Telephone & Data Systems Inc. /DE/ (TDS) intrinsic value & 10-year financials
Telephone & Data Systems Inc. /DE/ (TDS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 15.9% a year to $1.1B, with an average return on invested capital of 0.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $33.90
- Market cap
- $4.0B
- Revenue (FY2025)
- $1.1B
- Revenue growth (10-yr CAGR)
- -15.9%
- ROIC (10-yr avg)
- 0.7%
- Free cash flow (FY2025)
- $199.4M
TDS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | -$6.2M | -$0.65 | $199.4M | -9.1% | -0.7% |
| FY2024 | $4.8B | -$28.0M | -$0.85 | $261.0M | 1.3% | 0.7% |
| FY2023 | $5.0B | -$500.0M | -$5.06 | -$69.0M | -8.2% | -4.5% |
| FY2022 | $5.3B | $62.0M | -$0.07 | -$6.0M | 2.3% | 0.7% |
| FY2021 | $5.2B | $156.0M | $1.00 | -$28.0M | 5.0% | 2.8% |
| FY2020 | $5.1B | $226.0M | $1.93 | $194.0M | 5.1% | 3.6% |
| FY2019 | $5.1B | $121.0M | $1.03 | $59.0M | 3.5% | 1.9% |
| FY2018 | $5.0B | $135.0M | $1.17 | $241.0M | 4.1% | 2.5% |
| FY2017 | $5.0B | $153.0M | $1.37 | $91.0M | -2.1% | -0.9% |
| FY2016 | $5.1B | $43.0M | $0.39 | $146.0M | 1.2% | 0.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TELEPHONE & DATA SYSTEMS INC /DE/ is facing top-line stagnation, with revenue contracting over the decade.
TELEPHONE & DATA SYSTEMS INC /DE/ has historically struggled to out-earn its cost of capital, averaging just 0.7% ROIC.
TELEPHONE & DATA SYSTEMS INC /DE/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TELEPHONE & DATA SYSTEMS INC /DE/ is modeled at -15.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-20.15 per share.