Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Selected Financial Data since 2013
- Net Profit Margin since 2013
- Current Ratio since 2013
- Price to Earnings (P/E) since 2013
- Analysis of Debt
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Current Valuation Ratios
T-Mobile US Inc., current price multiples
| T-Mobile US Inc. | AT&T Inc. | Verizon Communications Inc. | Telecommunication Services | Communication Services | ||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||
| Current share price (P) | ||||||||
| No. shares of common stock outstanding | ||||||||
| Growth rate (g) | ||||||||
| Earnings per share (EPS) | ||||||||
| Next year expected EPS | ||||||||
| Operating profit per share | ||||||||
| Sales per share | ||||||||
| Book value per share (BVPS) | ||||||||
| Valuation Ratios (Price Multiples) | ||||||||
| Price to earnings (P/E) | ||||||||
| Price to next year expected earnings | ||||||||
| Price-earnings-growth (PEG) | ||||||||
| Price to operating profit (P/OP) | ||||||||
| Price to sales (P/S) | ||||||||
| Price to book value (P/BV) | ||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
T-Mobile US Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The valuation ratios demonstrate considerable fluctuation over the five-year period. Generally, the ratios decreased from 2022 to 2023, followed by increases in 2024, and a subsequent decrease projected for 2025. This suggests a period of re-evaluation followed by renewed optimism, then a tempering of expectations.
- Price to Earnings (P/E)
- The Price to Earnings ratio experienced a substantial increase from 51.43 in 2021 to 69.44 in 2022, indicating increasing investor optimism or potentially overvaluation. A significant decline to 23.09 in 2023 suggests a correction or a decrease in earnings growth expectations. The ratio showed a slight increase in 2024 to 23.46, followed by a projected decrease to 21.00 in 2025. This indicates a stabilization at a lower valuation level compared to the earlier period.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio rose from 22.56 in 2021 to 27.49 in 2022. A marked decrease to 13.46 in 2023 occurred, mirroring the trend observed in the P/E ratio. The ratio increased to 14.77 in 2024, but is projected to decrease to 12.63 in 2025. This pattern suggests a similar dynamic of initial optimism, followed by a re-evaluation and subsequent stabilization at a lower level.
- Price to Sales (P/S)
- The Price to Sales ratio exhibited a consistent increase from 1.94 in 2021 to 2.44 in 2023, indicating investors were willing to pay more for each dollar of revenue. A notable increase to 3.27 in 2024 was observed, followed by a projected decrease to 2.61 in 2025. This suggests a period of heightened revenue multiple expansion, followed by a potential reversion towards the mean.
- Price to Book Value (P/BV)
- The Price to Book Value ratio steadily increased from 2.25 in 2021 to 2.97 in 2023, suggesting increasing investor confidence in the company’s net asset value. A significant increase to 4.31 in 2024 was observed, followed by a projected decrease to 3.90 in 2025. This indicates a substantial increase in the market’s valuation of the company’s book value, followed by a slight moderation.
Overall, the observed trends suggest a period of dynamic valuation adjustments. The increases in 2022 and 2024 were followed by corrections in 2023 and the projected values for 2025, indicating a potential shift in investor sentiment and expectations regarding future performance.
Price to Earnings (P/E)
T-Mobile US Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| AT&T Inc. | ||||||
| Verizon Communications Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Telecommunication Services | ||||||
| P/E Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of T-Mobile US Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio demonstrated an increasing trend, followed by a significant decline and subsequent stabilization. This analysis details the observed patterns and potential implications.
- Share Price
- The share price increased from US$124.48 in 2021 to US$147.49 in 2022, representing a growth of approximately 18.5%. A further increase to US$161.78 was observed in 2023, though the rate of growth slowed. A substantial increase occurred in 2024, reaching US$232.97, before decreasing to US$209.54 in 2025.
- Earnings Per Share (EPS)
- Earnings per share decreased from US$2.42 in 2021 to US$2.12 in 2022, a decline of approximately 12.4%. A significant increase in EPS was then recorded in 2023, reaching US$7.01. This positive trend continued into 2024 and 2025, with EPS reaching US$9.93 and US$9.98 respectively, indicating a relatively stable earnings performance in the latter two years.
- Price to Earnings (P/E) Ratio
- The P/E ratio began at 51.43 in 2021 and rose to 69.44 in 2022, coinciding with the increase in share price and the decrease in EPS. A dramatic decrease in the P/E ratio was observed in 2023, falling to 23.09, driven by the substantial increase in EPS. The ratio remained relatively stable in 2024 at 23.46 and further decreased slightly to 21.00 in 2025. This suggests that while the share price experienced volatility, earnings growth largely influenced the P/E ratio’s trajectory, particularly the significant drop in 2023.
The observed fluctuations in the P/E ratio suggest a dynamic relationship between market valuation and underlying earnings. The initial increase in the ratio, followed by the substantial decline, indicates a shift in investor sentiment or a reassessment of the company’s future growth prospects relative to its earnings. The stabilization of the P/E ratio in the final two years may reflect a more consistent earnings profile and a corresponding adjustment in market expectations.
Price to Operating Profit (P/OP)
T-Mobile US Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| AT&T Inc. | ||||||
| Verizon Communications Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Telecommunication Services | ||||||
| P/OP Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of T-Mobile US Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio increased before declining and stabilizing. The share price exhibited an overall upward trend, though with a recent decrease, while operating profit per share showed a significant increase between 2022 and 2023, followed by continued growth at a slower pace.
- P/OP Ratio Trend
- The P/OP ratio began at 22.56 in 2021, increased to 27.49 in 2022, and then decreased substantially to 13.46 in 2023. This decline continued, albeit at a slower rate, to 14.77 in 2024, and further to 12.63 in 2025. This suggests that the market valuation relative to operating profit has generally decreased over the period, despite increases in operating profit per share.
- Share Price Movement
- The share price increased from US$124.48 in 2021 to US$147.49 in 2022, and continued to rise to US$161.78 in 2023. A significant increase was observed in 2024, reaching US$232.97, but this was followed by a decrease to US$209.54 in 2025. This indicates a period of strong investor optimism in 2024, followed by a correction.
- Operating Profit per Share
- Operating profit per share was relatively stable between 2021 and 2022, at US$5.52 and US$5.37 respectively. A substantial increase was then recorded in 2023, reaching US$12.02. Growth continued, though at a reduced rate, to US$15.77 in 2024 and US$16.59 in 2025. This demonstrates improving profitability on a per-share basis.
The decreasing P/OP ratio, coupled with increasing operating profit per share, suggests that the market’s willingness to pay for each dollar of operating profit has diminished over time. This could be due to a variety of factors, including changing market conditions, investor sentiment, or perceived future growth prospects. The recent share price decline in 2025, following a peak in 2024, may indicate a reassessment of the company’s valuation.
Price to Sales (P/S)
T-Mobile US Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| AT&T Inc. | ||||||
| Verizon Communications Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Telecommunication Services | ||||||
| P/S Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of T-Mobile US Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited an increasing trend from 2021 to 2023, followed by a significant increase in 2024 and a subsequent decline in 2025. This movement occurred alongside increases in both share price and sales per share throughout the observed period.
- Price-to-Sales Ratio Trend
- The price-to-sales ratio increased from 1.94 in 2021 to 2.26 in 2022, representing a 16.5% rise. This upward trajectory continued with a further increase to 2.44 in 2023, a 7.9% increase from the prior year. A substantial jump was then observed in 2024, with the ratio reaching 3.27, a 33.9% increase. However, in 2025, the ratio decreased to 2.61, a 20.2% decline from 2024.
- Share Price and Sales per Share Relationship
- The share price demonstrated consistent growth from US$124.48 in 2021 to US$161.78 in 2023, before experiencing a significant increase to US$232.97 in 2024. The share price then decreased to US$209.54 in 2025. Sales per share also increased steadily, moving from US$64.13 in 2021 to US$66.19 in 2023, and then accelerating to US$71.29 in 2024 and US$80.15 in 2025. The increases in share price and sales per share generally correlate with the observed changes in the price-to-sales ratio.
- Observed Patterns
- The period between 2021 and 2023 shows a moderate increase in the price-to-sales ratio, suggesting investors were willing to pay a slightly higher premium for each dollar of sales. The pronounced increase in 2024, coupled with the subsequent decrease in 2025, indicates a period of heightened investor optimism followed by a correction or reassessment. The decline in the price-to-sales ratio in 2025, despite continued growth in sales per share, suggests the share price did not increase at the same rate.
Overall, the price-to-sales ratio demonstrates a dynamic pattern over the five-year period, reflecting changes in investor sentiment and potentially influenced by broader market conditions or company-specific developments.
Price to Book Value (P/BV)
T-Mobile US Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| AT&T Inc. | ||||||
| Verizon Communications Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Telecommunication Services | ||||||
| P/BV Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of T-Mobile US Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio exhibited an increasing trend from 2021 to 2024, followed by a slight decrease in the most recent period. This indicates a changing market valuation of the company’s net assets relative to its share price.
- Price to Book Value (P/BV) Trend
- The P/BV ratio increased from 2.25 in 2021 to 2.58 in 2022, representing a moderate increase in market valuation relative to book value. This upward trajectory continued through 2023, reaching 2.97. A significant jump was observed in 2024, with the ratio climbing to 4.31, suggesting a substantial premium investors were willing to pay for each dollar of net asset value. However, in 2025, the P/BV ratio decreased to 3.90, indicating a slight cooling of this premium.
The share price demonstrated an overall increase throughout the observed period, although with some fluctuation. The share price rose from US$124.48 in 2021 to US$147.49 in 2022, and further to US$161.78 in 2023. The most substantial increase occurred between 2023 and 2024, with the share price reaching US$232.97. A subsequent decline to US$209.54 was noted in 2025.
- Book Value per Share (BVPS) Trend
- Book value per share showed a modest increase from US$55.31 in 2021 to US$57.12 in 2022. A slight decrease was then observed in 2023, falling to US$54.53. This downward trend continued, albeit at a slower pace, reaching US$54.08 in 2024 and US$53.73 in 2025. The relatively stable, but slightly declining, book value per share suggests a consistent, but potentially eroding, net asset base.
The combined trends suggest that the increase in the P/BV ratio from 2021 to 2024 was primarily driven by a rising share price, while book value per share remained relatively stable and then began a slow decline. The decrease in the P/BV ratio in 2025 is attributable to both a decrease in share price and a continued, albeit small, decline in book value per share.