VERIZON COMMUNICATIONS INC
$46.36
−0.19 (−0.41%) · delayed · Nov 13, 2026
Five-year price
52w $38.68 to $51.68
- Market cap
- $192.1B
- Enterprise value
- $331.2B
- P/E
- 11.4×
- 12.7× on 3y avg EPS
- EV / EBIT
- 11.3×
- FCF yield
- 19.3%
- ROIC
- 9.3%
- Debt / equity
- 1.50
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 9.2%
- ●ROE > 15% (5y avg)5y avg ROE 19.1%
- ●Stable operating marginsMargin volatility 2.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 221% (5y avg)
- ○Growing revenueRevenue CAGR 5y 1.5%
- ○Shrinking share countDiluted shares 2.1% over 5y
Value
100
- ●P/E below 15P/E 11.4
- ●EV/EBIT below 12EV/EBIT 11.3
- ●FCF yield above 6%FCF yield 19.3%
- ●Price below Graham NumberGraham Number $48.28
- ●P/B below 3P/B 1.8
Safety
0
- ○Debt / equity below 0.5D/E 1.50
- ○Debt payable in < 4 yrs of earningsNet debt $139.1B
- ○Interest coverage > 8xCoverage 4.4x
- ○Current ratio > 1.5Current ratio 0.91
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $138.2B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.91
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -24%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 12.7
- ○P/E × P/B ≤ 22.5Product 23.1
Valuation lab
What do you have to believe?
At $46.36, the market is pricing in about −5.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $139.1B · 4145M shares · 5y revenue CAGR 1.5%
Intrinsic value
$92.71
Price
$46.36
Margin of safety
50%
What the price implies
The market is paying for −5.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
52% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 125,980 | 126,034 | 130,863 | 131,868 | 128,292 | 133,613 | 136,835 | 133,974 | 134,788 | 138,191 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 29,249 | 27,425 | 22,278 | 30,378 | 28,798 | 32,448 | 30,467 | 22,877 | 28,686 | 29,259 |
| Operating margin | 23.2% | 21.8% | 17.0% | 23.0% | 22.4% | 24.3% | 22.3% | 17.1% | 21.3% | 21.2% |
| Pre-tax income | 20,986 | 20,594 | 19,623 | 22,733 | 23,967 | 29,420 | 28,271 | 16,987 | 22,979 | 22,672 |
| Income tax | 7,378 | (9,956) | 3,584 | 2,945 | 5,619 | 6,802 | 6,523 | 4,892 | 5,030 | 5,064 |
| Net income | 13,127 | 30,101 | 15,528 | 19,265 | 17,801 | 22,065 | 21,256 | 11,614 | 17,506 | 17,174 |
| EPS (diluted) | 3.21 | 7.36 | 3.76 | 4.65 | 4.30 | 5.32 | 5.06 | 2.75 | 4.14 | 4.06 |
| Diluted shares | 4,086 | 4,089 | 4,132 | 4,140 | 4,142 | 4,150 | 4,204 | 4,215 | 4,223 | 4,231 |
Who owns it