What are the investment strengths of T-Mobile US Inc (TMUS)?

Scale economics create durable margin advantage: 22.6% operating margin vs 8.9% industry median with 85.8B revenue base generates 19.4B operating income TTM FCF yield of 6% (13.8B/230B market cap) with declining capex intensity supports dividend growth and debt reduction simultaneously

What are the investment risks for T-Mobile US Inc (TMUS)?

Tangible book value negative at -55.1B; 120.4B total debt at 2.0x equity creates refinancing risk if rates stay elevated EPS declined 0.4% YoY despite revenue scale - margin expansion may be exhausted post-Sprint synergies

T-Mobile US Inc

TMUS

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T-Mobile US Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-08

Snapshot

Intangibles of 115.6B represent 53% of total assets and 191% of equity - spectrum licenses dominate balance sheet structure[Goodwill and Other Intangible Assets]
FCF TTM of 13.8B on 85.8B revenue (16% FCF margin) funds 3.52/share dividend while carrying 2.0x debt/equity[Free Cash Flow TTM]
Operating margin TTM 22.6% vs industry median 8.9% - 2.5x advantage reflects Sprint synergies and scale economics[Operating Margin TTM]

Watch Triggers

Capital Expenditure TTM: Falls below 11B annually — Would signal network build complete, unlocking 2B+ additional FCF for returns
Debt to Equity: Rises above 2.5x or interest expense exceeds 4B — Leverage already elevated; deterioration threatens dividend and credit rating
Operating Margin TTM: Compresses below 20% — Would indicate competitive pricing pressure eroding scale advantage

Bull Case

Scale economics create durable margin advantage: 22.6% operating margin vs 8.9% industry median with 85.8B revenue base generates 19.4B operating income TTM

Operating Margin TTMOperating Income TTMTotal Revenue TTM

FCF yield of 6% (13.8B/230B market cap) with declining capex intensity supports dividend growth and debt reduction simultaneously

Free Cash Flow TTMCapital Expenditure TTMDividends Paid Per Share TTM

Bear Case

Tangible book value negative at -55.1B; 120.4B total debt at 2.0x equity creates refinancing risk if rates stay elevated

Tangible Book ValueTotal DebtDebt to Equity

EPS declined 0.4% YoY despite revenue scale - margin expansion may be exhausted post-Sprint synergies

EPS Growth 1yrEPS TTMNet Margin TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

FCF expansion to continue as Sprint integration capex normalizes below 13B annual run-rate

1-3ymed

Network integration substantially complete
Capex TTM of 13B already declining from peak
Operating cash flow of 26.8B provides headroom

Capex/Revenue at 15% vs 18% industry normFCF grew to 13.8B TTMDebt paydown capacity improving

Dividend growth sustainable given 33% payout ratio and improving leverage profile

1-3yhigh

3.52/share dividend vs 10.57 EPS TTM
Net debt of 80.9B declining trajectory
Industry-leading margins fund returns

Payout ratio at 33% leaves bufferFCF covers dividend 3.5xROE 19% exceeds industry median 7.5%

Valuation Context

Caveats

Public Strategies Rankings

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TMUS Fundamentals

Information → Wired and Wireless Telecommunications Carriers

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$233.88B		—
Enterprise Value	$350.55B		—
P/E Ratio	22		—
Total Revenue - TTM	$88.31B	+8.5%	—
Earnings Per Share (diluted) - TTM	$9.72	+2.6%	—
Operating Margin - TTM	21.0%	-1.1%	—
Net Margin - TTM	12.5%	-1.5%	—
Free Cash Flow - TTM	$15.43B	+54.5%	—
Return on Common Equity - TTM	18.2%	+0.2%	—
Beta 5Y (Monthly)	unknown		—

TMUS Dividend History

12 dividends

2026

$2.0400

05/29/26$1.0200

02/27/26$1.0200

2025

$3.6600

11/26/25$1.0200

08/29/25$0.8800

05/30/25$0.8800

02/28/25$0.8800

2024

$2.8300

11/27/24$0.8800

08/30/24$0.6500

05/31/24$0.6500

02/29/24$0.6500

2023

$0.6500

11/30/23$0.6500

2013

$8.1000

05/01/13$8.1000

TMUS Stock Splits

1 stock split

05/01/131:0.5 split

TMUS SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/11/26	12/31/25	Unknown	0001283699-26-000010
10/23/25	09/30/25	10-Q	0001283699-25-000154
07/23/25	06/30/25	10-Q	0001283699-25-000117
04/24/25	03/31/25	10-Q	0001283699-25-000079
01/31/25	12/31/24	10-K	0001283699-25-000012
10/23/24	09/30/24	10-Q	0001283699-24-000142
07/31/24	06/30/24	10-Q	0001283699-24-000111
04/26/24	03/31/24	10-Q	0001283699-24-000065
02/02/24	12/31/23	10-K	0001283699-24-000008
10/25/23	09/30/23	10-Q	0001283699-23-000151
07/27/23	06/30/23	10-Q	0001283699-23-000134
04/27/23	03/31/23	10-Q	0001283699-23-000087
02/14/23	12/31/22	10-K	0001283699-23-000016
10/27/22	09/30/22	10-Q	0001283699-22-000141
07/29/22	06/30/22	10-Q	0001283699-22-000117
05/06/22	03/31/22	10-Q	0001283699-22-000084
02/11/22	12/31/21	10-K	0001283699-22-000018
11/02/21	09/30/21	10-Q	0001283699-21-000169
08/03/21	06/30/21	10-Q	0001283699-21-000150
05/04/21	03/31/21	10-Q	0001283699-21-000088
02/23/21	12/31/20	10-K	0001283699-21-000039
11/05/20	09/30/20	10-Q	0001283699-20-000193
08/06/20	06/30/20	10-Q	0001283699-20-000165
05/06/20	03/31/20	10-Q	0001283699-20-000106
02/06/20	12/31/19	10-K	0001283699-20-000026
10/28/19	09/30/19	10-Q	0001283699-19-000119
07/26/19	06/30/19	10-Q	0001283699-19-000109
04/25/19	03/31/19	10-Q	0001283699-19-000077
02/07/19	12/31/18	10-K	0001283699-19-000015
10/30/18	09/30/18	10-Q	0001283699-18-000060
08/01/18	06/30/18	10-Q	0001283699-18-000045
05/01/18	03/31/18	10-Q	0001283699-18-000026
02/08/18	12/31/17	10-K	0001283699-18-000011
10/23/17	09/30/17	10-Q	0001283699-17-000043
07/20/17	06/30/17	10-Q	0001283699-17-000032
04/24/17	03/31/17	10-Q	0001283699-17-000022
02/14/17	12/31/16	10-K	0001283699-17-000010
10/24/16	09/30/16	10-Q	0001283699-16-000115
07/27/16	06/30/16	10-Q	0001283699-16-000100
04/26/16	03/31/16	10-Q	0001283699-16-000083
02/17/16	12/31/15	10-K	0001283699-16-000073
10/27/15	09/30/15	10-Q	0001283699-15-000055
07/30/15	06/30/15	10-Q	0001283699-15-000038
04/28/15	03/31/15	10-Q	0001283699-15-000018
02/19/15	12/31/14	10-K	0001283699-15-000010
10/28/14	09/30/14	10-Q	0001283699-14-000053
07/31/14	06/30/14	10-Q	0001283699-14-000035
05/01/14	03/31/14	10-Q	0001283699-14-000022
02/25/14	12/31/13	10-K	0001283699-14-000012
11/07/13	09/30/13	10-Q	0001283699-13-000127
08/08/13	06/30/13	10-Q	0001283699-13-000115
04/25/13	03/31/13	10-Q	0001283699-13-000088
03/01/13	12/31/12	10-K	0001283699-13-000031
10/30/12	09/30/12	10-Q	0001283699-12-000047
07/26/12	06/30/12	10-Q	0001283699-12-000008
04/26/12	03/31/12	10-Q	0001445305-12-001188
02/29/12	12/31/11	10-K	0001445305-12-000521
11/01/11	09/30/11	10-Q	0001445305-11-003134
08/03/11	06/30/11	10-Q	0001445305-11-002317
05/06/11	03/31/11	10-Q	0001193125-11-130186
03/01/11	12/31/10	10-K	0001193125-11-051403
11/05/10	09/30/10	10-Q	0001193125-10-248907
08/09/10	06/30/10	10-Q	0001193125-10-182910
05/10/10	03/31/10	10-Q	0001193125-10-114607
03/01/10	12/31/09	10-K	0001193125-10-044780
11/06/09	09/30/09	10-Q	0001193125-09-227376
08/07/09	06/30/09	10-Q	0001193125-09-168984
05/11/09	03/31/09	10-Q	0001193125-09-106730
03/02/09	12/31/08	10-K	0000950134-09-004227
11/10/08	09/30/08	10-Q	0000950134-08-020000
08/08/08	06/30/08	10-Q	0000950134-08-014736
05/09/08	03/30/08	Unknown	--
02/29/08	12/31/07	5	0001209191-08-010435
11/14/07	09/30/07	10-Q	0000950134-07-023949
08/10/07	06/30/07	10-Q	0000950134-07-017840
05/15/07	03/30/07	Unknown	--
03/30/07	12/31/06	10-K	0000950134-07-007079
04/09/07	09/30/06	10-Q	0000950134-07-007791
04/09/07	06/30/06	10-Q	0000950134-07-007790
03/31/06	03/30/06	Unknown	--
12/31/05	12/31/05	Unknown	--
09/30/05	09/30/05	Unknown	--
06/30/05	06/30/05	Unknown	--
03/31/05	03/30/05	Unknown	--