TIM S.A. (TIMB) 10-Year Financial Performance & Capital Metrics

TIMB • • Utilities

Communication ServicesTelecom ServicesInternational & Regional CarriersLatin American Carriers

AboutTIM S.A., a telecommunications company, provides mobile voice and data services, broadband internet access, value-added services, and other telecommunications services and products in Brazil. The company offers services for individuals, as well as corporate solutions for small, medium, and large companies. It also offers fixed-line ultra-broadband and TIM Live services, as well as WTTx technology through Ultrafibra services and IoT solutions. In addition, the company provides digital content and services in its portfolio of packages; sells various mobile handsets and accessories through its dealer network, which includes its own stores, exclusive franchises, and authorized dealers; and offers co-billing services to other telecommunication service providers. As of December 31, 2021, it served a subscriber base of 52.6 million customers. The company is headquartered in Rio de Janeiro, Brazil. TIM S.A. is a subsidiary of TIM Brasil Serviços e Participações S.A.Show more

Revenue $25.45B +6.8%
EBITDA $12.86B +7.6%
Net Income $3.15B +11.2%
Free Cash Flow $7.78B -1.7%
EBITDA Margin 50.52% +0.7%
Net Margin 12.39% +4.1%
ROE 12.03% +9.0%
Interest Coverage 2.49 +8.7%
Debt/Equity 0.59 -4.0%
Net Debt/EBITDA 0.96 -11.3%
CapEx / Revenue 17.88% -5.4%
CapEx Coverage 2.71 -1.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓Trading at only 0.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.7%

5Y7.93%

3Y12.11%

TTM4.96%

Profit (Net Income) CAGR

10Y7.39%

5Y-2.73%

3Y2.17%

TTM26.37%

EPS CAGR

10Y8.16%

5Y0.55%

3Y5.47%

TTM23.88%

ROCE

10Y Avg15.12%

5Y Avg17.72%

3Y Avg11.1%

Latest13.58%

Peer Comparison

Latin American Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TIGOMillicom International Cellular S.A.	8.52B	51.00	34.69	2.53%	19.59%	33.11%	13.25%	1.89
VIVTelefônica Brasil S.A.	19.27B	12.06	3.57	7.19%	10.34%	8.84%	54.76%	0.30
TIMBTIM S.A.	9.74B	20.39	2.74	6.77%	15.3%	15.98%	79.88%	0.59
LBTYKLiberty Global plc	1.57B	10.52	2.49	5.49%	-50.63%	-15.25%	71.56%	0.79
TEOTelecom Argentina S.A.	1.4B	11.18	0.00	100.94%	-0.57%	-0.5%	100%	0.56
LILALiberty Latin America Ltd.	275.8M	7.09	-2.12	-1.2%	-16.57%	-63.58%	78.28%	5.02
ATNIATN International, Inc.	321.17M	21.05	-12.10	-4.35%	-1.11%	-1.24%	5.28%	1.03
TEFTelefónica, S.A.	21.54B	3.82	-67.73	1.63%	-5.53%	-9.92%	24.16%	1.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	17.14B	15.62B	16.23B	16.98B	17.38B	17.27B	18.06B	21.53B	23.83B	25.45B
Revenue Growth %	-0.12%	-0.09%	0.04%	0.05%	0.02%	-0.01%	0.05%	0.19%	0.11%	0.07%
Cost of Revenue	8.31B	7.69B	7.74B	7.7B	7.43B	8B	8.44B	10.66B	11.5B	11.89B
Gross Profit+	8.83B	7.92B	8.49B	9.28B	9.94B	9.27B	9.62B	10.87B	12.34B	13.55B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.06%	-0.1%	0.07%	0.09%	0.07%	-0.07%	0.04%	0.13%	0.13%	0.1%
Operating Expenses+	6.84B	6.58B	6.6B	7.19B	5.43B	6.47B	5.86B	7.4B	7.5B	7.72B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	6.61B	5.21B	5.95B	6.37B	9.64B	8.33B	9.45B	10.31B	11.95B	12.86B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.19%	-0.21%	0.14%	0.07%	0.51%	-0.14%	0.13%	0.09%	0.16%	0.08%
Depreciation & Amortization+	3.36B	3.79B	4.01B	3.95B	5.13B	5.53B	5.69B	6.83B	7.12B	7.03B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	3.24B	1.42B	1.93B	2.42B	4.51B	2.8B	3.76B	3.48B	4.83B	5.83B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.31%	-0.56%	0.36%	0.25%	0.87%	-0.38%	0.34%	-0.07%	0.39%	0.21%
Interest Expense+	796.43M	726.42M	560.49M	421.75M	285.87M	185.09M	1.46B	2.24B	2.11B	2.34B
Interest Coverage	4.07x	1.96x	3.45x	5.73x	15.79x	15.14x	2.58x	1.56x	2.29x	2.49x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	2.98B	1.01B	1.44B	1.88B	4.54B	1.99B	3.1B	1.72B	3.18B	3.62B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	908.69M	262.89M	201.01M	-664.91M	913.94M	164.15M	146.05M	50.15M	346.61M	468.58M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	2.07B	750.43M	1.23B	2.55B	3.62B	1.83B	2.96B	1.67B	2.84B	3.15B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.34%	-0.64%	0.65%	1.06%	0.42%	-0.5%	0.62%	-0.44%	0.7%	0.11%
EPS (Diluted)+	5.05	1.48	2.64	5.60	7.25	3.84	6.35	3.58	5.75	7.45
EPS Growth %	0.49%	-0.71%	0.78%	1.12%	0.29%	-0.47%	0.65%	-0.44%	0.61%	0.3%
EPS (Basic)	5.05	1.48	2.64	5.60	7.25	3.84	6.35	3.58	5.75	7.50
Diluted Shares Outstanding	484.06M	484.05M	484.21M	484.21M	484.2M	484.21M	484.13M	484.05M	484.15M	484.04M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	35.4B	34.66B	32.6B	31.96B	10.03B	8.02B	49.82B	56.41B	55.26B	56.33B
Asset Growth %	0.08%	-0.02%	-0.06%	-0.02%	-0.69%	-0.2%	5.21%	0.13%	-0.02%	0.02%
PP&E (Net)+	10.67B	11.08B	10.84B	11.2B	4.38B	3.48B	18.31B	22.66B	22.41B	22.82B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	12.03B	10.11B	7.61B	6B	2.1B	2B	15.4B	10.36B	11.4B	12.66B
Cash & Equivalents	6.1B	5.13B	2.96B	1.08B	25.34M	19.25M	5.23B	2.55B	3.08B	3.26B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	141.72M	143.93M	123.78M	183.06M	50.53M	47.48M	202.55M	236.12M	331.78M	293.53M
Other Current Assets	2.13B	1.3B	1.26B	1.11B	32.44M	99.56M	331.54M	438.83M	538.86M	1.68B
Long-Term Investments	0	0	3M	5.23M	321.97M	255.46M	1.61B	1.55B	1.68B	1.93B
Goodwill	1.53B	1.53B	1.53B	1.53B	379.65M	294.02M	475.74M	3.11B	3.11B	3.11B
Intangible Assets	8.43B	9.11B	9.79B	9.15B	2.02B	1.44B	10.11B	13.3B	12.51B	11.64B
Other Assets	1.12B	1.31B	1.4B	1.38B	825.1M	536.79M	3.38B	4.05B	2.88B	3.08B
Total Liabilities	18.47B	17.47B	14.45B	12.16B	4.45B	3.56B	24.71B	31.01B	29.24B	29.92B
Total Debt+	9.54B	8.52B	6.58B	3.6B	2.44B	2.06B	12.91B	17.8B	16.03B	15.61B
Net Debt	3.44B	3.39B	3.62B	2.53B	2.41B	2.05B	7.68B	15.25B	12.95B	12.35B
Long-Term Debt	5.6B	5.57B	3.34B	964.29M	160.32M	126.23M	3.31B	3.7B	2.5B	2.69B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	1.62B	1.8B	1.89B	1.94B	6.91B	7.32B	9.06B	12.83B	12.26B	12.58B
Total Current Liabilities+	8.66B	7.28B	7.22B	7.08B	2.02B	1.6B	10.61B	13.12B	12.88B	12.83B
Accounts Payable	3.73B	3.46B	3.99B	4.32B	975.22M	602.35M	3.27B	4.24B	4.61B	4.99B
Accrued Expenses	701.14M	212.28M	262.45M	211.69M	54.3M	52.49M	303.24M	343.54M	386.35M	353.26M
Deferred Revenue	484.39M	812.34M	480.43M	406.87M	70.08M	51.29M	197.18M	1.01B	279.4M	280.42M
Other Current Liabilities	1.86B	1.27B	754.56M	1.04B	318.94M	341.29M	207.79M	476.1M	360.99M	322.55M
Deferred Taxes	1000K	1000K	1000K	0	1000K	0	0	0	0	0
Other Liabilities	1.41B	1.74B	1.09B	1.48B	341.06M	276.16M	2.31B	2.95B	2.79B	2.9B
Total Equity+	16.93B	17.19B	18.15B	19.79B	5.58B	4.46B	25.11B	25.4B	26.02B	26.4B
Equity Growth %	0.11%	0.02%	0.06%	0.09%	-0.72%	-0.2%	4.63%	0.01%	0.02%	0.01%
Shareholders Equity	16.93B	17.19B	18.15B	19.79B	5.58B	4.46B	25.11B	25.4B	26.02B	26.4B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	9.87B	9.87B	9.87B	9.87B	2.45B	2.59B	13.48B	13.48B	13.48B	13.48B
Additional Paid-in Capital	9.87B	9.87B	9.87B	9.87B	0	0	0	0	0	0
Retained Earnings	0	0	0	0	0	0	0	0	0	12.56B
Accumulated OCI	7.07B	7.32B	8.3B	9.94B	3.12B	1.87B	11.63B	11.92B	12.54B	370.74M
Return on Assets (ROA)	0.06%	0.02%	0.04%	0.08%	0.17%	0.2%	0.1%	0.03%	0.05%	0.06%
Return on Equity (ROE)	0.13%	0.04%	0.07%	0.13%	0.29%	0.36%	0.2%	0.07%	0.11%	0.12%
Debt / Equity	0.56x	0.50x	0.36x	0.18x	0.44x	0.46x	0.51x	0.70x	0.62x	0.59x
Debt / Assets	0.27%	0.25%	0.2%	0.11%	0.24%	0.26%	0.26%	0.32%	0.29%	0.28%
Net Debt / EBITDA	0.52x	0.65x	0.61x	0.40x	0.25x	0.25x	0.81x	1.48x	1.08x	0.96x
Book Value per Share	34.98	35.51	37.49	40.88	11.52	9.22	51.86	52.47	53.74	54.55

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.28B	4.99B	5.4B	6.13B	7.06B	8.67B	9.91B	9.16B	12.42B	12.33B
Operating CF Growth %	-0.34%	0.17%	0.08%	0.13%	0.15%	0.23%	0.14%	-0.07%	0.36%	-0.01%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	2.98B	1.01B	1.44B	1.88B	4.54B	1.99B	3.1B	1.72B	3.18B	3.15B
Depreciation & Amortization	3.36B	3.79B	4.01B	3.95B	5.13B	5.53B	5.69B	6.83B	7.12B	7.03B
Deferred Taxes	-608.95M	617.18M	744.76M	1.11B	1.17B	0	0	0	0	0
Other Non-Cash Items	482.75M	475.34M	414.73M	-33.26M	-650.14M	1.52B	552.61M	2.47B	2.19B	4.57B
Working Capital Changes	-1.94B	-902.55M	-1.22B	-776.22M	-3.12B	-369.56M	541.82M	-1.86B	-41.14M	-2.44B
Capital Expenditures+	-4.76B	-4.5B	-4.15B	-3.83B	-3.85B	-3.89B	-5.28B	-8.35B	-4.5B	-4.55B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-2.82B	-4.25B	-4.4B	-3.83B	-3.71B	-5.45B	-6.52B	-8.35B	-4.68B	-4.95B
Acquisitions	2.5B	133.71M	13.85M	0	0	21.96M	1.1B	-6.27B	-443.1M	0
Purchase of Investments	-558.26M	0	-288.66M	-21.46M	0	0	-8.7B	-6.25B	-3.05B	-7.62B
Sale of Investments	0	1000K	0	0	1000K	0	1000K	1000K	1000K	1000K
Other Investing	1.94B	253.17M	-252.67M	1.49M	9.1M	-1.59B	47K	4.47M	2.31M	24.38M
Cash from Financing+	-586.71M	-1.72B	-3.17B	-4.18B	-2.14B	-2.93B	-735.37M	-3.49B	-7.21B	-7.2B
Dividends Paid	-360.45M	-460.31M	-332.66M	-588.25M	-770.14M	-1.15B	-1.04B	-1.2B	-2.17B	-2.72B
Dividend Payout Ratio %	0.17%	0.61%	0.27%	0.23%	0.21%	0.63%	0.35%	0.72%	0.77%	0.86%
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K
Stock Issued	0	0	0	5.32M	435K	0	0	4.69M	0	0
Share Repurchases	-22K	0	-13.12M	0	0	0	-11.07M	0	-2.78M	-45M
Other Financing	305.02M	305.34M	17.68M	-398.8M	-848.98M	-839.96M	147.34M	-1.73B	-2.02B	-1.68B
Net Change in Cash+	867.41M	-972.22M	-2.17B	-1.89B	1.21B	291.24M	2.65B	-2.68B	529.22M	180.81M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	5.23B	6.1B	5.13B	2.96B	1.08B	2.28B	2.58B	5.23B	2.55B	3.08B
Cash at End	6.1B	5.13B	2.96B	1.08B	2.28B	2.58B	5.23B	2.55B	3.08B	3.26B
Free Cash Flow+	-486.03M	489.85M	1.26B	2.3B	3.21B	4.78B	4.62B	809.13M	7.92B	7.78B
FCF Growth %	-0.25%	2.01%	1.56%	0.83%	0.4%	0.49%	-0.03%	-0.82%	8.78%	-0.02%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.84%	4.4%	6.99%	13.41%	28.55%	36.42%	20%	6.62%	11.04%	12.03%
EBITDA Margin	38.55%	33.36%	36.63%	37.52%	55.5%	48.24%	52.32%	47.87%	50.15%	50.52%
Net Debt / EBITDA	0.52x	0.65x	0.61x	0.40x	0.25x	0.25x	0.81x	1.48x	1.08x	0.96x
Interest Coverage	4.07x	1.96x	3.45x	5.73x	15.79x	15.14x	2.58x	1.56x	2.29x	2.49x
CapEx / Revenue	27.8%	28.83%	25.55%	22.57%	22.18%	22.54%	29.26%	38.8%	18.9%	17.88%
Dividend Payout Ratio	17.4%	61.34%	26.95%	23.11%	21.26%	63.07%	35.27%	71.78%	76.65%	86.25%
Debt / Equity	0.56x	0.50x	0.36x	0.18x	0.44x	0.46x	0.51x	0.70x	0.62x	0.59x
EPS Growth	48.53%	-70.69%	78.38%	112.12%	29.46%	-47.03%	65.36%	-43.62%	60.61%	29.57%

Frequently Asked Questions

Valuation & Price

TIM S.A. (TIMB) has a price-to-earnings (P/E) ratio of 2.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

TIM S.A. (TIMB) reported $26.34B in revenue for fiscal year 2024. This represents a 54% increase from $17.09B in 2011.

TIM S.A. (TIMB) grew revenue by 6.8% over the past year. This is steady growth.

Yes, TIM S.A. (TIMB) is profitable, generating $4.03B in net income for fiscal year 2024 (12.4% net margin).

Dividend & Returns

Yes, TIM S.A. (TIMB) pays a dividend with a yield of 27.56%. This makes it attractive for income-focused investors.

TIM S.A. (TIMB) has a return on equity (ROE) of 12.0%. This is reasonable for most industries.

TIM S.A. (TIMB) generated $9.12B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

TIM S.A. (TIMB) has a dividend payout ratio of 86%. The dividend is reasonably covered.

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