T-Mobile US, Inc. (TMUS) intrinsic value & 10-year financials
T-Mobile US, Inc. (TMUS) has a Graham intrinsic value of $322.86 per share. At $159.10 on Oct 17, 2026, the stock trades 51% below that value. Over the last 10 fiscal years revenue grew 10.0% a year to $88.3B, with an average return on invested capital of 6.9%.
- Graham intrinsic value
- $322.86
- Share price (Oct 17, 2026)
- $159.10
- Price vs Graham value
- 51% below
- Market cap
- $180.0B
- Revenue (FY2025)
- $88.3B
- Revenue growth (10-yr CAGR)
- 10.0%
- ROIC (10-yr avg)
- 6.9%
- Free cash flow (FY2025)
- $18.0B
TMUS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $88.3B | $11.0B | $9.72 | $18.0B | 20.7% | 8.5% |
| FY2024 | $81.4B | $11.3B | $9.66 | $13.5B | 22.1% | 8.5% |
| FY2023 | $78.6B | $8.3B | $6.93 | $8.8B | 18.2% | 6.5% |
| FY2022 | $79.6B | $2.6B | $2.06 | $2.8B | 8.2% | 3.3% |
| FY2021 | $80.1B | $3.0B | $2.41 | $1.6B | 8.6% | 4.0% |
| FY2020 | $68.4B | $3.1B | $2.65 | -$2.4B | 9.7% | 5.2% |
| FY2019 | $45.0B | $3.5B | $4.02 | $433.0M | 12.7% | 8.3% |
| FY2018 | $43.3B | $2.9B | $3.36 | -$1.6B | 12.3% | 7.8% |
| FY2017 | $40.6B | $4.5B | $5.20 | $2.7B | 12.0% | 10.8% |
| FY2016 | $37.5B | $1.5B | $1.69 | $1.4B | 10.1% | 5.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
T-Mobile US is a consistent compounder, expanding top-line revenue at 10.0% annually over the past decade.
T-Mobile US has historically struggled to out-earn its cost of capital, averaging just 6.9% ROIC.
Over the decade, T-Mobile US shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, T-Mobile US is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $322.86 per share.