A Business at a Glance
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T-Mobile US, Inc.
TMUS
$203.7B
Mkt Cap
$180.09
+5.67%
T-Mobile US, Inc. (TMUS) has a current P/E ratio of 18.5, compared to its historical median P/E of 22.4. The stock is currently considered Fair based on its historical valuation range.
T-Mobile US, Inc. (TMUS) has a 5-year average return on invested capital (ROIC) of 7.4%. This is below average and may indicate limited pricing power.
T-Mobile US, Inc. (TMUS) has a market capitalization of $195.6B. It is classified as a large-cap stock.
Yes, T-Mobile US, Inc. (TMUS) pays a dividend with a trailing twelve-month yield of 2.17%. The company also returns capital through share buybacks, with a buyback yield of 6.29%.
Based on historical P/E analysis, T-Mobile US, Inc. (TMUS) appears fair. The current P/E of 18.5 is 17% below its historical median of 22.4. The estimated fair value CAGR (P/E method) is 19.1%.
T-Mobile US, Inc. (TMUS) operates in the Radiotelephone Communications industry, within the Communication Services sector.
T-Mobile US, Inc. (TMUS) reported annual revenue of $88.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
T-Mobile is the second-largest U.S. wireless carrier serving 142.4 million postpaid and prepaid customers through its flagship T-Mobile, Metro by T-Mobile, and Mint Mobile brands, generating revenue primarily from wireless communications and broadband services, device sales, and wholesale partnerships. The company operates an asset-intensive network business centered on a multilayer 5G spectrum portfolio (394 MHz of combined low- and mid-band spectrum and 1,059 GHz of mmWave spectrum nationwide) that it leverages to deliver fixed wireless access (5G broadband) and fiber broadband alongside traditional wireless services, with distribution through owned retail stores, websites, apps, and third-party retailers. T-Mobile's unit economics are characterized by postpaid subscription revenue with equipment installment plans (typically 24 months), complemented by service plan options ranging from premium Experience plans with unlimited data and streaming bundles to lower-priced Essentials plans, generating 81% of service revenue from postpaid customers, 15% from prepaid, and 4% from wholesale and other services. The company differentiates through its "Un-carrier" strategy of eliminating annual contracts, overage fees, and hidden charges, combined with what management characterizes as America's largest, fastest, and most awarded 5G network, supported by approximately 75,000 employees across network operations, retail, and customer support functions concentrated in the United States. T-Mobile competes against AT&T and Verizon in wireless services and against cable, DSL, fiber, and satellite providers in broadband, with competitive factors including pricing, promotions, network quality, customer experience, and service offerings.
【Strong momentum and margin expansion】 Management expects continued profitable growth driven by widening differentiation in core wireless and broadband businesses, with postpaid net account additions and ARPA growth serving as key value creation drivers. The company is investing in AI and digital capabilities to enhance customer experience and operational efficiency, with expectations for approximately $3 billion in savings by the end of 2027 through customer-centric transformation rather than workforce reductions. T-Mobile is scaling its broadband business through fiber and fixed wireless access, targeting 12–15 million homes passed and 3–4 million customers by 2030, leveraging excess 5G network capacity and brand strength to compete against incumbent broadband providers. The company is accelerating UScellular integration with $1.2 billion in total OpEx and CapEx run-rate synergies expected within two years of close, and continues to evaluate spectrum acquisition opportunities in future auctions and secondary markets to maintain network leadership and support long-term growth.
| Metric | Target | Period |
|---|---|---|
| Total postpaid net account additions | 950,000 to 1,050,000 | FY2026 |
| Service revenue | approximately $77 billion | FY2026 |
| Postpaid ARPA growth | 2.5% to 3% | FY2026 |
| Core adjusted EBITDA | $37.1 billion to $37.5 billion | FY2026 |
| Cash CapEx | approximately $10 billion | FY2026 |
| Adjusted free cash flow | $18.1 billion to $18.7 billion | FY2026 |
| Service revenue | $80.5 billion to $81.5 billion | FY2027 |
| Core adjusted EBITDA | $40 billion to $41 billion | FY2027 |
| Free cash flow | $19.5 billion to $20.5 billion | FY2027 |
| Broadband customers (5G broadband and fiber combined) | 18–19 million | 2030 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Service | $58.37B | $61.32B | $63.24B | $66.18B | $71.31B | 45% |
Postpaid phone revenues | $39.15B | $41.71B | $43.45B | $45.76B | $49.44B | 31% |
Equipment revenues | $20.73B | $17.13B | $14.14B | $14.26B | $15.97B | 10% |
Prepaid revenues | $9.73B | $9.86B | $9.77B | $10.40B | $10.50B | 7% |
Postpaid other revenues | $3.41B | $4.21B | $5.24B | $6.58B | $8.49B | 5% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 90.5B | 88.3B | 81.4B | 78.6B | 79.6B | 80.1B |
| Net Income | 10.5B | 11.0B | 11.3B | 8.3B | 2.6B | 3.0B |
| EPS | $9.49 | $9.72 | $9.66 | $6.93 | $2.06 | $2.41 |
| Free Cash Flow | 18.2B | 18.0B | 13.5B | 8.8B | 2.8B | 1.6B |
| ROIC | 22.1% | 10.2% | 10.2% | 7.8% | 3.9% | 4.7% |
| Gross Margin | - | 62.7% | 63.7% | 61.7% | 52.6% | 58.3% |
| Debt/Equity | 0.18 | 1.48 | 1.29 | 1.18 | 1.11 | 1.07 |
| Dividends/Share | $3.90 | $3.80 | $3.71 | $0.65 | $0.00 | $0.00 |
| Operating Income | 18.0B | 18.3B | 18.0B | 14.3B | 6.5B | 6.9B |
| Operating Margin | 19.9% | 20.7% | 22.1% | 18.2% | 8.2% | 8.6% |
| ROE | 18.9% | 18.2% | 17.9% | 12.4% | 3.7% | 4.5% |
| Shares Outstanding | 1,086M | 1,131M | 1,174M | 1,200M | 1,257M | 1,255M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 29.6B | 32.5B | 37.5B | 40.6B | 43.3B | 45.0B | 68.4B | 80.1B | 79.6B | 78.6B | 81.4B | 88.3B | 90.5B |
| Gross Margin | 67.5% | 71.2% | 71.1% | 71.4% | 59.5% | 60.5% | 61.7% | 58.3% | 52.6% | 61.7% | 63.7% | 62.7% | 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 | 8.9B | 10.2B | 11.4B | 12.3B | 13.2B | 14.1B | 18.9B | 20.2B | 21.6B | 21.3B | 20.8B | 23.5B | 23.9B |
| EBIT | 1.4B | 2.5B | 4.0B | 4.9B | 5.3B | 5.7B | 6.6B | 6.9B | 6.5B | 14.3B | 18.0B | 18.3B | 18.0B |
| Op. Margin | 4.8% | 7.6% | 10.8% | 12.0% | 12.3% | 12.7% | 9.7% | 8.6% | 8.2% | 18.2% | 22.1% | 20.7% | 19.9% |
| Net Income | 247M | 678M | 1.4B | 4.5B | 2.9B | 3.5B | 3.1B | 3.0B | 2.6B | 8.3B | 11.3B | 11.0B | 10.5B |
| Net Margin | 0.8% | 2.1% | 3.7% | 11.0% | 6.7% | 7.7% | 4.5% | 3.8% | 3.3% | 10.6% | 13.9% | 12.4% | 11.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 1.3B | 215M | 1.7B | 337M | 95M | 278M | 278M |
| Returns on Capital | |||||||||||||
| ROIC | 3.4% | 6.4% | 7.8% | 13.4% | 10.3% | 11.5% | 6.3% | 4.7% | 3.9% | 7.8% | 10.2% | 10.2% | 22.1% |
| ROE | 1.7% | 4.2% | 8.1% | 22.0% | 12.2% | 13.0% | 6.5% | 4.5% | 3.7% | 12.4% | 17.9% | 18.2% | 18.9% |
| ROA | 0.5% | 1.1% | 2.2% | 6.6% | 4.0% | 4.4% | 2.1% | 1.5% | 1.2% | 4.0% | 5.5% | 5.1% | 4.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.1B | 5.4B | 2.8B | 3.8B | 3.9B | 6.8B | 8.6B | 13.9B | 16.8B | 18.6B | 22.3B | 27.9B | 28.3B |
| Free Cash Flow | -171M | 690M | -1.9B | -1.4B | -1.6B | 433M | -2.4B | 1.6B | 2.8B | 8.8B | 13.5B | 18.0B | 18.2B |
| Owner Earnings | -462M | 525M | -3.7B | -2.5B | -3.0B | -287M | -6.2B | -3.0B | 2.5B | 5.1B | 8.7B | 13.6B | 13.3B |
| CapEx | 4.3B | 4.7B | 4.7B | 5.2B | 5.5B | 6.4B | 11.0B | 12.3B | 14.0B | 9.8B | 8.8B | 10.0B | 10.1B |
| Maint. CapEx | 4.4B | 4.7B | 6.2B | 6.0B | 6.5B | 6.6B | 14.2B | 16.4B | 13.7B | 12.8B | 12.9B | 13.5B | 14.1B |
| Growth CapEx | 0 | 36M | 0 | 0 | 0 | 0 | 0 | 0 | 319M | 0 | 0 | 0 | 0 |
| D&A | 4.4B | 4.7B | 6.2B | 6.0B | 6.5B | 6.6B | 14.2B | 16.4B | 13.7B | 12.8B | 12.9B | 13.5B | 14.1B |
| CapEx/OCF | 104.1% | 87.3% | 76.6% | 136.7% | 142.1% | 93.7% | 127.7% | 88.6% | 83.2% | 52.8% | 39.7% | 35.6% | 35.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 55M | 55M | 55M | 0 | 0 | 0 | 0 | 0 | 747M | 3.3B | 4.1B | 4.2B |
| Dividend Yield | N/A | 0.2% | 0.2% | 0.1% | N/A | N/A | N/A | N/A | N/A | 0.5% | 1.5% | 1.6% | 2.2% |
| Share Buybacks | 0 | 0 | 0 | 427M | 1.1B | 0 | 19.5B | 0 | 3.0B | 13.1B | 11.2B | 10.0B | 12.3B |
| Buyback Yield | N/A | N/A | N/A | 0.8% | 2.0% | N/A | 13.2% | N/A | 1.8% | 7.1% | 4.4% | 4.4% | 6.3% |
| Stock-Based Comp | 196M | 201M | 235M | 306M | 424M | 495M | 694M | 540M | 595M | 667M | 649M | 829M | 852M |
| Debt Repayment | 1.0B | 0 | 20M | 10.2B | 3.3B | 600M | 20.4B | 11.1B | 5.6B | 5.1B | 5.1B | 6.2B | 6.2B |
| Balance Sheet | |||||||||||||
| Net Debt | 11.5B | 13.1B | 16.7B | 15.4B | 11.8B | 9.5B | 60.6B | 67.2B | 72.6B | 71.1B | 74.0B | 81.8B | 6.3B |
| Cash & Equiv. | 5.3B | 4.6B | 5.5B | 1.2B | 1.2B | 1.5B | 10.4B | 6.6B | 4.5B | 5.1B | 5.4B | 5.6B | 3.5B |
| Long-Term Debt | 16.3B | 20.5B | 21.8B | 12.1B | 12.1B | 11.0B | 61.8B | 67.1B | 66.8B | 71.4B | 74.2B | 81.1B | 6.4B |
| Debt/Equity | 1.07 | 1.25 | 1.22 | 0.74 | 0.52 | 0.38 | 1.09 | 1.07 | 1.11 | 1.18 | 1.29 | 1.48 | 0.18 |
| Interest Coverage | 1.3 | 2.3 | 2.9 | 4.4 | 6.4 | 7.9 | 2.7 | 2.2 | 96.2 | 180.6 | 162.3 | 145.1 | 145.1 |
| Equity | 15.7B | 16.6B | 18.2B | 22.6B | 24.7B | 28.8B | 65.3B | 69.1B | 69.7B | 64.7B | 61.7B | 59.2B | 55.9B |
| Total Assets | 56.7B | 62.4B | 65.9B | 70.6B | 72.5B | 86.9B | 200.2B | 206.6B | 211.3B | 207.7B | 208.0B | 219.2B | 214.7B |
| Total Liabilities | 41.0B | 45.9B | 47.7B | 48.0B | 47.8B | 58.1B | 26.2B | 26.5B | 32.2B | 33.4B | 33.0B | 33.8B | -408M |
| Intangibles | 870M | 594M | 376M | 217M | 198M | 115M | 5.3B | 4.7B | 3.5B | 2.6B | 2.5B | 3.8B | 3.6B |
| Retained Earnings | -22.8B | -22.1B | -20.6B | -16.1B | -13.0B | -8.8B | -5.8B | -2.8B | -223M | 7.3B | 14.4B | 21.1B | 22.5B |
| Working Capital | 5.2B | 5.4B | 5.2B | -2.6B | -2.0B | -3.2B | 2.2B | -2.6B | -5.7B | -1.9B | -1.8B | -39M | 1.8B |
| Current Assets | 14.0B | 14.9B | 14.2B | 8.9B | 8.3B | 9.3B | 23.9B | 20.9B | 19.1B | 19.0B | 18.4B | 24.5B | 22.1B |
| Current Liabilities | 8.8B | 9.5B | 9.0B | 11.5B | 10.3B | 12.5B | 21.7B | 23.5B | 24.7B | 20.9B | 20.2B | 24.5B | 20.3B |
| Per Share Data | |||||||||||||
| EPS | 0.30 | 0.82 | 1.69 | 5.20 | 3.36 | 4.02 | 2.65 | 2.41 | 2.06 | 6.93 | 9.66 | 9.72 | 9.49 |
| Owner EPS | -0.56 | 0.63 | -4.45 | -2.85 | -3.50 | -0.33 | -5.37 | -2.40 | 2.02 | 4.23 | 7.43 | 12.04 | 12.29 |
| Book Value | 19.02 | 20.02 | 21.94 | 26.18 | 28.76 | 33.37 | 56.51 | 55.07 | 55.40 | 53.92 | 52.60 | 52.35 | 51.46 |
| Cash Flow/Share | 5.04 | 6.55 | 3.34 | 4.45 | 4.54 | 7.91 | 7.47 | 11.09 | 13.35 | 15.46 | 18.99 | 24.72 | 22.72 |
| Dividends/Share | 0.00 | 0.07 | 0.07 | 0.06 | 0.00 | 0.00 | N/A | 0.00 | 0.00 | 0.65 | 3.71 | 3.80 | 3.90 |
| Shares Out. | 823.3M | 826.8M | 831.4M | 861.7M | 859.5M | 862.7M | 1.2B | 1.3B | 1.3B | 1.2B | 1.2B | 1.1B | 1.1B |
| Valuation | |||||||||||||
| P/E Ratio | 86.6 | 46.6 | 33.0 | 11.9 | 18.1 | 18.5 | 48.3 | 47.1 | 64.9 | 22.1 | 22.6 | 20.6 | 19.0 |
| P/FCF | N/A | 45.8 | N/A | N/A | N/A | 148.0 | N/A | 89.6 | 59.8 | 21.0 | 19.1 | 12.6 | 10.7 |
| EV/EBIT | 23.0 | 21.7 | 14.3 | 13.5 | 12.0 | 12.7 | 29.3 | 29.1 | 35.5 | 17.5 | 18.1 | 16.5 | 11.2 |
| Price/Book | 1.4 | 1.9 | 2.5 | 2.4 | 2.1 | 2.2 | 2.3 | 2.1 | 2.4 | 2.8 | 4.2 | 3.8 | 3.5 |
| Price/Sales | 0.8 | 0.9 | 0.9 | 1.3 | 1.2 | 1.4 | 1.7 | 2.0 | 2.0 | 2.1 | 2.6 | 3.0 | 2.2 |
| FCF Yield | -0.8% | 2.2% | -4.1% | -2.6% | -3.1% | 0.7% | -1.6% | 1.1% | 1.7% | 4.8% | 5.2% | 8.0% | 9.3% |
| Market Cap | 21.4B | 31.6B | 46.4B | 53.3B | 52.3B | 64.1B | 147.9B | 142.6B | 168.0B | 184.2B | 256.5B | 226.2B | 195.6B |
| Avg. Price | 29.47 | 34.90 | 42.43 | 60.12 | 60.84 | 72.37 | 99.36 | 125.42 | 128.08 | 137.37 | 182.26 | 232.95 | 180.09 |
| Year-End Price | 25.99 | 38.25 | 55.77 | 61.87 | 60.80 | 74.26 | 127.88 | 113.61 | 133.63 | 153.49 | 218.54 | 200.04 | 180.09 |
T-Mobile US, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
T-Mobile US, Inc. trades at 18.5x trailing earnings, compared to its 15-year median P/E of 22.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.0x vs a median of 21.0x. The company's 5-year average ROIC is 7.4% with a gross margin of 59.8%. Total shareholder yield (dividends + buybacks) is 8.5%. At current prices, the estimated annualized return to fair value is +130.3%.
T-Mobile US, Inc. (TMUS) has a net profit margin of 12.4%. This is a healthy margin.
T-Mobile US, Inc. (TMUS) generated $18.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
T-Mobile US, Inc. (TMUS) has a debt-to-equity ratio of 1.48. This indicates moderate leverage.
T-Mobile US, Inc. (TMUS) reported earnings per share (EPS) of $9.72 in its most recent fiscal year.
T-Mobile US, Inc. (TMUS) has a return on equity (ROE) of 18.2%. This indicates the company generates strong returns for shareholders.
T-Mobile US, Inc. (TMUS) has a 5-year average gross margin of 59.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for T-Mobile US, Inc. (TMUS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
T-Mobile US, Inc. (TMUS) has a book value per share of $52.35, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued profitable growth driven by widening differentiation in core wireless and broadband businesses, with postpaid net account additions and ARPA growth serving as key value creation drivers. The company is investing in AI and digital capabilities to enhance customer experience and operational efficiency, with expectations for approximately $3 billion in savings by the end of 2027 through customer-centric transformation rather than workforce reductions. T-Mobile is scaling its broadband business through fiber and fixed wireless access, targeting 12–15 million homes passed and 3–4 million customers by 2030, leveraging excess 5G network capacity and brand strength to compete against incumbent broadband providers. The company is accelerating UScellular integration with $1.2 billion in total OpEx and CapEx run-rate synergies expected within two years of close, and continues to evaluate spectrum acquisition opportunities in future auctions and secondary markets to maintain network leadership and support long-term growth.
Based on recent SEC filings and earnings calls, T-Mobile US, Inc. (TMUS) has provided the following forward guidance: Total postpaid net account additions: 950,000 to 1,050,000 (FY2026); Service revenue: approximately $77 billion (FY2026); Postpaid ARPA growth: 2.5% to 3% (FY2026); Core adjusted EBITDA: $37.1 billion to $37.5 billion (FY2026); Cash CapEx: approximately $10 billion (FY2026), plus 5 additional metrics.
Total postpaid net account additions (FY2026): “we are raising our expectation for total postpaid net account additions to be between 950,000 and 1,050,000”
Service revenue (FY2026): “we continue to expect to deliver full-year service revenue of approximately $77 billion, representing 8% growth”
Postpaid ARPA growth (FY2026): “we continue to expect strong postpaid ARPA growth of between 2.5% and 3% for the full year”
Core adjusted EBITDA (FY2026): “we are also raising our full-year core adjusted EBITDA guide, which is now expected to be between $37.1 billion and $37.5 billion”
Cash CapEx (FY2026): “Our expectation for full-year 2026 cash CapEx remains unchanged at approximately $10 billion”
Adjusted free cash flow (FY2026): “We now expect adjusted free cash flow to be between $18.1 billion and $18.7 billion for the full year”
Service revenue (FY2027): “In 2027, we now expect between $80.5 billion and $81.5 billion in reported service revenue, 5% top-line growth”
Core adjusted EBITDA (FY2027): “getting us to between $40 billion and $41 billion”