NYSE : TIMB
TIM S.A. — Financial statements
Communication Services · Telecom Services · Brazil
Last price 18.11 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 8.57B
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Financial statements
TIM S.A. (TIMB) reported revenue of 27.40B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 27.40B | 26.62B | 25.45B | 23.83B | 21.53B | 18.06B |
| Cost of Revenue | 12.45B | 12.27B | 11.89B | 11.50B | 10.66B | 8.44B |
| Gross Profit | 14.95B | 14.36B | 13.55B | 12.34B | 10.87B | 9.62B |
| Selling, General & Admin | 7.93B | 7.69B | 7.71B | 7.50B | 7.40B | 6.35B |
| Other Operating Expenses | -49.66M | 3.94M | 14.33M | 37.76M | 29.43M | 21.99M |
| Operating Expenses | 7.88B | 7.70B | 7.72B | 7.54B | 7.43B | 6.37B |
| Operating Income | 7.08B | 6.66B | 5.83B | 4.80B | 3.44B | 3.25B |
| Interest Expense | -3.41B | -2.61B | -2.34B | -2.11B | -2.24B | -1.26B |
| Interest & Investment Income | 1.89B | 1.17B | 730.57M | 1.02B | 901.88M | 596.75M |
| Earnings From Equity Investments | -100.16M | -107.80M | -82.53M | -89.30M | -61.59M | -11.57M |
| Currency Exchange Gain (Loss) | 14.71M | -63.66M | 71.36M | -7.06M | 5.01M | 659.00K |
| Other Non Operating Income (Expenses) | -75.39M | -14.10M | -149.78M | -119.19M | 37.80M | 120.54M |
| EBT Excluding Unusual Items | 5.39B | 5.03B | 4.06B | 3.49B | 2.09B | 2.70B |
| Gain (Loss) on Sale of Investments | 1.61B | |||||
| Gain (Loss) on Sale of Assets | -341.00K | -4.80M | -3.20M | 1.65M | 304.00K | -844.21M |
| Legal Settlements | -585.26M | -467.68M | -437.23M | -615.36M | -365.88M | -360.94M |
| Other Unusual Items | 303.44M | |||||
| Pretax Income | 4.81B | 4.56B | 3.62B | 3.18B | 1.72B | 3.10B |
| Income Tax Expense | 483.57M | 248.03M | 468.58M | 346.61M | 50.15M | 146.05M |
| Net Income | 4.33B | 4.31B | 3.15B | 2.84B | 1.67B | 2.96B |
| Net Income to Common | 4.33B | 4.31B | 3.15B | 2.84B | 1.67B | 2.96B |
| Shares Outstanding (Basic) | 2.40B | 2.41B | 2.42B | 2.42B | 2.42B | 2.42B |
| Shares Outstanding (Diluted) | 2.40B | 2.41B | 2.42B | 2.42B | 2.42B | 2.42B |
| EPS (Basic) | 1.80 | 1.79 | 1.30 | 1.17 | 0.69 | 1.22 |
| EPS (Diluted) | 1.80 | 1.79 | 1.30 | 1.17 | 0.69 | 1.22 |
| Free Cash Flow | 9.15B | 8.90B | 7.78B | 7.92B | 4.43B | 4.79B |
| Free Cash Flow Per Share | 3.81 | 3.69 | 3.21 | 3.27 | 1.83 | 1.98 |
| Dividend Per Share | 1.33 | 1.58 | 0.60 | 0.66 | 0.58 | 0.37 |
| Gross Margin | 54.57% | 53.93% | 53.26% | 51.76% | 50.51% | 53.24% |
| Operating Margin | 25.82% | 25.01% | 22.92% | 20.13% | 15.98% | 17.99% |
| Profit Margin | 15.78% | 16.20% | 12.39% | 11.91% | 7.76% | 16.38% |
| Free Cash Flow Margin | 33.38% | 33.42% | 30.58% | 33.22% | 20.58% | 26.55% |
| EBITDA | 11.37B | 11.07B | 10.16B | 8.70B | 7.33B | 6.53B |
| EBITDA Margin | 41.50% | 41.57% | 39.91% | 36.50% | 34.05% | 36.18% |
| D&A For EBITDA | 4.30B | 4.41B | 4.32B | 3.90B | 3.89B | 3.29B |
| EBIT | 7.08B | 6.66B | 5.83B | 4.80B | 3.44B | 3.25B |
| EBIT Margin | 25.82% | 25.01% | 22.92% | 20.13% | 15.98% | 17.99% |
| Effective Tax Rate | 10.05% | 5.44% | 12.93% | 10.89% | 2.91% | 4.71% |
| Advertising Expenses | 688.99M | 700.64M | 599.25M | 565.27M | 459.81M |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.68B | 3.61B | 3.26B | 3.08B | 2.55B | 5.23B |
| Short-Term Investments | 2.19B | 4.57B | ||||
| Trading Asset Securities | 1.85B | 2.27B | 2.43B | 1.96B | ||
| Cash & Short-Term Investments | 4.53B | 5.88B | 5.69B | 5.04B | 4.74B | 9.80B |
| Accounts Receivable | 4.99B | 4.94B | 4.71B | 3.74B | 3.45B | 3.10B |
| Other Receivables | 1.15B | 1.21B | 1.06B | 1.52B | 1.22B | 1.70B |
| Receivables | 6.14B | 6.14B | 5.77B | 5.26B | 4.67B | 4.79B |
| Inventory | 427.51M | 357.20M | 293.53M | 331.78M | 236.12M | 202.55M |
| Prepaid Expenses | 649.64M | 329.36M | 280.85M | 238.47M | 278.85M | 275.15M |
| Other Current Assets | 645.42M | 749.47M | 626.23M | 538.86M | 438.83M | 331.54M |
| Total Current Assets | 12.39B | 13.46B | 12.66B | 11.40B | 10.36B | 15.40B |
| Property, Plant & Equipment | 24.38B | 23.27B | 22.92B | 22.52B | 22.66B | 18.42B |
| Long-Term Investments | 363.52M | 1.63B | 1.60B | 1.68B | 1.55B | 1.61B |
| Goodwill | 4.09B | 3.11B | 3.11B | 3.11B | 475.74M | |
| Other Intangible Assets | 11.29B | 11.38B | 11.64B | 12.40B | 16.42B | 10.00B |
| Long-Term Accounts Receivable | 503.88M | 337.45M | 344.49M | 405.46M | 446.69M | 399.35M |
| Long-Term Deferred Tax Assets | 1.72B | 1.36B | 1.08B | 1.26B | 1.37B | 536.89M |
| Other Long-Term Assets | 2.45B | 2.39B | 2.97B | 2.48B | 3.60B | 2.98B |
| Total Assets | 57.19B | 56.94B | 56.33B | 55.26B | 56.41B | 49.82B |
| Accounts Payable | 4.84B | 5.14B | 4.99B | 4.61B | 4.24B | 3.27B |
| Accrued Expenses | 5.71B | 5.22B | 4.24B | 3.43B | 2.62B | 1.78B |
| Current Portion of Long-Term Debt | 1.11B | 925.63M | 348.35M | 1.27B | 1.26B | 538.45M |
| Current Portion of Leases | 1.67B | 1.70B | 1.63B | 1.81B | 2.26B | 1.27B |
| Current Income Taxes Payable | 149.05M | 162.10M | 46.61M | 64.41M | 78.35M | 186.29M |
| Current Unearned Revenue | 221.47M | 259.53M | 280.42M | 279.40M | 265.42M | 197.18M |
| Other Current Liabilities | 897.61M | 1.80B | 1.29B | 1.42B | 2.39B | 3.37B |
| Total Current Liabilities | 14.60B | 15.20B | 12.83B | 12.88B | 13.12B | 10.61B |
| Long-Term Debt | 1.54B | 1.85B | 2.69B | 2.50B | 3.70B | 3.31B |
| Long-Term Leases | 12.17B | 12.06B | 10.95B | 10.45B | 10.57B | 7.79B |
| Long-Term Unearned Revenue | 371.76M | 506.18M | 559.45M | 621.60M | 666.61M | 689.16M |
| Pension & Post-Retirement Benefits | 4.49M | 4.49M | 3.46M | 5.02M | 5.83M | 6.49M |
| Long-Term Deferred Tax Liabilities | 10.05M | |||||
| Other Long-Term Liabilities | 3.47B | 3.33B | 2.90B | 2.78B | 2.94B | 2.30B |
| Total Liabilities | 32.17B | 32.96B | 29.92B | 29.24B | 31.01B | 24.71B |
| Common Stock | 13.48B | 13.48B | 13.48B | 13.48B | 13.48B | 13.48B |
| Retained Earnings | 11.21B | 10.19B | 12.56B | 12.16B | 11.51B | 11.24B |
| Treasury Stock | -78.54M | -78.54M | -3.45M | -2.98M | -163.00K | -4.86M |
| Comprehensive Income & Other | 402.30M | 385.28M | 370.74M | 381.00M | 404.76M | 397.52M |
| Shareholders' Equity | 25.02B | 23.98B | 26.40B | 26.02B | 25.40B | 25.11B |
| Total Liabilities & Equity | 57.19B | 56.94B | 56.33B | 55.26B | 56.41B | 49.82B |
| Total Debt | 16.50B | 16.54B | 15.61B | 16.03B | 17.80B | 12.91B |
| Net Cash (Debt) | -11.93B | -10.63B | -9.90B | -10.98B | -13.05B | -3.10B |
| Net Cash Per Share | -4.98 | -4.40 | -4.09 | -4.54 | -5.39 | -1.28 |
| Filing Date Shares Outstanding | 2.39B | 2.39B | 2.42B | 2.42B | 2.42B | 2.42B |
| Total Common Shares Outstanding | 2.39B | 2.39B | 2.42B | 2.42B | 2.42B | 2.42B |
| Working Capital | -2.21B | -1.74B | -164.32M | -1.48B | -2.75B | 4.79B |
| Book Value Per Share | 10.47 | 10.04 | 10.91 | 10.75 | 10.50 | 10.37 |
| Tangible Book Value | 9.63B | 9.48B | 11.65B | 10.50B | 8.98B | 14.63B |
| Tangible Book Value Per Share | 4.03 | 3.97 | 4.82 | 4.34 | 3.71 | 6.05 |
| Land | 37.69M | 37.99M | 38.08M | 38.59M | 40.79M | |
| Machinery | 53.57B | 49.70B | 47.26B | 42.36B | 28.66B | |
| Construction In Progress | 519.98M | 604.28M | 640.59M | 642.35M | 783.67M |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.33B | 4.31B | 3.15B | 2.84B | 1.67B | 2.96B |
| Depreciation & Amortization | 6.04B | 6.09B | 6.09B | 6.14B | 5.68B | 4.53B |
| Other Amortization | 1.05B | 983.06M | 936.73M | 978.29M | 1.14B | 1.16B |
| Loss (Gain) From Sale of Assets | -782.24M | |||||
| Asset Writedown & Restructuring Costs | 12.55M | 14.82M | 13.89M | 93.30M | -136.71M | 51.91M |
| Loss (Gain) on Equity Investments | 100.16M | 107.80M | 82.53M | 89.30M | 61.59M | 11.57M |
| Stock-Based Compensation | 22.27M | 17.00M | 22.35M | -24.29M | 6.80M | 15.67M |
| Provision & Write-off of Bad Debts | 881.98M | 765.78M | 693.12M | 639.69M | 626.22M | 544.64M |
| Other Operating Activities | 2.71B | 2.43B | 2.82B | 2.05B | 2.21B | 1.36B |
| Change in Accounts Receivable | -1.08B | -988.14M | -1.61B | -867.37M | -628.27M | -583.35M |
| Change in Inventory | -69.28M | -63.67M | 38.25M | -95.67M | -33.56M | 44.05M |
| Change in Accounts Payable | 284.40M | 185.37M | 304.24M | 353.32M | 757.63M | 153.36M |
| Change in Unearned Revenue | -335.90M | -74.16M | -61.13M | -31.03M | -49.45M | -135.58M |
| Change in Income Taxes | 567.05M | 495.52M | 719.34M | 703.96M | 1.02B | 1.03B |
| Change in Other Net Operating Assets | -806.56M | -842.69M | -871.17M | -447.80M | -3.17B | -284.47M |
| Operating Cash Flow | 13.75B | 13.44B | 12.33B | 12.42B | 9.16B | 10.08B |
| Capital Expenditures | -4.61B | -4.54B | -4.55B | -4.50B | -4.73B | -5.28B |
| Cash Acquisitions | -970.10M | -443.10M | -6.27B | |||
| Divestitures | 1.10B | |||||
| Sale (Purchase) of Intangibles | -84.98M | -131.35M | -53.76M | |||
| Investment in Securities | 1.02B | 510.76M | -296.53M | 315.33M | 2.64B | -2.50B |
| Other Investing Activities | 504.48M | 555.10M | 24.38M | 2.31M | 4.47M | 47.00K |
| Investing Cash Flow | -4.06B | -3.56B | -4.95B | -4.68B | -8.35B | -6.69B |
| Long-Term Debt Issued | 503.35M | 1.57B | 3.06B | |||
| Long-Term Debt Repaid | -1.95B | -3.25B | -3.01B | -2.13B | -2.89B | |
| Lease Payments | -1.54B | -1.56B | -1.84B | -1.81B | -1.57B | -1.18B |
| Net Debt Issued (Repaid) | -2.57B | -1.95B | -2.75B | -3.01B | -563.30M | 171.34M |
| Issuance of Common Stock | 4.69M | |||||
| Repurchase of Common Stock | -700.61M | -748.27M | -45.00M | -2.82M | -11.07M | |
| Common Dividends Paid | -5.37B | -5.36B | -2.72B | -2.17B | -1.20B | -1.04B |
| Other Financing Activities | -1.38B | -1.47B | -1.68B | -2.02B | -1.73B | 147.34M |
| Financing Cash Flow | -10.01B | -9.53B | -7.20B | -7.21B | -3.49B | -735.37M |
| Net Cash Flow | -317.23M | 351.58M | 180.81M | 529.22M | -2.68B | 2.65B |
| Free Cash Flow | 9.15B | 8.90B | 7.78B | 7.92B | 4.43B | 4.79B |
| Free Cash Flow Margin | 33.38% | 33.42% | 30.58% | 33.22% | 20.58% | 26.55% |
| Free Cash Flow Per Share | 3.81 | 3.69 | 3.21 | 3.27 | 1.83 | 1.98 |
| Levered Free Cash Flow | 4.42B | 6.11B | 4.99B | 3.68B | 3.62B | 5.08B |
| Unlevered Free Cash Flow | 6.55B | 7.74B | 6.45B | 5.00B | 5.02B | 5.86B |
| Free Cash Flow After Leases | 7.60B | 7.34B | 5.94B | 6.10B | 2.87B | 3.61B |
| Cash Interest Paid | 1.92B | 1.75B | 1.60B | 1.63B | 1.46B | 911.88M |
| Cash Income Tax Paid | 490.07M | 312.45M | 89.89M | 228.18M | 14.09M | |
| Change in Working Capital | -1.44B | -1.29B | -1.48B | -384.59M | -2.10B | 225.01M |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.43B | 9.25B | 5.67B | 8.94B | 5.68B | 5.71B |
| Enterprise Value | 10.63B | 11.03B | 7.49B | 11.62B | 8.27B | 6.53B |
| Last Close Price | 17.68 | 19.08 | 10.28 | 15.30 | 9.17 | 8.84 |
| PE Ratio | 10.66 | 11.81 | 11.11 | 15.29 | 17.96 | 10.76 |
| PS Ratio | 1.59 | 1.91 | 1.38 | 1.82 | 1.39 | 1.76 |
| PB Ratio | 1.75 | 2.12 | 1.33 | 1.67 | 1.18 | 1.27 |
| P/TBV Ratio | 4.54 | 5.37 | 3.01 | 4.13 | 3.34 | 2.17 |
| P/FCF Ratio | 5.01 | 5.72 | 4.50 | 5.48 | 6.77 | 6.64 |
| P/OCF Ratio | 3.33 | 3.79 | 2.84 | 3.49 | 3.28 | 3.16 |
| EV/Sales Ratio | 2.01 | 2.28 | 1.82 | 2.37 | 2.03 | 2.02 |
| EV/EBITDA Ratio | 4.84 | 5.49 | 4.56 | 6.48 | 5.96 | 5.57 |
| EV/EBIT Ratio | 7.78 | 9.13 | 7.94 | 11.75 | 12.71 | 11.20 |
| EV/FCF Ratio | 6.32 | 6.83 | 5.96 | 7.12 | 9.86 | 7.59 |
| Debt / Equity Ratio | 0.66 | 0.69 | 0.59 | 0.62 | 0.70 | 0.51 |
| Debt / EBITDA Ratio | 1.26 | 1.30 | 1.31 | 1.47 | 1.95 | 1.66 |
| Debt / FCF Ratio | 1.80 | 1.86 | 2.01 | 2.02 | 4.02 | 2.69 |
| Net Debt / Equity Ratio | 0.48 | 0.44 | 0.38 | 0.42 | 0.51 | 0.12 |
| Net Debt / EBITDA Ratio | 1.05 | 0.96 | 0.97 | 1.26 | 1.78 | 0.47 |
| Net Debt / FCF Ratio | 1.30 | 1.20 | 1.27 | 1.39 | 2.94 | 0.65 |
| Asset Turnover | 0.48 | 0.47 | 0.46 | 0.43 | 0.41 | 0.40 |
| Inventory Turnover | 31.68 | 37.70 | 38.04 | 40.49 | 48.58 | 37.59 |
| Quick Ratio | 0.73 | 0.79 | 0.89 | 0.80 | 0.72 | 1.38 |
| Current Ratio | 0.85 | 0.89 | 0.99 | 0.89 | 0.79 | 1.45 |
| Return on Equity (ROE) | 17.25% | 17.12% | 12.03% | 11.04% | 6.62% | 12.25% |
| Return on Assets (ROA) | 7.75% | 7.35% | 6.54% | 5.37% | 4.05% | 4.44% |
| Return on Invested Capital (ROIC) | 17.61% | 17.75% | 13.85% | 11.33% | 10.02% | 10.77% |
| Return on Capital Employed (ROCE) | 16.60% | 16.00% | 13.40% | 11.30% | 7.90% | 8.30% |
| Earnings Yield | 9.38% | 8.46% | 9.00% | 6.54% | 5.57% | 9.29% |
| FCF Yield | 19.94% | 17.47% | 22.20% | 18.24% | 14.77% | 15.06% |
| Dividend Yield | 6.62% | 7.42% | 4.14% | 3.69% | 4.66% | 2.80% |
| Payout Ratio | 70.57% | 124.31% | 86.25% | 76.65% | 71.78% | 35.27% |
| Buyback Yield / Dilution | 0.89% | 0.24% | 0.02% | -0.02% | 0.02% | 0.02% |
| Total Shareholder Return | 7.51% | 7.66% | 4.16% | 3.67% | 4.68% | 2.82% |