T-Mobile US, Inc. (TMUS)
NEUTRALファンダメンタル
73
株価
$181.28
時価総額
$195.89B
パート1 · 企業の価値
概要
T-Mobile US is the third-largest US wireless carrier, providing mobile phone and home internet service to consumers and businesses over its own nationwide network, plus selling phones and other devices. Since completing its 2020 merger with Sprint, it has built out one of the country's largest 5G networks and has been taking subscribers from Verizon and AT&T, particularly in smaller cities, rural areas and price-sensitive segments where its network used to lag.
収益の仕組み
Revenue comes mainly from monthly subscription fees for wireless and home broadband plans (postpaid and prepaid), plus device sales usually financed through instalment plans, and a smaller wholesale business reselling network capacity to other carriers. Because the network's infrastructure cost is largely fixed once built, each additional subscriber added to an existing cell site carries a high incremental margin, so subscriber growth converts efficiently into profit once the underlying network investment has been made.
セグメント別売上高
Monthly wireless and home internet subscriptions billed to individual and business customers who pass a credit check — T-Mobile's core, most profitable customer base.
Sales and instalment financing of phones, tablets and other devices to customers, typically bundled with a new or renewed plan.
Wireless plans paid in advance, generally for more price-sensitive customers, including the Metro by T-Mobile brand.
Network capacity resold to other carriers and mobile virtual network operators, plus other smaller service revenue lines.
競争優位性（moat）
スイッチングコスト · 狭いSwitching carriers means porting a phone number, possibly buying a new device, and hoping coverage holds up in a new network, friction that keeps churn low across the industry. The advantage is narrow, though: switching is still far easier than changing, say, enterprise software, and all three national carriers run aggressive promotions that regularly lure customers to switch anyway.
需要を左右する要因
ディフェンシブMost households now treat mobile and home internet service as an essential, utility-like expense, so subscriber demand holds up well even in a weaker economy. The equipment line is more discretionary, though: customers can delay upgrading to a new phone when money is tight, so device sales are more sensitive to consumer confidence than the core subscription business.
主なリスク
- Intense price competition — Verizon and AT&T compete aggressively on price and promotions to win or defend subscribers, an ongoing pressure that can compress margins across the whole industry.
- Heavy, continuous network investment — Maintaining and upgrading a nationwide 5G network requires sustained, large capital spending; falling behind on network quality would directly threaten the subscriber gains built up since the Sprint merger.
- Cybersecurity and data breach risk — The wireless industry, including T-Mobile, has suffered major customer data breaches in recent years; a future incident could bring regulatory penalties, lawsuits and customer attrition.
- Regulatory oversight of spectrum and mergers — Wireless spectrum licenses, network access rules and merger approvals are all subject to government oversight that can constrain how the company expands its network and business.
- Dependence on securing enough spectrum — Growing data usage per subscriber requires an ongoing supply of wireless spectrum; failing to secure enough in future auctions could limit network capacity relative to competitors.
強気材料
Buyers argue that T-Mobile's network-quality lead since the Sprint merger, combined with a growing home-internet business and expansion into business customers, lets it keep taking profitable subscribers from Verizon and AT&T for years to come.
弱気材料
Sellers fear that ongoing promotional price wars across all three national carriers, the heavy and continuous capital spending network leadership requires, and the industry's repeated exposure to data breaches limit how much of that subscriber growth turns into durable free cash flow.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$92.19B
直近12か月（2026/6/30まで）
純利益
$10.56B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$18.00B
自己資本合計
$59.20B
負債合計
$160.03B
流動比率
0.92
利払い倍率
-
負債/EBITDA
1.18
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$442.23
現在株価
$181.28
安全マージン
+59.0%
適正価値レンジ
$287.45 - $597.01
推定方法
バリュエーション指標
P/E レシオ
19.10
ROE
18.6%
P/B レシオ
3.48
P/FCF
10.65
粗利益率
-
ROIC
7.6%
収益性レーダー
Value Creation (Economic Moat)
ROIC
7.6%
WACC
6.7%
ROIC − WACC
+0.9 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
ファンダメンタル分析基準
合格（20）
- EPS shows upward trend
- EPS CAGR 20.30%
- Price CAGR 12.28%
- ROIC 7.6%
- P/FCF 10.65
- Debt/Equity ratio
- Operating Margin 19.8%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 18.2%
- Revenue Growth 5Y 5.2%
- Analyst Consensus 84% Buy
- Earnings Surprise avg 5.0%
- PEG Ratio 0.62
- Earnings Quality (OCF/NI) 2.73
- Share Dilution -3.7%
- Piotroski F-Score 6/9
不合格（5）
- P/B Ratio 3.48
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Net Margin Trend 11.5% vs 14.5%
データなし（3）
- Gross Margin NaN%
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Srinivasan Gopalan | CEO, President & Director | 55 |
| Mr. Peter Osvaldik | Executive VP & CFO | 48 |
| Mr. Jonathan A. Freier | Chief Operating Officer | 49 |
| Mr. Mark W. Nelson Esq., J.D. | Chief Legal Officer & General Counsel | 57 |
| Mr. Michael J. Katz | Strategic Advisor | 46 |
| Mr. André Almeida | Chief Marketing, Brand & Broadband Officer | 48 |
| Mr. Daniel J. Drobac | VP & Chief Accounting Officer | 49 |
| Dr. John C. B. Saw Ph.D. | President of Technology & CTO | 63 |
| Mr. Jeff Simon | Executive VP & Chief Information Officer | - |
| Ms. Quan Yao C.F.A. | Senior Vice President of Investor Relations | - |
監査リスク
9
取締役会リスク
10
報酬リスク
10
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for TMUS, sourced from Markets Gazette.
- 7/23/2026NEGATIVET-Mobile’s stock sinks despite customers pouring into premium plans
T-Mobile US, Inc. experienced a significant stock price decline despite reporting strong customer uptake of its premium plans. The company's strategic shift towards acquiring 'higher quality accounts' following the introduction of new plans last year appears to be met with investor skepticism. While customer growth in premium segments is a positive operational indicator, the market's reaction suggests concerns about profitability, future revenue streams, or competitive pressures that outweigh the subscriber gains. Investors will be closely watching for further clarification on the financial implications of this strategy.
- 7/23/2026POSITIVET-Mobile earnings rise as customers pour into premium plans
T-Mobile US reported an increase in earnings, driven by a strong uptake of its premium customer plans. The company's strategic shift towards 'higher quality accounts' following the introduction of new plans last year appears to be paying off, indicating successful customer acquisition and retention in higher-value segments. This focus on premium offerings suggests improved revenue per user and potentially higher profitability, which is a positive signal for investors.
- 5/15/2026POSITIVEIf You Invested $1000 In T-Mobile US Stock 10 Years Ago, You Would Have This Much Today
An investment of $1000 in T-Mobile US stock a decade ago would have yielded a substantial return, illustrating the company's significant growth and market performance. While specific figures are not provided in the prompt, the article's premise suggests a strong positive trajectory for TMUS shareholders over the past ten years. This historical performance indicates effective business strategy, successful integration of acquisitions like Sprint, and a competitive edge in the telecommunications sector, potentially signaling continued investor confidence.
- 3/19/2026NEGATIVET-Mobile, Verizon, AT&T Go All-In On Discounts As Churn Surge Hits
T-Mobile, Verizon, and AT&T are engaging in aggressive price wars, offering substantial discounts to combat a surge in customer churn. This intensified competition in 2026 indicates a challenging market environment where customer acquisition and retention costs are rising significantly. Investors should monitor the impact on profit margins for these major US carriers, as the sustained discount strategy could pressure profitability despite efforts to maintain subscriber numbers. The focus shifts from premium service to price competitiveness, potentially altering market dynamics.
- 2/24/2026NEUTRALT-Mobile hopes free offer will restore customer loyalty
T-Mobile has rolled out a free offer in an attempt to win back customer loyalty, following recent losses in its user base. This strategic move aims to reverse a negative churn trend but entails significant costs that could impact short-term margins. Investors will need to carefully assess whether this investment in retention will lead to a sustainable recovery in the customer base and future revenues, or if it represents a defensive measure with uncertain long-term outcomes.
via Markets Gazette