Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Telephone and Data SystemsTDS +1.23%65 Cyclically Adjusted PB Ratio is 0.74 as of Jul. 15, 2026, which is 21% above its 10-year median of 0.61. GuruFocus rates TDS with a GF Score™ of 65/100 and a GF Value™ of $31.71 (Fairly Valued). The stock has 5 warning signs investors should review. Among 289 Telecommunication Services companies, Telephone and Data Systems ranks better than 78.89% on this metric.
The historical rank and industry rank for Telephone and Data Systems's Cyclically Adjusted PB Ratio or its related term are showing as below:
TDS'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.14 Med: 0.61 Max: 1.02
Current: 0.73
During the past years, Telephone and Data Systems's highest Cyclically Adjusted PB Ratio was 1.02. The lowest was 0.14. And the median was 0.61.
TDS's Cyclically Adjusted PB Ratio is ranked better than 78.89% of 289
companies
in the Telecommunication Services industry
Industry Median: 1.83
vs TDS: 0.73
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Telephone and Data Systems's adjusted book value per share data for the three months ended in Mar. 2026 was $33.819. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is $46.91 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Telephone and Data Systems (NYSE:TDS) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Telephone and Data Systems Cyclically Adjusted PB Ratio Related Terms
Telephone and Data Systems Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Telephone and Data Systems's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Telephone and Data Systems Cyclically Adjusted PB Ratio Chart
TDS vs LBRDA, IRDM, LBTYA: Cyclically Adjusted PB Ratio Comparison
For the Telecom Services subindustry, Telephone and Data Systems's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Telephone and Data Systems Cyclically Adjusted PB Ratio vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Telephone and Data Systems's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Telephone and Data Systems's Cyclically Adjusted PB Ratio falls into.
Telephone and Data Systems Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 0.74 mean?
Telephone and Data Systems (TDS) has a Cyclically Adjusted PB Ratio of 0.74 as of Jul. 15, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Telephone and Data Systems and its competitors. This is 21% above median its historical median of 0.61. Over the past decade, Telephone and Data Systems' Cyclically Adjusted PB Ratio has ranged from 0.14 to 1.02. According to the industry distribution chart, Telephone and Data Systems ranks #61 out of 289 companies in the Telecommunication Services industry, placing it in the top 21.1%.
Is Telephone and Data Systems' Cyclically Adjusted PB Ratio too high?
Telephone and Data Systems' current Cyclically Adjusted PB Ratio of 0.74 is 21% above median its 10-year median of 0.61. Over the past 10 years, this metric has ranged from a low of 0.14 to a high of 1.02. The Telecommunication Services industry median Cyclically Adjusted PB Ratio is 1.83. Telephone and Data Systems' value of 0.74 is 59.6% below this industry median. Based on the distribution chart, Telephone and Data Systems ranks #61 out of 289 companies in the Telecommunication Services industry, which is in the top quartile — a strong position relative to peers. Overall, Telephone and Data Systems has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Telephone and Data Systems' Cyclically Adjusted PB Ratio compare to LBRDA and IRDM?
According to the Telecommunication Services industry distribution chart, Telephone and Data Systems ranks #61 out of 289 companies for Cyclically Adjusted PB Ratio. This places Telephone and Data Systems in the top 21% of its industry — outperforming the majority of peers. The industry median Cyclically Adjusted PB Ratio is 1.83. Telephone and Data Systems' value of 0.74 is 59.6% below this benchmark. Historically, Telephone and Data Systems' own Cyclically Adjusted PB Ratio has ranged from 0.14 to 1.02 over the past decade. While the company's 10-year median is 0.61 vs. the industry median of 1.83, Telephone and Data Systems has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Telecommunication Services company?
The median Cyclically Adjusted PB Ratio among Telecommunication Services companies is 1.83, based on 289 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Telephone and Data Systems's current Cyclically Adjusted PB Ratio of 0.74 is 59.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Telephone and Data Systems and its competitors. For the Telecommunication Services industry, the median Cyclically Adjusted PB Ratio is 1.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Telephone and Data Systems's current Cyclically Adjusted PB Ratio is 0.74, which is 21% above median its own 10-year median of 0.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Telephone and Data Systems stock overvalued right now?
Based on GuruFocus' analysis, Telephone and Data Systems (TDS) is currently considered Fairly Valued. The stock's GF Value™ is $31.71, compared to a current price of $34.68 — trading 9.4% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 0.74, which is 21% above median its 10-year median of 0.61 and 59.6% below the Telecommunication Services industry median of 1.83. Telephone and Data Systems' overall GF Score™ is 65/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Telephone and Data Systems (TDS), the current Cyclically Adjusted PB Ratio is 0.74 as of Jul. 15, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Telephone and Data Systems (TDS) Overvalued in 2026?
Based on GuruFocus' analysis, Telephone and Data Systems stock appears to be overvalued.
The current stock price of $34.68 is trading 9.4% above its estimated GF Value™ of $31.71.
GuruFocus considers Telephone and Data Systems to be Fairly Valued.
Key valuation signals for TDS:
Cyclically Adjusted PB Ratio: 0.74 (21% above median its 10-year median of 0.61)
GF Value™: $31.71 vs. price of $34.68 (9.4% above fair value)
Industry Position: 59.6% below the Telecommunication Services median (#61 of 289)
No single metric tells the full story. See the TDS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Telephone and Data Systems Inc is a diversified telecommunications operator that provides communications services to customers through broadband, video, voice, and wireless connections. The company has two reportable segments: TDS Telecom and Array. The majority of its revenue is generated from the TDS Telecom segment, which generates revenue by providing broadband, video, voice, and wireless services. The Array segment generates its revenue mainly by leasing tower space on Array-owned towers to customers.
65GF Score
Get the complete analysis for TDS
Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TDS has been successfully added to your 
