olivLaw · US equity research
TIM S.A. TIMB
Telephone Communications (No Radiotelephone) · SIC 4813 · Vertical: Telephone Communications (No Radiotelephone) (SIC 4813)
TIM S.A. is the largest mobile telecommunications operator in Brazil, with revenue of R$26,624,721 thousand in 2025 (figures 1 and 2 in source), mostly from mobile services. The company is reorienting its strategy toward mobile, B2B and efficient broadband, which makes it relevant for investors following a consolidated operator in a competitive market.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TIM S.A. (TIMB) stock was 18.20 USD (+2.65% on the day), with beta 0.49, 52-week range 16.79–27.96 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 17.00 – 19.56
- in the lower half of the band · %B 0.47 · band width 14.0%
- SMA 50 / 200
- 18.38 / 22.10
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.7% | −1.1% | −4.6 pp | — |
| 3 months | −0.4% | −0.5% | +0.1 pp | — |
| 6 months | −27.3% | +4.4% | −31.7 pp | — |
| Year to date | −6.4% | +12.3% | −18.7 pp | — |
| 1 year | −20.0% | +13.5% | −33.5 pp | −10.6% |
| 3 years | +11.8% | +76.4% | −64.6 pp | +20.5% |
| 5 years | +56.4% | +63.7% | −7.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17.0 bn | 17.4 bn | 17.3 bn | 18.1 bn | 21.5 bn | 23.8 bn | 25.4 bn | 26.6 bn |
| Revenue YoY | unavailable | +2.3% | −0.6% | +4.6% | +19.2% | +10.7% | +6.8% | +4.6% |
| Net income | 2.5 bn | 3.6 bn | 1.8 bn | 3.0 bn | 1.7 bn | 2.8 bn | 3.2 bn | 4.3 bn |
| Net income YoY | unavailable | +42.3% | −49.5% | +61.7% | −43.5% | +69.8% | +11.2% | +36.7% |
| Diluted EPS | unavailable | 1.50 | 0.76 | 1.22 | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | −49.3% | +60.5% | unavailable | unavailable | unavailable | unavailable |
| net % | 15.0% | 20.8% | 10.6% | 16.4% | 7.8% | 11.9% | 12.4% | 16.2% |
| Free cash flow | 2.3 bn | 3.2 bn | 4.8 bn | 4.6 bn | 4.4 bn | 7.9 bn | 7.8 bn | 8.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.6 bn BRL
- Financial debt
- 2.8 bn BRL
- Net debt
- -831.6 m BRL
- Equity
- 24.0 bn BRL
- Total assets
- 56.9 bn BRL
- Debt / equity
- 0.12x
- Current ratio
- 0.89x
- ROE
- 17.1%
- ROA
- 7.6%
- FCF margin
- 33.4%
Financial statements (source on every figure)
Revenue and net income (BRL)
Margins
Income statement · BRL
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 17.3 bn | 18.1 bn | 21.5 bn | 23.8 bn | 25.4 bn | 26.6 bn | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 8.0 bn | 8.4 bn | 10.7 bn | 11.5 bn | 11.9 bn | 12.3 bn | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 9.3 bn | 9.6 bn | 10.9 bn | 12.3 bn | 13.6 bn | 14.4 bn | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | 2.8 bn | 3.8 bn | 3.2 bn | 4.7 bn | 5.5 bn | 6.3 bn | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | 164.2 m | 5.7 bn | 6.8 bn | 7.1 bn | 7.0 bn | 7.1 bn | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | 3.0 bn ≈ | 9.4 bn ≈ | 10.0 bn ≈ | 11.8 bn ≈ | 12.5 bn ≈ | 13.4 bn ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | 1.2 bn | 1.7 bn | 2.8 bn | 2.8 bn | 2.8 bn | 3.4 bn | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | 2.0 bn | 3.1 bn | -1.7 bn | 3.2 bn | 3.6 bn | 4.6 bn | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | 164.2 m | 146.1 m | 50.2 m | 346.6 m | 468.6 m | 248.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Net income | 1.8 bn | 3.0 bn | 1.7 bn | 2.8 bn | 3.2 bn | 4.3 bn | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | 0.76 | 1.22 | — | — | — | — | SEC (XBRL)· 15 Apr 2022verified |
| Weighted average diluted shares | 2.4 m | 2.4 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 30 Mar 2026verified |
| Dividend per share | 0.48 | 0.43 | 0.50 | 0.90 | 1.12 | 2.24 | SEC (XBRL)· 30 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · BRL
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.6 bn | 5.2 bn | 2.5 bn | 3.1 bn | 3.3 bn | 3.6 bn | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | 246.6 m | 202.6 m | 236.1 m | 331.8 m | 293.5 m | 357.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | 10.4 bn | 15.4 bn | 10.4 bn | 11.4 bn | 12.7 bn | 13.5 bn | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 18.1 bn | 18.3 bn | 22.7 bn | 22.4 bn | 22.8 bn | 23.2 bn | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | 41.7 bn | 49.8 bn | 56.4 bn | 55.3 bn | 56.3 bn | 56.9 bn | SEC (XBRL)· 30 Mar 2026verified |
| Short-term debt | 1.7 bn | 538.5 m | 1.3 bn | 1.3 bn | 348.4 m | 925.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Long-term debt | 655.6 m | 3.3 bn | 3.7 bn | 2.5 bn | 2.7 bn | 1.9 bn | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | 8.3 bn | 10.6 bn | 13.1 bn | 12.9 bn | 12.8 bn | 15.2 bn | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 18.5 bn | 24.7 bn | 31.0 bn | 29.2 bn | 29.9 bn | 33.0 bn | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 23.2 bn | 25.1 bn | 25.4 bn | 26.0 bn | 26.4 bn | 24.0 bn | SEC (XBRL)· 30 Mar 2026verified |
| Shares outstanding at year end | 2.4 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 30 Mar 2026verified |
Cash flow · BRL
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 8.7 bn | 9.9 bn | 9.2 bn | 12.4 bn | 12.3 bn | 13.4 bn | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 3.9 bn | 5.3 bn | 4.7 bn | 4.5 bn | 4.6 bn | 4.5 bn | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | 4.8 bn ≈ | 4.6 bn ≈ | 4.4 bn ≈ | 7.9 bn ≈ | 7.8 bn ≈ | 8.9 bn ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -5.5 bn | -6.5 bn | -8.4 bn | -4.7 bn | -5.0 bn | -3.6 bn | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | -2.9 bn | -735.4 m | -3.5 bn | -7.2 bn | -7.2 bn | -9.5 bn | SEC (XBRL)· 30 Mar 2026verified |
| Dividends paid | 1.2 bn | 1.0 bn | 1.2 bn | 2.2 bn | 2.7 bn | 5.4 bn | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.3% | 100 (vs peers) | 19% |
| Net margin · Quality | 16.2% | 75 (vs peers) | 11% |
| FCF conversion · Quality | 206.4% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 7.3% | 61 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.1x | 82 (vs peers) | 19% |
| Interest coverage · Balance sheet | 1.9x | 6 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 60.2% | 85 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet44/100 · 3/3 factors with a value
- Growth· partial61/100 · 1/2 factors with a value
- Quality93/100 · 3/3 factors with a value
- Returns· partial85/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TIM S.A. (TIMB). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 26.6 bn BRL in 2025; YoY growth 4.6%; net margin 16.2%; ROE 17.1%; net debt/EBITDA -0.1x.
The estimated value range is 12.48–30.64 BRL per share (median of 3 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.3%
- Net margin: 16.2%
- FCF conversion: 206.4%
- Net debt / EBITDA: -0.1x
- Payout ratio (FCF): 60.2%
What contradicts it
- Interest coverage: 1.9x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Telephone Communications (No Radiotelephone) (SIC 4813) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMXAmerica Movil Sab De Cv | 1,508.4 bn | 1,107.5 | 6.8% | 3.2% | −11.2% | +8% / +38% |
| VZVerizon Communications Inc. | 191.4 bn | 11.8 | 15.4% | 11.8% | +2.5% | +12% / +20% |
| TAt&T Inc. | 147.1 bn | 11.8 | 10.5% | 10.2% | +2.7% | −16% / +32% |
| LUMNLumen Technologies, Inc. | 4.6 bn | — | — | -5.8% | −5.4% | −45% / +241% |
| TDSTelephone And Data Systems, Inc. | 4.1 bn | 11.4 | 8.2% | 33.2% | −5.3% | −11% / +83% |
| ATEXAnterix Inc. | 1.5 bn | 22.2 | 27.9% | 933.0% | +7.8% | +278% / +138% |
| UNITUniti Group Inc. | 1.3 bn | 1.7 | 666.9% | 30.4% | +91.5% | −14% / −41% |
| SHENShenandoah Telecommunications Company | 575.2 m | — | -4.4% | -10.2% | +9.1% | −5% / −53% |
| ATNIAtn International, Inc. | 397.3 m | 2.4 | 32.2% | 23.2% | −0.2% | +22% / −15% |
| CXDOCrexendo, Inc. | 174.7 m | 43.6 | 5.6% | 4.5% | +12.0% | −25% / +78% |
| NXPLNextPlat Corp | 21.8 m | — | -43.1% | -17.8% | −17.8% | +34% / −47% |
| IQSTIQSTEL Inc. | 9.0 m | — | -56.0% | -2.2% | +11.9% | −80% / −94% |
| SURGSurgepays, Inc. | 8.2 m | — | — | -47.9% | −6.4% | −92% / −98% |
| CTGGQwest Corp | 0 | — | -15.8% | -40.1% | −13.8% | unavailable / unavailable |
| TIMBTim S.A. | — | — | 17.1% | 16.2% | +4.6% | −20% / +12% |
| TEOTelecom Argentina SA | — | — | -2.4% | -2.0% | +53.0% | −17% / +26% |
| BCEBce Inc. | — | — | 32.5% | 26.6% | +0.2% | −10% / −46% |
| PHIPLDT Inc. | — | — | 29.3% | 14.9% | +2.8% | −19% / −22% |
| KTKT Corporation | — | — | 2.8% | 1.7% | +0.4% | +1% / +41% |
| IDTIDT Corporation | — | 24.3 | 25.4% | 6.7% | +5.4% | +69% / +186% |
| TKCTurkcell Iletisim Hizmetleri A S | — | — | 10.8% | 11.7% | +14.6% | −15% / −5% |
1- and 3-year price returns: for TIMB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026).
In brief
TIM S.A. is the largest mobile telecommunications operator in Brazil, with revenue of R$26,624,721 thousand in 2025 (figures 1 and 2 in source 1), mostly from mobile services. The company is reorienting its strategy toward mobile, B2B and efficient broadband, which makes it relevant for investors following a consolidated operator in a competitive market.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Strategy executionmedium
The company may not reach its strategic objectives if external factors, competition or technology change quickly 1.
- Intense competitionhigh
New participants and price pressure could reduce market share and margins, especially in mobile 1.
- Regulation and taxeshigh
The company is subject to extensive regulation, and tax changes could affect costs and prices 1.
- Currency and inflation exposuremedium
Exchange rate and inflation movements can affect costs and results, and the company cannot always pass cost increases on to customers 1.
- Litigation and operational risksmedium
The company faces administrative proceedings, consumer claims and cyber-security risks that could affect its reputation 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Fixed service and equipment sales revenue grew slowly or declined, which could limit total growth 1.
- Competitive pressure from OTT services and virtual operators could push prices down over time 1.
- Brazil's macro environment, with high interest rates and political uncertainty, could affect demand and financing costs 1.
What to watch
- Quarterly results on mobile ARPU and churnQ1 2027
- Completion of the I-Systems stake acquisition and effects on broadband2026
- ANATEL approval of the expanded network-sharing agreement with Vivo2026
- Trends in fixed service revenue and equipment salesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026).
The business
TIM S.A. is a Brazilian publicly held company, majority-controlled through TIM Brasil and ultimately by Telecom Italia. The company merged with TIM Participações in 2020 and lists its shares on B3 and its ADSs on the NYSE 1. Its main activity consists of mobile services, fixed broadband and services to corporate clients, including IoT connectivity 1.
The strategy rests on three pillars: customer-focused mobile, B2B with connectivity and IoT as an entry point, and broadband with a more efficient go-to-market approach 1. These are supported by efficiency, artificial intelligence and ESG as cross-cutting enablers 1.
The acquisition of Oi's mobile assets, closed in April 2022 at a final price of R$6.68 billion, extended the company's infrastructure and geographic reach 1. The Stellantis connected-car partnership and the network sharing with Vivo complete the operating model 1.
Segments
Mobile services
Mobile service revenue grew 5.4% in 2025, supported by postpaid plans, and ARPU rose 4.6% 1. Client-generated revenue made up most of this segment 1.
Fixed services (broadband)
Fixed service revenue rose slightly, by 0.4%, reflecting a more selective expansion of TIM Ultrafibra 1. The company agreed to acquire the 51% stake in I-Systems from IHS Fiber for R$950 million 1.
Equipment sales
Revenue from goods sold fell 10.6% in 2025 on lower sales volume, as the company focused on higher-value products 1.
Market context
Brazil's telecom market is consolidated and competitive, with large mobile operators and OTT providers offering voice calls and messaging without their own infrastructure 1. Brazil's economy grew 2.3% in 2025 and IPCA inflation was 4.3%, which shape demand for services 1.
The macro environment remains challenging: moderating GDP growth, tighter monetary policy and global trade uncertainty weigh on consumption 1. The real's 11.4% appreciation against the US dollar in 2025 could help keep inflationary pressures under control 1.
Trends
- Network sharing with Vivotailwind
The 2G, 3G and 4G sharing agreements with Vivo could reduce maintenance and energy costs if the efficiencies hold across the expanded perimeter 1.
- Connected vehiclestailwind
The Stellantis partnership has expanded the connected-vehicle base, which could generate recurring IoT revenue if adoption continues 1.
- Competitive pressure and OTTheadwind
New entrants, virtual operators and OTT services could reduce market share or push prices down 1.
- Macro environmentmixed
Inflation, high interest rates and currency volatility can influence costs and demand, and the outcome depends on how monetary policy evolves 1.
Competitive position
The main rivals in the Brazilian mobile market are Vivo and Claro, with which TIM also cooperated on the Oi asset purchase and network sharing 1. Competition is intensified by new participants, virtual operators and OTT providers 1.
In broadband, competition comes from fiber providers and infrastructure operators, and over the longer term from NGSO satellite internet 1. The company differentiates itself through national coverage and its extensive infrastructure 1.
- Telefônica Brasil (Vivo)VIV
Main mobile rival, with which TIM shares networks and jointly bought the Oi mobile assets.
- Claro S.A.
Large mobile operator that took part with TIM in the Oi mobile asset acquisition.
- Mobile virtual network operators (MVNOs)
Providers that use other operators' networks and can compete on lower prices.
- Global and local OTT providers
Voice and messaging services without owned network infrastructure that compete with traditional services.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)09 Oct 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / TIM S.A. · 30 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.