T-Mobile US Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	8,317)	2,590)	3,024)	3,064)	3,468)
Net noncash charges	17,300)	17,246)	18,007)	17,461)	8,915)
Changes in operating assets and liabilities	(7,058)	(3,055)	(7,114)	(11,885)	(5,559)
Net cash provided by operating activities	18,559)	16,781)	13,917)	8,640)	6,824)
Purchases of property and equipment, including capitalized interest	(9,801)	(13,970)	(12,326)	(11,034)	(6,391)
Purchases of spectrum licenses and other intangible assets, including deposits	(1,010)	(3,331)	(9,366)	(1,333)	(967)
Proceeds from issuance of long-term debt	8,446)	3,714)	14,727)	35,337)	—)
Payments of consent fees related to long-term debt	—)	—)	—)	(109)	—)
Proceeds from borrowing on revolving credit facility	—)	—)	—)	—)	2,340)
Repayments of revolving credit facility	—)	—)	—)	—)	(2,340)
Repayments of financing lease obligations	(1,227)	(1,239)	(1,111)	(1,021)	(798)
Repayments of short-term debt for purchases of inventory, property and equipment and other financial liabilities	—)	—)	(184)	(481)	(775)
Repayments of long-term debt	(5,051)	(5,556)	(11,100)	(20,416)	(600)
Proceeds from issuance of short-term debt	—)	—)	—)	18,743)	—)
Repayments of short-term debt	—)	—)	—)	(18,929)	—)
Cash payments for debt prepayment or debt extinguishment costs	—)	—)	(116)	(82)	(28)
Free cash flow to equity (FCFE)	9,916)	(3,601)	(5,559)	9,315)	(2,735)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to T-Mobile US Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	T-Mobile US Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

T-Mobile US Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,160,486,648
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	9,916)
FCFE per share	8.54
Current share price (P)	233.20
Valuation Ratio
P/FCFE	27.29
Benchmarks
P/FCFE, Competitors¹
AT&T Inc.	8.36
Verizon Communications Inc.	16.53
P/FCFE, Sector
Telecommunication Services	15.22
P/FCFE, Industry
Communication Services	26.87

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

T-Mobile US Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	1,186,867,575	1,219,383,110	1,249,289,954	1,242,804,085	856,932,845
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	9,916)	(3,601)	(5,559)	9,315)	(2,735)
FCFE per share³	8.35	-2.95	-4.45	7.50	-3.19
Share price^1, 4	161.78	147.49	124.48	119.22	82.77
Valuation Ratio
P/FCFE⁵	19.36	—	—	15.91	—
Benchmarks
P/FCFE, Competitors⁶
AT&T Inc.	6.16	—	3.57	10.51	18.09
Verizon Communications Inc.	15.64	11.68	—	6.75	24.36
P/FCFE, Sector
Telecommunication Services	11.95	—	16.08	9.24	26.21
P/FCFE, Industry
Communication Services	21.97	31.82	26.52	20.51	33.69

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 9,916,000,000 ÷ 1,186,867,575 = 8.35

⁴ Closing price as at the filing date of T-Mobile US Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 161.78 ÷ 8.35 = 19.36

⁶ Click competitor name to see calculations.

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T-Mobile US Inc. (NASDAQ:TMUS)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical