. Once you add up the costs of various telecom deals, the returns look much worse.