AT&T, T-Mobile, Verizon ROIC Vastly Improves

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%