Price to Book Value (P/BV)
since 2005
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Verizon Communications Inc. pages available for free this week:
- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
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Calculation
Verizon Communications Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Equity attributable to Verizon1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2008 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 14, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Verizon Communications Inc. Annual Report.
The price-to-book value (P/BV) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited a declining trend from 2006 to 2009, followed by a period of volatility and then a general decrease towards the end of the period. A significant spike occurred in 2015, followed by a return to lower levels.
- Initial Decline (2006-2009)
- From 2006 to 2009, the P/BV ratio decreased from 2.54 to 1.95. This suggests a relative decline in investor confidence, potentially due to market conditions or company-specific factors, as the market price decreased relative to the book value of equity. The decrease was not substantial year-over-year, indicating a gradual adjustment.
- Volatility and Increase (2010-2014)
- The period between 2010 and 2014 saw increased volatility. The P/BV ratio rose to a peak of 5.06 in 2014, indicating a substantial increase in the market’s valuation of the company relative to its book value. This increase could be attributed to improved market sentiment, positive company performance, or external economic factors. The ratio nearly doubled from 2013 to 2014.
- Peak and Subsequent Decline (2015-2019)
- A dramatic increase to 16.48 occurred in 2015, representing a significant outlier in the observed period. This was followed by a substantial decline to 4.29 by 2019. This suggests a possible overvaluation in 2015, corrected by subsequent market adjustments. The book value per share also increased during this period, but not at the same rate as the initial price increase, contributing to the subsequent ratio decline.
- Recent Trend (2020-2026)
- From 2020 onwards, the P/BV ratio generally trended downwards, reaching a low of 1.72 in 2023 before a slight increase to 1.98 in 2026. This indicates a stabilization at a lower valuation level. The book value per share continued to increase steadily, while the share price experienced more fluctuation, resulting in the lower and relatively stable P/BV ratio. The ratio remains below the levels observed prior to 2015.
Overall, the P/BV ratio demonstrates a complex pattern over the period, with periods of decline, volatility, and a recent trend towards stabilization at a lower valuation. The significant spike in 2015 warrants further investigation to understand the underlying drivers of that valuation.
Comparison to Competitors
Verizon Communications Inc., P/BV, long-term trends, comparison to competitors
| Verizon Communications Inc. | AT&T Inc. | T-Mobile US Inc. | |
|---|---|---|---|
| Feb 17, 2026 | |||
| Feb 12, 2025 | |||
| Feb 9, 2024 | |||
| Feb 10, 2023 | |||
| Feb 11, 2022 | |||
| Feb 25, 2021 | |||
| Feb 21, 2020 | |||
| Feb 15, 2019 | |||
| Feb 23, 2018 | |||
| Feb 21, 2017 | |||
| Feb 23, 2016 | |||
| Feb 23, 2015 | |||
| Feb 27, 2014 | |||
| Feb 26, 2013 | |||
| Feb 24, 2012 | |||
| Feb 28, 2011 | |||
| Feb 26, 2010 | |||
| Feb 24, 2009 | |||
| Feb 28, 2008 | |||
| Mar 1, 2007 | |||
| Mar 14, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Telecommunication Services)
Verizon Communications Inc., P/BV, long-term trends, comparison to sector (telecommunication services)
| Verizon Communications Inc. | Telecommunication Services | |
|---|---|---|
| Feb 17, 2026 | ||
| Feb 12, 2025 | ||
| Feb 9, 2024 | ||
| Feb 10, 2023 | ||
| Feb 11, 2022 | ||
| Feb 25, 2021 | ||
| Feb 21, 2020 | ||
| Feb 15, 2019 | ||
| Feb 23, 2018 | ||
| Feb 21, 2017 | ||
| Feb 23, 2016 | ||
| Feb 23, 2015 | ||
| Feb 27, 2014 | ||
| Feb 26, 2013 | ||
| Feb 24, 2012 | ||
| Feb 28, 2011 | ||
| Feb 26, 2010 | ||
| Feb 24, 2009 | ||
| Feb 28, 2008 | ||
| Mar 1, 2007 | ||
| Mar 14, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Communication Services)
Verizon Communications Inc., P/BV, long-term trends, comparison to industry (communication services)
| Verizon Communications Inc. | Communication Services | |
|---|---|---|
| Feb 17, 2026 | ||
| Feb 12, 2025 | ||
| Feb 9, 2024 | ||
| Feb 10, 2023 | ||
| Feb 11, 2022 | ||
| Feb 25, 2021 | ||
| Feb 21, 2020 | ||
| Feb 15, 2019 | ||
| Feb 23, 2018 | ||
| Feb 21, 2017 | ||
| Feb 23, 2016 | ||
| Feb 23, 2015 | ||
| Feb 27, 2014 | ||
| Feb 26, 2013 | ||
| Feb 24, 2012 | ||
| Feb 28, 2011 | ||
| Feb 26, 2010 | ||
| Feb 24, 2009 | ||
| Feb 28, 2008 | ||
| Mar 1, 2007 | ||
| Mar 14, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).