United States Cellular (USM) Financials

$61.83 -0.98 (-1.56%)

Closing price 05/29/2025 03:59 PM Eastern

Extended Trading

$61.88 +0.05 (+0.07%)

As of 05/29/2025 04:27 PM Eastern

Annual Income Statements for United States Cellular

This table shows United States Cellular's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	-39	54	30	155	229	127	150	12	48	241
Consolidated Net Income / (Loss)	-32	58	35	160	233	133	164	15	49	247
Net Income / (Loss) Continuing Operations	-32	58	35	160	233	133	164	15	49	247
Total Pre-Tax Income	-22	111	72	180	250	185	215	-272	82	404
Total Operating Income	-12	139	69	170	173	112	158	-304	48	347
Total Gross Profit	2,140	2,178	2,198	2,214	2,244	2,238	2,178	2,087	2,149	2,203
Total Revenue	3,770	3,906	4,169	4,122	4,037	4,022	3,967	3,890	3,990	4,031
Operating Revenue	3,770	3,906	4,169	4,122	4,037	4,022	3,967	3,890	3,990	4,031
Total Cost of Revenue	1,630	1,728	1,971	1,908	1,793	1,784	1,789	1,803	1,841	1,828
Operating Cost of Revenue	1,630	1,728	1,971	1,908	1,793	1,784	1,789	1,803	1,841	1,828
Total Operating Expenses	2,152	2,039	2,129	2,044	2,071	2,126	2,020	2,391	2,101	1,856
Selling, General & Admin Expense	1,330	1,368	1,408	1,345	1,368	1,406	1,388	1,412	1,480	1,494
Depreciation Expense	665	656	700	678	683	702	640	615	618	607
Other Operating Expenses / (Income)	0.00	0.00	-1.00	-2.00	0.00	-1.00	0.00	-1.00	-	-
Impairment Charge	136	0.00	3.00	0.00	0.00	-	-	370	0.00	0.00
Other Special Charges / (Income)	21	15	19	23	20	19	-8.00	-5.00	3.00	-245
Total Other Income / (Expense), net	-10	-28	3.00	10	77	73	57	32	34	57
Interest Expense	183	196	163	175	112	110	116	113	113	86
Interest & Investment Income	173	168	166	185	189	183	174	145	146	142
Other Income / (Expense), net	0.00	0.00	0.00	0.00	0.00	0.00	-1.00	0.00	1.00	1.00
Income Tax Expense	10	53	37	20	17	52	51	-287	33	157
Net Income / (Loss) Attributable to Noncontrolling Interest	7.00	4.00	5.00	5.00	4.00	6.00	14	3.00	1.00	6.00
Basic Earnings per Share	($0.46)	$0.64	$0.35	$1.80	$2.66	$1.47	$1.75	$0.14	$0.56	$2.86
Weighted Average Basic Shares Outstanding	86M	85M	85M	86M	86M	86M	86M	85M	85M	84M
Diluted Earnings per Share	($0.46)	$0.63	$0.35	$1.77	$2.62	$1.44	$1.72	$0.14	$0.56	$2.84
Weighted Average Diluted Shares Outstanding	86M	87M	86M	87M	87M	88M	87M	86M	85M	85M
Weighted Average Basic & Diluted Shares Outstanding	85M	85M	84.69M	85.88M	86.09M	86.15M	85.70M	85.70M	85.70M	84.30M

This table shows United States Cellular's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	18	5.00	-79	17	18	13	23	5.00	13	-28	-12
Consolidated Net Income / (Loss)	20	4.00	-78	18	24	16	23	5.00	14	-27	-12
Net Income / (Loss) Continuing Operations	20	4.00	-78	18	24	16	23	5.00	14	-27	-12
Total Pre-Tax Income	40	-14	-92	32	52	12	50	24	25	-37	-15
Total Operating Income	41	-9.00	-90	36	51	22	57	34	26	-27	-15
Total Gross Profit	537	513	539	536	552	538	550	539	551	538	532
Total Revenue	891	971	922	927	950	1,000	963	957	986	1,049	1,083
Operating Revenue	891	971	922	927	950	1,000	963	957	986	1,049	1,083
Total Cost of Revenue	354	458	383	391	398	462	413	418	435	511	551
Operating Cost of Revenue	354	458	383	391	398	462	413	418	435	511	551
Total Operating Expenses	496	522	629	500	501	516	493	505	525	565	547
Selling, General & Admin Expense	332	353	324	322	331	349	333	341	345	375	369
Depreciation Expense	163	168	167	165	165	166	159	161	170	180	177
Other Special Charges / (Income)	1.00	1.00	2.00	13	5.00	1.00	1.00	3.00	10	11	1.00
Total Other Income / (Expense), net	-1.00	-5.00	-2.00	-4.00	1.00	-10	-7.00	-10	-1.00	-10	0.00
Interest Expense	40	46	49	45	43	48	50	51	47	48	42
Interest & Investment Income	39	41	47	41	44	38	43	41	46	38	42
Income Tax Expense	20	-18	-14	14	28	-4.00	27	19	11	-10	-3.00
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	-1.00	1.00	1.00	6.00	3.00	0.00	0.00	1.00	1.00	0.00
Basic Earnings per Share	$0.21	$0.05	($0.92)	$0.20	$0.21	$0.18	$0.26	$0.05	$0.15	($0.32)	($0.15)
Weighted Average Basic Shares Outstanding	85M	86M	86M	86M	85M	85M	85M	85M	85M	85M	85M
Diluted Earnings per Share	$0.21	$0.06	($0.92)	$0.20	$0.20	$0.17	$0.26	$0.05	$0.15	($0.32)	($0.15)
Weighted Average Diluted Shares Outstanding	88M	86M	86M	88M	88M	87M	86M	86M	86M	86M	85M
Weighted Average Basic & Diluted Shares Outstanding	85M	85M	86M	86M	85M	85M	85M	85.27M	84.72M	84.69M	85.22M

This table details how cash moves in and out of United States Cellular's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-20	-129	109	-1,092	1,000	-292	231	-234	-129	502
Net Cash From Operating Activities	883	866	832	802	1,237	724	709	469	501	555
Net Cash From Continuing Operating Activities	883	866	832	802	1,237	724	703	469	501	555
Net Income / (Loss) Continuing Operations	-32	58	35	160	233	133	164	15	49	247
Consolidated Net Income / (Loss)	-32	58	35	160	233	133	-164	15	49	247
Depreciation Expense	665	656	700	678	683	702	640	615	618	607
Non-Cash Adjustments To Reconcile Net Income	317	134	164	101	132	161	451	484	78	-194
Changes in Operating Assets and Liabilities, net	-67	18	-67	-137	189	-272	-218	-645	-244	-107
Net Cash From Investing Activities	-556	-721	-1,179	-2,036	-1,163	-864	-464	-683	-618	-550
Net Cash From Continuing Investing Activities	-556	-721	-1,179	-2,036	-1,163	-864	-464	-683	-618	-550
Purchase of Property, Plant & Equipment	-537	-608	-602	-724	-989	-650	-512	-465	-443	-581
Acquisitions	-20	-130	-585	-1,322	-201	-271	-2.00	-	-53	-286
Divestitures	0.00	0.00	0.00	0.00	26	41	24	21	21	317
Other Investing Activities, net	1.00	17	8.00	10	1.00	-2.00	-7.00	-189	-143	0.00
Net Cash From Financing Activities	-347	-274	456	142	926	-152	-14	-20	-12	497
Net Cash From Continuing Financing Activities	-347	-274	456	142	926	-152	-14	-20	-12	497
Repayment of Debt	-251	-514	-381	-1,141	-146	-118	-26	-17	-12	-14
Repurchase of Common Equity	-54	-6.00	-48	-31	-23	-21	0.00	0.00	-5.00	-8.00
Payment of Dividends	-5.00	-3.00	-3.00	-3.00	-6.00	-4.00	-6.00	-4.00	-1.00	-6.00
Issuance of Debt	40	315	910	1,342	1,125	0.00	0.00	-	-	525
Other Financing Activities, net	-77	-66	-22	-25	-24	-9.00	0.00	-	-	-2.00

This table details how cash moves in and out of United States Cellular's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	42	-129	73	5.00	31	-6.00	-39	24	-108	19	-66
Net Cash From Operating Activities	160	122	245	313	203	147	329	349	41	180	74
Net Cash From Continuing Operating Activities	160	122	245	313	203	147	329	349	41	180	74
Net Income / (Loss) Continuing Operations	20	5.00	-79	18	24	15	23	6.00	14	-27	-12
Consolidated Net Income / (Loss)	20	5.00	-79	18	24	15	23	6.00	14	-27	-12
Depreciation Expense	163	166	170	164	165	166	160	160	170	180	178
Non-Cash Adjustments To Reconcile Net Income	13	78	150	62	27	58	11	53	12	64	26
Changes in Operating Assets and Liabilities, net	-36	-127	4.00	69	-13	-92	135	130	-155	-37	-118
Net Cash From Investing Activities	-74	-141	-131	-140	-144	-257	-119	-153	-192	-203	-125
Net Cash From Continuing Investing Activities	-74	-141	-131	-140	-144	-257	-119	-153	-192	-203	-125
Purchase of Property, Plant & Equipment	-72	-138	-129	-137	-133	-154	-103	-155	-196	-193	-121
Acquisitions	-2.00	-3.00	-2.00	-4.00	-11	-106	-16	-3.00	-5.00	-10	-11
Other Investing Activities, net	0.00	-	-	1.00	0.00	3.00	-	5.00	9.00	-	7.00
Net Cash From Financing Activities	-44	-110	-41	-168	-28	104	-249	-172	43	42	-15
Net Cash From Continuing Financing Activities	-44	-110	-41	-168	-28	104	-249	-172	43	42	-15
Repayment of Debt	-5.00	-46	-4.00	-144	-57	-57	-240	-153	-64	-1.00	-152
Repurchase of Common Equity	-21	-28	-26	-	0.00	-6.00	-	-	0.00	-20	-10
Payment of Dividends	-2.00	-1.00	-1.00	-1.00	-2.00	-1.00	-	-1.00	-1.00	-	-1.00
Issuance of Debt	0.00	-	-	-	40	200	-	-	115	75	150
Other Financing Activities, net	-16	-35	-10	-23	-9.00	-32	-9.00	-18	-7.00	-12	-2.00

This table presents United States Cellular's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	10,449	10,750	11,119	10,341	9,681	8,164	7,274	6,841	7,110	7,060
Total Current Assets	1,345	1,400	1,723	1,605	2,623	1,573	1,812	1,483	1,558	1,672
Cash & Equivalents	144	150	273	156	1,271	285	580	352	586	715
Accounts Receivable	955	957	1,072	1,046	998	1,010	976	843	727	672
Inventories, net	179	199	261	173	146	162	142	138	138	149
Prepaid Expenses	46	57	68	58	51	50	63	79	84	81
Current Deferred & Refundable Income Taxes	0.00	1.00	4.00	123	125	46	15	-	-	-
Other Current Assets	21	36	45	49	29	20	19	21	23	55
Plant, Property, & Equipment, net	2,502	2,576	2,624	2,606	2,466	2,207	2,202	2,320	2,470	2,649
Plant, Property & Equipment, gross	8,387	9,560	9,334	9,056	8,785	8,293	7,778	7,628	7,712	7,669
Accumulated Depreciation	5,885	6,984	6,710	6,450	6,319	6,086	5,576	5,308	5,242	5,020
Total Noncurrent Assets	6,602	6,774	6,772	6,130	4,592	4,384	3,260	3,038	3,082	2,739
Long-Term Investments	454	461	452	439	435	447	441	415	413	363
Intangible Assets	4,579	4,693	4,690	4,088	2,629	2,471	2,186	2,223	1,886	1,834
Other Noncurrent Operating Assets	1,569	1,605	1,604	1,585	1,526	1,466	633	390	405	172
Other Noncurrent Nonoperating Assets	0.00	15	26	18	2.00	-	-	10	8.00	-
Total Liabilities & Shareholders' Equity	10,449	10,750	11,119	10,341	9,681	8,164	7,274	6,841	7,110	7,060
Total Liabilities	5,841	6,096	6,537	5,767	5,245	3,943	3,196	3,154	3,465	3,489
Total Current Liabilities	884	901	1,195	903	871	750	691	733	718	748
Short-Term Debt	22	20	13	3.00	2.00	8.00	19	18	11	11
Accounts Payable	242	248	356	346	377	296	304	302	309	275
Current Deferred Revenue	238	229	239	191	151	148	157	185	190	251
Current Deferred & Payable Income Tax Liabilities	30	32	35	33	48	30	30	56	39	28
Current Employee Benefit Liabilities	93	83	84	83	82	76	78	74	73	68
Other Current Liabilities	259	289	468	247	211	192	103	98	96	115
Total Noncurrent Liabilities	4,957	5,195	5,342	4,864	4,374	3,193	2,505	2,421	2,747	2,741
Long-Term Debt	2,837	3,044	3,187	2,728	2,489	1,502	1,605	1,622	1,618	1,629
Noncurrent Deferred & Payable Income Tax Liabilities	728	755	708	674	633	507	510	461	826	821
Other Noncurrent Operating Liabilities	1,392	1,396	1,447	1,462	1,251	1,184	389	338	303	291
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-
Redeemable Noncontrolling Interest	16	12	12	11	10	11	11	-	-	-
Total Equity & Noncontrolling Interests	4,592	4,642	4,570	4,563	4,426	4,210	4,067	3,687	3,645	3,571
Total Preferred & Common Equity	4,577	4,626	4,554	4,547	4,411	4,197	4,057	3,677	3,634	3,561
Total Common Equity	4,577	4,626	4,554	4,547	4,411	4,197	4,057	3,677	3,634	3,561
Common Stock	1,871	1,814	1,791	1,766	1,739	1,717	1,678	1,640	1,610	1,585
Retained Earnings	2,818	2,892	2,861	2,849	2,739	2,550	2,444	2,157	2,160	2,133
Treasury Stock	-112	-80	-98	-68	-67	-70	-65	-120	-136	-157
Noncontrolling Interest	15	16	16	16	15	13	10	10	11	10

This table presents United States Cellular's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	10,365	10,516	10,639	10,704	10,749	10,889	10,997	11,056
Total Current Assets	1,373	1,427	1,374	1,395	1,393	1,500	1,562	1,675
Cash & Equivalents	182	272	195	185	153	186	154	254
Accounts Receivable	925	918	952	932	959	984	1,009	1,075
Inventories, net	178	161	143	175	175	210	262	243
Prepaid Expenses	63	55	58	71	64	69	76	61
Other Current Assets	25	21	26	32	40	47	57	41
Other Current Nonoperating Assets	1.00	0.00	0.00	0.00	-	-	-	-
Plant, Property, & Equipment, net	2,394	2,504	2,540	2,540	2,593	2,640	2,658	2,631
Plant, Property & Equipment, gross	8,417	8,402	8,294	8,321	9,571	9,491	9,440	9,410
Accumulated Depreciation	6,023	5,898	5,754	5,781	6,978	6,851	6,782	6,779
Total Noncurrent Assets	6,597	6,585	6,725	6,769	6,763	6,749	6,777	6,750
Long-Term Investments	479	478	461	482	477	457	477	461
Intangible Assets	4,581	4,576	4,715	4,711	4,690	4,694	4,692	4,680
Other Noncurrent Operating Assets	1,537	1,531	1,549	1,576	1,580	1,582	1,590	1,580
Total Liabilities & Shareholders' Equity	10,365	10,516	10,639	10,704	10,749	10,889	10,997	11,056
Total Liabilities	5,750	5,902	5,933	6,015	6,118	6,288	6,402	6,451
Total Current Liabilities	807	909	886	837	1,031	1,008	953	1,099
Short-Term Debt	26	20	20	20	18	54	15	11
Accounts Payable	207	272	268	229	406	240	206	340
Current Deferred Revenue	231	225	236	235	222	231	229	218
Current Deferred & Payable Income Tax Liabilities	57	63	41	49	35	32	33	36
Current Employee Benefit Liabilities	33	66	57	32	61	54	44	62
Other Current Liabilities	253	263	264	272	283	388	426	432
Total Noncurrent Liabilities	4,943	4,993	5,047	5,178	5,087	5,280	5,449	5,352
Long-Term Debt	2,829	2,882	2,887	3,029	2,903	3,105	3,297	3,115
Noncurrent Deferred & Payable Income Tax Liabilities	720	719	765	758	749	732	715	705
Other Noncurrent Operating Liabilities	1,394	1,392	1,395	1,391	1,435	1,443	1,437	1,532
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	16	16	16	16	12	12	12	-
Total Equity & Noncontrolling Interests	4,599	4,598	4,690	4,673	4,619	4,589	4,583	4,605
Total Preferred & Common Equity	4,585	4,582	4,675	4,658	4,603	4,573	4,568	4,589
Total Common Equity	4,585	4,582	4,677	4,658	4,603	4,573	4,568	4,589
Common Stock	1,888	1,852	1,840	1,828	1,805	1,798	1,792	1,784
Retained Earnings	2,822	2,813	2,893	2,910	2,878	2,855	2,872	2,890
Treasury Stock	-125	-83	-56	-80	-80	-80	-96	-85
Noncontrolling Interest	14	16	15	15	16	16	15	16

This table displays calculated financial ratios and metrics derived from United States Cellular's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.48%	-6.31%	1.14%	2.11%	0.37%	1.39%	1.98%	-2.51%	-1.02%	3.54%
EBITDA Growth	-17.86%	3.38%	-9.32%	-0.93%	5.16%	2.13%	156.27%	-53.37%	-30.30%	106.70%
EBIT Growth	-108.63%	101.45%	-59.41%	-1.73%	54.46%	-28.66%	151.64%	-720.41%	-85.92%	341.67%
NOPAT Growth	-111.57%	116.54%	-77.80%	-6.28%	100.25%	-33.19%	156.64%	-841.90%	-86.48%	311.94%
Net Income Growth	-155.17%	65.71%	-78.13%	-31.33%	75.19%	-18.90%	993.33%	-69.39%	-80.16%	625.53%
EPS Growth	-173.02%	80.00%	-80.23%	-32.44%	81.94%	-16.28%	1,128.57%	-75.00%	-80.28%	656.86%
Operating Cash Flow Growth	1.96%	4.09%	3.74%	-35.17%	70.86%	2.12%	51.17%	-6.39%	-9.73%	222.67%
Free Cash Flow Firm Growth	1,745.13%	103.81%	76.93%	-2,232.27%	77.61%	-469.89%	90.02%	-323.29%	-27.01%	74.41%
Invested Capital Growth	-3.14%	0.87%	5.07%	28.27%	4.36%	7.16%	3.67%	5.46%	3.24%	7.69%
Revenue Q/Q Growth	-0.76%	-1.24%	-0.48%	-0.12%	0.55%	0.05%	0.56%	0.57%	-0.37%	0.30%
EBITDA Q/Q Growth	-4.53%	4.61%	-2.53%	0.12%	-0.47%	1.37%	1.53%	3.32%	-3.89%	8.88%
EBIT Q/Q Growth	-163.16%	54.44%	-31.68%	0.00%	4.22%	-4.27%	3.29%	3.49%	-32.88%	21.32%
NOPAT Q/Q Growth	91.16%	233.56%	-53.51%	11.91%	0.30%	-3.96%	-20.71%	3.49%	-33.74%	22.09%
Net Income Q/Q Growth	-60.00%	286.67%	-61.11%	15.11%	-4.90%	-0.75%	-60.67%	105.70%	-3.92%	8.42%
EPS Q/Q Growth	-31.43%	350.00%	-64.29%	16.45%	-5.07%	-2.04%	-63.33%	104.49%	-5.08%	8.81%
Operating Cash Flow Q/Q Growth	-2.75%	-3.67%	5.72%	-15.93%	25.33%	-9.05%	5.04%	-2.29%	20.72%	40.02%
Free Cash Flow Firm Q/Q Growth	320.78%	-87.98%	34.85%	-10.23%	71.93%	-3.39%	77.54%	-266.91%	15.88%	71.24%
Invested Capital Q/Q Growth	1.52%	2.60%	0.63%	3.82%	2.09%	5.31%	5.59%	10.62%	2.40%	3.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.76%	55.76%	52.72%	53.71%	55.59%	55.64%	54.90%	53.65%	53.86%	54.65%
EBITDA Margin	17.32%	20.35%	18.45%	20.57%	21.20%	20.24%	20.09%	7.99%	16.72%	23.74%
Operating Margin	-0.32%	3.56%	1.66%	4.12%	4.29%	2.78%	3.98%	-7.81%	1.20%	8.61%
EBIT Margin	-0.32%	3.56%	1.66%	4.12%	4.29%	2.78%	3.96%	-7.81%	1.23%	8.63%
Profit (Net Income) Margin	-0.85%	1.48%	0.84%	3.88%	5.77%	3.31%	4.13%	0.39%	1.23%	6.13%
Tax Burden Percent	145.45%	52.25%	48.61%	88.89%	93.20%	71.89%	76.28%	-5.51%	59.76%	61.14%
Interest Burden Percent	183.33%	79.86%	104.35%	105.88%	144.51%	165.18%	136.94%	89.47%	167.35%	116.09%
Effective Tax Rate	0.00%	47.75%	51.39%	11.11%	6.80%	28.11%	23.72%	0.00%	40.24%	38.86%
Return on Invested Capital (ROIC)	-0.12%	1.03%	0.49%	2.54%	3.16%	1.67%	2.63%	-4.85%	0.68%	5.32%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.12%	0.43%	0.55%	3.15%	12.36%	9.36%	8.84%	26.89%	4.11%	11.73%
Return on Net Nonoperating Assets (RNNOA)	-0.57%	0.23%	0.28%	1.01%	2.23%	1.54%	1.59%	5.26%	0.68%	1.85%
Return on Equity (ROE)	-0.69%	1.26%	0.76%	3.55%	5.38%	3.21%	4.22%	0.41%	1.36%	7.18%
Cash Return on Invested Capital (CROIC)	3.07%	0.16%	-4.45%	-22.23%	-1.11%	-5.25%	-0.97%	-10.17%	-2.51%	-2.08%
Operating Return on Assets (OROA)	-0.11%	1.27%	0.64%	1.70%	1.94%	1.45%	2.22%	-4.36%	0.69%	5.15%
Return on Assets (ROA)	-0.30%	0.53%	0.33%	1.60%	2.61%	1.72%	2.32%	0.22%	0.69%	3.65%
Return on Common Equity (ROCE)	-0.69%	1.25%	0.76%	3.53%	5.35%	3.19%	4.21%	0.41%	1.35%	7.16%
Return on Equity Simple (ROE_SIMPLE)	-0.70%	1.25%	0.77%	3.52%	5.28%	3.17%	4.04%	0.41%	1.35%	6.94%
Net Operating Profit after Tax (NOPAT)	-8.40	73	34	151	161	81	121	-213	29	212
NOPAT Margin	-0.22%	1.86%	0.80%	3.67%	3.99%	2.00%	3.04%	-5.47%	0.72%	5.26%
Net Nonoperating Expense Percent (NNEP)	1.00%	0.60%	-0.06%	-0.61%	-9.21%	-7.69%	-6.21%	-31.75%	-3.43%	-6.41%
Return On Investment Capital (ROIC_SIMPLE)	-0.11%	0.94%	0.43%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	43.24%	44.24%	47.28%	46.29%	44.41%	44.36%	45.10%	46.35%	46.14%	45.35%
SG&A Expenses to Revenue	35.28%	35.02%	33.77%	32.63%	33.89%	34.96%	34.99%	36.30%	37.09%	37.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	57.08%	52.20%	51.07%	49.59%	51.30%	52.86%	50.92%	61.47%	52.66%	46.04%
Earnings before Interest and Taxes (EBIT)	-12	139	69	170	173	112	157	-304	49	348
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	653	795	769	848	856	814	797	311	667	957
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.18	0.76	0.39	0.60	0.60	0.74	1.10	0.87	1.02	0.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	5.92	1.48	1.81	2.38	2.20	2.69	2.53
Price to Revenue (P/Rev)	1.43	0.90	0.43	0.66	0.65	0.78	1.12	0.82	0.93	0.85
Price to Earnings (P/E)	0.00	65.39	59.23	17.53	11.53	24.58	29.74	266.93	77.26	14.27
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.53%	1.69%	5.70%	8.67%	4.07%	3.36%	0.37%	1.29%	7.01%
Enterprise Value to Invested Capital (EV/IC)	1.12	0.85	0.61	0.73	0.66	0.78	1.09	0.90	1.02	0.97
Enterprise Value to Revenue (EV/Rev)	2.04	1.54	1.03	1.18	0.85	0.98	1.28	1.04	1.09	1.00
Enterprise Value to EBITDA (EV/EBITDA)	11.77	7.56	5.57	5.75	4.03	4.82	6.36	12.98	6.52	4.19
Enterprise Value to EBIT (EV/EBIT)	0.00	43.25	62.03	28.71	19.93	35.03	32.28	0.00	88.76	11.53
Enterprise Value to NOPAT (EV/NOPAT)	0.00	82.77	127.60	32.29	21.38	48.72	42.06	0.00	151.63	18.91
Enterprise Value to Operating Cash Flow (EV/OCF)	8.70	6.94	5.14	6.08	2.79	5.42	7.15	8.61	8.68	7.23
Enterprise Value to Free Cash Flow (EV/FCFF)	35.82	516.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.66	0.70	0.60	0.56	0.36	0.40	0.44	0.45	0.46
Long-Term Debt to Equity	0.62	0.65	0.70	0.60	0.56	0.36	0.39	0.44	0.44	0.46
Financial Leverage	0.51	0.53	0.50	0.32	0.18	0.16	0.18	0.20	0.16	0.16
Leverage Ratio	2.29	2.37	2.34	2.22	2.06	1.86	1.82	1.90	1.96	1.96
Compound Leverage Factor	4.20	1.89	2.45	2.35	2.98	3.07	2.49	1.70	3.29	2.28
Debt to Total Capital	38.29%	39.70%	41.12%	37.39%	35.96%	26.35%	28.48%	30.79%	30.89%	31.47%
Short-Term Debt to Total Capital	0.29%	0.26%	0.17%	0.04%	0.03%	0.14%	0.33%	0.34%	0.21%	0.21%
Long-Term Debt to Total Capital	37.99%	39.44%	40.95%	37.34%	35.93%	26.21%	28.15%	30.45%	30.68%	31.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.42%	0.36%	0.36%	0.37%	0.36%	0.42%	0.37%	0.19%	0.21%	0.19%
Common Equity to Total Capital	61.30%	59.94%	58.52%	62.25%	63.68%	73.23%	71.15%	69.03%	68.90%	68.34%
Debt to EBITDA	4.38	3.85	4.16	3.22	2.91	1.86	2.04	5.27	2.44	1.71
Net Debt to EBITDA	3.46	3.09	3.22	2.52	0.91	0.96	0.74	2.65	0.94	0.59
Long-Term Debt to EBITDA	4.34	3.83	4.14	3.22	2.91	1.85	2.01	5.22	2.43	1.70
Debt to NOPAT	-340.36	42.19	95.40	18.07	15.45	18.75	13.47	-7.71	56.79	7.73
Net Debt to NOPAT	-269.17	33.77	73.79	14.14	4.85	9.66	4.86	-3.87	21.96	2.65
Long-Term Debt to NOPAT	-337.74	41.91	95.02	18.05	15.44	18.65	13.32	-7.62	56.41	7.68
Altman Z-Score	1.34	1.19	0.98	1.20	1.39	1.57	2.11	1.60	1.79	1.91
Noncontrolling Interest Sharing Ratio	0.64%	0.61%	0.60%	0.58%	0.57%	0.54%	0.40%	0.29%	0.29%	0.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	1.55	1.44	1.78	3.01	2.10	2.62	2.02	2.17	2.24
Quick Ratio	1.24	1.23	1.13	1.33	2.61	1.73	2.28	1.70	1.83	1.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	215	12	-305	-1,324	-57	-253	-44	-446	-105	-83
Operating Cash Flow to CapEx	164.43%	142.43%	138.21%	110.77%	125.08%	111.38%	138.48%	100.86%	113.09%	95.53%
Free Cash Flow to Firm to Interest Expense	1.17	0.06	-1.87	-7.57	-0.51	-2.30	-0.38	-3.95	-0.93	-0.96
Operating Cash Flow to Interest Expense	4.83	4.42	5.10	4.58	11.04	6.58	6.11	4.15	4.43	6.45
Operating Cash Flow Less CapEx to Interest Expense	1.89	1.32	1.41	0.45	2.21	0.67	1.70	0.04	0.51	-0.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.36	0.39	0.41	0.45	0.52	0.56	0.56	0.56	0.60
Accounts Receivable Turnover	3.94	3.85	3.94	4.03	4.02	4.05	4.36	4.96	5.70	6.56
Inventory Turnover	8.62	7.51	9.08	11.96	11.64	11.74	12.78	13.07	12.83	8.79
Fixed Asset Turnover	1.48	1.50	1.59	1.63	1.73	1.82	1.75	1.62	1.56	1.50
Accounts Payable Turnover	6.65	5.72	5.62	5.28	5.33	5.95	5.90	5.90	6.30	6.28
Days Sales Outstanding (DSO)	92.56	94.80	92.72	90.50	90.78	90.12	83.68	73.66	63.99	55.64
Days Inventory Outstanding (DIO)	42.32	48.58	40.19	30.51	31.35	31.10	28.56	27.94	28.45	41.54
Days Payable Outstanding (DPO)	54.86	63.79	65.00	69.15	68.50	61.38	61.82	61.85	57.89	58.09
Cash Conversion Cycle (CCC)	80.02	79.59	67.90	51.85	53.62	59.84	50.43	39.75	34.55	39.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,869	7,092	7,031	6,692	5,217	4,999	4,665	4,500	4,267	4,133
Invested Capital Turnover	0.54	0.55	0.61	0.69	0.79	0.83	0.87	0.89	0.95	1.01
Increase / (Decrease) in Invested Capital	-223	61	339	1,475	218	334	165	233	134	295
Enterprise Value (EV)	7,686	6,012	4,280	4,880	3,447	3,923	5,069	4,036	4,349	4,012
Market Capitalization	5,394	3,531	1,777	2,717	2,640	3,121	4,462	3,203	3,708	3,440
Book Value per Share	$53.22	$54.42	$53.44	$52.75	$51.27	$48.72	$47.26	$43.20	$42.84	$42.25
Tangible Book Value per Share	($0.02)	($0.79)	($1.60)	$5.32	$20.71	$20.04	$21.79	$17.08	$16.25	$16.10
Total Capital	7,467	7,718	7,782	7,305	6,927	5,731	5,702	5,327	5,274	5,211
Total Debt	2,859	3,064	3,200	2,731	2,491	1,510	1,624	1,640	1,629	1,640
Total Long-Term Debt	2,837	3,044	3,187	2,728	2,489	1,502	1,605	1,622	1,618	1,629
Net Debt	2,261	2,453	2,475	2,136	782	778	586	823	630	562
Capital Expenditures (CapEx)	537	608	602	724	989	650	512	465	443	581
Debt-free, Cash-free Net Working Capital (DFCFNWC)	339	369	268	549	480	546	543	366	265	220
Debt-free Net Working Capital (DFNWC)	483	519	541	705	1,754	831	1,140	768	851	935
Net Working Capital (NWC)	461	499	528	702	1,752	823	1,121	750	840	924
Net Nonoperating Expense (NNE)	24	15	-1.46	-8.89	-72	-52	-43	-228	-20	-35
Net Nonoperating Obligations (NNO)	2,261	2,438	2,449	2,118	781	778	587	813	622	562
Total Depreciation and Amortization (D&A)	665	656	700	678	683	702	640	615	618	609
Debt-free, Cash-free Net Working Capital to Revenue	8.99%	9.45%	6.43%	13.32%	11.89%	13.58%	13.69%	9.41%	6.64%	5.46%
Debt-free Net Working Capital to Revenue	12.81%	13.29%	12.98%	17.10%	43.45%	20.66%	28.74%	19.74%	21.33%	23.20%
Net Working Capital to Revenue	12.23%	12.78%	12.66%	17.03%	43.40%	20.46%	28.26%	19.28%	21.05%	22.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.46)	$0.64	$0.35	$1.80	$2.66	$1.47	$1.75	$0.14	$0.56	$2.86
Adjusted Weighted Average Basic Shares Outstanding	86M	85M	85M	86M	86M	86M	86M	85M	85M	84.25M
Adjusted Diluted Earnings per Share	($0.46)	$0.63	$0.35	$1.77	$2.62	$1.44	$1.72	$0.14	$0.56	$2.84
Adjusted Weighted Average Diluted Shares Outstanding	86M	87M	86M	87M	87M	88M	87M	86M	85M	84.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.75	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	85M	85M	84.69M	85.88M	86.09M	86.15M	86.31M	85.13M	84.85M	84.32M
Normalized Net Operating Profit after Tax (NOPAT)	102	80	64	172	180	94	114	43	30	62
Normalized NOPAT Margin	2.69%	2.06%	1.53%	4.16%	4.46%	2.34%	2.88%	1.10%	0.76%	1.55%
Pre Tax Income Margin	-0.58%	2.84%	1.73%	4.37%	6.19%	4.60%	5.42%	-6.99%	2.06%	10.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.07	0.71	0.42	0.97	1.54	1.02	1.35	-2.69	0.43	4.05
NOPAT to Interest Expense	-0.05	0.37	0.21	0.86	1.44	0.73	1.04	-1.88	0.25	2.47
EBIT Less CapEx to Interest Expense	-3.00	-2.39	-3.27	-3.17	-7.29	-4.89	-3.06	-6.81	-3.49	-2.71
NOPAT Less CapEx to Interest Expense	-2.98	-2.73	-3.49	-3.27	-7.39	-5.18	-3.37	-6.00	-3.67	-4.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-15.63%	5.17%	8.57%	1.88%	2.58%	3.01%	3.66%	26.67%	2.04%	2.43%
Augmented Payout Ratio	-184.38%	15.52%	145.71%	21.25%	12.45%	18.80%	3.66%	26.67%	12.24%	5.67%

This table displays calculated financial ratios and metrics derived from United States Cellular's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.21%	-2.90%	-4.26%	-3.13%	-3.65%	-4.67%	-11.08%	-6.82%	-2.38%	-1.87%	6.59%
EBITDA Growth	-5.56%	-16.49%	-63.13%	3.09%	10.20%	22.88%	33.13%	-8.06%	-19.01%	-11.56%	-20.49%
EBIT Growth	-19.61%	-140.91%	-257.89%	5.88%	96.15%	181.48%	480.00%	-15.00%	-63.38%	-640.00%	-133.33%
NOPAT Growth	-12.91%	-121.48%	-340.27%	185.88%	61.67%	255.20%	349.71%	-67.80%	-66.87%	-329.50%	-132.67%
Net Income Growth	-16.67%	-75.00%	-439.13%	260.00%	71.43%	159.26%	291.67%	-77.27%	-73.08%	-196.43%	-134.29%
EPS Growth	5.00%	-64.71%	-453.85%	300.00%	33.33%	153.13%	273.33%	-80.00%	-73.68%	-203.23%	-139.47%
Operating Cash Flow Growth	-21.18%	-17.01%	-25.53%	-10.32%	395.12%	-18.33%	344.59%	30.71%	-86.82%	33.33%	-75.66%
Free Cash Flow Firm Growth	34.65%	784.32%	-18.00%	248.18%	219.33%	91.15%	118.35%	73.84%	63.85%	75.60%	57.70%
Invested Capital Growth	-3.72%	-3.14%	-2.11%	-2.15%	-2.58%	0.87%	-1.07%	1.78%	2.70%	5.07%	8.39%
Revenue Q/Q Growth	-8.24%	5.31%	-0.54%	-2.42%	-5.00%	3.84%	0.63%	-2.94%	-6.01%	-3.14%	5.45%
EBITDA Q/Q Growth	29.94%	96.25%	-60.00%	-7.41%	14.89%	-13.36%	11.86%	-1.02%	28.10%	-6.14%	-22.75%
EBIT Q/Q Growth	555.56%	90.00%	-350.00%	-29.41%	131.82%	-61.40%	67.65%	30.77%	196.30%	-80.00%	-137.50%
NOPAT Q/Q Growth	425.40%	90.00%	-411.11%	-13.97%	-19.76%	11.87%	270.16%	-51.35%	177.04%	-80.00%	-147.73%
Net Income Q/Q Growth	400.00%	105.13%	-533.33%	-25.00%	50.00%	-30.43%	360.00%	-64.29%	151.85%	-125.00%	-154.55%
EPS Q/Q Growth	250.00%	106.52%	-560.00%	0.00%	17.65%	-34.62%	420.00%	-66.67%	146.88%	-113.33%	-160.00%
Operating Cash Flow Q/Q Growth	31.15%	-50.20%	-21.73%	54.19%	38.10%	-55.32%	-5.73%	751.22%	-77.22%	143.24%	-72.28%
Free Cash Flow Firm Q/Q Growth	30.83%	161.08%	-52.09%	-17.71%	764.86%	-131.29%	186.57%	33.74%	50.70%	35.10%	-23.38%
Invested Capital Q/Q Growth	-0.89%	1.52%	-2.75%	-1.61%	-0.30%	2.60%	-2.78%	-2.04%	3.23%	0.63%	0.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.27%	52.83%	58.46%	57.82%	58.11%	53.80%	57.11%	56.32%	55.88%	51.29%	49.12%
EBITDA Margin	22.90%	16.17%	8.68%	21.58%	22.74%	18.80%	22.53%	20.27%	19.88%	14.59%	15.05%
Operating Margin	4.60%	-0.93%	-9.76%	3.88%	5.37%	2.20%	5.92%	3.55%	2.64%	-2.57%	-1.39%
EBIT Margin	4.60%	-0.93%	-9.76%	3.88%	5.37%	2.20%	5.92%	3.55%	2.64%	-2.57%	-1.39%
Profit (Net Income) Margin	2.24%	0.41%	-8.46%	1.94%	2.53%	1.60%	2.39%	0.52%	1.42%	-2.57%	-1.11%
Tax Burden Percent	50.00%	-28.57%	84.78%	56.25%	46.15%	133.33%	46.00%	20.83%	56.00%	72.97%	80.00%
Interest Burden Percent	97.56%	155.56%	102.22%	88.89%	101.96%	54.55%	87.72%	70.59%	96.15%	137.04%	100.00%
Effective Tax Rate	50.00%	0.00%	0.00%	43.75%	53.85%	-33.33%	54.00%	79.17%	44.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.23%	-0.35%	-3.80%	1.19%	1.34%	1.62%	1.55%	0.43%	0.85%	-1.09%	-0.60%
ROIC Less NNEP Spread (ROIC-NNEP)	1.21%	0.09%	-4.47%	1.10%	1.36%	1.08%	1.41%	0.34%	0.83%	-1.45%	-0.67%
Return on Net Nonoperating Assets (RNNOA)	0.59%	0.04%	-2.14%	0.56%	0.74%	0.57%	0.71%	0.18%	0.46%	-0.72%	-0.32%
Return on Equity (ROE)	1.82%	-0.31%	-5.94%	1.75%	2.08%	2.19%	2.26%	0.61%	1.32%	-1.82%	-0.92%
Cash Return on Invested Capital (CROIC)	3.57%	3.07%	0.75%	3.48%	3.74%	0.16%	1.39%	-1.58%	-2.74%	-4.45%	-6.98%
Operating Return on Assets (OROA)	1.62%	-0.33%	-3.49%	1.39%	1.91%	0.79%	2.15%	1.32%	1.00%	-1.00%	-0.55%
Return on Assets (ROA)	0.79%	0.15%	-3.02%	0.69%	0.90%	0.57%	0.87%	0.19%	0.54%	-1.00%	-0.44%
Return on Common Equity (ROCE)	1.81%	-0.30%	-5.90%	1.74%	2.06%	2.18%	2.25%	0.60%	1.31%	-1.81%	-0.92%
Return on Equity Simple (ROE_SIMPLE)	-0.79%	0.00%	-0.44%	1.73%	1.46%	0.00%	0.33%	-0.44%	-0.07%	0.00%	1.96%
Net Operating Profit after Tax (NOPAT)	21	-6.30	-63	20	24	29	26	7.08	15	-19	-11
NOPAT Margin	2.30%	-0.65%	-6.83%	2.18%	2.48%	2.93%	2.72%	0.74%	1.48%	-1.80%	-0.97%
Net Nonoperating Expense Percent (NNEP)	0.02%	-0.44%	0.68%	0.09%	-0.02%	0.55%	0.14%	0.09%	0.02%	0.35%	0.07%
Return On Investment Capital (ROIC_SIMPLE)	0.28%	-0.08%	-	-	-	0.38%	-	-	-	-0.24%	-
Cost of Revenue to Revenue	39.73%	47.17%	41.54%	42.18%	41.89%	46.20%	42.89%	43.68%	44.12%	48.71%	50.88%
SG&A Expenses to Revenue	37.26%	36.35%	35.14%	34.74%	34.84%	34.90%	34.58%	35.63%	34.99%	35.75%	34.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	55.67%	53.76%	68.22%	53.94%	52.74%	51.60%	51.19%	52.77%	53.25%	53.86%	50.51%
Earnings before Interest and Taxes (EBIT)	41	-9.00	-90	36	51	22	57	34	26	-27	-15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	204	157	80	200	216	188	217	194	196	153	163
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.28	1.18	1.03	1.01	0.67	0.76	0.80	0.33	0.38	0.39	0.49
Price to Tangible Book Value (P/TBV)	1,469.44	0.00	783.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.58	1.43	1.24	1.24	0.80	0.90	0.93	0.37	0.42	0.43	0.53
Price to Earnings (P/E)	0.00	0.00	0.00	66.83	52.58	65.39	281.86	0.00	0.00	59.23	26.51
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	1.50%	1.90%	1.53%	0.35%	0.00%	0.00%	1.69%	3.77%
Enterprise Value to Invested Capital (EV/IC)	1.19	1.12	1.02	1.01	0.78	0.85	0.87	0.57	0.62	0.61	0.67
Enterprise Value to Revenue (EV/Rev)	2.18	2.04	1.81	1.83	1.43	1.54	1.51	0.99	1.08	1.03	1.11
Enterprise Value to EBITDA (EV/EBITDA)	12.64	11.77	10.06	8.56	6.77	7.56	7.87	5.72	6.17	5.57	5.90
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	362.31	42.33	33.63	43.25	66.48	224.31	185.98	62.03	46.08
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	76.30	68.25	82.77	274.78	320.44	0.00	127.60	64.51
Enterprise Value to Operating Cash Flow (EV/OCF)	9.64	8.70	7.58	7.08	5.37	6.94	6.66	6.27	7.94	5.14	5.91
Enterprise Value to Free Cash Flow (EV/FCFF)	32.72	35.82	134.98	28.67	20.59	516.90	61.83	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.62	0.63	0.62	0.65	0.66	0.63	0.69	0.72	0.70	0.68
Long-Term Debt to Equity	0.61	0.62	0.62	0.61	0.65	0.65	0.63	0.67	0.72	0.70	0.68
Financial Leverage	0.49	0.51	0.48	0.51	0.54	0.53	0.50	0.53	0.55	0.50	0.47
Leverage Ratio	2.26	2.29	2.30	2.31	2.34	2.37	2.36	2.37	2.37	2.34	2.32
Compound Leverage Factor	2.21	3.56	2.35	2.06	2.38	1.29	2.07	1.67	2.28	3.21	2.32
Debt to Total Capital	38.22%	38.29%	38.61%	38.18%	39.40%	39.70%	38.68%	40.71%	41.89%	41.12%	40.43%
Short-Term Debt to Total Capital	0.35%	0.29%	0.27%	0.26%	0.26%	0.26%	0.24%	0.70%	0.19%	0.17%	0.14%
Long-Term Debt to Total Capital	37.87%	37.99%	38.34%	37.92%	39.14%	39.44%	38.44%	40.01%	41.70%	40.95%	40.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.40%	0.42%	0.43%	0.41%	0.40%	0.36%	0.37%	0.36%	0.34%	0.36%	0.21%
Common Equity to Total Capital	61.38%	61.30%	60.96%	61.43%	60.20%	59.94%	60.95%	58.93%	57.77%	58.52%	59.36%
Debt to EBITDA	4.45	4.38	4.24	3.54	3.74	3.85	3.84	4.47	4.58	4.16	3.96
Net Debt to EBITDA	3.42	3.46	3.15	2.74	2.92	3.09	3.01	3.56	3.71	3.22	3.06
Long-Term Debt to EBITDA	4.41	4.34	4.21	3.52	3.72	3.83	3.82	4.40	4.56	4.14	3.95
Debt to NOPAT	-185.39	-340.36	-30.55	31.56	37.73	42.19	134.15	250.71	-598.00	95.40	43.33
Net Debt to NOPAT	-142.47	-269.17	-22.65	24.44	29.48	33.77	105.22	199.68	-484.07	73.79	33.42
Long-Term Debt to NOPAT	-183.70	-337.74	-30.34	31.35	37.48	41.91	133.32	246.43	-595.29	95.02	43.18
Altman Z-Score	1.43	1.34	1.24	1.29	1.13	1.15	1.16	0.95	0.98	0.95	1.01
Noncontrolling Interest Sharing Ratio	0.66%	0.64%	0.65%	0.61%	0.62%	0.61%	0.48%	0.61%	0.60%	0.60%	0.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.70	1.52	1.57	1.55	1.67	1.55	1.35	1.49	1.64	1.44	1.52
Quick Ratio	1.37	1.24	1.31	1.29	1.33	1.23	1.08	1.16	1.22	1.13	1.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	284	217	83	173	211	-32	101	-117	-176	-358	-552
Operating Cash Flow to CapEx	222.22%	88.41%	189.92%	228.47%	152.63%	95.45%	319.42%	225.16%	20.92%	93.26%	61.16%
Free Cash Flow to Firm to Interest Expense	7.09	4.71	1.69	3.85	4.90	-0.66	2.02	-2.29	-3.75	-7.46	-13.13
Operating Cash Flow to Interest Expense	4.00	2.65	5.00	6.96	4.72	3.06	6.58	6.84	0.87	3.75	1.76
Operating Cash Flow Less CapEx to Interest Expense	2.20	-0.35	2.37	3.91	1.63	-0.15	4.52	3.80	-3.30	-0.27	-1.12
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.36	0.36	0.36	0.36	0.36	0.36	0.37	0.38	0.39	0.40
Accounts Receivable Turnover	4.00	3.94	4.05	3.97	3.99	3.85	3.89	4.02	4.09	3.94	4.08
Inventory Turnover	8.99	8.62	9.73	9.43	7.74	7.51	8.50	9.21	8.95	9.08	10.50
Fixed Asset Turnover	1.50	1.48	1.49	1.48	1.49	1.50	1.51	1.53	1.58	1.59	1.65
Accounts Payable Turnover	7.28	6.65	4.82	6.55	7.77	5.72	4.76	6.91	8.22	5.62	5.65
Days Sales Outstanding (DSO)	91.32	92.56	90.17	92.01	91.53	94.80	93.86	90.82	89.33	92.72	89.44
Days Inventory Outstanding (DIO)	40.62	42.32	37.53	38.72	47.16	48.58	42.93	39.64	40.79	40.19	34.78
Days Payable Outstanding (DPO)	50.17	54.86	75.73	55.72	46.95	63.79	76.62	52.80	44.42	65.00	64.60
Cash Conversion Cycle (CCC)	81.77	80.02	51.97	75.01	91.75	79.59	60.17	77.67	85.71	67.90	59.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,808	6,869	6,766	6,957	7,071	7,092	6,912	7,110	7,258	7,031	6,987
Invested Capital Turnover	0.53	0.54	0.56	0.55	0.54	0.55	0.57	0.58	0.58	0.61	0.62
Increase / (Decrease) in Invested Capital	-263	-223	-146	-153	-187	61	-75	124	191	339	541
Enterprise Value (EV)	8,102	7,686	6,884	7,027	5,516	6,012	5,983	4,038	4,464	4,280	4,654
Market Capitalization	5,878	5,394	4,700	4,745	3,103	3,531	3,664	1,494	1,756	1,777	2,227
Book Value per Share	$53.94	$53.22	$53.28	$55.02	$54.80	$54.42	$53.98	$53.98	$53.94	$53.44	$53.63
Tangible Book Value per Share	$0.05	($0.02)	$0.07	($0.45)	($0.62)	($0.79)	($1.02)	($1.43)	($1.46)	($1.60)	($1.06)
Total Capital	7,470	7,467	7,516	7,613	7,738	7,718	7,552	7,760	7,907	7,782	7,731
Total Debt	2,855	2,859	2,902	2,907	3,049	3,064	2,921	3,159	3,312	3,200	3,126
Total Long-Term Debt	2,829	2,837	2,882	2,887	3,029	3,044	2,903	3,105	3,297	3,187	3,115
Net Debt	2,194	2,261	2,152	2,251	2,382	2,453	2,291	2,516	2,681	2,475	2,411
Capital Expenditures (CapEx)	72	138	129	137	133	154	103	155	196	193	121
Debt-free, Cash-free Net Working Capital (DFCFNWC)	410	339	266	313	393	369	227	360	470	268	333
Debt-free Net Working Capital (DFNWC)	592	483	538	508	578	519	380	546	624	541	587
Net Working Capital (NWC)	566	461	518	488	558	499	362	492	609	528	576
Net Nonoperating Expense (NNE)	0.50	-10	15	2.25	-0.46	13	3.22	2.08	0.56	8.10	1.50
Net Nonoperating Obligations (NNO)	2,193	2,261	2,152	2,251	2,382	2,438	2,281	2,509	2,663	2,449	2,382
Total Depreciation and Amortization (D&A)	163	166	170	164	165	166	160	160	170	180	178
Debt-free, Cash-free Net Working Capital to Revenue	11.05%	8.99%	7.00%	8.15%	10.16%	9.45%	5.74%	8.83%	11.34%	6.43%	7.95%
Debt-free Net Working Capital to Revenue	15.95%	12.81%	14.16%	13.23%	14.94%	13.29%	9.61%	13.40%	15.05%	12.98%	14.01%
Net Working Capital to Revenue	15.25%	12.23%	13.64%	12.71%	14.42%	12.78%	9.15%	12.07%	14.69%	12.66%	13.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.21	$0.05	($0.92)	$0.20	$0.21	$0.18	$0.26	$0.05	$0.15	($0.32)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	85M	86M	86M	86M	85M	85M	85M	85M	85M	85M	85M
Adjusted Diluted Earnings per Share	$0.21	$0.06	($0.92)	$0.20	$0.20	$0.17	$0.26	$0.05	$0.15	($0.32)	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	88M	86M	86M	88M	88M	87M	86M	86M	86M	86M	85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	85M	85M	86M	86M	85M	85M	85M	85.27M	84.72M	84.69M	85.22M
Normalized Net Operating Profit after Tax (NOPAT)	21	-5.60	34	28	39	16	41	26	20	-11	-9.80
Normalized NOPAT Margin	2.36%	-0.58%	3.64%	2.97%	4.13%	1.61%	4.22%	2.71%	2.04%	-1.07%	-0.90%
Pre Tax Income Margin	4.49%	-1.44%	-9.98%	3.45%	5.47%	1.20%	5.19%	2.51%	2.54%	-3.53%	-1.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.03	-0.20	-1.84	0.80	1.19	0.46	1.14	0.67	0.55	-0.56	-0.36
NOPAT to Interest Expense	0.51	-0.14	-1.29	0.45	0.55	0.61	0.52	0.14	0.31	-0.39	-0.25
EBIT Less CapEx to Interest Expense	-0.78	-3.20	-4.47	-2.24	-1.91	-2.75	-0.92	-2.37	-3.62	-4.58	-3.24
NOPAT Less CapEx to Interest Expense	-1.29	-3.14	-3.92	-2.59	-2.55	-2.60	-1.54	-2.90	-3.86	-4.41	-3.13
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-13.89%	-15.63%	-25.00%	4.94%	5.88%	5.17%	13.33%	-15.00%	-100.00%	8.57%	4.44%
Augmented Payout Ratio	-222.22%	-184.38%	-155.00%	4.94%	5.88%	15.52%	113.33%	-140.00%	-1,200.00%	145.71%	46.67%

Frequently Asked Questions About United States Cellular's Financials

When does United States Cellular's fiscal year end?

According to the most recent income statement we have on file, United States Cellular's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has United States Cellular's net income changed over the last 9 years?

United States Cellular's net income appears to be on a downward trend, with a most recent value of -$32 million in 2024, falling from $247 million in 2015. The previous period was $58 million in 2023. View United States Cellular's forecast to see where analysts expect United States Cellular to go next.

What is United States Cellular's operating income?

United States Cellular's total operating income in 2024 was -$12 million, based on the following breakdown:

Total Gross Profit: $2.14 billion
Total Operating Expenses: $2.15 billion

How has United States Cellular revenue changed over the last 9 years?

Over the last 9 years, United States Cellular's total revenue changed from $4.03 billion in 2015 to $3.77 billion in 2024, a change of -6.5%.

How much debt does United States Cellular have?

United States Cellular's total liabilities were at $5.84 billion at the end of 2024, a 4.2% decrease from 2023, and a 67.4% increase since 2015.

How much cash does United States Cellular have?

In the past 9 years, United States Cellular's cash and equivalents has ranged from $144 million in 2024 to $1.27 billion in 2020, and is currently $144 million as of their latest financial filing in 2024.

How has United States Cellular's book value per share changed over the last 9 years?

Over the last 9 years, United States Cellular's book value per share changed from 42.25 in 2015 to 53.22 in 2024, a change of 26.0%.

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This page (NYSE:USM) was last updated on 5/30/2025 by MarketBeat.com Staff

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United States Cellular (USM) Financials

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United States Cellular (USM) Financials

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