TMUS vs VZ: T-Mobile US and Verizon Communications compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Verizon Communications is the larger company, worth $193.3B, close to T-Mobile US's $161.3B.
- T-Mobile US grew revenue faster over the last year (+7.8% vs -0.7%).
- Verizon Communications keeps more of each dollar of revenue as operating profit (20.5% vs 19.8%).
- On earnings, Verizon Communications is the cheaper stock (11.3x vs 15.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | TMUS | VZ |
|---|---|---|
| Market cap | $161.3B | $193.3B |
| Share price | $148.58 | $45.77 |
| Revenue (last fiscal year) | $88.3B | $138.2B |
| Free cash flow (last fiscal year) | $18.0B | — |
| Revenue growth, last year | +7.8% | -0.7% |
| Revenue growth per year, last 5 fiscal years | +2.5% | +0.8% |
| Operating margin | 19.8% | 20.5% |
| Net margin | 11.4% | 11.6% |
| Return on equity | 18.8% | 15.4% |
| P/E (trailing) | 15.8x | 11.3x |
| Price / free cash flow | 8.96x | 9.60x |
| EV / EBITDA | 10.2x | 7.84x |
| FCF growth the price implies | -5.7% | — |
| Dividend yield | 2.7% | 6.1% |
| Debt / equity | 2.80x | 2.90x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 12 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
T-Mobile US
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $80.1B | $1.6B | 8.6% |
| 2022 | $79.6B | $2.8B | 8.2% |
| 2023 | $78.6B | $8.8B | 18.2% |
| 2024 | $81.4B | $13.5B | 22.1% |
| 2025 | $88.3B | $18.0B | 20.7% |
Verizon Communications
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $133.6B | — | 24.3% |
| 2022 | $136.8B | — | 22.3% |
| 2023 | $134.0B | — | 17.1% |
| 2024 | $134.8B | — | 21.3% |
| 2025 | $138.2B | — | 21.2% |
Where the revenue comes from
T-Mobile US · by products, 2025
Postpaid revenues$57.9B66%
Equipment revenues$16.0B18%
Prepaid revenues$10.5B12%
Wholesale and other service revenues$2.9B3%
Other revenues$1.0B1%
Verizon Communications · by segments, 2025
Consumer$106.8B79%
Business$29.1B21%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open TMUS in InvestinglyQuestions
Which is bigger, T-Mobile US or Verizon Communications?
Verizon Communications (VZ), at $193.3B against $161.3B.
Is TMUS or VZ cheaper?
By trailing P/E, Verizon Communications (11.3x) is cheaper than T-Mobile US (15.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, TMUS or VZ?
T-Mobile US: revenue grew +7.8% over the last year, against -0.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.