Latest Ratios: P/E Ratio 12.7x · EV/EBITDA 7.5x · ROE 17.1%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.6B | $9.4B | $5.7B | $8.9B | $5.6B | $5.6B | $6.7B | $9.3B | $7.4B | $9.4B | $5.7B |
| Enterprise Value | $16.1B | $37.9B | $18.0B | $21.9B | $20.9B | $13.3B | $8.8B | $11.7B | $10.0B | $13.0B | $9.1B |
| P/E Ratio → | 12.74 | 2.17 | 1.58 | 3.21 | 3.25 | 1.83 | 3.63 | 2.64 | 2.74 | 7.31 | 7.97 |
| P/S Ratio | 2.06 | 0.35 | 0.22 | 0.38 | 0.26 | 0.31 | 0.39 | 0.53 | 0.44 | 0.58 | 0.37 |
| P/B Ratio | 2.30 | 0.39 | 0.22 | 0.34 | 0.22 | 0.22 | 1.51 | 1.66 | 0.38 | 0.52 | 0.33 |
| P/FCF | 6.16 | 1.06 | 0.73 | 1.13 | 6.97 | 1.22 | 1.41 | 2.88 | 3.23 | 7.44 | 11.66 |
| P/OCF | 4.08 | 0.70 | 0.46 | 0.72 | 0.62 | 0.57 | 0.78 | 1.31 | 1.21 | 1.73 | 1.14 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.42 | 0.71 | 0.92 | 0.97 | 0.74 | 0.51 | 0.67 | 0.59 | 0.80 | 0.58 |
| EV / EBITDA | 7.53 | 3.42 | 1.40 | 1.83 | 2.03 | 1.41 | 1.05 | 1.21 | 1.56 | 2.18 | 1.75 |
| EV / EBIT | 12.50 | 5.69 | 3.03 | 4.14 | 5.28 | 2.92 | 3.08 | 2.11 | 4.16 | 6.41 | 5.23 |
| EV / FCF | — | 4.26 | 2.32 | 2.77 | 25.82 | 2.88 | 1.84 | 3.63 | 4.33 | 10.32 | 18.59 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.9% | 53.9% | 53.3% | 51.8% | 50.5% | 53.2% | 53.7% | 57.2% | 54.6% | 52.3% | 50.7% |
| Operating Margin | 25.0% | 25.0% | 22.9% | 20.3% | 16.2% | 20.8% | 16.2% | 26.0% | 14.2% | 11.9% | 9.1% |
| Net Profit Margin | 16.2% | 16.2% | 12.4% | 11.9% | 7.8% | 16.4% | 10.6% | 20.8% | 15.0% | 7.6% | 4.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.1% | 17.1% | 12.0% | 11.0% | 6.6% | 20.0% | 36.4% | 28.6% | 13.4% | 7.0% | 4.4% |
| ROA | 7.6% | 7.6% | 5.7% | 5.1% | 3.1% | 10.2% | 20.3% | 17.3% | 7.9% | 3.7% | 2.1% |
| ROIC | 11.0% | 11.0% | 11.3% | 9.1% | 7.1% | 14.3% | 29.0% | 22.3% | 8.2% | 6.8% | 5.2% |
| ROCE | 15.6% | 15.6% | 13.6% | 11.3% | 8.4% | 16.5% | 38.8% | 27.5% | 9.6% | 7.3% | 5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.19 | 1.19 | 0.59 | 0.62 | 0.70 | 0.51 | 0.46 | 0.44 | 0.18 | 0.36 | 0.50 |
| Debt / EBITDA | 2.58 | 2.58 | 1.21 | 1.34 | 1.73 | 1.37 | 0.25 | 0.25 | 0.57 | 1.11 | 1.64 |
| Net Debt / Equity | — | 1.19 | 0.47 | 0.50 | 0.60 | 0.31 | 0.46 | 0.43 | 0.13 | 0.20 | 0.20 |
| Net Debt / EBITDA | 2.57 | 2.57 | 0.96 | 1.08 | 1.48 | 0.81 | 0.25 | 0.25 | 0.40 | 0.61 | 0.65 |
| Debt / FCF | — | 3.20 | 1.59 | 1.64 | 18.85 | 1.66 | 0.43 | 0.75 | 1.10 | 2.88 | 6.93 |
| Interest Coverage | 3.24 | 3.24 | 2.55 | 2.51 | 1.77 | 3.13 | 15.39 | 19.33 | 5.68 | 3.61 | 2.39 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 0.99 | 0.89 | 0.79 | 1.45 | 1.25 | 1.04 | 0.85 | 1.05 | 1.39 |
| Quick Ratio | 0.86 | 0.86 | 0.96 | 0.86 | 0.77 | 1.43 | 1.22 | 1.02 | 0.82 | 1.04 | 1.37 |
| Cash Ratio | 0.39 | 0.39 | 0.44 | 0.39 | 0.36 | 0.92 | 0.56 | 0.36 | 0.26 | 0.52 | 0.77 |
| Asset Turnover | — | 0.47 | 0.45 | 0.43 | 0.38 | 0.36 | 2.15 | 1.73 | 0.53 | 0.50 | 0.45 |
| Inventory Turnover | 34.34 | 34.34 | 40.52 | 34.65 | 45.13 | 41.68 | 168.43 | 147.11 | 42.07 | 62.53 | 53.45 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.7% | 57.1% | 47.8% | 24.3% | 21.3% | 18.5% | 17.1% | 8.3% | 7.9% | 3.6% | 8.1% |
| Payout Ratio | 124.3% | 124.3% | 86.2% | 76.7% | 71.8% | 35.3% | 63.1% | 21.3% | 23.1% | 26.9% | 61.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 46.0% | 63.4% | 31.1% | 30.7% | 54.6% | 27.6% | 37.9% | 36.5% | 13.7% | 12.5% |
| FCF Yield | 16.2% | 94.7% | 136.7% | 88.5% | 14.3% | 82.0% | 71.0% | 34.7% | 30.9% | 13.4% | 8.6% |
| Buyback Yield | 1.4% | 8.0% | 0.8% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Total Shareholder Yield | 11.1% | 65.0% | 48.6% | 24.4% | 21.3% | 18.7% | 17.1% | 8.3% | 7.9% | 3.7% | 8.1% |
| Shares Outstanding | — | $483M | $484M | $484M | $484M | $484M | $484M | $484M | $484M | $484M | $484M |
Regulatory and currency volatility
According to current market data, TIMB trades at a forward P/E of 2.31 and an EV/EBITDA of 1.11, suggesting that the market may be significantly discounting the company's future earnings potential relative to its historical valuation and the broader telecommunications sector average.
The low forward multiples appear to reflect a cautious market sentiment regarding the sustainability of recent margin expansion and the potential for dividend pressure from the parent company. Investors should monitor whether this valuation gap represents a structural mispricing of the company's 5G-driven ARPU growth or a rational response to the inherent risks of the Brazilian macroeconomic environment.
As reported in financial statements, TIMB's ROIC has remained in a narrow range between 2.1% and 4.9% over the last ten quarters, indicating that the company is currently struggling to generate returns that consistently exceed its likely cost of capital in the Brazilian market.
The persistent gap between ROIC and the company's historical performance suggests that the heavy capital intensity required for network maintenance and spectrum acquisition is currently diluting overall capital efficiency. This trend warrants further investigation into whether the integration of Oi assets will eventually provide the scale necessary to drive a meaningful inflection in return metrics.
Based on the provided quarterly data, TIMB maintains a negative cash conversion cycle, often dipping below -60 days, which highlights the company's ability to leverage its supplier base through extended payment terms to manage its liquidity requirements effectively.
The consistent DPO levels, often exceeding 130 days, suggest a strong bargaining position with vendors that helps offset the capital-intensive nature of the business. However, investors should be wary of whether this efficiency is sustainable or if it relies on aggressive payment deferrals that could be challenged in a tighter credit environment.
The debt-to-equity ratio, which has largely remained below 0.70, is frequently misapplied by analysts as a primary indicator of financial health, potentially obscuring the significant off-balance-sheet lease liabilities inherent in the company's reliance on third-party tower infrastructure.
Relying solely on reported debt-to-equity ratios may lead to an underestimation of the company's total enterprise risk, as these figures do not fully capture the long-term financial commitments associated with IFRS 16 lease obligations. A more accurate assessment of leverage should incorporate capitalized lease liabilities to better reflect the true burden of the company's infrastructure-heavy business model.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying TIMB stock.
TIM S.A.'s current P/E ratio is 12.7x. The historical average is 16.5x. This places it at the 83th percentile of its historical range.
TIM S.A.'s current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.4x.
TIM S.A.'s return on equity (ROE) is 17.1%. The historical average is 11.2%.
Based on historical data, TIM S.A. is trading at a P/E of 12.7x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TIM S.A.'s current dividend yield is 9.73% with a payout ratio of 124.3%.
TIM S.A. has 53.9% gross margin and 25.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
TIM S.A.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.