Telephone & Data Sys Inc Financials

TDS

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Telephone & Data Sys Inc (TDS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 37/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Telephone & Data Sys Inc has an operating margin of 1.3%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 6/100, suggesting thin profitability after operating expenses. This is up from -8.0% the prior year.

Growth

Telephone & Data Sys Inc's revenue declined 3.8% year-over-year, from $5.2B to $5.0B. This contraction results in a growth score of 18/100.

Leverage

Telephone & Data Sys Inc carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Telephone & Data Sys Inc's current ratio of 1.56 indicates adequate short-term liquidity, earning a score of 42/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Telephone & Data Sys Inc's free cash flow margin of 5.3% results in a low score of 26/100. Capital expenditures of $884.0M absorb a large share of operating cash flow.

Altman Z-Score Distress

0.98

Telephone & Data Sys Inc scores 0.98, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Telephone & Data Sys Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-40.89x

For every $1 of reported earnings, Telephone & Data Sys Inc generates $-40.89 in operating cash flow ($1.1B OCF vs -$28.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.2x

Telephone & Data Sys Inc earns $0.2 in operating income for every $1 of interest expense ($63.0M vs $279.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$5.0B

YoY-3.8%

5Y CAGR-0.8%

10Y CAGR-0.1%

Telephone & Data Sys Inc generated $5.0B in revenue in fiscal year 2024. This represents a decrease of 3.8% from the prior year.

EBITDA

$954.0M

YoY+111.5%

5Y CAGR-2.3%

10Y CAGR+4.5%

Telephone & Data Sys Inc's EBITDA was $954.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 111.5% from the prior year.

Free Cash Flow

$261.0M

YoY+478.3%

5Y CAGR+34.6%

Telephone & Data Sys Inc generated $261.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 478.3% from the prior year.

Net Income

-$28.0M

YoY+94.4%

Telephone & Data Sys Inc reported -$28.0M in net income in fiscal year 2024. This represents an increase of 94.4% from the prior year.

EPS (Diluted)

$-0.85

YoY+83.2%

Telephone & Data Sys Inc earned $-0.85 per diluted share (EPS) in fiscal year 2024. This represents an increase of 83.2% from the prior year.

Cash & Debt

$363.6M

YoY+54.1%

5Y CAGR-4.8%

10Y CAGR-2.6%

Telephone & Data Sys Inc held $363.6M in cash against $2.4B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.31

YoY-58.1%

5Y CAGR-14.0%

10Y CAGR-5.4%

Telephone & Data Sys Inc paid $0.31 per share in dividends in fiscal year 2024. This represents a decrease of 58.1% from the prior year.

Shares Outstanding

114M

YoY+1.2%

5Y CAGR-0.1%

10Y CAGR+0.6%

Telephone & Data Sys Inc had 114M shares outstanding in fiscal year 2024. This represents an increase of 1.2% from the prior year.

Gross Margin

N/A

Operating Margin

1.3%

YoY+9.3pp

5Y CAGR-2.2pp

10Y CAGR+4.9pp

Telephone & Data Sys Inc's operating margin was 1.3% in fiscal year 2024, reflecting core business profitability. This is up 9.3 percentage points from the prior year.

Net Margin

-0.6%

YoY+9.1pp

5Y CAGR-2.9pp

10Y CAGR+2.1pp

Telephone & Data Sys Inc's net profit margin was -0.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 9.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Telephone & Data Sys Inc spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$884.0M

YoY-27.0%

5Y CAGR-1.6%

10Y CAGR+1.0%

Telephone & Data Sys Inc invested $884.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 27.0% from the prior year.

TDS Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$5.0B-3.8%	$5.2B-4.7%	$5.4B+1.6%	$5.3B+2.0%	$5.2B+0.9%	$5.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.7B-1.8%	$1.8B-0.8%	$1.8B+5.4%	$1.7B-0.2%	$1.7B-2.1%	$1.7B
Operating Income	$63.0M+115.2%	-$414.0M-439.3%	$122.0M-53.3%	$261.0M+0.8%	$259.0M+44.7%	$179.0M
Interest Expense	$279.0M+14.3%	$244.0M+40.2%	$174.0M-25.0%	$232.0M+38.1%	$168.0M+1.8%	$165.0M
Income Tax	$6.0M-40.0%	$10.0M-81.1%	$53.0M+60.6%	$33.0M+73.7%	$19.0M-70.3%	$64.0M
Net Income	-$28.0M+94.4%	-$500.0M-906.5%	$62.0M-60.3%	$156.0M-31.0%	$226.0M+86.8%	$121.0M
EPS (Diluted)	$-0.85+83.2%	$-5.06-7128.6%	$-0.07-107.0%	$1.00-48.2%	$1.93+87.4%	$1.03

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$308.5M-74.0%	$1.2B+2.8%	$1.2B-46.0%	$2.1B+72.6%	$1.2B-1.9%	$1.3B-3.8%	$1.3B+2.7%	$1.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$106.2M-74.8%	$421.0M-0.9%	$425.0M-43.7%	$754.4M+77.1%	$426.0M+0.5%	$424.0M-4.9%	$446.0M+3.2%	$432.0M
Operating Income	-$68.0M-269.9%	$40.0M+14.3%	$35.0M-67.2%	$106.7M+173.7%	$39.0M-41.8%	$67.0M+112.8%	-$524.0M-1191.7%	$48.0M
Interest Expense	$47.3M-32.5%	$70.0M+14.8%	$61.0M-47.6%	$116.3M+59.3%	$73.0M+28.1%	$57.0M-14.9%	$67.0M+8.1%	$62.0M
Income Tax	-$72.8M-2525.7%	$3.0M-62.5%	$8.0M-24.9%	$10.7M+77.6%	$6.0M-70.0%	$20.0M+144.4%	-$45.0M-266.7%	$27.0M
Net Income	-$81.8M-781.3%	$12.0M+71.4%	$7.0M+22.0%	$5.7M+91.3%	$3.0M-89.7%	$29.0M+105.7%	-$506.0M	$0
EPS (Diluted)	$-0.84-1580.0%	$-0.05+44.4%	$-0.090.0%	$-0.09+30.8%	$-0.13-230.0%	$0.10+102.2%	$-4.65-2806.3%	$-0.16

TDS Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$13.7B-1.7%	$13.9B-4.3%	$14.6B+7.8%	$13.5B+7.7%	$12.5B+16.2%	$10.8B
Current Assets	$1.7B+2.1%	$1.7B-18.1%	$2.0B-0.8%	$2.0B-32.5%	$3.0B+57.5%	$1.9B
Cash & Equivalents	$363.6M+54.1%	$236.0M-34.4%	$360.0M-1.9%	$367.0M-74.3%	$1.4B+207.3%	$465.0M
Inventory	$4.1M-98.1%	$208.0M-22.4%	$268.0M+50.6%	$178.0M+15.6%	$154.0M-8.9%	$169.0M
Accounts Receivable	$57.1M-94.2%	$992.0M-7.2%	$1.1B+1.0%	$1.1B+5.4%	$1.0B-0.1%	$1.0B
Goodwill	N/A	$0-100.0%	$547.0M0.0%	$547.0M0.0%	$547.0M0.0%	$547.0M
Total Liabilities	$8.6B-1.5%	$8.7B+0.2%	$8.7B+15.0%	$7.6B-2.0%	$7.7B+26.0%	$6.1B
Current Liabilities	$1.1B-8.0%	$1.2B-21.8%	$1.5B+28.3%	$1.2B+2.3%	$1.2B+19.9%	$962.0M
Long-Term Debt	$2.4B-40.8%	$4.1B+9.4%	$3.7B+27.4%	$2.9B-14.5%	$3.4B+47.8%	$2.3B
Total Equity	$5.1B-2.1%	$5.2B-11.1%	$5.8B-1.3%	$5.9B+23.4%	$4.8B+3.2%	$4.7B
Retained Earnings	$1.8B-8.6%	$2.0B-25.0%	$2.7B-4.0%	$2.8B+0.4%	$2.8B+4.9%	$2.7B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$8.5B-36.9%	$13.5B-0.1%	$13.5B-1.1%	$13.7B-1.4%	$13.9B0.0%	$13.9B-0.4%	$13.9B-3.4%	$14.4B
Current Assets	$1.1B-39.5%	$1.8B+6.8%	$1.7B-1.3%	$1.7B+3.3%	$1.6B+0.8%	$1.6B-1.9%	$1.7B-1.2%	$1.7B
Cash & Equivalents	$933.0M+72.8%	$540.0M+55.2%	$348.0M-4.3%	$363.6M+12.9%	$322.0M+29.3%	$249.0M+5.5%	$236.0M-7.8%	$256.0M
Inventory	$4.0M-96.9%	$130.0M-28.6%	$182.0M+4391.6%	$4.1M-97.3%	$148.0M-19.6%	$184.0M-11.5%	$208.0M+14.9%	$181.0M
Accounts Receivable	$59.3M-93.6%	$920.0M-0.1%	$921.0M+1511.9%	$57.1M-94.0%	$951.0M-0.4%	$955.0M-3.7%	$992.0M+0.4%	$988.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$547.0M
Total Liabilities	$4.1B-52.3%	$8.5B+0.8%	$8.5B-1.5%	$8.6B-1.5%	$8.7B+0.7%	$8.7B-0.7%	$8.7B+0.4%	$8.7B
Current Liabilities	$571.4M-42.9%	$1.0B+4.3%	$960.0M-11.9%	$1.1B+0.3%	$1.1B+5.3%	$1.0B-12.9%	$1.2B-10.8%	$1.3B
Long-Term Debt	$825.3M-79.5%	$4.0B-0.3%	$4.0B+67.3%	$2.4B-41.1%	$4.1B-1.5%	$4.2B+2.1%	$4.1B+6.3%	$3.8B
Total Equity	$4.5B-10.7%	$5.0B-1.5%	$5.1B-0.3%	$5.1B-1.1%	$5.1B-1.1%	$5.2B0.0%	$5.2B-9.2%	$5.7B
Retained Earnings	$1.3B-26.3%	$1.8B-2.9%	$1.8B-1.7%	$1.8B-5.5%	$2.0B-2.5%	$2.0B-0.7%	$2.0B-21.2%	$2.6B

TDS Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$1.1B+0.3%	$1.1B-1.1%	$1.2B+4.7%	$1.1B-28.0%	$1.5B+50.8%	$1.0B
Capital Expenditures	$884.0M-27.0%	$1.2B+4.3%	$1.2B+2.7%	$1.1B-15.5%	$1.3B+39.8%	$957.0M
Free Cash Flow	$261.0M+478.3%	-$69.0M-1050.0%	-$6.0M+78.6%	-$28.0M-114.4%	$194.0M+228.8%	$59.0M
Investing Cash Flow	-$754.0M+43.2%	-$1.3B+25.6%	-$1.8B+27.6%	-$2.5B-62.9%	-$1.5B-21.0%	-$1.2B
Financing Cash Flow	-$277.0M-594.6%	$56.0M-90.9%	$613.0M+91.0%	$321.0M-66.5%	$957.0M+535.0%	-$220.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$6.0M-85.0%	$40.0M+400.0%	$8.0M-42.9%	$14.0M	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$36.7M-108.7%	$421.0M+126.3%	$186.0M-12.2%	$211.9M-47.3%	$402.0M+79.5%	$224.0M+2.3%	$219.0M-46.5%	$409.0M
Capital Expenditures	-$23.9M-115.2%	$157.0M+21.7%	$129.0M-79.0%	$614.8M+184.6%	$216.0M-8.1%	$235.0M-23.0%	$305.0M+10.1%	$277.0M
Free Cash Flow	-$60.6M-123.0%	$264.0M+363.2%	$57.0M+114.1%	-$402.9M-316.6%	$186.0M+1790.9%	-$11.0M+87.2%	-$86.0M-165.2%	$132.0M
Investing Cash Flow	$2.5B+1867.9%	-$141.0M-14.6%	-$123.0M+29.4%	-$174.3M+20.4%	-$219.0M+11.0%	-$246.0M+39.3%	-$405.0M-38.2%	-$293.0M
Financing Cash Flow	-$2.1B-2157.7%	-$92.0M-21.1%	-$76.0M+39.6%	-$125.8M-9.4%	-$115.0M-483.3%	$30.0M-81.6%	$163.0M+240.5%	-$116.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0	$0	$0	$0	$0

TDS Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	1.3%+9.3pp	-8.0%-10.3pp	2.3%-2.7pp	4.9%-0.1pp	5.0%+1.5pp	3.5%
Net Margin	-0.6%+9.1pp	-9.7%-10.8pp	1.1%-1.8pp	2.9%-1.4pp	4.3%+2.0pp	2.3%
Return on Equity	N/A	N/A	1.1%-1.6pp	2.6%-2.1pp	4.7%+2.1pp	2.6%
Return on Assets	-0.2%+3.4pp	-3.6%-4.0pp	0.4%-0.7pp	1.2%-0.6pp	1.8%+0.7pp	1.1%
Current Ratio	1.56+0.2	1.40+0.1	1.34-0.4	1.73-0.9	2.62+0.6	2.00
Debt-to-Equity	0.47-0.3	0.78+0.1	0.64+0.1	0.49-0.2	0.71+0.2	0.50
FCF Margin	5.3%+6.6pp	-1.3%-1.2pp	-0.1%+0.4pp	-0.5%-4.2pp	3.7%+2.6pp	1.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-22.0%-25.4pp	3.4%+0.3pp	3.0%-2.0pp	5.0%+1.9pp	3.1%-2.2pp	5.3%+45.2pp	-39.9%-43.7pp	3.8%
Net Margin	-26.5%-27.5pp	1.0%+0.4pp	0.6%+0.3pp	0.3%+0.0pp	0.2%-2.1pp	2.3%+40.9pp	-38.6%-38.6pp	0.0%
Return on Equity	N/A	0.2%+0.1pp	0.1%+0.0pp	0.1%+0.1pp	0.1%-0.5pp	0.6%	N/A	N/A
Return on Assets	-1.0%-1.0pp	0.1%+0.0pp	0.1%0.0pp	0.0%+0.0pp	0.0%-0.2pp	0.2%+3.8pp	-3.6%-3.6pp	0.0%
Current Ratio	1.89+0.1	1.78+0.0	1.74+0.2	1.56+0.0	1.51-0.1	1.58+0.2	1.40+0.1	1.27
Debt-to-Equity	0.18-0.6	0.810.0	0.80+0.3	0.47-0.3	0.800.0	0.80+0.0	0.78+0.1	0.67
FCF Margin	-19.7%-41.9pp	22.3%+17.3pp	4.9%+23.8pp	-18.9%-33.9pp	15.0%+15.9pp	-0.9%+5.7pp	-6.6%-16.9pp	10.3%

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Frequently Asked Questions

What is Telephone & Data Sys Inc's annual revenue?

Telephone & Data Sys Inc (TDS) reported $5.0B in total revenue for fiscal year 2024. This represents a -3.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Telephone & Data Sys Inc's revenue growing?

Telephone & Data Sys Inc (TDS) revenue declined by 3.8% year-over-year, from $5.2B to $5.0B in fiscal year 2024.

Is Telephone & Data Sys Inc profitable?

No, Telephone & Data Sys Inc (TDS) reported a net income of -$28.0M in fiscal year 2024, with a net profit margin of -0.6%.

What is Telephone & Data Sys Inc's earnings per share (EPS)?

Telephone & Data Sys Inc (TDS) reported diluted earnings per share of $-0.85 for fiscal year 2024. This represents a 83.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Telephone & Data Sys Inc's EBITDA?

Telephone & Data Sys Inc (TDS) had EBITDA of $954.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Telephone & Data Sys Inc have?

As of fiscal year 2024, Telephone & Data Sys Inc (TDS) had $363.6M in cash and equivalents against $2.4B in long-term debt.

What is Telephone & Data Sys Inc's operating margin?

Telephone & Data Sys Inc (TDS) had an operating margin of 1.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Telephone & Data Sys Inc's net profit margin?

Telephone & Data Sys Inc (TDS) had a net profit margin of -0.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Telephone & Data Sys Inc pay dividends?

Yes, Telephone & Data Sys Inc (TDS) paid $0.31 per share in dividends during fiscal year 2024.

What is Telephone & Data Sys Inc's free cash flow?

Telephone & Data Sys Inc (TDS) generated $261.0M in free cash flow during fiscal year 2024. This represents a 478.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Telephone & Data Sys Inc's operating cash flow?

Telephone & Data Sys Inc (TDS) generated $1.1B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Telephone & Data Sys Inc's total assets?

Telephone & Data Sys Inc (TDS) had $13.7B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Telephone & Data Sys Inc's capital expenditures?

Telephone & Data Sys Inc (TDS) invested $884.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Telephone & Data Sys Inc have outstanding?

Telephone & Data Sys Inc (TDS) had 114M shares outstanding as of fiscal year 2024.

What is Telephone & Data Sys Inc's current ratio?

Telephone & Data Sys Inc (TDS) had a current ratio of 1.56 as of fiscal year 2024, which is generally considered healthy.

What is Telephone & Data Sys Inc's debt-to-equity ratio?

Telephone & Data Sys Inc (TDS) had a debt-to-equity ratio of 0.47 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Telephone & Data Sys Inc's return on assets (ROA)?

Telephone & Data Sys Inc (TDS) had a return on assets of -0.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Telephone & Data Sys Inc's Altman Z-Score?

Telephone & Data Sys Inc (TDS) has an Altman Z-Score of 0.98, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Telephone & Data Sys Inc's Piotroski F-Score?

Telephone & Data Sys Inc (TDS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Telephone & Data Sys Inc's earnings high quality?

Telephone & Data Sys Inc (TDS) has an earnings quality ratio of -40.89x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Telephone & Data Sys Inc cover its interest payments?

Telephone & Data Sys Inc (TDS) has an interest coverage ratio of 0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Telephone & Data Sys Inc?

Telephone & Data Sys Inc (TDS) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.