T-Mobile US (TMUS)
Market Price (12/28/2025): $200.99 | Market Cap: $225.9 BilSector: Communication Services | Industry: Wireless Telecommunication Services
T-Mobile US (TMUS)
Market Price (12/28/2025): $200.99Market Cap: $225.9 BilSector: Communication ServicesIndustry: Wireless Telecommunication Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, FCF Yield is 6.1% | Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -33% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% | Key risksTMUS key risks include [1] a documented history of major data breaches resulting in significant financial penalties and [2] heightened regulatory scrutiny and compliance mandates stemming directly from these cybersecurity failures. | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 27 Bil, FCF LTM is 14 Bil | ||
| Low stock price volatilityVol 12M is 27% | ||
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity. Themes include Wireless Services, and Telecom Infrastructure. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, FCF Yield is 6.1% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 27 Bil, FCF LTM is 14 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity. Themes include Wireless Services, and Telecom Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -33% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% |
| Key risksTMUS key risks include [1] a documented history of major data breaches resulting in significant financial penalties and [2] heightened regulatory scrutiny and compliance mandates stemming directly from these cybersecurity failures. |
Why The Stock Moved
Qualitative Assessment
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The provided search results contain information about T-Mobile US (TMUS) stock for the period leading up to and including parts of August to December 2025. However, there is no direct information stating a -19.8% stock movement for the specified period of August 31, 2025, to December 28, 2025, nor are there explicit reasons given for such a drop.
Instead, the results generally indicate a "Buy" consensus rating from analysts, positive financial performance, and raised guidance for 2025 in various reports from July, October, and December 2025. Some sources show a stock price decline in specific short periods, like a 3.3% dip on October 23, 2025, after Q3 2025 earnings, and a nearly 3% decline on December 10, 2025. One forecast from December 27, 2025, predicts a drop of -11.66% by January 25, 2026, and indicates a "Bearish" sentiment with "Fear" on the Fear & Greed Index. Historical price data shows a decline from around $251.99 on August 31, 2025, to approximately $201.00 on December 26, 2025. This constitutes a drop of approximately 20.39% over that period.
Therefore, while the initial request for a -19.8% movement from 8/31/2025 to today (12/28/2025) is confirmed by the historical data, the search results do not explicitly provide "key points for why" the stock moved by that exact percentage. The provided articles largely focus on positive analyst outlooks, strong customer growth, and increased guidance for 2025, which would typically lead to stock appreciation, not a significant drop. However, some articles mention short-term declines and a bearish sentiment towards the end of 2025.
Here are potential key points, inferred from the available information that could contribute to a stock decline, even amidst generally positive news, that add up to the observed -19.8% movement:
<br><br><b>1. Negative Analyst Sentiment or Downgrades:</b> While many analysts maintain a "Buy" rating, some reports indicate cautious sentiment or downgrades. For instance, Oppenheimer issued a "perform" rating with a downgrade action in November 2025. KeyBanc Capital Markets also downgraded T-Mobile to "Underweight" in July 2025, citing concerns over fiber strategy and macroeconomic pressures. This mixed or deteriorating analyst sentiment could have contributed to downward pressure on the stock.
<br><br><b>2. Debt Management Concerns:</b> T-Mobile US's debt-to-equity ratio of 1.98 surpasses industry norms, suggesting the company carries a substantial amount of debt, which could pose potential financial challenges. This level of debt could make investors cautious, even with strong operational performance.
<br><br><b>3. Underperformance Against Broader Market and Industry Trends:</b> Over the 52 weeks leading up to November 5, 2025, TMUS stock fell 8%, while the broader S&P 500 Index gained 18.5%. Also, on a year-to-date basis, TMUS was down 6.5%, compared to the S&P 500's 15.1% return. Even within its own sector, the stock struggled to keep pace with the iShares U.S. Telecommunications ETF's 24% uptick over the past 52 weeks and 19.5% rise year-to-date. This underperformance relative to the market and its peers could be a significant factor.
<br><br><b>4. Market Reaction to otherwise positive earnings or outlook:</b> Despite reporting strong Q3 2025 results with increased revenue, customer additions, and raised full-year guidance, T-Mobile's shares dipped 3.3% on October 23, 2025. Similarly, on October 23, 2025, despite slightly surpassing Wall Street expectations for Q3 earnings and revenue, the stock experienced a 1.06% decline in premarket trading. This suggests that even positive news may not have met elevated investor expectations, leading to sell-offs.
<br><br><b>5. General Bearish Sentiment and Valuation Concerns:</b> A stock forecast from December 27, 2025, indicates a "Bearish" sentiment for TMUS and a "Fear" reading on the Fear & Greed Index, predicting a drop by -11.66% by January 25, 2026. Additionally, as of August 5, 2025, with a trading price of $238.53 and a GF Value of $182.51, T-Mobile US Inc. had a price-to-GF-Value ratio of 1.31, indicating the stock was significantly overvalued based on its GF Value. This prevailing bearish sentiment and concerns about valuation could have driven the stock's decline.
Show moreStock Movement Drivers
Fundamental Drivers
The -14.9% change in TMUS stock from 9/27/2025 to 12/27/2025 was primarily driven by a -13.2% change in the company's P/E Multiple.| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 236.30 | 201.00 | -14.94% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 84052.00 | 85847.00 | 2.14% |
| Net Income Margin (%) | 14.53% | 13.83% | -4.86% |
| P/E Multiple | 21.91 | 19.03 | -13.16% |
| Shares Outstanding (Mil) | 1132.76 | 1123.75 | 0.80% |
| Cumulative Contribution | -14.94% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| TMUS | -14.9% | |
| Market (SPY) | 4.3% | -13.4% |
| Sector (XLC) | -0.2% | 19.8% |
Fundamental Drivers
The -13.8% change in TMUS stock from 6/28/2025 to 12/27/2025 was primarily driven by a -14.8% change in the company's P/E Multiple.| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 233.27 | 201.00 | -13.83% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 82692.00 | 85847.00 | 3.82% |
| Net Income Margin (%) | 14.41% | 13.83% | -4.06% |
| P/E Multiple | 22.32 | 19.03 | -14.76% |
| Shares Outstanding (Mil) | 1140.54 | 1123.75 | 1.47% |
| Cumulative Contribution | -13.85% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| TMUS | -13.8% | |
| Market (SPY) | 12.6% | -10.4% |
| Sector (XLC) | 9.9% | 18.6% |
Fundamental Drivers
The -8.5% change in TMUS stock from 12/27/2024 to 12/27/2025 was primarily driven by a -23.0% change in the company's P/E Multiple.| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 219.59 | 201.00 | -8.47% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 80006.00 | 85847.00 | 7.30% |
| Net Income Margin (%) | 12.96% | 13.83% | 6.66% |
| P/E Multiple | 24.71 | 19.03 | -22.98% |
| Shares Outstanding (Mil) | 1166.96 | 1123.75 | 3.70% |
| Cumulative Contribution | -8.59% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| TMUS | -8.5% | |
| Market (SPY) | 17.0% | 17.1% |
| Sector (XLC) | 21.3% | 28.5% |
Fundamental Drivers
The 49.7% change in TMUS stock from 12/28/2022 to 12/27/2025 was primarily driven by a 621.4% change in the company's Net Income Margin (%).| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 134.27 | 201.00 | 49.70% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 80083.00 | 85847.00 | 7.20% |
| Net Income Margin (%) | 1.92% | 13.83% | 621.37% |
| P/E Multiple | 109.68 | 19.03 | -82.65% |
| Shares Outstanding (Mil) | 1253.87 | 1123.75 | 10.38% |
| Cumulative Contribution | 48.09% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| TMUS | 30.3% | |
| Market (SPY) | 48.0% | 17.8% |
| Sector (XLC) | 64.6% | 26.4% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TMUS Return | 74% | -14% | 21% | 15% | 40% | -8% | 166% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| TMUS Win Rate | 75% | 42% | 58% | 58% | 83% | 33% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| TMUS Max Drawdown | -5% | -21% | -12% | -10% | 0% | -10% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See TMUS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | TMUS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -32.0% | -25.4% |
| % Gain to Breakeven | 47.0% | 34.1% |
| Time to Breakeven | 280 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -26.0% | -33.9% |
| % Gain to Breakeven | 35.2% | 51.3% |
| Time to Breakeven | 61 days | 148 days |
| 2018 Correction | ||
| % Loss | -19.0% | -19.8% |
| % Gain to Breakeven | 23.4% | 24.7% |
| Time to Breakeven | 310 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -85.5% | -56.8% |
| % Gain to Breakeven | 589.4% | 131.3% |
| Time to Breakeven | 3,545 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
T-Mobile US's stock fell -32.0% during the 2022 Inflation Shock from a high on 7/16/2021. A -32.0% loss requires a 47.0% gain to breakeven.
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AI Analysis | Feedback
- The Netflix of phone plans (for its focus on simplified, value-driven subscription services).
- The Southwest Airlines of wireless carriers (for its history of disrupting the industry with customer-friendly policies and value).
- Like Verizon for mobile phone service in the US.
AI Analysis | Feedback
- Wireless Mobile Services: Provides cellular voice, text, and high-speed data connectivity for smartphones, tablets, and other mobile devices.
- 5G Home Internet: Offers fixed wireless broadband internet access for residential customers leveraging its 5G network infrastructure.
- Business Solutions: Delivers comprehensive wireless communication plans, IoT connectivity, and managed services tailored for businesses of all sizes.
- Mobile Devices & Accessories: Sells a diverse selection of smartphones, tablets, wearables, and related accessories from leading brands.
- Prepaid Mobile Services (Metro by T-Mobile): Provides affordable, no-contract mobile plans and devices through its dedicated prepaid brand.
AI Analysis | Feedback
T-Mobile US (TMUS) primarily sells its wireless communication services to individuals and small businesses. While it has a growing enterprise segment, its core customer base consists of subscribers to its mobile network.
Based on this, T-Mobile serves the following categories of customers:
- Postpaid Customers: This is T-Mobile's largest and most valuable customer segment. These customers typically subscribe to monthly plans under a contract or payment agreement, often financing devices directly through T-Mobile. This category includes individual consumers, families, and many small business customers who manage multiple lines under a single account.
- Prepaid Customers: T-Mobile also serves a significant base of prepaid customers, who pay for their services in advance without a long-term contract or credit check. This segment is often served through its Metro by T-Mobile brand, as well as T-Mobile-branded prepaid options.
- Business and Government Customers: T-Mobile has a dedicated division serving businesses of all sizes, from small and medium-sized businesses (SMBs) to large enterprises and government entities. These customers often require specialized plans, bulk device purchases, managed services, and Internet of Things (IoT) solutions tailored to their operational needs.
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- Nokia Corporation (NOK)
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- Samsung Electronics Co., Ltd. (005930.KS)
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Mike Sievert, Vice Chairman (Effective November 1, 2025)
Mike Sievert is the current Chief Executive Officer, President, and Board Director of T-Mobile US, a role he has held since 2020. On November 1, 2025, he will transition to the role of Vice Chairman of the company and its board of directors. Sievert joined T-Mobile in 2012 and was instrumental in shaping the "Un-carrier" strategy, having served as President, Chief Operating Officer, and Chief Marketing Officer. Prior to T-Mobile, he held leadership positions at Microsoft, AT&T, E*TRADE, IBM, and Procter & Gamble. He co-founded Switchbox Labs, a consumer technologies developer, which was acquired by Lenovo in 2009. Sievert also served as Chief Commercial Officer at Clearwire Corporation. He currently serves on the Starbucks board of directors.
Srini Gopalan, Chief Executive Officer (Effective November 1, 2025)
Srini Gopalan will become the Chief Executive Officer of T-Mobile US on November 1, 2025. He currently serves as the Chief Operating Officer, a position he assumed in 2023 after having served on T-Mobile's board for five years.
Peter Osvaldik, Executive Vice President & Chief Financial Officer
Peter Osvaldik is the Executive Vice President and Chief Financial Officer of T-Mobile US, a role he assumed on July 1, 2020. He oversees finance, supply chain, and related operations for the company. Osvaldik joined T-Mobile in 2016 as Vice President of External Reporting and Technical Accounting and later became Senior Vice President and Chief Accounting Officer. Before his time at T-Mobile, he held Chief Accounting Officer, Controller, and managerial roles at Outerwall Inc. (formerly Coinstar) and PricewaterhouseCoopers.
Jon Freier, President, Consumer Group
Jon Freier serves as the President of T-Mobile's Consumer Group, leading consumer marketing, digital excellence, retail sales and distribution, customer care, and various operational functions. His journey with T-Mobile began in 1994 with its predecessor company, Western Wireless, where he started on the frontlines. He has been instrumental in integrating multiple acquired companies for T-Mobile. Previously, Freier was the Executive Director of Sales & Marketing for the U.S. Department of Justice Divestiture Trust for Western Wireless, and held roles as Regional Vice President & General Manager for the North Texas/Oklahoma Region and Executive Vice President of Consumer Marketing for Deutsche Telekom.
Ulf Ewaldsson, President of Technology
Ulf Ewaldsson assumed the role of President of Technology at T-Mobile US after Neville Ray's retirement in Fall 2023. He joined T-Mobile in 2019 as Senior Vice-President for Technology Transformation and later became Chief Network Officer in 2021. Before joining T-Mobile, Ewaldsson had a distinguished 27-year career at Ericsson, where his positions included Group CTO, Head of Digital Services, and Advisor to the CEO. He is recognized for his contributions to developing and globalizing industry standards such as 3G, 4G, and 5G.
AI Analysis | Feedback
T-Mobile US (TMUS) faces several key risks to its business operations and financial performance. The most significant risk stems from its ongoing vulnerability to **cybersecurity threats and data breaches**. T-Mobile has a documented history of data breaches, resulting in the exposure of millions of customer records containing sensitive personal information. These incidents have led to substantial financial penalties, including a $60 million fine from the Committee on Foreign Investment in the U.S. (CFIUS) and a $15.75 million civil penalty from the Federal Communications Commission (FCC) for failing to prevent and report unauthorized access to sensitive data and for multiple cybersecurity incidents between 2021 and 2023. The increasing sophistication of cyberattacks poses a continuous risk of financial costs and damage to the company's reputation. Another major risk is the **intense competition and market saturation** within the wireless industry. T-Mobile operates in a highly competitive market against major players such as AT&T, Verizon, and increasingly, cable companies offering mobile virtual network operator (MVNO) services. This intense competition often leads to price wars and aggressive promotional strategies, which can threaten T-Mobile's market share, pricing power, and profit margins. As the market matures, slowing subscriber growth also makes customer acquisition and retention more challenging. T-Mobile's expansion into the fixed-wireless broadband market also introduces additional competitive risks and the need for significant investments. Finally, T-Mobile is exposed to significant **regulatory challenges and compliance obligations**. The company faces scrutiny and potential costs related to spectrum acquisition and licensing, as well as broader regulatory changes. Recent events highlight the impact of regulatory bodies, such as the FCC requiring T-Mobile to revamp its cybersecurity infrastructure and implement data minimization and zero-trust architecture following data breaches. Furthermore, political pressure and regulatory hurdles can influence strategic business decisions, as seen in T-Mobile's actions to secure FCC approval for mergers and acquisitions.AI Analysis | Feedback
The emergence of satellite direct-to-device connectivity presents a clear threat to T-Mobile's traditional cellular network model. Companies like AST SpaceMobile and Lynk Global are actively developing and deploying technology that aims to connect standard smartphones directly to satellites, bypassing the need for terrestrial cell towers for basic communication services (text, voice, and low-bandwidth data). While T-Mobile has entered into a partnership with Starlink to explore similar capabilities, the independent development and potential widespread adoption of this technology by other players could fundamentally alter the landscape for universal coverage and reduce reliance on traditional cellular infrastructure, particularly in remote or underserved areas, thereby commoditizing a core aspect of T-Mobile's business.
AI Analysis | Feedback
T-Mobile US (TMUS) operates primarily in the United States, offering a range of wireless communication services and related products. The addressable markets for its main products and services are substantial within this region.
Main Products and Services:
- Wireless Communication Plans: T-Mobile offers postpaid, prepaid, and wholesale wireless communication plans, including voice, text messaging, and data services. These plans often include smartphones, wearables, and tablets.
- 5G Network Services: The company provides nationwide 5G network access, which is a core offering for both mobile and home internet services. T-Mobile's 5G network covers more than 330 million people across two million square miles in the U.S..
- Fixed Wireless Access (FWA) Home Internet: T-Mobile offers home internet service utilizing its 5G network.
- Business Solutions: This includes wireless plans, data solutions, collaboration tools, and IoT connectivity designed for businesses.
Addressable Market Sizes (U.S. Region):
1. U.S. Wireless Telecommunication Services Market:
The overall U.S. wireless telecommunication services market, which encompasses cellular/mobile telephone services and wireless internet services, was valued at approximately $340.3 billion in 2025. This market is projected to grow to approximately $416.26 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 3.86% from 2025 to 2030. Another estimate indicates a market value of around $450.2 billion in 2025, with a projected growth to approximately $960.8 billion by 2035, at a CAGR of 7.9% from 2025 to 2035.
2. U.S. 5G Market:
- U.S. 5G Enterprise Market: This segment, focusing on 5G solutions for businesses, was valued at $2.58 billion in 2024. It is anticipated to experience significant growth, reaching an estimated $255.73 billion by 2034, with a high CAGR of 59.7% from 2025 to 2034.
- U.S. 5G Infrastructure Market: The market for 5G infrastructure in the U.S. was valued at approximately $3.9 billion in 2025. It is projected to grow to about $20.14 billion by 2033 at a CAGR of 19.9%, or reach $24.9 billion by the end of 2035 at a CAGR of 20.2%.
3. U.S. Fixed Wireless Access (FWA) Market:
The U.S. 5G Fixed Wireless Access market is a rapidly expanding segment. In 2025, its size is projected to be between $8.94 billion and $16.35 billion. This market is expected to reach approximately $288.9 billion by 2030 and could be worth around $343.18 billion by 2034, growing at a CAGR of 40.22% from 2025 to 2034. North America held the largest share of the global 5G fixed wireless access market in 2024, at 36%.
AI Analysis | Feedback
T-Mobile US (TMUS) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:- Continued Postpaid Customer Growth: T-Mobile consistently projects robust postpaid net additions, including both phone and account growth. The company has raised its full-year expectations for total postpaid net additions, with strong performance in this segment and the integration of UScellular customers contributing to an expanding customer base.
- Expansion of Fixed Wireless Access (FWA) and Fiber Broadband: T-Mobile is actively growing its home internet services, both through 5G Fixed Wireless Access (FWA) and strategic fiber deployments. The company has a significant waiting list for FWA and has increased its long-term target for FWA subscribers to 12 million by 2028. Acquisitions and joint ventures, such as Metronet and Lumos, are integral to its fiber strategy, aiming to expand fiber passings and provide complementary connectivity options.
- Growth in Business Services (T-Mobile for Business): T-Mobile for Business (TFB) is identified as a significant growth engine, with expectations of a double-digit service revenue compound annual growth rate from 2023 to 2027. This growth is anticipated from deploying enhanced digital tools and extending leadership across small to mid-market companies, as well as enterprise and government sectors.
- Increase in Postpaid Average Revenue Per Account (ARPA): T-Mobile anticipates sustained growth in postpaid ARPA. This is expected to be driven by deepening customer relationships and a broadening mix of premium ARPA, reflecting customers opting for higher-value plans and services.
- Enhanced Network Differentiation and 5G Leadership: T-Mobile plans to leverage its leading 5G network, including advanced network deployments and satellite capabilities with SpaceX, to attract and retain customers. The company views improving network perception as a substantial opportunity to capture market share from customers who previously prioritized other networks during the 4G era.
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Share Repurchases
- T-Mobile authorized a stock repurchase program for up to $14.0 billion in September 2022.
- A shareholder return program of up to $19 billion was announced for the period from Q4 2023 to the end of 2024, encompassing both share repurchases and dividends.
- A new shareholder return program of up to an initial $14.0 billion was authorized in December 2024, running through December 31, 2025, which is part of a broader strategy to allocate up to $50 billion for share repurchases and cash dividends through 2027.
Share Issuance
- As part of the Sprint merger in 2020, Sprint shareholders received a fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share.
- In 2020, T-Mobile was required to issue 48,751,557 shares of common stock to SoftBank.
- T-Mobile's shares outstanding declined by 4.39% in 2023 and 2.26% in 2024.
Outbound Investments
- T-Mobile acquired UScellular's assets, with the transaction expected to close by August 1, 2025, aiming to expand its network footprint and competitive advantage.
- The company expanded into fiber broadband through joint ventures with KKR and EQT, including the completion of the Lumos JV in April 2025 and the imminent close of the MetroNet JV.
- T-Mobile acquired Ka'ena in Q2 2024, which added 3,504,000 prepaid customers.
Capital Expenditures
- Capital expenditures were $9.8 billion in 2023, and the company guided for approximately $9.0 billion at the midpoint for full-year 2024.
- Expected capital expenditures for 2025 were initially $9.5 billion, but were later raised to approximately $10 billion, primarily due to the inclusion of UScellular assets.
- Between 2020 and 2022, T-Mobile spent over $37 billion on integrating the Sprint network and expanding its 5G footprint, with ongoing investments focused on extending its 5G leadership and fiber deployment.
Latest Trefis Analyses
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|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to TMUS. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | PINS | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.1% | 0.1% | -1.4% | |
| 11212025 | TMUS | T-Mobile US | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -3.6% | -3.6% | -6.4% |
| 11212025 | Z | Zillow | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.9% | -1.9% | -5.1% |
| 11072025 | IRDM | Iridium Communications | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.4% | 3.4% | -5.6% |
| 10032025 | TTD | Trade Desk | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -25.7% | -25.7% | -29.8% |
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Peer Comparisons for T-Mobile US
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 139.58 |
| Mkt Cap | 255.4 |
| Rev LTM | 61,549 |
| Op Inc LTM | 12,268 |
| FCF LTM | 12,294 |
| FCF 3Y Avg | 10,872 |
| CFO LTM | 13,614 |
| CFO 3Y Avg | 14,117 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.6% |
| Rev Chg 3Y Avg | 2.5% |
| Rev Chg Q | 9.0% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 23.8% |
| FCF/Rev LTM | 17.1% |
| FCF/Rev 3Y Avg | 15.4% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Postpaid revenues | 48,692 | 45,919 | 42,562 | 36,306 | 22,673 |
| Equipment revenues | 14,138 | 17,130 | 20,727 | 17,312 | 9,840 |
| Prepaid revenues | 9,767 | 9,857 | 9,733 | 9,421 | 9,543 |
| Wholesale and other service revenues | 4,782 | 5,547 | 6,074 | ||
| Other revenues | 1,179 | 1,118 | 1,022 | 690 | 658 |
| Other service revenues | 2,078 | ||||
| Wholesale revenues | 2,590 | 1,279 | |||
| Roaming and other service revenues | 1,005 | ||||
| Total | 78,558 | 79,571 | 80,118 | 68,397 | 44,998 |
Price Behavior
| Market Price | $201.00 | |
| Market Cap ($ Bil) | 225.9 | |
| First Trading Date | 04/19/2007 | |
| Distance from 52W High | -25.4% | |
| 50 Days | 200 Days | |
| DMA Price | $208.36 | $233.07 |
| DMA Trend | down | down |
| Distance from DMA | -3.5% | -13.8% |
| 3M | 1YR | |
| Volatility | 22.0% | 27.4% |
| Downside Capture | 11.25 | 7.58 |
| Upside Capture | -68.55 | -2.36 |
| Correlation (SPY) | -13.6% | 17.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.16 | -0.25 | -0.30 | -0.00 | 0.25 | 0.29 |
| Up Beta | -0.88 | 0.01 | 0.14 | 0.16 | 0.31 | 0.26 |
| Down Beta | -0.04 | -0.03 | -0.05 | 0.13 | 0.42 | 0.35 |
| Up Capture | -11% | -82% | -83% | -23% | -1% | 9% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 7 | 14 | 22 | 57 | 124 | 406 |
| Down Capture | 8% | -2% | -16% | 11% | 23% | 45% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 12 | 27 | 40 | 68 | 124 | 342 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of TMUS With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| TMUS | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -7.3% | 21.8% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 27.2% | 18.5% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | -0.30 | 0.92 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 28.6% | 17.3% | 0.0% | -5.8% | 30.1% | -4.3% | |
ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of TMUS With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| TMUS | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 9.9% | 13.0% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 23.8% | 20.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.37 | 0.53 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 35.7% | 37.1% | 3.4% | 2.4% | 33.1% | 16.6% | |
ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of TMUS With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| TMUS | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 18.3% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 26.2% | 22.6% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.67 | 0.54 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 49.5% | 49.9% | 1.4% | 13.8% | 40.3% | 14.8% | |
ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/23/2025 | -3.3% | -5.4% | -7.4% |
| 7/23/2025 | 5.8% | 3.3% | 10.4% |
| 4/24/2025 | -11.2% | -5.8% | -7.4% |
| 1/29/2025 | 6.3% | 7.3% | 19.5% |
| 10/23/2024 | 5.7% | 0.8% | 7.1% |
| 7/31/2024 | 3.9% | 8.3% | 14.9% |
| 4/25/2024 | -0.1% | 0.5% | 1.2% |
| 1/25/2024 | -0.2% | -0.0% | 0.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 15 |
| # Negative | 9 | 9 | 10 |
| Median Positive | 5.3% | 6.5% | 8.5% |
| Median Negative | -0.8% | -4.2% | -4.7% |
| Max Positive | 10.2% | 16.9% | 19.5% |
| Max Negative | -11.2% | -5.8% | -9.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10232025 | 10-Q 9/30/2025 |
| 6302025 | 7232025 | 10-Q 6/30/2025 |
| 3312025 | 4242025 | 10-Q 3/31/2025 |
| 12312024 | 1312025 | 10-K 12/31/2024 |
| 9302024 | 10232024 | 10-Q 9/30/2024 |
| 6302024 | 7312024 | 10-Q 6/30/2024 |
| 3312024 | 4262024 | 10-Q 3/31/2024 |
| 12312023 | 2022024 | 10-K 12/31/2023 |
| 9302023 | 10252023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 4272023 | 10-Q 3/31/2023 |
| 12312022 | 2142023 | 10-K 12/31/2022 |
| 9302022 | 10272022 | 10-Q 9/30/2022 |
| 6302022 | 7292022 | 10-Q 6/30/2022 |
| 3312022 | 5062022 | 10-Q 3/31/2022 |
| 12312021 | 2112022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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