Telephone and Data Systems, Inc. (TDS) Stock Price & Analysis
Telephone and Data Systems, Inc. (TDS) is trading at USD 34.88, up 0.27% today, as of October 23, 2026 at 15:45 UTC (US market open; quotes may be delayed), according to Nexqual market data.
TDS last closed at USD 34.78; today's session has ranged USD 34.19–35 on volume of 556,384 shares. Market capitalization is $4.01B, with a 52-week range of USD 30.71–49.12 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 15:46 UTC.
Also available as compact Markdown for AI agents: nexqual.com/TDS.md
Key facts (TDS)
- Last four reported quarters (through Jun 30, 2026): revenue $1.26B, net income $418M (33.2% margin), free cash flow -$452M (SEC filings).
- Valuation: P/E 9.6x, EV/EBITDA 3.2x, net cash $1.52B.
- Earnings quality: non-operating income $307M vs operating income $466M over the last four quarters; P/E excluding non-operating income ≈25.9x (estimate: non-operating income taxed at the company's 14.4% effective rate).
- 2 of 80 tracked superinvestors hold TDS (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 47.5 (range 47–48).
- Total return with dividends: 1Y -9.0% vs S&P 500 +14.7%; 5Y +115.3% vs S&P 500 +77.4%.
- Next earnings: 2026-11-09, EPS estimate USD 0.11, revenue estimate $309M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (TDS)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.33B | $5.41B | $1.36B | $1.30B | $1.23B | $1.26B |
| Operating income | $261M | $122M | -$683M | -$191M | -$97.4M | $466M |
| Net income | $156M | $62.0M | -$500M | -$27.7M | -$6.2M | $418M |
| EPS (diluted) | $1.00 | -$0.07 | -$5.05 | -$0.85 | -$0.65 | — |
| Free cash flow | -$28.0M | -$6.0M | $498M | $780M | $199M | -$452M |
| Operating margin | 4.9% | 2.3% | -50.4% | -14.7% | -7.9% | 37.0% |
| Net margin | 2.9% | 1.1% | -36.9% | -2.1% | -0.5% | 33.2% |
| Revenue growth | +2.0% | +1.6% | -75.0% | -4.3% | -5.3% | — |
| Cash + short-term investments | $367M | — | — | $364M | $766M | — |
| Total debt | $2.93B | $3.73B | $4.08B | $2.42B | $823M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (TDS)
P/E 9.6x · P/E ex non-operating (est.) ≈25.9x · P/S 3.2x · EV/EBITDA 3.2x · EV/Sales 2.0x · P/B 0.8x · FCF yield -11.27% · Earnings yield 10.40% · Net cash $1.52B · EV $2.49B
Superinvestors (SEC 13F-HR, Q2 2026) (TDS)
2 of 80 tracked investors hold TDS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 5.17% | $196M | Added +23.1% |
| Daniel Loeb | Third Point | 5.00% | $232M | Reduced -4.9% |
Analysts (TDS)
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 47.5 (low 47, high 48).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-19 | JP Morgan | Target lowered | Overweight | $51 → $48 |
| 2026-08-13 | Citigroup | Target lowered | Buy | $50 → $47 |
Total return (dividends reinvested) (TDS)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -9.0% | +115.3% |
| S&P 500 (SPY) | +14.7% | +77.4% |
| Per year | -9.0% | +16.6% |
| Volatility (annualized) | 30.3% | 55.7% |
| Max drawdown | -30.6% (Feb 2026→Aug 2026) | -65.4% (Apr 2022→May 2023) |
TDS revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Total | $302.4M | 97.8% | +3.3% |
| — T D S Telecom (part of Total) | $247.6M | 80.1% | -6.3% |
| — Array (part of Total) | $54.0M | 17.5% | +89.4% |
| — Array Total (part of Total) | $895,000 | 0.3% | -31.1% |
| All Other | $6.9M | 2.2% | +32.4% |
| Total revenue | $309.3M | 100% | — |
TDS revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Service | $249.2M | 80.6% | -6.0% |
| Site rental | $53.2M | 17.2% | +95.3% |
| Equipment and product sales | $6.9M | 2.2% | +12.0% |
| Total revenue | $309.3M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
TDS suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | ARRAY DIGITAL INFRASTRUCTURE, INC. (AD) | “Array has built a strong and focused organization that has been and will be relied upon as an efficient and cost-effective partner for colocation.” |
| Partner | T-Mobile (TMUS) | “•T-Mobile MLA integration: Continued partnership with T-Mobile to implement the provisions of the long-term MLA.” |
Quoted from the company's 10-K filed Feb 24, 2026.
TDS analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.11 | $-0.04 | -387.0% | $309.3M | 3 |
| Next quarter (ends Dec 2026) | $0.12 | $0.01 | +1115.1% | $313.3M | 3 |
| Current fiscal year (ends Dec 2026) | $3.70 | $1.36 | +171.1% | $1.24B | 3 |
| Next fiscal year (ends Dec 2027) | $0.22 | $0.23 | -5.3% | $1.25B | 3 |
TDS options: expected move
Options price a move of about ±12.4% (±$4.30) by Nov 20, 2026, which includes earnings on Nov 9, 2026. Over the last 8 reports the stock moved ±5.6% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 54.8% | ±12.4% |
| Dec 18, 2026 | 56 | 46.0% | ±14.5% |
| Jan 15, 2027 | 84 | 46.0% | ±17.6% |
| Feb 19, 2027 | 119 | 42.1% | ±19.1% |
| May 21, 2027 | 210 | 39.2% | ±23.2% |
30-day implied volatility 44.8% vs 32.3% realized over the last 30 trading days. Put/call ratio (volume) 0.16. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 15:46 UTC)
| Price | USD 34.88 |
|---|---|
| Change | ▲ 0.27% (up) |
| Previous Close | USD 34.78 |
| Open | USD 34.5 |
| Day Range | USD 34.19 – 35 |
| 52-Week Range | USD 30.71 – 49.12 |
| Volume | 556,384 shares |
| Market Cap | $4.01B |
| Exchange | NYQ |
Technical Analysis (TDS)
Nexqual's technical model rates TDS "SELL" based on 2 bullish and 4 bearish signals across 128 daily candles, as of October 23, 2026 at 15:46 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 48.24 (neutral) |
| vs SMA50 | Below (USD 35.16) |
| MACD | -0.37 (negative) |
Analyst Ratings (TDS)
Wall Street analysts rate TDS "Buy" based on 3 analysts, with a mean price target of USD 47.5 (range USD 47–48), per Nexqual as of October 23, 2026 at 15:46 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 3 |
| Mean Target | USD 47.5 |
| High Target | USD 48 |
| Low Target | USD 47 |
| Buy / Hold / Sell | 2 / 1 / 0 |
Earnings (TDS)
| Next Earnings Date | 2026-11-09 |
|---|---|
| Revenue Estimate | $309.25M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 2.42 vs est 0.12 ▲ beat |
| 2026-03-31 | USD 1.09 vs est -0.87 ▲ beat |
| 2025-12-31 | USD 0.33 vs est 0.09 ▲ beat |
| 2025-09-30 | USD -0.85 vs est -0.02 ▼ miss |
Source: Nexqual, October 23, 2026 at 15:46 UTC.
Financials & Fundamentals (TDS)
| Total Revenue | $1.26B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +3.60% |
| Gross Margin | +59.35% |
| Operating Margin | -6.56% |
| Profit Margin | +33.20% |
| ROE | +11.78% |
| Debt / Equity | 0.23 |
| Current Ratio | 3.82 |
| Total Cash | $2.19B |
| Total Debt | $1.25B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$452.31M (-36.0% of revenue) |
Source: Nexqual, October 23, 2026 at 15:46 UTC.
Financial Health Score (TDS)
Nexqual rates Telephone and Data Systems, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 15:46 UTC.
| Growth | Critical — Revenue -75% YoY (annual), sharp decline |
|---|---|
| Profitability | Mixed — Gross margin 59%, operating -7% (last 12 months) |
| Balance Sheet | Strong — $2.19B cash and investments vs $671M debt (Jun 2026, SEC), net cash |
| Cash Flow | Weak — FCF negative: -$452M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Mixed — ROE 12%, ROA -0.2% |
Ownership (TDS)
| Insider Ownership | +8.35% |
|---|---|
| Institutional Ownership | +100.83% |
| Shares Outstanding | 107.57M |
| Float | 89.88M |
| Short % of Float | +6.51% |
Source: Nexqual, October 23, 2026 at 15:46 UTC.
Leadership (TDS)
Telephone and Data Systems, Inc. is led by Walter Carlson, Chairman, President & CEO, per Nexqual as of October 23, 2026 at 15:46 UTC.
| Chairman, President & CEO | Walter Carlson |
|---|---|
| Executive VP, CFO & Director | Vicki L. Villacrez |
| President & CEO of UScellular | Laurent C. Therivel |
| President of Array & CEO of Array | Anthony J. M. Carlson |
Major Backers & Investors (TDS)
Notable institutional backers of Telephone and Data Systems, Inc. include Third Point, LLC, Carronade Capital Management, Lp, Oaktree Capital Management LP, according to Nexqual as of October 23, 2026 at 15:46 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Third Point, LLC | 5.83% |
| Carronade Capital Management, Lp | 4.94% |
| Oaktree Capital Management LP | 4.91% |
| American Century Companies Inc | 4.39% |
| DFA INVESTMENT DIMENSIONS GROUP INC-U.S. Small Cap Value Portfolio | 1.45% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 14.65% |
| Vanguard Group | 9.24% |
| Dimensional Fund Advisors | 5.89% |
| State Street | 4.12% |
| Geode Capital | 2.65% |
Source: Nexqual, October 23, 2026 at 15:46 UTC.
From Telephone and Data Systems, Inc.'s Latest SEC 10-K Filing (filed 2026-02-24)
Key Strengths & Strategy (as disclosed to the SEC)
- Federal Connect America Fund (CAF), including ACAM, E-ACAM, and state Universal Service Fund (USF) revenues, which support the cost of providing communication services in underserved high-cost areas, are also included in wholesale service revenues.
Partnerships
- TDS Telecom may seek to grow its operations through additional investments in fiber and through the acquisition of and/or partnership with businesses that support and complement its existing markets or by creating entirely new clusters of markets in attractive locations.
- Array's strategy is focused on: •T-Mobile MLA integration: Continued partnership with T-Mobile to implement the provisions of the long-term MLA.
Legal & Regulatory Risks (Item 1A, quoted)
- Announced Transactions and Strategic Alternatives Review Risk Factors
- The Verizon and T-Mobile spectrum transactions are subject to regulatory approval, which Array may not be able to obtain on the terms or timeline currently contemplated, or at all.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| SKM | SK Telecom Co., Ltd. | USD 30.68 | ▼ 0.49% |
| TLK | PT Telekomunikasi Indonesia, Tb | USD 12.08 | ▼ 1.06% |
| TIGO | Millicom International Cellular | USD 78.21 | ▼ 2.15% |
| TU | Telus Corporation | USD 8.9 | ▲ 0.44% |
| CHTR | Charter Communications, Inc. | USD 108.08 | ▼ 3.3% |
| RCI | Rogers Communication, Inc. | USD 32.61 | ▼ 1.78% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 15:46 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt