T-Mobile US Inc., current enterprise value calculation

Current share price (P)	$187.53
No. shares of common stock outstanding	1,082,204,717
US$ in millions
Common equity (market value)¹	202,946)
Total equity	202,946)
Add: Short-term debt (per books)	5,135)
Add: Short-term debt to affiliates (per books)	—)
Add: Short-term financing lease liabilities (per books)	1,163)
Add: Long-term debt (per books)	79,649)
Add: Long-term debt to affiliates (per books)	1,498)
Add: Long-term financing lease liabilities (per books)	1,107)
Total equity and debt	291,498)
Less: Cash and cash equivalents	5,598)
Enterprise value (EV)	285,900)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 187.53 × 1,082,204,717

T-Mobile US Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$209.54	$232.97	$161.78	$147.49	$124.48
No. shares of common stock outstanding¹	1,101,862,739	1,141,744,952	1,186,867,575	1,219,383,110	1,249,289,954
US$ in millions
Common equity (market value)³	230,884)	265,992)	192,011)	179,847)	155,512)
Total equity	230,884)	265,992)	192,011)	179,847)	155,512)
Add: Short-term debt (book value)	5,135)	4,068)	3,619)	5,164)	3,378)
Add: Short-term debt to affiliates (book value)	—)	—)	—)	—)	2,245)
Add: Short-term financing lease liabilities (book value)	1,163)	1,175)	1,260)	1,161)	1,120)
Add: Long-term debt (book value)	79,649)	72,700)	69,903)	65,301)	67,076)
Add: Long-term debt to affiliates (book value)	1,498)	1,497)	1,496)	1,495)	1,494)
Add: Long-term financing lease liabilities (book value)	1,107)	1,151)	1,236)	1,370)	1,455)
Total equity and debt	319,436)	346,583)	269,525)	254,338)	232,280)
Less: Cash and cash equivalents	5,598)	5,409)	5,135)	4,507)	6,631)
Enterprise value (EV)	313,838)	341,174)	264,390)	249,831)	225,649)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of T-Mobile US Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 209.54 × 1,101,862,739

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Overall, a general upward trend is observed across most metrics from 2021 to 2024, followed by a decrease in 2025.

Enterprise Value (EV) Trend: Enterprise value exhibited a consistent increase from US$225.649 billion in 2021 to US$341.174 billion in 2024. This represents a cumulative growth of approximately 51.1%. However, 2025 saw a decrease in enterprise value to US$313.838 billion, representing a decline of approximately 8.2% from the 2024 peak.
Equity and Debt Relationship: Total equity and debt increased steadily from US$232.280 billion in 2021 to US$346.583 billion in 2024, mirroring the trend in enterprise value. A decrease to US$319.436 billion is noted in 2025, consistent with the EV decline. The values for total equity and total equity and debt are identical across all periods, indicating that no minority interest or preferred equity is present in the capital structure.
Common Equity and Enterprise Value: Common equity (market value) increased from US$155.512 billion in 2021 to US$265.992 billion in 2024, before decreasing to US$230.884 billion in 2025. The enterprise value consistently exceeds the common equity market value throughout the observed period, which is expected as EV incorporates debt and subtracts cash and equivalents (though cash and equivalents are not explicitly shown here). The difference between EV and common equity reflects the net debt position of the entity.

The decrease in both enterprise value and total equity and debt in 2025 suggests a potential shift in market perception or a change in the company’s capital structure during that year. Further investigation would be required to determine the underlying causes of this reversal in trend.

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T-Mobile US Inc. (NASDAQ:TMUS)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)