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TIM S.A. (TIMB) USD

TIM S.A. provides telecommunications services in Brazil, including fixed-line telephone services and mobile communication services for personal and multimedia use.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, Q2 2026)✓Net cash balance sheet

Sector: Telecom

BR_TIMB

Price chart

19.03 USDDay -0.47%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
19.03 USD · -0.47%
Market cap
45.5 bn USD

Growth

Δ revenue y/y
16.3%
Δ EBITDA y/y
15.0%

Multiples

P/E (LTM)
56.3x
3y avg: 54.1x
P/B (FY)
10.6x
P/E (ann.)
59.5x
EV/EBITDA (LTM)
17.1x
3y avg: 15.7x
EV/EBITDA (ann.)
16.4x

Cash return

Dividend yield
1.7%
FCF yield (LTM)
0.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+9.9%
↓ details

Liquidity

Daily turnover (listing)
4.8 mln USD

Shares: yahoo_fundamentals_timeseries/TIMB

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL1371.7
y/y 16.3%
334.9
y/y 19.0%
353.7
y/y 11.4%
688.7
y/y 15.0%
190.9
y/y 9.5%
613.585.711262.1
y/y 10.6%
4926.1
y/y 9.7%
15.6%-370.4Link
2026-03-31Q1 2026 (3M)PARTIAL1356.5
y/y 18.7%
301.8
y/y 22.5%
346.5
y/y 11.0%
648.4
y/y 16.1%
162.8
y/y 14.2%
531.3-269.811518.9
y/y 14.1%
4867.0
y/y 11.3%
14.2%-605.7Link
2025-12-31Q4 2025 (3M)OK1237.0
y/y —
344.2
y/y —
317.7
y/y —
661.9
y/y —
238.0
y/y —
763.4-240.710178.4
y/y -2.6%
4286.2
y/y -12.5%
17.5%-148.7Link
2025-09-30Q3 2025 (3M)OK1199.7
y/y —
313.9
y/y —
317.9
y/y —
631.9
y/y —
215.9
y/y —
661.9-174.110255.7
y/y —
4507.1
y/y —
6.4%-146.3Link
2025-06-30Q2 2025 (3M)OK1179.8
y/y —
281.4
y/y —
317.5
y/y —
598.9
y/y —
174.4
y/y —
531.0-157.710181.2
y/y —
4491.4
y/y —
15.7%-15.8Link
2025-03-31Q1 2025 (3M)OK1142.9
y/y —
246.3
y/y —
312.1
y/y —
558.4
y/y —
142.6
y/y —
446.2-239.410092.5
y/y —
4371.7
y/y —
12.3%30.0Link
2024-12-31FY 2024 (12M)OK4722.6
y/y -4.1%
1021.9
y/y 4.8%
1303.9
y/y -11.3%
2325.8
y/y -4.9%
585.3
y/y -0.2%
2288.5-844.510453.2
y/y -8.5%
4900.1
y/y -8.9%
11.4%-41.4Link
2023-12-31FY 2023 (12M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——11419.9
y/y —
5376.4
y/y —
11.2%-261.5Link
2023-09-30Q3 2023 (3M)PARTIAL1200.0
y/y —
241.5
y/y —
347.9
y/y —
589.4
y/y —
141.9
y/y —
690.5-197.811092.3
y/y —
5068.1
y/y —
3.6%77.5Link
2023-06-30Q2 2023 (3M)PARTIAL1241.3
y/y —
219.9
y/y —
388.4
y/y —
608.3
y/y —
132.6
y/y —
447.2-196.011794.0
y/y —
5362.2
y/y —
10.2%307.2Link
2023-03-31Q1 2023 (3M)PARTIAL1131.4
y/y —
156.4
y/y —
356.5
y/y —
512.8
y/y —
82.7
y/y —
396.2-258.511352.1
y/y —
5058.1
y/y —
—1173.8Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002023 q22023 q32023 q42024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%5%10%15%20%2023 q22023 q32023 q42024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

05001 0001 5002023 q22023 q32023 q42024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-800-600-400-20002004002023 q22023 q32023 q42024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 3.91x of reported net profit; after capex, 2.56x.
year20212022202320242025
cash flow / profit3.35x5.48x4.38x3.91x3.12x
accruals, % of assets-14.0%-13.3%-17.3%-16.3%-16.0%
Last twelve months (to 2026-06-30): 3.18x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · capex 0.6x of depreciation
● Capex is 55% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +9.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (689 − 599) × 3.82
343
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (45 456 + -370) ÷ 2 631
17.1x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (17.1 + 7) ÷ 2
12.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 355 + 0 + 0 − 0
355
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (343 × 12.1 + 355) ÷ 45 456
+9.9%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +1% vs -1% the year before — a +1.8 pp move. 3-year CAGR +5%.
revenue growth by year: 2023 +14% · 2024 -1% · 2025 +1%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Telecom. Each peer is shown as it trades and re-priced onto this company's market (Brazil) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KT CorporationKorea9.43.6x2.6x
Telkom IndonesiaIndonesia15.12.4x3.7x
MTN GroupSouth Africa22.73.7x4.4x
RostelecomRussia2.02.7x4.5x
America Movil (AMX)Mexico70.45.8x5.0x
MTSRussia5.33.4x5.6x
e& (Etisalat Group)UAE51.69.8x6.3x
Vodacom GroupSouth Africa18.65.4x6.3x
du (EITC)UAE14.410.1x6.5x
PLDTPhilippines3.95.3x7.1x
Globe TelecomPhilippines3.75.6x7.4x
Kcell JSCKazakhstan2.913.7x11.4x
Group median5.3x5.9x
Group average6.0x5.9x
This companyBrazil45.717.1x17.1x

Group median 5.3x as traded, 5.9x adjusted; this company 17.1x — a 189% premium.

Group average 6.0x as traded, 5.9x adjusted; against the average this company is at a 190% premium.

At the adjusted group median the market cap would be -65% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-290.162 USDEx-dividend: 0.162 USD per sharePaidYahoo Finance (ex-div)
2026-03-300.155 USDEx-dividend: 0.155 USD per sharePaidYahoo Finance (ex-div)
2025-08-040.119 USDEx-dividend: 0.119 USD per sharePaidYahoo Finance (ex-div)
2025-05-230.111 USDEx-dividend: 0.111 USD per sharePaidYahoo Finance (ex-div)
2025-04-100.491 USDEx-dividend: 0.491 USD per sharePaidYahoo Finance (ex-div)
2025-04-040.178 USDEx-dividend: 0.178 USD per sharePaidYahoo Finance (ex-div)
2025-02-210.072 USDEx-dividend: 0.072 USD per sharePaidYahoo Finance (ex-div)
2024-12-300.226 USDEx-dividend: 0.226 USD per sharePaidYahoo Finance (ex-div)
2024-09-300.108 USDEx-dividend: 0.108 USD per sharePaidYahoo Finance (ex-div)
2024-06-270.111 USDEx-dividend: 0.111 USD per sharePaidYahoo Finance (ex-div)
2024-04-100.535 USDEx-dividend: 0.535 USD per sharePaidYahoo Finance (ex-div)
2024-03-280.079 USDEx-dividend: 0.079 USD per sharePaidYahoo Finance (ex-div)
2023-12-220.272 USDEx-dividend: 0.272 USD per sharePaidYahoo Finance (ex-div)
2023-09-280.175 USDEx-dividend: 0.175 USD per sharePaidYahoo Finance (ex-div)
2023-06-230.124 USDEx-dividend: 0.124 USD per sharePaidYahoo Finance (ex-div)
2023-04-280.095 USDEx-dividend: 0.095 USD per sharePaidYahoo Finance (ex-div)
2023-04-110.249 USDEx-dividend: 0.249 USD per sharePaidYahoo Finance (ex-div)
2022-12-220.181 USDEx-dividend: 0.181 USD per sharePaidYahoo Finance (ex-div)
2022-09-220.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2022-06-240.103 USDEx-dividend: 0.103 USD per sharePaidYahoo Finance (ex-div)
2022-04-010.08 USDEx-dividend: 0.08 USD per sharePaidYahoo Finance (ex-div)
2021-12-230.21 USDEx-dividend: 0.21 USD per sharePaidYahoo Finance (ex-div)
2021-10-060.051 USDEx-dividend: 0.051 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://ri.tim.com.br/en/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of TIM S.A. (TIMB) — from primary filings.

Frequently asked questions

What is TIM S.A. (TIMB)'s P/E ratio?
TIM S.A. (TIMB) trades at a P/E of 56.3x (price to trailing 12-month earnings).
What is TIM S.A. (TIMB)'s EV/EBITDA?
TIM S.A. (TIMB) trades at 17.1x EV/EBITDA.
What is TIM S.A. (TIMB)'s P/B ratio?
TIM S.A. (TIMB) trades at a P/B of 10.6x.
What is TIM S.A. (TIMB)'s dividend yield?
TIM S.A. (TIMB)'s trailing 12-month dividend yield is 1.7%.
What is TIM S.A. (TIMB)'s return on equity (ROE)?
TIM S.A. (TIMB)'s ROE is 15.6%.
What is TIM S.A. (TIMB)'s market capitalization?
TIM S.A. (TIMB)'s market cap is 45.5 bn USD.

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