Latest Ratios: P/E Ratio -56.2x · EV/EBITDA 17.7x · ROE -0.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $4.7B | $3.9B | $2.1B | $1.2B | $2.3B | $2.1B | $2.9B | $3.7B | $3.1B | $3.2B |
| Enterprise Value | $5.1B | $5.9B | $8.6B | $7.0B | $5.6B | $6.0B | $5.2B | $5.9B | $5.2B | $5.0B | $4.7B |
| P/E Ratio → | -56.20 | — | — | — | — | 20.15 | 9.62 | 24.69 | 27.58 | 20.29 | 74.03 |
| P/S Ratio | 3.21 | 3.84 | 0.78 | 0.40 | 0.22 | 0.44 | 0.41 | 0.57 | 0.73 | 0.62 | 0.63 |
| P/B Ratio | 0.81 | 0.90 | 0.66 | 0.35 | 0.18 | 0.35 | 0.38 | 0.54 | 0.70 | 0.64 | 0.67 |
| P/FCF | 1.44 | 1.73 | 16.14 | — | — | — | 13.02 | 50.00 | 15.39 | 34.22 | 21.95 |
| P/OCF | 6.68 | 8.01 | 3.40 | 1.82 | 1.04 | 2.12 | 1.39 | 2.90 | 3.65 | 4.01 | 4.10 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.81 | 1.74 | 1.35 | 1.04 | 1.13 | 1.00 | 1.13 | 1.02 | 0.98 | 0.93 |
| EV / EBITDA | 17.70 | 20.39 | 8.58 | 13.93 | 5.37 | 5.19 | 4.46 | 5.27 | 4.80 | 6.70 | 5.22 |
| EV / EBIT | — | 29.31 | 33.31 | — | 37.35 | 21.07 | 18.52 | 30.83 | 26.67 | 103.16 | 41.66 |
| EV / FCF | — | 2.16 | 35.79 | — | — | — | 31.74 | 99.29 | 21.69 | 54.41 | 32.53 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -5.0% | -5.0% | 57.0% | 54.8% | 52.6% | 53.6% | 54.9% | 54.8% | 54.3% | 53.2% | 52.4% |
| Operating Margin | -5.0% | -5.0% | 1.3% | -8.0% | 2.3% | 4.9% | 5.0% | 3.5% | 4.0% | -2.1% | 1.2% |
| Net Profit Margin | -0.5% | -0.5% | -0.6% | -9.7% | 1.1% | 2.9% | 4.3% | 2.3% | 2.6% | 3.0% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.1% | -0.1% | -0.5% | -7.9% | 0.9% | 2.5% | 4.1% | 2.3% | 2.6% | 3.2% | 0.9% |
| ROA | -0.1% | -0.1% | -0.2% | -3.5% | 0.4% | 1.2% | 1.9% | 1.2% | 1.4% | 1.6% | 0.5% |
| ROIC | -0.5% | -0.5% | 0.4% | -2.8% | 0.9% | 2.1% | 2.3% | 1.8% | 2.3% | -1.2% | 0.7% |
| ROCE | -0.6% | -0.6% | 0.5% | -3.2% | 1.0% | 2.2% | 2.4% | 1.9% | 2.4% | -1.2% | 0.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.87 | 0.86 | 0.73 | 0.60 | 0.80 | 0.62 | 0.46 | 0.50 | 0.51 |
| Debt / EBITDA | 6.74 | 6.74 | 5.07 | 10.27 | 4.57 | 3.49 | 3.85 | 3.04 | 2.24 | 3.32 | 2.69 |
| Net Debt / Equity | — | 0.23 | 0.81 | 0.82 | 0.67 | 0.54 | 0.55 | 0.54 | 0.29 | 0.38 | 0.33 |
| Net Debt / EBITDA | 4.10 | 4.10 | 4.71 | 9.79 | 4.23 | 3.17 | 2.63 | 2.62 | 1.40 | 2.49 | 1.70 |
| Debt / FCF | — | 0.43 | 19.66 | — | — | — | 18.71 | 49.29 | 6.30 | 20.20 | 10.58 |
| Interest Coverage | 1.79 | 1.79 | 0.93 | -0.95 | 0.87 | 1.23 | 1.67 | 1.15 | 1.14 | 0.28 | 0.67 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.10 | 2.10 | 1.56 | 1.40 | 1.34 | 1.75 | 2.62 | 2.00 | 2.65 | 2.14 | 2.32 |
| Quick Ratio | 2.09 | 2.09 | 1.39 | 1.23 | 1.16 | 1.60 | 2.49 | 1.82 | 2.48 | 1.98 | 2.15 |
| Cash Ratio | 1.74 | 1.74 | 0.33 | 0.20 | 0.24 | 0.31 | 1.24 | 0.48 | 1.07 | 0.78 | 1.01 |
| Asset Turnover | — | 0.15 | 0.36 | 0.37 | 0.37 | 0.39 | 0.42 | 0.48 | 0.52 | 0.54 | 0.54 |
| Inventory Turnover | 317.63 | 317.63 | 11.67 | 11.22 | 9.57 | 13.89 | 15.29 | 13.83 | 15.57 | 16.27 | 16.09 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 1.9% | 2.7% | 7.4% | 12.6% | 5.1% | 3.7% | 2.5% | 1.9% | 2.2% | 2.0% |
| Payout Ratio | — | — | — | — | 243.5% | 76.3% | 34.5% | 62.0% | 53.3% | 45.1% | 151.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 5.0% | 10.4% | 4.1% | 3.6% | 4.9% | 1.4% |
| FCF Yield | 69.3% | 57.9% | 6.2% | — | — | — | 7.7% | 2.0% | 6.5% | 2.9% | 4.6% |
| Buyback Yield | 3.3% | 2.7% | 1.4% | 0.3% | 6.9% | 2.6% | 1.7% | 0.7% | 0.0% | 0.0% | 0.2% |
| Total Shareholder Yield | 5.3% | 4.6% | 4.1% | 7.7% | 19.6% | 7.7% | 5.4% | 3.3% | 1.9% | 2.2% | 2.3% |
| Shares Outstanding | — | $115M | $114M | $113M | $114M | $116M | $115M | $116M | $114M | $112M | $111M |
Structural Business Model Transition
According to current market data, TDS trades at a negative TTM P/E of -58.26 and an EV/EBITDA of 18.20, metrics that appear heavily influenced by the company's ongoing structural divestiture of wireless assets rather than reflecting the normalized earnings potential of its remaining fiber-centric business model.
The forward P/E of 29.44 suggests that investors are pricing in a significant recovery or a shift in the earnings profile as the company sheds its capital-intensive wireless operations. Given the P/B ratio of 0.84, the market currently values the firm at a discount to its book value, which may indicate skepticism regarding the long-term replacement cost of its rural infrastructure assets.
Based on reported financial figures, ROIC has fluctuated between -3.6% and 0.5% over the last ten quarters, illustrating that the company has struggled to generate positive returns on its invested capital while simultaneously navigating a massive pivot from legacy wireless infrastructure to high-margin fiber broadband services.
The persistent volatility in ROIC suggests that the company's capital allocation strategy is currently dominated by non-recurring transition costs rather than operational compounding. Investors should monitor whether the shift toward fiber-to-the-home (FTTH) can eventually drive returns above the company's weighted average cost of capital as the asset base stabilizes.
As reported in recent quarterly filings, the cash conversion cycle has swung from a negative 19 days in 2026Q1 to a peak of 102 days in 2025Q3, highlighting the extreme operational instability caused by the company's ongoing corporate restructuring and the deconsolidation of its wireless segment.
The wide variance in DSO and DPO metrics suggests that the company's ability to manage its working capital is currently secondary to the broader strategic objective of asset divestiture. This inconsistency makes it difficult to gauge the underlying efficiency of the core wireline business until the corporate structure reaches a steady state.
Based on the latest quarterly data, the company has successfully reduced its D/E ratio from 0.87 in early 2025 to 0.24 in 2026Q1, a significant improvement that suggests a more comfortable debt service profile as the firm sheds its legacy wireless debt obligations.
While the D/E ratio appears healthy, the interest coverage ratio remains volatile, reflecting the impact of non-operating items on the income statement. The reduction in leverage is a positive development, yet it warrants further investigation into whether this balance sheet strength is being utilized to fund future fiber expansion or simply to stabilize the firm post-divestiture.
The P/E ratio is the most commonly misapplied metric for TDS, as it obscures the company's true earning power by including the volatile, non-recurring impacts of its wireless segment divestiture and the associated accounting impairments that currently distort the consolidated bottom line.
Analysts should instead focus on the valuation of the standalone fiber business, potentially using EV/EBITDA or a sum-of-the-parts (SOTP) analysis to account for the value of the tower and fiber assets. Relying on the consolidated P/E leads to a flawed assessment of the company's long-term viability, as it fails to isolate the recurring cash flows of the wireline segment from the noise of the corporate transition.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TDS stock.
Telephone and Data Systems, Inc.'s current P/E ratio is -56.2x. The historical average is 30.5x.
Telephone and Data Systems, Inc.'s current EV/EBITDA is 17.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
Telephone and Data Systems, Inc.'s return on equity (ROE) is -0.1%. The historical average is 3.2%.
Based on historical data, Telephone and Data Systems, Inc. is trading at a P/E of -56.2x. Compare with industry peers and growth rates for a complete picture.
Telephone and Data Systems, Inc.'s current dividend yield is 2.05%.
Telephone and Data Systems, Inc. has -5.0% gross margin and -5.0% operating margin.
Telephone and Data Systems, Inc.'s Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.