Valuation, from the filing
| Public float | $3.00B | Market value of stock held by non-affiliates, as stated on the cover page for 2019-06-28 |
|---|---|---|
| Float / net income | 24.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 0.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 0.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2019-06-28, not today, and each multiple below it uses the figures for the fiscal year ending 2019-12-31 — the year that filing covered.
Valuation over time
24.8× earnings today, against a median of 19.8× across 4 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2019-06-28 | $3.00B | 24.8× | |
| 2018-06-30 | $2.00B | 14.8× | |
| 2017-06-30 | $2.20B | 14.4× | |
| 2016-06-30 | $2.38B | 55.4× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Telephone Communications (No Radiotelephone) filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Effective tax rate | -69.9% | 0th | |
| FCF margin | 16.2% | 91th | |
| CapEx / revenue | 31.8% | 82th | |
| Current ratio | 2.10x | 75th | |
| Long-term debt / equity | 0.16x | 25th | |
| Revenue YoY growth | -5.3% | 25th | |
| Operating margin | -7.9% | 31th | |
| SBC / revenue | 2.2% | 67th | |
| Net margin | -0.5% | 53th |
TELEPHONE & DATA SYSTEMS INC /DE/ (TDS) reported revenue of $1.26B and net income of $417.68M for the fiscal year ended 2026-06-30. This page shows 1 annual period of income statement, balance sheet and cash flow figures normalized from TELEPHONE & DATA SYSTEMS INC /DE/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Telephone Communications (No Radiotelephone).
Income
| Metric | 2026-06-30 |
|---|---|
| Revenue | $1.26B |
| Cost of revenue | Unavailable |
| Gross profit | Unavailable |
| Operating income | $465.89M |
| Net income | $417.68M |
| Research & development | Unavailable |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $772.84M |
| Income tax expense | $110.98M |
| Diluted EPS | Unavailable |
| Selling, general & administrative | $424.23M |
| General & administrative | Unavailable |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-06-30 |
|---|---|
| Cash & equivalents | $2.19B |
| Total assets | $8.38B |
| Current assets | $2.35B |
| Total liabilities | Unavailable |
| Current liabilities | $615.64M |
| Total equity incl. NCI | $5.40B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | $3.78M |
| Accounts receivable | $63.30M |
| Goodwill | Unavailable |
| Long-term debt | $670.65M |
| Accounts payable | Unavailable |
Cash flow
| Metric | 2026-06-30 |
|---|---|
| Operating cash flow | $105.65M |
| Capital expenditures | $557.97M |
| Investing cash flow | $4.28B |
| Financing cash flow | -$2.75B |
| Net change in cash | $1.64B |
| Stock-based compensation | $18.10M |
| Common dividends paid | $87.61M |
| Common share repurchases | Unavailable |
| Depreciation & amortization | $356.26M |
Derived
| Metric | 2026-06-30 |
|---|---|
| Free cash flow | -$452.32M |
| Gross margin | Unavailable |
| Operating margin | 37.0% |
| FCF margin | -36.0% |
| SBC / revenue | 1.4% |
| Current ratio | 3.82x |
| Revenue YoY growth | 6.0% |
| Net margin | 33.2% |
| R&D / revenue | Unavailable |
| CapEx / revenue | 44.4% |
| Long-term debt / equity | 0.12x |
| Effective tax rate | 14.4% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open TDS in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.