This report provides a financial analysis of TPG Telecom Ltd., an Australian telecommunications and IT company. It begins with an overview of TPG's key services, including internet, mobile telephony, and online television, and discusses their role in maintaining a competitive advantage. The report then delves into trend analysis using financial ratios, specifically liquidity ratios (current and quick ratios) and capital structure/gearing ratios (debt-equity ratio). The analysis reveals decreasing liquidity and debt-equity ratios. Furthermore, the study examines non-current asset analysis, including the total assets and non-current assets turnover ratio, highlighting inefficiencies in asset utilization. The report concludes with interpretations of the financial ratios and their implications for TPG Telecom's financial position and performance.