Does TELEPHONE AND DATA SYSTEMS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores TELEPHONE AND DATA SYSTEMS, INC. (TDS) 47.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 51, capital discipline 37.

How has TDS's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 47.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

TELEPHONE AND DATA SYSTEMS, INC.

TDS · Communications · $3.9B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 76.1% over 2y, very stable.

Returns on capital0

Median ROIC 1.0%, above the 9% hurdle in 0% of years.

Balance-sheet safety51

Net debt/EBITDA 0.3x, interest coverage -1x.

Capital discipline37

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $34.32
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $5.1B (FY2008) to $1.1B (FY2025) — about −8.8% a year compounded over 17 years.

It earned −2.0% on invested capital in FY2025, with a median of 2.5% across 18 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $828.6M of total debt in FY2025. Balance-Sheet Safety scores it 51/100.

The share count rose 7.3% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 37/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how TDS lands at 48/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.1B FY2025

Gross marginRevenue kept after cost of goods76.3% FY2017

Return on invested capitalOperating profit on the capital employed−2.0% FY2025

Owner earningsCash an owner could take out−$6.2M FY2025

Gaps in a line mean that item isn’t in TDS’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale47.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TDS has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Communications context

#21 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#19AMCX AMC Global Media Inc.50.5 out of 100, Shallow moatShallow moat
#20CALX Calix, Inc48.5 out of 100, Shallow moatShallow moat
#22RSVR Reservoir Media, Inc.46.9 out of 100, Shallow moatShallow moat
#23WBD Warner Bros. Discovery, Inc.46.2 out of 100, Shallow moatShallow moat

Compare TDS with its nearest peers →All Communications companies on the Index →

Common questions about TDS

Does TELEPHONE AND DATA SYSTEMS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores TELEPHONE AND DATA SYSTEMS, INC. (TDS) 47.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 51, capital discipline 37.
How has TDS's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 47.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows TDS’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/TDS"
  width="340" height="150" style="border:0"
  title="TDS Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TDS. See the disclaimer.