TIM S.a. is a US-listed company in the integrated telecommunication services industry. Its financial year ends in December.
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Under review: our cash-flow value ($54.02) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.
Under review: our cash-flow value ($54.02) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $4.77bn, up 0.5% on a year earlier, against a decline of 0.7% a quarter earlier. Free-cash-flow margin rose to 33.4% from 25.6% a year earlier. Operating margin widened to 23.8% from 20.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 4 of our 7 financial-health checks.
Our model value for TIM is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
TIM S.a.'s trailing-twelve-month revenue grew 0.5% year on year, with a free-cash-flow margin of 33.4%. Where it stands out: free-cash-flow margin of 33.4% ranks 1 of 15 integrated telecommunication services companies we cover.
Our discounted-cash-flow model values the business at ~$54 per share in the base case (~$41–$72 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 9.9% while net income grew 31.4%: a 21pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for TIMB from the sources we follow. See filings →
Our value per share comes from a discounted-cash-flow model of TIM S.a.'s free cash flow after stock-based pay ( $1.5B, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value TIM S.a. as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$54 ~$41–$72 | Left out: far from the other models (more than 3x away from their median) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$15 ~$16–$37 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$12 ~$9.5–$16 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$14 ~$12–$17 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare TIM S.a. with Integrated Telecommunication Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 9, 2026, after the close.
No analyst estimates are published for TIM S.a.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.47 | $0.42 | −10.1% |
| Mar 2026 | $0.38 | $0.35 | −10.1% |
| Dec 2025 | $0.42 | $0.54 | +26.8% |
| Sept 2025 | $0.41 | $0.47 | +14.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY18 Q4 | $4.7B |
| FY19 Q4 | $4.4B |
| FY20 Q4 | $3.4B |
| FY21 Q4 | $3.4B |
| FY22 Q4 | $4.2B |
| FY23 Q4 | $4.8B |
| FY24 Q4 | $4.7B |
| FY25 Q4 | $4.8B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY19 Q4 | -5.7% |
| FY20 Q4 | -23.4% |
| FY21 Q4 | -0.8% |
| FY22 Q4 | 24.7% |
| FY23 Q4 | 14.2% |
| FY24 Q4 | -0.7% |
| FY25 Q4 | 0.5% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY18 Q4 | 14.2% |
| FY19 Q4 | 26.0% |
| FY20 Q4 | 16.2% |
| FY21 Q4 | 20.8% |
| FY22 Q4 | 14.7% |
| FY23 Q4 | 19.8% |
| FY24 Q4 | 21.6% |
| FY25 Q4 | 23.8% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY18 Q4 | 13.5% |
| FY19 Q4 | 18.5% |
| FY20 Q4 | 27.7% |
| FY21 Q4 | 25.6% |
| FY22 Q4 | 20.6% |
| FY23 Q4 | 33.2% |
| FY24 Q4 | 30.6% |
| FY25 Q4 | 33.4% |
Each dollar TIM took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $4.8B | |
|---|---|---|
| Cost of revenue | $2.2B | 46.1% of revenue |
| Gross profit | $2.6B | 53.9% of revenue |
| Selling, general and admin | $707M | 14.8% of revenue |
| Other operating costs | $729M | 15.3% of revenue |
| Operating income | $1.1B | 23.8% of revenue |
| Income tax | $44.4M | 0.9% of revenue |
| Interest and other | $320M | 6.7% of revenue |
| Net income | $773M | 16.2% of revenue |
| Fiscal year | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 4,681 | 4,413 | 3,378 | 3,352 | 4,180 | 4,776 | 4,745 | 4,770 |
| Gross profit | 2,558 | 2,525 | 1,814 | 1,785 | 2,111 | 2,472 | 2,527 | 2,573 |
| EBITDA | — | 2,449 | 581 | 1,754 | 1,939 | 2,371 | 2,337 | 2,405 |
| Operating income | 666 | 1,147 | 548 | 697 | 614 | 945 | 1,027 | 1,137 |
| Net income | 702 | 920 | 358 | 549 | 324 | 569 | 588 | 773 |
| Diluted EPS | — | $1.90 | $0.74 | $1.13 | $0.67 | $1.17 | $1.21 | $1.59 |
| Growth (year on year) | ||||||||
| Revenue | — | −5.7% | −23.4% | −0.8% | +24.7% | +14.2% | −0.7% | +0.5% |
| EBITDA | — | — | −76.3% | +202.1% | +10.6% | +22.3% | −1.5% | +2.9% |
| Operating income | — | +72.1% | −52.2% | +27.1% | −12.0% | +54.1% | +8.6% | +10.7% |
| Net income | — | +31.1% | −61.1% | +53.5% | −40.9% | +75.3% | +3.4% | +31.4% |
| Diluted EPS | — | — | −61.0% | +52.3% | −40.8% | +75.0% | +3.4% | +31.6% |
| Margins | ||||||||
| Gross margin | 54.6% | 57.2% | 53.7% | 53.2% | 50.5% | 51.8% | 53.3% | 53.9% |
| EBITDA margin | — | 55.5% | 17.2% | 52.3% | 46.4% | 49.7% | 49.2% | 50.4% |
| Operating margin | 14.2% | 26.0% | 16.2% | 20.8% | 14.7% | 19.8% | 21.6% | 23.8% |
| Net margin | 15.0% | 20.8% | 10.6% | 16.4% | 7.8% | 11.9% | 12.4% | 16.2% |
| Free-cash-flow margin | 13.5% | 18.5% | 27.7% | 25.6% | 20.6% | 33.2% | 30.6% | 33.4% |
| Cash flow | ||||||||
| Cash from operations | 1,690 | 1,794 | 1,697 | 1,839 | 1,779 | 2,489 | 2,299 | 2,408 |
| Capital spending | 1,056 | 979 | 761 | 981 | 918 | 903 | 848 | 814 |
| Free cash flow | 633 | 816 | 936 | 858 | 860 | 1,586 | 1,451 | 1,594 |
| Stock-based pay | −0 | 1 | 1 | 3 | 1 | −5 | 4 | 3 |
| Free cash flow after stock pay | 634 | 815 | 935 | 855 | 859 | 1,591 | 1,447 | 1,591 |
| Balance sheet | ||||||||
| Cash | 277 | 569 | 496 | 938 | 482 | 634 | 527 | 659 |
| Total debt | 0 | 505 | 452 | 690 | 940 | 777 | 491 | 507 |
| Net debt (negative = net cash) | −277 | −64 | −44 | −248 | 458 | 143 | −36 | −152 |
| Diluted shares | — | 484m | 484m | 484m | 484m | 484m | 484m | 483m |
| Returned to shareholders | ||||||||
| Dividends | 162 | 196 | 226 | 194 | 233 | 436 | 507 | 960 |
| Total returned | 162 | 196 | 226 | 194 | 233 | 436 | 507 | 960 |
| Last 12 months unless stated | TIMB | VEON | TIGO | CHT | TU | BCE | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $4.8bn | $4.4bn | $5.8bn | $7.6bn | $14.7bn | $17.5bn | $4.6bn |
| Revenue growth, last 12 months | 0.5% | 9.9% | 0.3% | 5.9% | −1.4% | −1.7% | 3.3% |
| Gross margin | 53.9% | — | 77.5% | 36.8% | 88.3% | 68.4% | 61.2% |
| Operating margin | 23.8% | 32.7% | 28.2% | 20.6% | 11.5% | — | 20.3% |
| Operating margin, 3-year average | — | 24.9% | 19.6% | 20.8% | 16.6% | — | 16.7% |
| Net margin | 16.2% | 13.4% | 22.6% | 16.4% | 5.4% | 26.6% | 10.5% |
| Cash from operations / revenue | 50.5% | 70.2% | 29.8% | 32.8% | 23.7% | 28.6% | 28.5% |
| Free-cash-flow margin | 33.4% | 54.4% | 18.6% | 21.1% | 10.4% | 13.5% | 13.9% |
| Free-cash-flow margin, 3-year average | — | — | 9.3% | 19.7% | 9.4% | 13.8% | 10.2% |
| Stock pay / revenue | 0.1% | — | 0.2% | — | 0.7% | — | 0.8% |
| Change in share count | −0.2% | −0.9% | −2.6% | 0.0% | 2.8% | 1.8% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 0.5% | 3.5% | 12 of 16 |
| Change in growth rate Growth | +1.2pp | +0.9pp | 6 of 16 |
| Gross margin Profitability | 53.9% | 62.1% | 5 of 8 |
| Operating margin Profitability | 23.8% | 20.3% | 4 of 15 |
| Net margin Profitability | 16.2% | 10.7% | 5 of 16 |
| Free-cash-flow margin Cash generation | 33.4% | 13.8% | 1 of 15 |
| Stock pay as % of revenue Cash generation | 0.1% | 0.8% | 1 of 9 |
| Long-term debt as % of assets Balance sheet | 3.3% | 26.0% | 5 of 13 |
| Change in share count Balance sheet | -0.2% | 0.0% | 7 of 15 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Robeco Institutional Asset Management B.V. | $81.8M | 3.8M | 17.8% | ▼ 4.6% |
| Alliancebernstein L.P. | $42.9M | 1.6M | 9.4% | ▲ 18.1% |
| Renaissance Technologies LLC | $37M | 1.7M | 8.1% | ▼ 3.2% |
| Blackrock, Inc. | $23.7M | 1.1M | 5.2% | ▼ 17.0% |
| Nomura Asset Management International Inc. | $22.3M | 1.0M | 4.9% | ▼ 12.9% |
| Arrowstreet Capital, Limited Partnership | $17.5M | 818K | 3.8% | ▼ 31.8% |
| American Century Companies Inc | $17M | 792K | 3.7% | ▲ 10.4% |
| UBS Group AG | $14.7M | 688K | 3.2% | ▲ 21.7% |
| State Street Corp | $14.3M | 658K | 3.1% | ▼ 2.7% |
| Assetmark, Inc | $14M | 654K | 3.1% | ▲ 33.4% |
| Crossmark Global Holdings, Inc. | $13.2M | 618K | 2.9% | ▲ 0.2% |
| Connor, Clark & Lunn Investment Management Ltd. | $12.7M | 595K | 2.8% | ▲ 65.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not TIM S.a.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Viegas Marques Andrea Palma Chief Financial Officer | June 23, 2026 | Sell | 35,000 | $4.32 | $151,200 |
| Lima Auana Mattar Chief Information Officer | May 18, 2026 | Sell | 8,200 | $4.42 | $36,244 |
| Ferreira Vicente De Moraes Investor Relations Officer | March 26, 2026 | Sell | 68 | $5.14 | $350 |
| Ferreira Vicente De Moraes Investor Relations Officer | March 24, 2026 | Sell | 22,300 | $5.17 | $115,291 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in TIM S.a. disclosed in the last 12 months; 2 earlier trades on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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