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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

17.68 USDDay -2.37%

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
17.68 USD · -2.37%
Market cap
42.2 bn USD

Growth

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

Multiples

P/E (LTM)
52.3x
3y avg: 61.2x
P/B (FY)
9.9x
P/E (ann.)
55.3x
EV/EBITDA (LTM)
15.9x
3y avg: 16.4x
EV/EBITDA (ann.)
15.2x

Cash return

Dividend yield
1.8%
FCF yield (LTM)
4.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+10.1%
↓ details

Liquidity

Daily turnover (listing)
19.6 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 —
19.2%-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)OK4719.0
y/y -4.2%
1021.2
y/y 4.7%
1302.9
y/y -11.4%
2324.1
y/y -5.0%
584.9
y/y -0.3%
2286.8-843.810445.3
y/y -8.5%
4896.5
y/y -8.9%
11.4%-41.4Link
2023-12-31Q4 2023 (3M)PARTIAL1296.8
y/y —
347.2
y/y —
361.6
y/y —
708.8
y/y —
223.7
y/y —
1002.1-267.011419.9
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 —
10.9%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

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ 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

Profit is cash-backed
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 0.7x of depreciation
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: +10.1%

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)
= (42 232 + -370) ÷ 2 631
15.9x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (15.9 + 7) ÷ 2
11.5x
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 × 11.5 + 355) ÷ 42 232
+10.1%

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 accelerating ▲
Last-year revenue growth +1% vs -4% the year before — a +5.0 pp move. 3-year CAGR +5%.
revenue growth by year: 2023 +18% · 2024 -4% · 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 CorporationKorea8.23.3x2.9x
e& (Etisalat Group)UAE49.65.1x3.1x
America Movil (AMX)Mexico73.84.8x4.0x
Telefonica Brasil (Vivo)Brazil18.24.1x4.1x
MTN GroupSouth Africa21.83.7x4.3x
Telkom IndonesiaIndonesia10.73.1x4.5x
MTSRussia4.13.2x5.2x
PLDTPhilippines3.85.3x5.7x
Globe TelecomPhilippines3.55.6x6.0x
Vodacom GroupSouth Africa18.55.5x6.4x
du (EITC)UAE15.410.6x6.5x
Kcell JSCKazakhstan2.813.6x13.4x
Group median4.9x4.8x
Group average5.7x5.5x
This companyBrazil42.215.9x15.9x

Group median 4.9x as traded, 4.8x adjusted; this company 15.9x — a 229% premium.

Group average 5.7x as traded, 5.5x adjusted; against the average this company is at a 189% premium.

At the adjusted group median the market cap would be -69% 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 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-31; 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)

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 52.3x (price to trailing 12-month earnings).
What is TIM S.A. (TIMB)'s EV/EBITDA?
TIM S.A. (TIMB) trades at 15.9x EV/EBITDA.
What is TIM S.A. (TIMB)'s P/B ratio?
TIM S.A. (TIMB) trades at a P/B of 9.9x.
What is TIM S.A. (TIMB)'s dividend yield?
TIM S.A. (TIMB)'s trailing 12-month dividend yield is 1.8%.
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 42.2 bn USD.

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