This report presents a comprehensive financial analysis of two prominent telecom companies, Celcom and TM Telecom. It begins with an overview of each company, including their annual reports, vision, and operational strategies. The core of the report involves the calculation and interpretation of key financial ratios, categorized into liquidity, activity, profitability, market, and debt ratios. These ratios, derived from the companies' financial statements, are used to assess their financial health and performance. A comparative analysis of the two companies is then conducted, highlighting their strengths and weaknesses based on the calculated ratios. The report concludes with valuable recommendations for improving the companies' financial positions. Tables containing income statements and balance sheets are included to support the analysis.