T-Mobile US, Inc. (TMUS)
被低估基本面
72
价格
$164.06
市值
$177.37B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
转换成本 · 狭窄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.
需求驱动因素
防御型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.
主要风险
- 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.
看多理由
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.
看空理由
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.
资产负债表与流动性
营收
$92.19B
最近12个月（截至2026/6/30）
净利润
$10.56B
最近12个月（截至2026/6/30）
自由现金流
$18.00B
股东权益合计
$59.20B
负债合计
$160.03B
流动比率
0.92
利息覆盖率
-
债务/EBITDA
1.18
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$439.98
当前价格
$164.06
安全边际
+62.7%
公允价值区间
$285.99 - $593.97
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
16.92
ROE
18.6%
市净率（P/B）
3.08
P/FCF
9.43
毛利率
-
ROIC
7.6%
盈利能力雷达图
价值创造（经济护城河）
ROIC
7.6%
WACC
6.6%
ROIC − WACC
+1.0 pp
ROIC 与资本成本大致持平：公司仅仅覆盖了资本成本。
基本面分析标准
通过（20）
- EPS shows upward trend
- EPS CAGR 20.30%
- Price CAGR 11.16%
- ROIC 7.6%
- P/FCF 9.43
- 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 81% Buy
- Earnings Surprise avg 5.0%
- PEG Ratio 0.57
- Earnings Quality (OCF/NI) 2.73
- Share Dilution -3.7%
- Piotroski F-Score 6/9
未通过（5）
- P/B Ratio 3.08
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Net Margin Trend 11.5% vs 14.5%
不可用（3）
- Gross Margin NaN%
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 Commercial 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 | - |
审计风险
9
董事会风险
10
薪酬风险
10
股东权利风险
9
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
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