Telephone and Data Systems, Inc (TDS) Key Metrics
TDS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.90B
- Enterprise value
- $4.35B
- P/E (TTM)
- 8.5 10-yr median 20.4
- Forward P/E
- 39.1
- PEG ratio
- 7.79
- Price / sales
- 3.1 10-yr median 0.6
- Price / book
- 1.0 10-yr median 0.7
- EV / EBITDA
- 3.6 10-yr median 5.2
- Dividend yield
- 0.44% $0.16 a year
- Beta
- 0.32
TDS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTDS valuation Price multiples at each fiscal year-end price.
TDS returns How much profit the business earns on the capital it uses.
TDS per-share figures Results divided by the shares outstanding at year-end.
TDS financial health Debt, liquidity and how easily interest is covered.
TDS efficiency & capital use Working capital cycle and where the cash goes.
TDS valuation history
TDS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TDS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TDS cash returned to shareholders
TDS price vs earnings per share
TDS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.72B | $3.89B | $2.07B | $1.20B | $2.34B | $2.14B | $2.95B | $3.71B | $3.11B | $3.20B |
| Enterprise value | $5.91B | $8.63B | $6.98B | $5.64B | $6.01B | $5.20B | $5.86B | $5.21B | $4.85B | $4.75B |
| P/E ratio | — | — | — | 19.3 | 15.0 | 9.4 | 24.4 | 27.5 | 20.4 | 74.5 |
| Price / sales | 3.8 | 0.8 | 0.4 | 0.2 | 0.4 | 0.4 | 0.6 | 0.7 | 0.6 | 0.6 |
| Price / book | 1.0 | 0.8 | 0.4 | 0.2 | 0.4 | 0.4 | 0.6 | 0.8 | 0.7 | 0.8 |
| Price / free cash flow | 24.2 | 16.1 | — | — | — | 13.0 | 50.0 | 15.4 | 34.2 | 21.9 |
| Price / operating cash flow | 8.0 | 3.4 | 1.8 | 1.0 | 2.1 | 1.4 | 2.9 | 3.6 | 4.0 | 4.1 |
| EV / sales | 4.8 | 1.7 | 1.4 | 1.0 | 1.1 | 1.0 | 1.1 | 1.0 | 1.0 | 0.9 |
| EV / EBITDA | 10.7 | 7.2 | 10.2 | 5.2 | 5.1 | 4.4 | 5.2 | 4.8 | 4.9 | 4.9 |
| EV / free cash flow | 30.3 | 35.8 | — | — | — | 31.7 | 99.3 | 21.6 | 53.3 | 32.5 |
| Earnings yield | −0.1% | −0.7% | −24.1% | 5.2% | 6.7% | 10.6% | 4.1% | 3.6% | 4.9% | 1.3% |
| Free cash flow yield | 4.1% | 6.2% | −9.6% | −51.8% | −2.1% | 7.7% | 2.0% | 6.5% | 2.9% | 4.6% |
| Dividend yield | 1.9% | 2.7% | 7.4% | 12.6% | 5.1% | 3.7% | 2.5% | 1.9% | 2.2% | 2.0% |
| Shareholder yield (dividends + buybacks) | 4.6% | 4.1% | 7.7% | 19.6% | 6.8% | 5.4% | 3.3% | 1.9% | 2.2% | 2.3% |
| Share price at fiscal year-end | $41.00 | $34.11 | $18.35 | $10.49 | $20.15 | $18.57 | $25.43 | $32.54 | $27.80 | $28.87 |
| Per share | ||||||||||
| Revenue per share | $10.66 | $43.54 | $45.66 | $47.48 | $45.94 | $45.43 | $44.62 | $44.82 | $45.04 | $45.98 |
| Earnings per share | −$0.05 | −$0.25 | −$4.42 | $0.54 | $1.34 | $1.97 | $1.04 | $1.18 | $1.37 | $0.39 |
| Operating cash flow per share | $5.12 | $10.04 | $10.11 | $10.13 | $9.51 | $13.32 | $8.76 | $8.92 | $6.93 | $7.05 |
| Free cash flow per share | $1.69 | $2.11 | −$1.76 | −$5.44 | −$0.41 | $1.43 | $0.51 | $2.11 | $0.81 | $1.32 |
| Cash per share | $6.65 | $3.19 | $2.09 | $3.16 | $3.16 | $12.45 | $4.01 | $8.23 | $6.42 | $8.11 |
| Book value per share | $41.69 | $44.66 | $46.04 | $51.31 | $51.09 | $41.77 | $40.11 | $40.00 | $38.12 | $37.34 |
| Tangible book value per share | $26.28 | $2.99 | $2.81 | $3.50 | $9.37 | $12.23 | $11.96 | $14.06 | $11.15 | $10.87 |
| Dividends per share | $0.76 | $0.91 | $1.35 | $1.32 | $1.03 | $0.68 | $0.65 | $0.63 | $0.62 | $0.59 |
| Capex per share | $3.43 | $7.93 | $11.87 | $15.57 | $9.92 | $11.90 | $8.25 | $6.81 | $6.12 | $5.73 |
| Debt per share | $16.97 | $44.75 | $45.51 | $42.14 | $34.78 | $39.11 | $29.08 | $21.39 | $21.94 | $22.03 |
| Shares outstanding | 115.2M | 114.0M | 113.0M | 114.0M | 116.0M | 115.0M | 116.0M | 114.0M | 112.0M | 111.0M |
| Change in shares outstanding | +1.0% | +0.9% | −0.9% | −1.7% | +0.9% | −0.9% | +1.8% | +1.8% | +0.9% | +1.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −0.1% | −0.5% | −9.0% | 1.1% | 2.9% | 4.8% | 2.6% | 3.1% | 3.6% | 1.0% |
| Return on invested capital (ROIC) | −0.8% | 0.5% | −3.2% | 0.7% | 2.5% | 3.1% | 1.8% | 2.7% | −1.4% | 0.6% |
| Return on assets (ROA) | −0.1% | −0.2% | −3.5% | 0.4% | 1.2% | 1.9% | 1.2% | 1.4% | 1.6% | 0.5% |
| Return on tangible assets | −0.1% | −0.3% | −5.5% | 0.7% | 1.8% | 2.5% | 1.6% | 2.0% | 2.4% | 0.7% |
| Free cash flow margin | 15.9% | 4.9% | −3.9% | −11.5% | −0.9% | 3.1% | 1.1% | 4.7% | 1.8% | 2.9% |
| Income quality (OCF / net income) | — | — | — | 18.63 | 7.07 | 6.78 | 8.40 | 7.53 | 5.07 | 18.19 |
| Financial health | ||||||||||
| Total debt | $1.95B | $5.10B | $5.14B | $4.80B | $4.04B | $4.50B | $3.37B | $2.44B | $2.46B | $2.44B |
| Cash & short-term investments | $766.0M | $364.0M | $236.0M | $360.0M | $367.0M | $1.43B | $465.0M | $938.0M | $719.0M | $900.0M |
| Net debt | $1.19B | $4.74B | $4.91B | $4.44B | $3.67B | $3.07B | $2.91B | $1.50B | $1.74B | $1.54B |
| Debt / equity | 0.41 | 1.00 | 0.99 | 0.82 | 0.68 | 0.94 | 0.72 | 0.53 | 0.58 | 0.59 |
| Debt / assets | 0.23 | 0.37 | 0.37 | 0.33 | 0.30 | 0.36 | 0.31 | 0.25 | 0.26 | 0.26 |
| Net debt / EBITDA | 2.15 | 3.94 | 7.20 | 4.11 | 3.11 | 2.58 | 2.59 | 1.39 | 1.74 | 1.60 |
| Current ratio | 2.10 | 1.56 | 1.40 | 1.34 | 1.75 | 2.62 | 2.00 | 2.65 | 2.14 | 2.32 |
| Quick ratio | 2.09 | 1.39 | 1.23 | 1.16 | 1.60 | 2.49 | 1.82 | 2.48 | 1.98 | 2.15 |
| Interest coverage | -0.6 | 0.2 | -1.7 | 0.7 | 1.1 | 1.5 | 1.1 | 1.2 | -0.6 | 0.4 |
| Working capital | $483.2M | $605.0M | $476.0M | $514.0M | $882.0M | $1.87B | $959.0M | $1.45B | $1.05B | $1.17B |
| Invested capital | $5.99B | $9.83B | $10.11B | $10.29B | $9.60B | $7.87B | $7.56B | $6.06B | $6.01B | $5.69B |
| Tangible asset value | $3.49B | $1.13B | $1.12B | $1.17B | $1.91B | $2.21B | $2.15B | $2.35B | $1.87B | $1.81B |
| Net current asset value | −$2.21B | −$6.10B | −$6.25B | −$5.91B | −$4.68B | −$3.90B | −$3.44B | −$2.15B | −$2.44B | −$2.64B |
| Graham number | — | — | — | $25.06 | $39.32 | $42.98 | $30.68 | $32.65 | $34.23 | $18.04 |
| Graham net-net per share | −$19.79 | −$57.55 | −$59.87 | −$57.11 | −$45.60 | −$38.60 | −$34.02 | −$23.09 | −$25.79 | −$27.69 |
| Capital allocation | ||||||||||
| Dividends paid | $87.7M | $104.0M | $153.0M | $151.0M | $119.0M | $78.0M | $75.0M | $72.0M | $69.0M | $65.0M |
| Share buybacks (net) | $129.5M | $54.0M | $6.0M | $83.0M | $39.0M | $37.0M | $21.0M | $0 | $1.0M | $8.0M |
| Dividend payout ratio | — | — | — | 243.5% | 76.3% | 34.5% | 62.0% | 53.3% | 45.1% | 151.2% |
| Dividends + buybacks / free cash flow | 111.3% | 65.6% | — | — | — | 70.1% | 162.7% | 29.9% | 76.9% | 50.0% |
| Capex / revenue | 32.1% | 18.2% | 26.0% | 32.8% | 21.6% | 26.2% | 18.5% | 15.2% | 13.6% | 12.5% |
| Capex / operating cash flow | 66.9% | 79.0% | 117.4% | 153.7% | 104.4% | 89.3% | 94.2% | 76.3% | 88.3% | 81.3% |
| Capex / depreciation | 1.12 | 0.96 | 1.47 | 1.91 | 1.29 | 1.50 | 1.03 | 0.88 | 0.81 | 0.75 |
| Stock-based compensation / revenue | 2.2% | 1.4% | 0.8% | 0.8% | 0.9% | 1.0% | 1.1% | 1.1% | 0.9% | 0.8% |
| SG&A / revenue | 35.4% | 34.7% | 34.0% | 32.7% | 31.5% | 32.2% | 33.2% | 33.2% | 33.4% | 34.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 171.5 | 78.0 | 82.0 | 86.8 | 90.2 | 85.9 | 80.1 | 74.1 | 66.0 | 62.0 |
| Days of inventory on hand | 26.5 | 33.4 | 37.2 | 31.7 | 24.5 | 25.0 | 24.9 | 23.0 | 22.9 | 23.2 |
| Days payables outstanding | 56.0 | 54.7 | 67.7 | 70.2 | 73.0 | 68.4 | 57.7 | 57.3 | 56.7 | 53.6 |
| Cash conversion cycle (days) | 142.0 | 56.7 | 51.5 | 48.3 | 41.7 | 42.6 | 47.3 | 39.9 | 32.2 | 31.6 |
| Receivables turnover | 2.13 | 4.68 | 4.45 | 4.20 | 4.05 | 4.25 | 4.56 | 4.93 | 5.53 | 5.89 |
| Payables turnover | 6.52 | 6.67 | 5.39 | 5.20 | 5.00 | 5.34 | 6.32 | 6.37 | 6.44 | 6.80 |
| Inventory turnover | 13.79 | 10.92 | 9.81 | 11.50 | 14.89 | 14.58 | 14.65 | 15.84 | 15.94 | 15.71 |
| Asset turnover | 0.11 | 0.36 | 0.36 | 0.39 | 0.41 | 0.45 | 0.50 | 0.54 | 0.54 | 0.54 |
| Average receivables | $577.1M | $1.06B | $1.16B | $1.29B | $1.32B | $1.23B | $1.14B | $1.04B | $912.0M | $867.0M |
| Average payables | $197.9M | $320.0M | $433.0M | $493.5M | $494.5M | $441.0M | $369.5M | $366.5M | $366.5M | $357.0M |
| Average inventory | $93.5M | $195.5M | $238.0M | $223.0M | $166.0M | $161.5M | $159.5M | $147.5M | $148.0M | $154.6M |
| Intangibles / total assets | 21.1% | 34.7% | 35.1% | 37.5% | 35.9% | 27.1% | 30.3% | 30.2% | 32.5% | 31.1% |
Computed from TDS's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TDS valuation and financial ratios
Based on the latest twelve months, the trailing P/E is 8.5 and the forward P/E is 39.1. Telephone and Data Systems earned a return on equity of −0.1% and a return on invested capital of −0.8% in fiscal 2025. It ended the year with $2.0 billion of debt and $766.0 million in cash and short-term investments, net debt of $1.2 billion. It returned $217.2 million to shareholders: $87.7 million in dividends and $129.5 million in share buybacks, 111% of free cash flow. The share count rose 3.8% from 111.0M to 115.2M over 9 years.
See the TDS income statement, the TDS chart for price history, or the TDS stock overview for the latest quote and news.
TDS key metrics FAQ
What is Telephone and Data Systems's P/E ratio?
Telephone and Data Systems's trailing P/E ratio is 8.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 39.1. At the end of fiscal 2025 it was —, compared with a 10-year median of 20.4.
What is Telephone and Data Systems's EV/EBITDA?
Telephone and Data Systems's enterprise value was 10.7 times EBITDA at the end of fiscal 2025 (enterprise value $5.9 billion, EBITDA $553.5 million); the current EV/EBITDA is 3.6.
What is Telephone and Data Systems's return on equity?
Telephone and Data Systems's return on equity (ROE) was −0.1% in fiscal 2025: net income of -$6.2 million on average shareholders' equity of $4.9 billion.
What is Telephone and Data Systems's ROIC?
Telephone and Data Systems's return on invested capital was −0.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Telephone and Data Systems have?
Telephone and Data Systems had total debt of $2.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.41 and $1.2 billion of net debt (2.15 times EBITDA).
What is Telephone and Data Systems's dividend yield?
Telephone and Data Systems's forward dividend yield is 0.44%. Telephone and Data Systems paid $87.7 million in dividends in fiscal 2025 ($0.76 per share), a payout ratio of —.
Does Telephone and Data Systems buy back its shares?
Yes. Telephone and Data Systems spent $129.5 million on net share repurchases in fiscal 2025 Shares outstanding changed +1.0% over the year, to 115.2M..
What is Telephone and Data Systems's free cash flow yield?
Telephone and Data Systems generated $195.2 million of free cash flow in fiscal 2025, a free cash flow yield of 4.1% on its market value at year-end ($4.7 billion).
What is Telephone and Data Systems's current ratio?
Telephone and Data Systems's current ratio was 2.10 at the end of fiscal 2025: current assets were 2.10 times current liabilities.