Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
T-Mobile US Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation ratios exhibit a general trend of contraction over the analyzed period, particularly regarding earnings and operating profit multiples, while asset and revenue-based multiples show a period of expansion followed by a subsequent decline.
- Price to Earnings (P/E) Ratio
- A significant volatility period is observed between March 2022 and December 2022, where the ratio peaked at 113.98 in September 2022. Following this peak, a sharp downward trend occurred, with the ratio stabilizing between 20.00 and 25.00 from September 2023 through December 2024. The final period shows a continued decline, reaching a minimum of 13.88 by September 2026, suggesting a substantial expansion of earnings relative to the share price.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio closely mirrors the trajectory of the P/E ratio. After reaching a peak of 36.01 in September 2022, the ratio entered a consistent state of decline. A period of relative stability was noted between September 2023 and March 2025, hovering between 12.05 and 15.82. The ratio concluded the period at its lowest point of 8.09, indicating improved operational profitability relative to market valuation.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable around 2.00 to 2.30 during 2022 and the first half of 2023. A growth phase began in December 2023, with the ratio climbing to a peak of 3.60 by March 2025. This was followed by a steady contraction, ending at 1.67 in September 2026, reflecting a shift in how the market values the company's top-line revenue.
- Price to Book Value (P/BV) Ratio
- A steady upward trend in the P/BV ratio is evident from March 2022 (2.27) through March 2025, where it reached a peak of 4.87. This expansion indicates a growing premium over the company's book value. However, the ratio declined throughout the remainder of the period, closing at 2.79 in September 2026.
Overall, the data indicates a transition from high valuation multiples in 2022 to more compressed multiples by 2026. The divergence between the early decline in P/E and P/OP ratios and the delayed peak in P/S and P/BV ratios suggests that while the market initially corrected earnings expectations, it maintained a premium on assets and revenue until 2025.
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Price to Earnings (P/E)
T-Mobile US Inc., historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,059,272,571 | 1,072,671,613 | 1,082,204,717 | 1,101,862,739 | 1,118,506,626 | 1,125,419,038 | 1,135,445,108 | 1,141,744,952 | 1,160,486,648 | 1,166,784,033 | 1,171,854,259 | 1,186,867,575 | 1,156,475,060 | 1,176,457,229 | 1,199,892,465 | 1,219,383,110 | 1,244,154,134 | 1,254,041,236 | 1,253,584,833 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) (in millions) | 3,455) | 3,239) | 2,504) | 2,103) | 2,714) | 3,222) | 2,953) | 2,981) | 3,059) | 2,925) | 2,374) | 2,014) | 2,142) | 2,221) | 1,940) | 1,477) | 508) | (108) | 713) | ||||||
| Earnings per share (EPS)2 | 10.67 | 9.84 | 9.74 | 9.98 | 10.61 | 10.85 | 10.50 | 9.93 | 8.94 | 8.10 | 7.47 | 7.01 | 6.73 | 5.22 | 3.18 | 2.12 | 1.23 | 1.37 | 2.24 | ||||||
| Share price1, 3 | 148.08 | 170.42 | 186.72 | 209.54 | 219.99 | 233.93 | 262.18 | 232.97 | 220.95 | 182.28 | 163.96 | 161.78 | 140.99 | 139.88 | 149.94 | 147.49 | 140.63 | 143.06 | 126.80 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 13.88 | 17.31 | 19.17 | 21.00 | 20.73 | 21.55 | 24.98 | 23.46 | 24.72 | 22.49 | 21.96 | 23.09 | 20.96 | 26.78 | 47.13 | 69.44 | 113.98 | 104.43 | 56.69 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| AT&T Inc. | 11.36 | 7.37 | 8.33 | 8.67 | 7.92 | 15.76 | 16.72 | 16.94 | 17.98 | 10.99 | 8.99 | 8.47 | — | — | — | — | 6.53 | 6.60 | 8.08 | ||||||
| Verizon Communications Inc. | 11.02 | 12.03 | 11.59 | 12.02 | 8.55 | 9.98 | 9.94 | 9.75 | 17.78 | 14.95 | 14.60 | 14.38 | 6.94 | 6.80 | 7.55 | 7.91 | 7.93 | 9.20 | 9.51 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ No. shares of common stock outstanding
= (3,455,000,000 + 3,239,000,000 + 2,504,000,000 + 2,103,000,000)
÷ 1,059,272,571 = 10.67
3 Closing price as at the filing date of T-Mobile US Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 148.08 ÷ 10.67 = 13.88
5 Click competitor name to see calculations.
The financial trajectory between March 2022 and September 2026 is characterized by a significant transition from high-valuation volatility to earnings-driven stability, followed by a valuation contraction. An initial period of extreme Price-to-Earnings (P/E) expansion gave way to a consistent growth phase in earnings per share, which eventually normalized the stock's valuation before a subsequent decline in market price occurred.
- Earnings Per Share (EPS) Growth
- A sustained upward trend in EPS is observed, rising from 2.24 USD in March 2022 to a peak of 10.85 USD in June 2025. This represents a substantial increase in profitability over the period. After reaching this peak, earnings remained relatively stable, fluctuating within a narrow range between 9.74 USD and 10.85 USD through the end of the analyzed period.
- Share Price Volatility
- The share price exhibited a general upward trajectory from March 2022, starting at 126.80 USD and reaching a maximum value of 262.18 USD in December 2024. Following this peak, a consistent downward trend was observed, with the price retreating to 148.08 USD by September 2026, nearly returning to the valuation levels seen in mid-2022.
- P/E Ratio Compression
- The P/E ratio underwent three distinct phases. First, a period of extreme expansion occurred in 2022, peaking at 113.98 in September 2022, suggesting that the share price was significantly decoupled from immediate earnings. Second, a period of normalization followed throughout 2023 and 2024, as rapid EPS growth brought the ratio down to a stable range between 20.00 and 25.00. Third, a final contraction phase is evident from 2025 through September 2026, where the P/E ratio fell to 13.88, its lowest point in the series, driven by declining share prices despite stable earnings.
Overall, the data indicates a shift in market sentiment. The early period was defined by speculative growth or anticipation, whereas the latter period shows a market correction where the valuation multiple compressed significantly even as the company maintained its peak earnings levels.
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Price to Operating Profit (P/OP)
T-Mobile US Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,059,272,571 | 1,072,671,613 | 1,082,204,717 | 1,101,862,739 | 1,118,506,626 | 1,125,419,038 | 1,135,445,108 | 1,141,744,952 | 1,160,486,648 | 1,166,784,033 | 1,171,854,259 | 1,186,867,575 | 1,156,475,060 | 1,176,457,229 | 1,199,892,465 | 1,219,383,110 | 1,244,154,134 | 1,254,041,236 | 1,253,584,833 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | 5,661) | 5,490) | 4,497) | 3,736) | 4,530) | 5,213) | 4,800) | 4,586) | 4,796) | 4,630) | 3,998) | 3,480) | 3,596) | 3,793) | 3,397) | 2,747) | 1,281) | 709) | 1,806) | ||||||
| Operating profit per share2 | 18.30 | 17.02 | 16.61 | 16.59 | 17.10 | 17.23 | 16.57 | 15.77 | 14.57 | 13.46 | 12.69 | 12.02 | 11.70 | 9.54 | 6.78 | 5.37 | 3.91 | 4.12 | 5.23 | ||||||
| Share price1, 3 | 148.08 | 170.42 | 186.72 | 209.54 | 219.99 | 233.93 | 262.18 | 232.97 | 220.95 | 182.28 | 163.96 | 161.78 | 140.99 | 139.88 | 149.94 | 147.49 | 140.63 | 143.06 | 126.80 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 8.09 | 10.02 | 11.24 | 12.63 | 12.86 | 13.57 | 15.82 | 14.77 | 15.17 | 13.54 | 12.92 | 13.46 | 12.05 | 14.67 | 22.12 | 27.49 | 36.01 | 34.75 | 24.23 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| AT&T Inc. | 6.26 | 6.17 | 7.07 | 7.85 | 7.40 | 10.14 | 10.36 | 9.56 | 8.38 | 6.07 | 5.17 | 5.12 | — | — | — | — | 5.94 | 5.68 | 6.52 | ||||||
| Verizon Communications Inc. | 6.22 | 6.82 | 6.80 | 7.05 | 5.35 | 6.16 | 6.06 | 5.95 | 7.97 | 7.18 | 7.24 | 7.30 | 4.91 | 4.78 | 5.39 | 5.52 | 4.96 | 6.00 | 6.27 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= (5,661,000,000 + 5,490,000,000 + 4,497,000,000 + 3,736,000,000)
÷ 1,059,272,571 = 18.30
3 Closing price as at the filing date of T-Mobile US Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 148.08 ÷ 18.30 = 8.09
5 Click competitor name to see calculations.
The valuation of T-Mobile US Inc. demonstrates a significant compression in the Price to Operating Profit (P/OP) ratio over the observed period, driven by a sustained increase in operating profitability that outpaced share price movements.
- Operating Profitability Growth
- Operating profit per share exhibited a consistent and robust upward trajectory, rising from 5.23 USD in March 2022 to 18.30 USD by September 2026. This steady growth indicates a continuous improvement in operational efficiency and earnings power per share throughout the entire timeframe.
- Share Price Fluctuations
- The share price followed a cyclical pattern, increasing from 126.80 USD in March 2022 to a peak of 262.18 USD in December 2024. Following this peak, a sustained decline is observed, with the price retreating to 148.08 USD by September 2026.
- P/OP Ratio Analysis
- The P/OP ratio experienced high volatility in 2022, peaking at 36.01 in September of that year. A sharp contraction occurred thereafter, with the ratio dropping to 12.05 by September 2023. After a period of relative stabilization between 12 and 16 through 2024 and 2025, the ratio entered a final decline phase, reaching a period low of 8.09 by September 2026.
The divergence between the rising operating profit per share and the eventual decline in share price resulted in a substantial devaluation of the P/OP multiple. This suggests that by the end of the analyzed period, the stock was trading at a significantly lower multiple of its operating profits than at the start of the period.
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Price to Sales (P/S)
T-Mobile US Inc., historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,059,272,571 | 1,072,671,613 | 1,082,204,717 | 1,101,862,739 | 1,118,506,626 | 1,125,419,038 | 1,135,445,108 | 1,141,744,952 | 1,160,486,648 | 1,166,784,033 | 1,171,854,259 | 1,186,867,575 | 1,156,475,060 | 1,176,457,229 | 1,199,892,465 | 1,219,383,110 | 1,244,154,134 | 1,254,041,236 | 1,253,584,833 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in millions) | 23,584) | 22,791) | 23,107) | 24,334) | 21,957) | 21,132) | 20,886) | 21,872) | 20,162) | 19,772) | 19,594) | 20,478) | 19,252) | 19,196) | 19,632) | 20,273) | 19,477) | 19,701) | 20,120) | ||||||
| Sales per share2 | 88.57 | 85.94 | 83.65 | 80.15 | 76.75 | 74.69 | 72.83 | 71.29 | 68.94 | 67.79 | 67.00 | 66.19 | 67.75 | 66.79 | 65.91 | 65.26 | 64.37 | 63.98 | 64.20 | ||||||
| Share price1, 3 | 148.08 | 170.42 | 186.72 | 209.54 | 219.99 | 233.93 | 262.18 | 232.97 | 220.95 | 182.28 | 163.96 | 161.78 | 140.99 | 139.88 | 149.94 | 147.49 | 140.63 | 143.06 | 126.80 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 1.67 | 1.98 | 2.23 | 2.61 | 2.87 | 3.13 | 3.60 | 3.27 | 3.20 | 2.69 | 2.45 | 2.44 | 2.08 | 2.09 | 2.27 | 2.26 | 2.18 | 2.24 | 1.98 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| AT&T Inc. | 1.15 | 1.24 | 1.40 | 1.51 | 1.41 | 1.61 | 1.60 | 1.49 | 1.30 | 1.13 | 0.99 | 0.98 | 0.90 | 0.85 | 1.03 | 1.14 | 0.99 | 0.93 | 0.89 | ||||||
| Verizon Communications Inc. | 1.30 | 1.40 | 1.44 | 1.49 | 1.23 | 1.33 | 1.31 | 1.27 | 1.30 | 1.25 | 1.23 | 1.25 | 1.08 | 1.06 | 1.20 | 1.23 | 1.13 | 1.42 | 1.52 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ No. shares of common stock outstanding
= (23,584,000,000 + 22,791,000,000 + 23,107,000,000 + 24,334,000,000)
÷ 1,059,272,571 = 88.57
3 Closing price as at the filing date of T-Mobile US Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 148.08 ÷ 88.57 = 1.67
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through September 2026 reveals a distinct three-phase cycle characterized by stability, rapid valuation expansion, and a subsequent significant contraction.
- Sales per Share Performance
- A consistent and linear upward trend is observed in sales per share throughout the entire period. Starting at 64.20 US$ in March 2022, the metric grew steadily to reach 88.57 US$ by September 2026. This indicates a sustained increase in the company's revenue-generating capacity on a per-share basis, independent of market price fluctuations.
- Share Price Volatility
- The share price exhibited significant volatility compared to the steady growth of sales. After a period of moderate growth between 2022 and 2023, the price experienced a sharp acceleration starting in 2024, peaking at 262.18 US$ in March 2025. This peak was followed by a sustained decline, with the price falling to 148.08 US$ by the end of the period.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio reflects the divergence between market valuation and fundamental sales growth. From March 2022 to December 2023, the ratio remained relatively stable, fluctuating between 1.98 and 2.44. A period of aggressive valuation expansion occurred between March 2024 and March 2025, where the ratio peaked at 3.60, indicating that the market was pricing the stock at a significant premium relative to its sales growth.
- Valuation Contraction
- Beginning in June 2025, a marked contraction in the P/S ratio is evident. Despite the continued increase in sales per share, the declining share price led to a reduction in the multiple. By September 2026, the P/S ratio dropped to 1.67, which represents the lowest valuation multiple within the analyzed timeframe, suggesting a market correction or a shift in investor sentiment regarding the company's revenue valuation.
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Price to Book Value (P/BV)
T-Mobile US Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,059,272,571 | 1,072,671,613 | 1,082,204,717 | 1,101,862,739 | 1,118,506,626 | 1,125,419,038 | 1,135,445,108 | 1,141,744,952 | 1,160,486,648 | 1,166,784,033 | 1,171,854,259 | 1,186,867,575 | 1,156,475,060 | 1,176,457,229 | 1,199,892,465 | 1,219,383,110 | 1,244,154,134 | 1,254,041,236 | 1,253,584,833 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 56,307) | 56,265) | 55,879) | 59,203) | 60,477) | 61,107) | 61,105) | 61,741) | 64,250) | 62,636) | 62,074) | 64,715) | 64,698) | 65,750) | 66,925) | 69,656) | 70,150) | 70,034) | 69,976) | ||||||
| Book value per share (BVPS)2 | 53.16 | 52.45 | 51.63 | 53.73 | 54.07 | 54.30 | 53.82 | 54.08 | 55.36 | 53.68 | 52.97 | 54.53 | 55.94 | 55.89 | 55.78 | 57.12 | 56.38 | 55.85 | 55.82 | ||||||
| Share price1, 3 | 148.08 | 170.42 | 186.72 | 209.54 | 219.99 | 233.93 | 262.18 | 232.97 | 220.95 | 182.28 | 163.96 | 161.78 | 140.99 | 139.88 | 149.94 | 147.49 | 140.63 | 143.06 | 126.80 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 2.79 | 3.25 | 3.62 | 3.90 | 4.07 | 4.31 | 4.87 | 4.31 | 3.99 | 3.40 | 3.10 | 2.97 | 2.52 | 2.50 | 2.69 | 2.58 | 2.49 | 2.56 | 2.27 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| AT&T Inc. | 1.38 | 1.43 | 1.62 | 1.72 | 1.58 | 1.90 | 1.89 | 1.74 | 1.55 | 1.31 | 1.15 | 1.16 | 1.06 | 1.02 | 1.26 | 1.41 | 1.06 | 1.11 | 0.82 | ||||||
| Verizon Communications Inc. | 1.71 | 1.87 | 1.94 | 1.98 | 1.61 | 1.76 | 1.75 | 1.72 | 1.81 | 1.75 | 1.75 | 1.81 | 1.48 | 1.50 | 1.76 | 1.84 | 1.75 | 2.22 | 2.43 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 56,307,000,000 ÷ 1,059,272,571 = 53.16
3 Closing price as at the filing date of T-Mobile US Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 148.08 ÷ 53.16 = 2.79
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibited a significant cyclical trajectory between March 2022 and September 2026, characterized by a sustained period of valuation expansion followed by a marked contraction. The ratio began at 2.27 and reached a peak of 4.87 before retracing to 2.79 by the end of the period.
- Share Price Volatility
- The fluctuations in the P/BV ratio were primarily driven by volatility in the share price. A strong upward trend occurred from March 2022, when the price was 126.80 US$, peaking in March 2025 at 262.18 US$. This appreciation led to a corresponding rise in the P/BV ratio, which climbed steadily from 2.27 to 4.87 over the same period. Subsequently, a downward correction began, with the share price falling to 148.08 US$ by September 2026, causing the P/BV ratio to compress back toward 2.79.
- Book Value per Share (BVPS) Stability
- In contrast to the share price, the Book Value per Share remained relatively stagnant throughout the analyzed period. The BVPS fluctuated within a narrow range, with a high of 57.12 US$ in December 2022 and a low of 51.63 US$ in March 2026. Because the equity value per share showed minimal variance, the P/BV ratio functioned almost exclusively as a reflection of market sentiment and share price movement rather than fundamental changes in the company's book equity.
- Valuation Phases
- The data reveals three distinct valuation phases. The first phase (March 2022 to December 2022) was one of relative stability, with the ratio hovering between 2.27 and 2.58. The second phase (March 2023 to March 2025) was an aggressive expansion period, where the ratio accelerated from 2.69 to its peak of 4.87. The final phase (June 2025 to September 2026) was a period of valuation normalization, as the ratio declined consecutively each quarter from 4.31 to 2.79.
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