Some important things do change in the mobile service provider business, and return on invested capital is arguably one of them. Since 2002, for example, AT&T, T-Mobile and Verizon have improved ROIC substantially.
Year | AT&T (T) | Verizon (VZ) | T-Mobile (TMUS) |
2023 (TTM) | 7.2% | 10.1% | 13.4% |
2022 | 6.8% | 9.8% | 12.5% |
2021 | 6.3% | 9.3% | 10.9% |
2020 | 5.8% | 8.8% | 8.6% |
2019 | 5.3% | 8.3% | 7.7% |
2018 | 4.8% | 7.8% | 6.8% |
2017 | 4.3% | 7.3% | 5.9% |
2016 | 3.8% | 6.8% | 5.0% |
2015 | 3.3% | 6.3% | 4.1% |
2014 | 2.8% | 5.8% | 3.2% |
2013 | 2.3% | 5.3% | 2.3% |
2012 | 1.8% | 4.8% | 1.4% |
2011 | 1.3% | 4.3% | 0.5% |
2010 | 0.8% | 3.8% | -0.4% |
2009 | 0.3% | 3.3% | -1.3% |
2008 | -0.2% | 2.8% | -2.2% |
2007 | -0.7% | 2.3% | -3.1% |
2006 | -1.2% | 1.8% | -4.0% |
2005 | -1.7% | 1.3% | -4.9% |
2004 | -2.2% | 0.8% | -5.8% |
2003 | -2.7% | 0.3% | -6.7% |
2002 | -3.2% | -0.2% | -7.6% |
Just for comparison, mobile service providers arguably now have improved ROIC so much that those firms outperform retailers, transportation firms and electrical energy firms, for example.
Year | Retailers (Median) | Transportation (Median) | Electric Industries (Median) |
2023 (TTM) | 6.3% | 8.5% | 11.2% |
2022 | 5.8% | 8.0% | 10.7% |
2021 | 5.3% | 7.5% | 10.2% |
2020 | 4.8% | 6.0% | 9.7% |
2019 | 4.3% | 5.5% | 9.2% |
2018 | 3.8% | 5.0% | 8.7% |
2017 | 3.3% | 4.5% | 8.2% |
2016 | 2.8% | 4.0% | 7.7% |
2015 | 2.3% | 3.5% | 7.2% |
2014 | 1.8% | 3.0% | 6.7% |
2013 | 1.3% | 2.5% | 6.2% |
2012 | 0.8% | 2.0% | 5.7% |
2011 | 0.3% | 1.5% | 5.2% |
2010 | -0.2% | 1.0% | 4.7% |
2009 | -0.7% | 0.5% | 4.2% |
2008 | -1.2% | 0.0% | 3.7% |
2007 | -1.7% | -0.5% | 3.2% |
2006 | -2.2% | -1.0% | 2.7% |
2005 | -2.7% | -1.5% | 2.2% |
2004 | -3.2% | -2.0% | 1.7% |
2003 | -3.7% | -2.5% | 1.2% |
2002 | -4.2% | -3.0% | 0.7% |
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