A Business at a Glance
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TELEPHONE & DATA SYSTEMS INC /DE/
TDS
$4.0B
Mkt Cap
$34.37
+2.26%
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) has a 5-year average return on invested capital (ROIC) of -0.9%. This is below average and may indicate limited pricing power.
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) has a market capitalization of $4.0B. It is classified as a mid-cap stock.
Yes, TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) pays a dividend with a trailing twelve-month yield of 2.20%. The company also returns capital through share buybacks, with a buyback yield of 2.71%.
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) operates in the Telephone Communications (No Radiotelephone) industry, within the Communication Services sector.
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) has a net profit margin of -6.1%. The company is currently unprofitable.
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) generated $199 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Telephone and Data Systems, Inc. (TDS) provides high-quality communications services to customers through its wholly-owned subsidiary TDS Telecommunications LLC (TDS Telecom) with 1.1 million broadband, video, voice and wireless connections at December 31, 2025. TDS leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses through its majority-owned subsidiary Array Digital Infrastructure, Inc. (Array). As of December 31, 2025, TDS owned 82.0% of the combined total of the outstanding Common Shares and Series A Common Shares of Array and controlled 95.9% of the combined voting power of both classes of Array common stock. TDS Common Shares trade under the ticker symbol “TDS” on the New York Stock Exchange (NYSE). Array Common Shares trade on the NYSE under the ticker symbol “AD.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 1.2B | 1.3B | 1.4B | 5.4B | 5.3B |
| Net Income | -75M | -75M | -97M | -569M | 62M | 117M |
| EPS | $-0.65 | $-0.65 | $-0.85 | $-5.05 | $0.55 | $1.00 |
| Free Cash Flow | 199M | 199M | 780M | 498M | -6.0M | -28M |
| ROIC | -1.6% | -1.1% | -1.2% | -6.0% | 0.8% | 2.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.17 | 0.17 | 0.59 | 0.79 | 0.66 | 0.50 |
| Dividends/Share | $0.76 | $0.76 | $0.92 | $1.35 | $1.35 | $0.70 |
| Operating Income | -97M | -97M | -191M | -683M | 122M | 261M |
| Operating Margin | -7.9% | -7.9% | -14.7% | -50.4% | 2.3% | 4.9% |
| ROE | -1.6% | -1.5% | -1.9% | -10.3% | 1.1% | 2.2% |
| Shares Outstanding | 116M | 116M | 114M | 113M | 112M | 117M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.0B | 5.2B | 5.2B | 5.0B | 5.1B | 5.2B | 5.2B | 5.3B | 5.4B | 1.4B | 1.3B | 1.2B | 1.2B |
| Gross Margin | 32.7% | 33.3% | 33.0% | 31.7% | 35.5% | 36.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.9B | 1.8B | 1.8B | 1.7B | 1.7B | 1.7B | 1.7B | 1.7B | 1.8B | 489M | 487M | 435M | 435M |
| EBIT | -190M | 431M | 108M | -108M | 205M | 179M | 259M | 261M | 122M | -683M | -191M | -97M | -97M |
| Op. Margin | -3.8% | 8.3% | 2.1% | -2.1% | 4.0% | 3.5% | 5.0% | 4.9% | 2.3% | -50.4% | -14.7% | -7.9% | -7.9% |
| Net Income | -136M | 219M | 43M | 153M | 135M | 121M | 226M | 117M | 62M | -569M | -97M | -75M | -75M |
| Net Margin | -2.7% | 4.2% | 0.8% | 3.0% | 2.6% | 2.3% | 4.3% | 2.2% | 1.1% | -42.0% | -7.5% | -6.1% | -6.1% |
| Non-Recurring | 104M | 136M | 1.0M | 263M | 0 | 1.0M | 0 | 2.0M | 1.0M | 0 | 68M | 24M | 24M |
| Returns on Capital | |||||||||||||
| ROIC | -2.3% | 4.7% | 1.1% | 2.3% | 2.7% | 2.0% | 3.6% | 2.9% | 0.8% | -6.0% | -1.2% | -1.1% | -1.6% |
| ROE | -3.4% | 5.4% | 1.0% | 3.6% | 3.1% | 2.6% | 4.8% | 2.2% | 1.1% | -10.3% | -1.9% | -1.5% | -1.6% |
| ROA | -1.5% | 2.4% | 0.5% | 1.6% | 1.4% | 1.2% | 1.9% | 0.9% | 0.4% | -5.0% | -0.9% | -0.7% | -0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 395M | 790M | 782M | 776M | 1.0B | 1.0B | 1.5B | 1.1B | 1.2B | 1.1B | 1.1B | 590M | 590M |
| Free Cash Flow | -404M | -11M | 146M | 91M | 241M | 59M | 194M | -28M | -6.0M | 498M | 780M | 199M | 199M |
| Owner Earnings | -439M | -61M | -80M | -87M | 124M | 67M | 617M | 203M | 231M | 851M | 842M | 259M | 259M |
| CapEx | 799M | 801M | 636M | 685M | 776M | 957M | 1.3B | 1.1B | 1.2B | 643M | 365M | 391M | 391M |
| Maint. CapEx | 798M | 811M | 820M | 817M | 839M | 890M | 862M | 851M | 882M | 271M | 285M | 303M | 303M |
| Growth CapEx | 1.0M | 0 | 0 | 0 | 0 | 67M | 476M | 280M | 279M | 373M | 80M | 87M | 87M |
| D&A | 798M | 811M | 820M | 817M | 839M | 890M | 862M | 851M | 882M | 271M | 285M | 303M | 303M |
| CapEx/OCF | N/A | N/A | 81.3% | 88.3% | 76.3% | 94.2% | 87.3% | 102.5% | 100.5% | 106.0% | 31.9% | 66.2% | 66.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 61M | 65M | 69M | 72M | 75M | 78M | 119M | 151M | 153M | 104M | 88M | 88M |
| Dividend Yield | N/A | 2.7% | 2.8% | 2.9% | 2.7% | 2.7% | 4.0% | 5.6% | 9.2% | 10.7% | 4.2% | 2.0% | 2.2% |
| Share Buybacks | 39M | 0 | 3.0M | 0 | 0 | 0 | 14M | 8.0M | 40M | 5.8M | 0 | 108M | 108M |
| Buyback Yield | N/A | N/A | 0.1% | N/A | N/A | N/A | 0.8% | 0.4% | 4.1% | 0.3% | N/A | 2.3% | 2.7% |
| Stock-Based Comp | 36M | 40M | 42M | 46M | 54M | 59M | 53M | 49M | 42M | 20M | 18M | 27M | 27M |
| Debt Repayment | 1.0M | 1.0M | 12M | 17M | 20M | 118M | 110M | 2.1B | 332M | 723M | 456M | 2.0B | 2.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.5B | 1.5B | 1.5B | 1.7B | 1.5B | 1.9B | 2.0B | 2.6B | 3.5B | 3.9B | 2.7B | 63M | 63M |
| Cash & Equiv. | 472M | 985M | 900M | 619M | 921M | 465M | 1.4B | 367M | 360M | 236M | 364M | 766M | 766M |
| Long-Term Debt | 1.9B | 2.4B | 2.4B | 2.4B | 2.4B | 2.3B | 3.4B | 2.9B | 3.7B | 4.1B | 2.4B | 823M | 823M |
| Debt/Equity | 0.49 | 0.59 | 0.59 | 0.58 | 0.53 | 0.50 | 0.71 | 0.50 | 0.66 | 0.79 | 0.59 | 0.17 | 0.17 |
| Interest Coverage | -1.7 | 3.0 | 0.6 | -0.6 | 1.2 | 1.1 | 1.5 | 1.1 | 0.7 | -11.0 | -1.8 | -0.9 | -0.9 |
| Equity | 3.9B | 4.1B | 4.1B | 4.3B | 4.6B | 4.7B | 4.8B | 5.9B | 5.8B | 5.2B | 5.1B | 4.8B | 4.8B |
| Total Assets | 8.9B | 9.4B | 9.4B | 9.3B | 9.8B | 10.8B | 12.5B | 13.5B | 14.6B | 8.1B | 13.7B | 8.4B | 8.4B |
| Total Liabilities | 1.1B | 1.1B | 1.1B | 4.4B | 882M | 1.1B | 1.3B | 1.6B | 1.7B | 1.7B | 1.7B | 1.1B | 1.1B |
| Intangibles | 64M | 47M | 33M | 279M | 253M | 239M | 213M | 197M | 204M | 183M | 161M | 132M | 132M |
| Retained Earnings | 2.3B | 2.5B | 2.5B | 2.5B | 2.7B | 2.7B | 2.8B | 2.8B | 2.7B | 2.0B | 1.8B | 1.7B | 1.7B |
| Working Capital | 704M | 1.2B | 1.2B | 1.0B | 1.5B | 959M | 1.9B | 864M | 514M | 476M | 605M | 483M | 483M |
| Current Assets | 1.8B | 2.2B | 2.1B | 2.0B | 2.3B | 1.9B | 3.0B | 2.0B | 2.0B | 1.7B | 1.7B | 923M | 923M |
| Current Liabilities | 1.1B | 944M | 887M | 918M | 879M | 962M | 1.2B | 1.2B | 1.5B | 1.2B | 1.1B | 440M | 440M |
| Per Share Data | |||||||||||||
| EPS | -1.26 | 1.98 | 0.39 | 1.37 | 1.17 | 1.03 | 1.93 | 1.00 | 0.55 | -5.05 | -0.85 | -0.65 | -0.65 |
| Owner EPS | -4.07 | -0.55 | -0.73 | -0.78 | 1.07 | 0.57 | 5.27 | 1.74 | 2.06 | 7.55 | 7.38 | 2.23 | 2.23 |
| Book Value | 36.38 | 37.30 | 37.59 | 38.23 | 39.52 | 39.61 | 41.03 | 50.66 | 52.22 | 46.15 | 44.65 | 41.36 | 41.36 |
| Cash Flow/Share | 3.66 | 7.14 | 7.09 | 6.95 | 8.81 | 8.65 | 13.08 | 9.43 | 10.31 | 10.12 | 10.05 | 5.08 | 1.96 |
| Dividends/Share | 0.54 | 0.56 | 0.59 | 0.62 | 0.64 | 0.66 | 0.68 | 0.70 | 1.35 | 1.35 | 0.92 | 0.76 | 0.76 |
| Shares Out. | 107.9M | 110.6M | 110.3M | 111.7M | 115.4M | 117.5M | 117.1M | 117.0M | 112.0M | 112.7M | 114.0M | 116.1M | 116.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 10.1 | 57.6 | 16.1 | 22.0 | 19.7 | 8.1 | 17.8 | N/A | N/A | N/A | N/A | -52.9 |
| P/FCF | N/A | N/A | 17.0 | 27.1 | 12.3 | 40.5 | 9.4 | N/A | N/A | 4.1 | 5.1 | 23.4 | 20.0 |
| EV/EBIT | N/A | 6.8 | 36.3 | N/A | 21.9 | 23.8 | 14.8 | 16.4 | 32.9 | N/A | N/A | N/A | N/A |
| Price/Book | 0.5 | 0.5 | 0.6 | 0.6 | 0.7 | 0.5 | 0.4 | 0.4 | 0.2 | 0.4 | 0.8 | 1.0 | 0.8 |
| Price/Sales | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.3 | 0.3 | 1.9 | 3.5 | 3.2 |
| FCF Yield | -20.7% | -0.5% | 5.9% | 3.7% | 8.1% | 2.5% | 10.6% | -1.3% | -0.6% | 24.5% | 19.7% | 4.3% | 5.0% |
| Market Cap | 2.0B | 2.2B | 2.5B | 2.5B | 3.0B | 2.4B | 1.8B | 2.1B | 967M | 2.0B | 4.0B | 4.7B | 4.0B |
| Avg. Price | 18.42 | 20.15 | 20.82 | 21.56 | 22.87 | 23.68 | 16.68 | 18.20 | 14.62 | 12.60 | 21.60 | 37.01 | 34.37 |
| Year-End Price | 18.05 | 19.98 | 22.45 | 22.09 | 25.79 | 20.32 | 15.59 | 17.83 | 9.67 | 18.09 | 34.69 | 40.25 | 34.37 |
TELEPHONE & DATA SYSTEMS INC /DE/ passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 18.3x vs a median of 14.6x. Total shareholder yield (dividends + buybacks) is 4.9%. At current prices, the estimated annualized return to fair value is +13.5%.
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) has a debt-to-equity ratio of 0.17. This indicates a conservatively financed balance sheet.
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) reported earnings per share (EPS) of $-0.65 in its most recent fiscal year.
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) has a return on equity (ROE) of -1.5%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 16 years of financial data for TELEPHONE & DATA SYSTEMS INC /DE/ (TDS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) has a book value per share of $41.36, based on its most recent annual SEC filing.
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