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).
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2013
- Return on Equity (ROE) since 2013
- Debt to Equity since 2013
- Price to Earnings (P/E) since 2013
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Historical Valuation Ratios (Summary)
T-Mobile US Inc., historical price multiples (quarterly data)
Based on: 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 distinct transition from high volatility and expanded multiples in 2022 to a more compressed and stabilized valuation profile by mid-2026. While earnings-based multiples experienced a sharp decline and eventual normalization, asset and revenue-based multiples followed a delayed growth trajectory, peaking in early 2025 before trending downward.
- Price to Earnings (P/E)
- A period of extreme expansion is observed during 2022, with the ratio peaking at 113.98 in September 2022. This was followed by a significant correction throughout 2023, where the ratio dropped to 20.96 by September. From late 2023 through 2025, the P/E remained relatively stable within the 20.00 to 25.00 range, before continuing a gradual descent to a period low of 17.31 by June 2026.
- Price to Operating Profit (P/OP)
- The P/OP ratio closely mirrored the trajectory of the P/E ratio. After reaching a peak of 36.01 in September 2022, the ratio entered a consistent downward trend. This decline reflects a steady compression of the valuation relative to operating performance, ending at 10.02 in June 2026, the lowest point in the observed period.
- Price to Sales (P/S)
- The P/S ratio remained stable between 1.98 and 2.27 during 2022 and early 2023. A growth phase began in late 2023, with the ratio climbing to a peak of 3.60 in March 2025. Subsequent to this peak, a downward trend emerged, returning the ratio to 1.98 by June 2026, effectively neutralizing the gains seen over the preceding two years.
- Price to Book Value (P/BV)
- Price to book value demonstrated a sustained upward trajectory for the majority of the period. Starting at 2.27 in March 2022, the ratio increased steadily to reach a maximum of 4.87 in March 2025. Following this peak, the ratio declined over the final 15 months to 3.25 by June 2026, although it remained higher than the initial 2022 levels.
Overall, the data indicates a divergence between profit-based multiples and asset-based multiples. The sharp contraction in P/E and P/OP suggests substantial growth in net income and operating profit that outpaced stock price appreciation. Conversely, the delayed peak in P/S and P/BV suggests that market valuation relative to sales and equity peaked significantly later, coinciding with a period of valuation correction across all metrics by mid-2026.
Price to Earnings (P/E)
T-Mobile US Inc., historical P/E calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| AT&T Inc. | ||||||||||||||||||||||||
| Verizon Communications Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of T-Mobile US Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates a significant transition in valuation metrics between early 2022 and mid-2026, characterized by a shift from high-growth speculation to earnings-driven valuation stability.
- Earnings per Share (EPS) Trajectory
- A consistent and strong upward trend in EPS is observed for the majority of the period. Earnings grew from 2.24 US$ in March 2022 to a peak of 10.85 US$ in June 2025. While a slight moderation occurred in 2026, ending at 9.84 US$, the overall growth in profitability per share provided the fundamental support for the stock's valuation over the four-year span.
- Share Price Movement
- The share price exhibited a general increase from 126.80 US$ in March 2022, reaching a maximum value of 262.18 US$ in March 2025. Following this peak, a gradual decline is evident, with the price descending to 170.42 US$ by June 2026. The growth phase of the share price was most aggressive between December 2023 and March 2025.
- Price-to-Earnings (P/E) Ratio Compression
- The P/E ratio experienced extreme volatility in 2022, peaking at 113.98 in September. This high ratio suggests that the market price significantly outpaced actual earnings during that period. However, a sharp contraction occurred throughout 2023, with the ratio dropping to 20.96 by September 2023. This compression was primarily driven by the rapid acceleration of EPS, which aligned the company's valuation more closely with its actual financial performance.
- Valuation Stabilization and Normalization
- From late 2023 through June 2026, the P/E ratio entered a phase of relative stability, fluctuating within a narrow range between 17.31 and 24.98. This indicates a transition toward a mature valuation model where share price movements are more closely synchronized with earnings growth. The final decline in the P/E ratio to 17.31 in June 2026 suggests a more conservative market valuation as the rapid growth phase of EPS leveled off.
Price to Operating Profit (P/OP)
T-Mobile US Inc., historical P/OP calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of T-Mobile US Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
A comprehensive analysis of the valuation metrics reveals a significant decompression in the Price to Operating Profit (P/OP) ratio over the observed period. This trend is characterized by a consistent expansion in operational profitability that has fundamentally altered the company's valuation multiple, despite fluctuations in the equity price.
- Operating Profit per Share Growth
- Operating profit per share demonstrates a robust and steady upward trajectory, rising from 5.23 USD in March 2022 to 17.02 USD by June 2026. This represents a substantial increase in the earnings generated from core operations, reflecting strong operational efficiency and growth throughout the entire period.
- P/OP Ratio Trends
- The P/OP ratio experienced an initial peak of 36.01 in September 2022, followed by a sharp contraction throughout 2023, reaching 12.05 by September of that year. Following a period of relative stability between December 2023 and December 2024, where the ratio fluctuated between 13.46 and 15.17, a final downward trend is observed, culminating in a low of 10.02 by June 2026. This progression indicates that the market valuation of the operating profit has decreased significantly over time.
- Share Price Influence
- The share price exhibited an overall growth phase from March 2022, peaking at 262.18 USD in March 2025. However, a subsequent decline in share price occurred from April 2025 through June 2026, falling to 170.42 USD. Because operating profits continued to climb during this period of price depreciation, the P/OP ratio was driven further downward, resulting in a lower valuation multiple relative to the company's increasing operational strength.
Price to Sales (P/S)
T-Mobile US Inc., historical P/S calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of T-Mobile US Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio exhibits a distinct cyclical trajectory between March 2022 and June 2026, characterized by a period of stability, a significant expansion phase, and a subsequent correction to baseline levels.
- Share Price Performance
- Share prices demonstrate a strong upward trend for the majority of the period, rising from 126.80 USD in March 2022 to a peak of 262.18 USD in March 2025. Following this peak, a consistent decline is observed, with the price retreating to 170.42 USD by June 2026.
- Sales per Share Growth
- A consistent and linear increase in sales per share is evident throughout the entire duration. The metric rises from 64.20 USD in March 2022 to 85.94 USD by June 2026, reflecting steady growth in top-line revenue generation on a per-share basis regardless of share price volatility.
- P/S Ratio Dynamics
- The P/S ratio remained relatively range-bound between 1.98 and 2.45 from March 2022 through March 2023. An expansion phase followed, where the ratio climbed from 2.08 in September 2023 to a maximum of 3.60 in March 2025, indicating that share price appreciation significantly outpaced sales growth during this window. This was followed by a contraction phase, with the ratio declining steadily to 1.98 by June 2026, returning the valuation multiple to its initial March 2022 level.
The divergence between the linear growth of sales per share and the volatile movement of the share price drove the fluctuations in the P/S ratio. The peak valuation in early 2025 suggests a period of heightened market optimism or speculative pricing, while the subsequent decline indicates a normalization of the multiple relative to the actual revenue growth.
Price to Book Value (P/BV)
T-Mobile US Inc., historical P/BV calculation (quarterly data)
| 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 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| AT&T Inc. | ||||||||||||||||||||||||
| Verizon Communications Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of T-Mobile US Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation of common stock over the analyzed period demonstrates a significant expansion and subsequent contraction in the Price to Book Value (P/BV) ratio. The primary driver of this volatility was the fluctuation in share price, as the book value per share remained relatively stagnant throughout the observation window.
- Share Price Trends
- A sustained upward trajectory in share price is observed from March 31, 2022, at 126.80 US$, reaching a peak of 262.18 US$ by March 31, 2025. This period of appreciation was followed by a steady decline, with the price receding to 170.42 US$ by June 30, 2026.
- Book Value per Share (BVPS) Stability
- The book value per share exhibited minimal volatility, fluctuating within a narrow range between a high of 57.12 US$ in December 2022 and a low of 51.63 US$ in March 2026. The lack of significant growth or decline in BVPS indicates that the equity base remained stable, making the P/BV ratio highly sensitive to market price movements.
- Price to Book Value (P/BV) Analysis
- The P/BV ratio evolved through three distinct phases. An initial period of relative stability occurred between March 2022 and December 2023, with the ratio ranging from 2.27 to 2.97. A phase of rapid expansion followed, where the ratio climbed from 3.10 in March 2024 to a peak of 4.87 in March 2025, signaling a significant increase in market premium over accounting value. Finally, a corrective phase is evident from June 2025 through June 2026, as the ratio compressed from 4.31 down to 3.25.
The divergence between the stable book value and the volatile share price underscores that the changes in the P/BV ratio were driven by external market sentiment and valuation multiples rather than internal changes in the company's net asset value.