NASDAQ · Communication Services

T-Mobile US, Inc.

TMUS · Telecom Services

$194.17

▼ -1.89 (-0.96%)

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Mr. Market is currently offering T-Mobile US, Inc. at $194.17.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 62.9%

Operating Margin 21.0%

Net Income Margin 12.4%

Fin. Health F

Years to Pay Off Debt 11.1 yrs

Working Capital vs Long-Term Debt -$81.2B

Working Capital -$39M

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.55x

Cash Flow C

Free Cash Flow $15.4B

CapEx % of Net Income 113.9%

Owner Earnings $37.0B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $210.1B

Enterprise Value $330.8B

P/E (TTM) 20.63

Dividend Yield 2.01%

Exchange NASDAQ

Key Margins

Gross Profit 62.9%

Operating Margin 21.0%

Net Margin 12.4%

Company Info

Sector Communication Services

Industry Telecom Services

Employees 75000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering T-Mobile US, Inc. at $194.17.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $194.17, the stock trades at a 78% premium to its Graham Number of $109.38. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About T-Mobile US, Inc.

T-Mobile US, Inc., together with its subsidiaries, provides wireless communications services in the United States, Puerto Rico, and the United States Virgin Islands. The company offers voice, messaging, and data services to postpaid, prepaid, and wholesale and other services customers. It also provides wireless devices, including smartphones, wearables, tablets, home broadband gateways, headsets, and other mobile communication devices, as well as accessories; financing through equipment installment plans; reinsurance for device insurance policies and extended warranty contracts. The company offers services under the T-Mobile, Metro by T-Mobile, and Mint Mobile brands through its owned and operated retail stores, customer care channels, national retailers, and its websites, as well as through T-Mobile, Metro by T-Mobile, and Mint Mobile apps. It also sells devices to dealers and other third-party distributors for resale through independent third-party retail outlets and various third-party websites. The company was founded in 1994 and is headquartered in Bellevue, Washington. T-Mobile US, Inc. operates as a subsidiary of Deutsche Telekom AG.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	62.9% ▼	63.6%	61.6%	54.5%	N/A
Operating Margin %	21.0% ▼	22.1%	18.1%	10.2%	N/A
Net Income %	12.4% ▼	13.9%	10.6%	3.3%	N/A
Diluted EPS	9.72 ▲	9.66	6.93	2.06	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$219.2B	$208.0B	$207.7B	$211.3B	N/A
Total Debt	$122.3B ↑	$113.9B	$113.1B	$111.8B	N/A
Working Capital	-$39M ▲	-$1.8B	-$1.9B	-$5.7B	N/A
Years to Pay Debt	11.12	10.05	13.60	43.16	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$15.4B ▲	$10.0B	$7.7B	-$520M	N/A
Owner Earnings	$37.0B	$36.6B	$31.9B	$33.5B	N/A
CapEx % of Net Income	113.9%	108.6%	130.0%	668.0%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-63,940	0	6,100	-276,828
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	31,841,000	31,042,000	27,127,000	21,725,000
Total Unusual Items	-278,000	0	25,000	-1,564,000
Total Unusual Items Excluding Goodwill	-278,000	0	25,000	-1,564,000
Net Income From Continuing Operation Net Minority Interest	10,992,000	11,339,000	8,317,000	2,590,000
Reconciled Depreciation	13,508,000	12,919,000	12,818,000	13,651,000
Reconciled Cost Of Revenue	32,774,000	29,653,000	30,188,000	36,206,000
EBITDA	31,563,000	31,042,000	27,152,000	20,161,000
EBIT	18,055,000	18,123,000	14,334,000	6,510,000
Net Interest Income	-3,774,000	-3,411,000	-3,335,000	-3,364,000
Interest Expense	3,774,000	3,411,000	3,335,000	3,364,000
Interest Income					20,000
Normalized Income	11,206,060	11,339,000	8,298,100	3,877,172
Net Income From Continuing And Discontinued Operation	10,992,000	11,339,000	8,317,000	2,590,000
Total Expenses	69,752,000	63,390,000	64,317,000	71,464,000
Total Operating Income As Reported	18,279,000	18,010,000	14,266,000	6,543,000
Diluted Average Shares	1,131,076	1,173,214	1,200,286	1,255,377
Basic Average Shares	1,127,984	1,169,195	1,185,122	1,249,764
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	10,992,000	11,339,000	8,317,000	2,590,000
Net Income Common Stockholders	10,992,000	11,339,000	8,317,000	2,590,000
Net Income	10,992,000	11,339,000	8,317,000	2,590,000
Net Income Including Noncontrolling Interests	10,992,000	11,339,000	8,317,000	2,590,000
Net Income Continuous Operations	10,992,000	11,339,000	8,317,000	2,590,000
Tax Provision	3,289,000	3,373,000	2,682,000	556,000
Pretax Income	14,281,000	14,712,000	10,999,000	3,146,000
Other Income Expense	-502,000	113,000	93,000	-1,597,000
Other Non Operating Income Expenses	-224,000	113,000	68,000	-33,000
Special Income Charges	-278,000	0	25,000	-1,564,000
Gain On Sale Of Business	0	0	25,000	-1,087,000
Write Off				477,000	0
Impairment Of Capital Assets	278,000	0	0	477,000
Net Non Operating Interest Income Expense	-3,774,000	-3,411,000	-3,335,000	-3,364,000
Interest Expense Non Operating	3,774,000	3,411,000	3,335,000	3,364,000
Interest Income Non Operating					20,000
Operating Income	18,557,000	18,010,000	14,241,000	8,107,000
Operating Expense	36,978,000	33,737,000	34,129,000	35,258,000
Depreciation Amortization Depletion Income Statement	13,508,000	12,919,000	12,818,000	13,651,000
Depreciation And Amortization In Income Statement	13,508,000	12,919,000	12,818,000	13,651,000
Selling General And Administration	23,470,000	20,818,000	21,311,000	21,607,000
Gross Profit	55,535,000	51,747,000	48,370,000	43,365,000
Cost Of Revenue	32,774,000	29,653,000	30,188,000	36,206,000
Total Revenue	88,309,000	81,400,000	78,558,000	79,571,000
Operating Revenue	87,278,000	80,441,000	77,379,000	78,453,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	168,844	126,495	67,097	22,916
Ordinary Shares Number	1,106,931	1,144,580	1,195,807	1,233,960
Share Issued	1,275,774	1,271,074	1,262,904	1,256,877
Net Debt	80,684,000	72,856,000	69,883,000	67,453,000
Total Debt	122,269,000	113,944,000	113,086,000	111,792,000
Tangible Book Value	-56,350,000	-54,334,000	-46,844,000	-41,884,000
Invested Capital	145,485,000	140,006,000	139,733,000	141,616,000
Working Capital	-39,000	-1,770,000	-1,913,000	-5,675,000
Net Tangible Assets	-56,350,000	-54,334,000	-46,844,000	-41,884,000
Capital Lease Obligations	35,987,000	35,679,000	38,068,000	39,832,000
Common Stock Equity	59,203,000	61,741,000	64,715,000	69,656,000
Total Capitalization	140,350,000	135,938,000	136,114,000	136,452,000
Total Equity Gross Minority Interest	59,203,000	61,741,000	64,715,000	69,656,000
Stockholders Equity	59,203,000	61,741,000	64,715,000	69,656,000
Gains Losses Not Affecting Retained Earnings	-848,000	-857,000	-964,000	-1,046,000
Other Equity Adjustments	-848,000	-857,000	-964,000	-1,046,000
Treasury Stock	30,545,000	20,584,000	9,373,000	3,016,000
Retained Earnings	21,136,000	14,384,000	7,347,000	-223,000
Additional Paid In Capital	69,460,000	68,798,000	67,705,000	73,941,000
Total Liabilities Net Minority Interest	160,034,000	146,294,000	142,967,000	141,682,000
Total Non Current Liabilities Net Minority Interest	135,534,000	126,120,000	122,039,000	116,940,000
Other Non Current Liabilities	3,794,000	4,000,000	3,929,000	4,101,000
Non Current Deferred Liabilities	19,583,000	16,700,000	13,458,000	10,884,000
Non Current Deferred Taxes Liabilities	19,583,000	16,700,000	13,458,000	10,884,000
Long Term Debt And Capital Lease Obligation	112,157,000	105,420,000	104,652,000	101,955,000
Long Term Capital Lease Obligation	31,010,000	31,223,000	33,253,000	35,159,000
Long Term Debt	81,147,000	74,197,000	71,399,000	66,796,000
Current Liabilities	24,500,000	20,174,000	20,928,000	24,742,000
Other Current Liabilities	2,575,000	1,965,000	1,296,000	1,850,000
Current Deferred Liabilities	1,533,000	1,222,000	825,000	780,000
Current Deferred Revenue	1,533,000	1,222,000	825,000	780,000
Current Debt And Capital Lease Obligation	10,112,000	8,524,000	8,434,000	9,837,000
Current Capital Lease Obligation	4,977,000	4,456,000	4,815,000	4,673,000
Current Debt	5,135,000	4,068,000	3,619,000	5,164,000
Other Current Borrowings	5,135,000	4,068,000	3,619,000	5,164,000
Line Of Credit		460,000	740,000
Payables And Accrued Expenses	10,280,000	8,463,000	10,373,000	12,275,000
Current Accrued Expenses	3,460,000	2,697,000	3,096,000	2,717,000
Interest Payable	1,025,000	905,000	818,000	731,000
Payables	6,820,000	5,766,000	7,277,000	9,558,000
Other Payable	823,000	460,000	740,000	1,408,000
Dueto Related Parties Current					103,000
Total Tax Payable	1,601,000	1,524,000	1,704,000	1,657,000
Accounts Payable	4,396,000	3,782,000	4,833,000	6,493,000
Total Assets	219,237,000	208,035,000	207,682,000	211,338,000
Total Non Current Assets	194,776,000	189,631,000	188,667,000	192,271,000
Other Non Current Assets	9,755,000	4,325,000	4,229,000	4,127,000
Non Current Accounts Receivable	2,683,000	2,209,000	2,042,000	2,546,000
Goodwill And Other Intangible Assets	115,553,000	116,075,000	111,559,000	111,540,000
Other Intangible Assets	101,875,000	103,070,000	99,325,000	99,306,000
Goodwill	13,678,000	13,005,000	12,234,000	12,234,000
Net PPE	66,785,000	67,022,000	70,837,000	74,058,000
Accumulated Depreciation	-63,812,000	-56,367,000	-58,481,000	-53,102,000
Gross PPE	130,597,000	123,389,000	129,318,000	127,160,000
Leases	2,750,000	2,588,000	2,489,000	2,326,000
Construction In Progress	2,329,000	3,377,000	3,286,000	4,599,000
Other Properties	99,135,000	94,412,000	96,433,000	95,125,000
Machinery Furniture Equipment	21,762,000	18,566,000	22,573,000	20,342,000
Buildings And Improvements	4,521,000	4,377,000	4,465,000	4,659,000
Land And Improvements	100,000	69,000	72,000	109,000
Current Assets	24,461,000	18,404,000	19,015,000	19,067,000
Other Current Assets	5,372,000	1,853,000	2,352,000	2,435,000
Prepaid Assets	1,215,000	880,000	702,000	673,000
Inventory	2,405,000	1,607,000	1,678,000	1,884,000
Receivables	9,871,000	8,655,000	9,148,000	9,568,000
Other Receivables	4,997,000	4,379,000	4,456,000	5,123,000
Duefrom Related Parties Current					27,000
Accounts Receivable	4,874,000	4,276,000	4,692,000	4,445,000
Allowance For Doubtful Accounts Receivable	-226,000	-176,000	-161,000	-167,000
Gross Accounts Receivable	5,100,000	4,452,000	4,853,000	4,612,000
Cash Cash Equivalents And Short Term Investments	5,598,000	5,409,000	5,135,000	4,507,000
Cash And Cash Equivalents	5,598,000	5,409,000	5,135,000	4,507,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	15,427,000	9,982,000	7,748,000	-520,000
Repurchase Of Capital Stock	-9,974,000	-11,228,000	-13,074,000	-3,000,000
Repayment Of Debt	-7,451,000	-6,440,000	-6,278,000	-6,795,000
Issuance Of Debt	12,010,000	8,587,000	8,446,000	3,714,000
Capital Expenditure	-12,523,000	-12,311,000	-10,811,000	-17,301,000
Interest Paid Supplemental Data	3,882,000	3,683,000	3,546,000	3,485,000
Income Tax Paid Supplemental Data	451,000	179,000	108,000	76,000
End Cash Position	5,976,000	5,713,000	5,307,000	4,674,000
Beginning Cash Position	5,713,000	5,307,000	4,674,000	6,703,000
Effect Of Exchange Rate Changes	1,000	0	0
Changes In Cash	262,000	406,000	633,000	-2,029,000
Financing Cash Flow	-10,081,000	-12,815,000	-12,097,000	-6,451,000
Cash Flow From Continuing Financing Activities	-10,081,000	-12,815,000	-12,097,000	-6,451,000
Net Other Financing Charges	-545,000	-434,000	-444,000	-370,000
Cash Dividends Paid	-4,121,000	-3,300,000	-747,000	0
Common Stock Dividend Paid	-4,121,000	-3,300,000	-747,000	0
Net Common Stock Issuance	-9,974,000	-11,228,000	-13,074,000	-3,000,000
Common Stock Payments	-9,974,000	-11,228,000	-13,074,000	-3,000,000
Net Issuance Payments Of Debt	4,559,000	2,147,000	2,168,000	-3,081,000
Net Short Term Debt Issuance			0	0	-184,000
Short Term Debt Payments			0	0	-184,000
Net Long Term Debt Issuance	4,559,000	2,147,000	2,168,000	-3,081,000
Long Term Debt Payments	-7,451,000	-6,440,000	-6,278,000	-6,795,000
Long Term Debt Issuance	12,010,000	8,587,000	8,446,000	3,714,000
Investing Cash Flow	-17,607,000	-9,072,000	-5,829,000	-12,359,000
Cash Flow From Continuing Investing Activities	-17,607,000	-9,072,000	-5,829,000	-12,359,000
Net Other Investing Changes	327,000	3,531,000	4,824,000	4,985,000
Net Business Purchase And Sale	-7,579,000	-391,000	-7,000	-52,000
Purchase Of Business	-7,579,000	-391,000	-7,000	-52,000
Net Intangibles Purchase And Sale	-2,568,000	-3,471,000	-1,010,000	-3,331,000
Purchase Of Intangibles	-2,568,000	-3,471,000	-1,010,000	-3,331,000
Net PPE Purchase And Sale	-7,787,000	-8,741,000	-9,636,000	-13,961,000
Sale Of PPE	2,168,000	99,000	165,000	9,000
Purchase Of PPE	-9,955,000	-8,840,000	-9,801,000	-13,970,000
Operating Cash Flow	27,950,000	22,293,000	18,559,000	16,781,000
Cash Flow From Continuing Operating Activities	27,950,000	22,293,000	18,559,000	16,781,000
Change In Working Capital	-2,394,000	-7,009,000	-7,058,000	-3,055,000
Change In Other Current Liabilities	-3,836,000	-4,557,000	-4,624,000	-2,488,000
Change In Other Current Assets	2,147,000	3,069,000	3,363,000	4,473,000
Change In Payables And Accrued Expense	1,542,000	-2,041,000	-1,126,000	558,000
Change In Inventory	-615,000	131,000	197,000	744,000
Change In Receivables	-1,632,000	-3,611,000	-4,868,000	-6,342,000
Changes In Account Receivables	-755,000	-3,088,000	-5,038,000	-5,158,000
Other Non Cash Items	445,000	21,000	143,000	414,000
Stock Based Compensation	829,000	649,000	667,000	595,000
Asset Impairment Charge	1,648,000	1,192,000	898,000	1,503,000
Deferred Tax	2,864,000	3,120,000	2,600,000	492,000
Deferred Income Tax	2,864,000	3,120,000	2,600,000	492,000
Depreciation Amortization Depletion	13,508,000	12,919,000	12,818,000	13,651,000
Depreciation And Amortization	13,508,000	12,919,000	12,818,000	13,651,000
Operating Gains Losses	58,000	62,000	174,000	591,000
Gain Loss On Sale Of Business	0	0	9,000	377,000
Net Income From Continuing Operations	10,992,000	11,339,000	8,317,000	2,590,000

These metrics estimate what T-Mobile US, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$109.38

Margin of Safety

Market Cap ÷ Company Value

2.37

P/B Ratio

3.55

Warren's Owner Earnings

$37.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$88.3B

vs > $1.5B revenue

❌ Strong Financial Condition

1.00x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.01%

vs Uninterrupted dividends

✅ Earnings Growth

+371.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

20.6x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.55x P/B (P/E×P/B: 73.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-125.27

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$190.53

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	113.9%	108.6%	130.0%	668.0%	N/A
Repurchase of Capital Stock	-$10.0B	-$11.2B	-$13.1B	-$3.0B	N/A
Free Cash Flow	$15.4B ▲	$10.0B ▲	$7.7B ▲	-$520M •	N/A •
Warren's Owner Earnings	$37.0B	$36.6B	$31.9B	$33.5B	N/A

Peers & Industry Comparison

Telecom Services — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
TMUS	$194.17	$210.1B	20.63	62.9%	12.4%	$88.3B
T AT&T Inc.	$26.07	$181.2B	8.6	59.4%	16.9%	$126.5B
VZ Verizon Communications Inc.	$47.55	$198.5B	11.6	58.9%	12.5%	$139.1B
CMCSA Comcast Corporation	$27.05	$96.6B	5.3	70.1%	15.0%	$125.3B
CHTR Charter Communications, Inc.	$166.12	$23.5B	4.5	55.3%	9.0%	$54.6B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

56.77%

High — management has strong skin in the game

Return on Equity (ROE)

18.6%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

5.0%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$10.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+7.3% YoY

Debt is roughly stable

Leadership Team

Srinivasan Gopalan

CEO, President & Director

Age 55

Pay: $8,325,344

0.076% of net income

Peter Osvaldik

Executive VP & CFO

Age 48

Pay: $4,132,150

0.038% of net income

Jonathan Freier

Chief Operating Officer

Age 49

Pay: $4,160,630

0.038% of net income

John Saw Ph.

President of Technology & CTO

Age 63

Quan Yao

Senior Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	3.96%	42,816,368
Blackrock Inc.	3.61%	39,062,475
Softbank Group Corporation	2.63%	28,503,696
Price (T.Rowe) Associates Inc	2.57%	27,795,065
State Street Corporation	2.34%	25,281,709
Wellington Management Group, LLP	1.53%	16,583,428
FMR, LLC	1.45%	15,732,362
Capital International Investors	1.37%	14,847,697

Risk Analysis

Beta (Market Risk)

0.32

Low volatility — more stable than the market

Short Interest

3.8% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

2.19x

High leverage — significant financial risk

Current Ratio

1.09x

Adequate liquidity

52-Week Price Range

Low: $181.36 Current: $194.17 High: $261.56

Currently at 16% of 52-week range

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