Price to Sales (P/S)
since 2005
Calculation
Verizon Communications Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Operating revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | 1.49 | = | 48.93 | ÷ | 32.76 | 32.76 | = | 138,191 | ÷ | 4,217,684,168 | |
| Feb 12, 2025 | 1.27 | = | 40.53 | ÷ | 32.02 | 32.02 | = | 134,788 | ÷ | 4,209,703,958 | |
| Feb 9, 2024 | 1.25 | = | 39.72 | ÷ | 31.87 | 31.87 | = | 133,974 | ÷ | 4,204,272,443 | |
| Feb 10, 2023 | 1.23 | = | 40.01 | ÷ | 32.58 | 32.58 | = | 136,835 | ÷ | 4,199,882,937 | |
| Feb 11, 2022 | 1.68 | = | 53.32 | ÷ | 31.83 | 31.83 | = | 133,613 | ÷ | 4,197,823,662 | |
| Feb 25, 2021 | 1.82 | = | 56.50 | ÷ | 31.00 | 31.00 | = | 128,292 | ÷ | 4,138,148,588 | |
| Feb 21, 2020 | 1.83 | = | 58.20 | ÷ | 31.88 | 31.88 | = | 131,868 | ÷ | 4,135,863,778 | |
| Feb 15, 2019 | 1.74 | = | 55.16 | ÷ | 31.67 | 31.67 | = | 130,863 | ÷ | 4,132,045,883 | |
| Feb 23, 2018 | 1.56 | = | 48.29 | ÷ | 30.89 | 30.89 | = | 126,034 | ÷ | 4,079,486,153 | |
| Feb 21, 2017 | 1.60 | = | 49.43 | ÷ | 30.90 | 30.90 | = | 125,980 | ÷ | 4,076,731,752 | |
| Feb 23, 2016 | 1.57 | = | 50.63 | ÷ | 32.31 | 32.31 | = | 131,620 | ÷ | 4,073,840,949 | |
| Feb 23, 2015 | 1.59 | = | 48.77 | ÷ | 30.58 | 30.58 | = | 127,079 | ÷ | 4,155,408,208 | |
| Feb 27, 2014 | 1.63 | = | 47.50 | ÷ | 29.11 | 29.11 | = | 120,550 | ÷ | 4,141,140,749 | |
| Feb 26, 2013 | 1.14 | = | 46.12 | ÷ | 40.53 | 40.53 | = | 115,846 | ÷ | 2,858,275,417 | |
| Feb 24, 2012 | 0.98 | = | 38.14 | ÷ | 39.10 | 39.10 | = | 110,875 | ÷ | 2,835,524,157 | |
| Feb 28, 2011 | 0.98 | = | 36.92 | ÷ | 37.68 | 37.68 | = | 106,565 | ÷ | 2,828,072,313 | |
| Feb 26, 2010 | 0.76 | = | 28.93 | ÷ | 38.02 | 38.02 | = | 107,808 | ÷ | 2,835,726,911 | |
| Feb 24, 2009 | 0.83 | = | 28.57 | ÷ | 34.27 | 34.27 | = | 97,354 | ÷ | 2,840,569,560 | |
| Feb 28, 2008 | 1.14 | = | 37.18 | ÷ | 32.56 | 32.56 | = | 93,469 | ÷ | 2,870,955,142 | |
| Mar 1, 2007 | 1.22 | = | 37.10 | ÷ | 30.29 | 30.29 | = | 88,144 | ÷ | 2,909,893,627 | |
| Mar 14, 2006 | 1.34 | = | 34.39 | ÷ | 25.66 | 25.66 | = | 75,112 | ÷ | 2,926,823,217 |
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-sales (P/S) ratio for the observed period exhibits considerable fluctuation, though generally trends upward over the long term. Initial values in the early to mid-2000s demonstrate a gradual decline, followed by a period of relative stability, and then a more pronounced increase before a recent downturn.
- Initial Decline (2006-2009)
- From 2006 to 2009, the P/S ratio decreased from 1.34 to 0.83. This decline coincided with a decrease in share price, though sales per share remained relatively stable and even increased slightly during this period. The reduction in the ratio suggests that the market was valuing each dollar of sales at a lower multiple, potentially reflecting broader economic conditions or company-specific concerns.
- Period of Stability (2010-2012)
- Between 2010 and 2012, the P/S ratio remained relatively consistent, fluctuating around the 0.98 to 1.14 range. Share price and sales per share both experienced moderate increases, contributing to the stability of the ratio. This period suggests a period of equilibrium in market valuation.
- Increase and Peak (2013-2019)
- From 2013 to 2019, the P/S ratio increased significantly, rising from 1.63 to 1.83. This increase was driven by a combination of rising share price and relatively stable sales per share. The market appeared to be willing to pay a higher premium for each dollar of sales during this time. The peak in 2019 suggests a period of heightened investor confidence.
- Recent Downturn (2020-2024)
- Since 2020, the P/S ratio has experienced a notable decline, falling from 1.82 to 1.27. While sales per share remained relatively stable, a decrease in share price contributed to this downward trend. The most significant drop occurred between 2021 and 2023, with the ratio falling from 1.68 to 1.23. The most recent observation in 2024 shows a slight recovery to 1.27, but remains significantly below the levels seen in the late 2010s. This recent decline may indicate increased investor skepticism or concerns about future growth prospects.
- Long-Term Trend
- Despite the fluctuations, a long-term perspective reveals an overall upward trend in the P/S ratio from the early 2000s to the late 2010s, followed by a more recent correction. The ratio has nearly returned to levels observed in the early 2000s.
The observed variations in the P/S ratio warrant further investigation into the underlying factors driving these changes, including broader market conditions, industry trends, and company-specific performance metrics.
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Comparison to Competitors
Verizon Communications Inc., P/S, long-term trends, comparison to competitors
| Verizon Communications Inc. | AT&T Inc. | T-Mobile US Inc. | |
|---|---|---|---|
| Feb 17, 2026 | 1.49 | 1.51 | 2.61 |
| Feb 12, 2025 | 1.27 | 1.49 | 3.27 |
| Feb 9, 2024 | 1.25 | 0.98 | 2.44 |
| Feb 10, 2023 | 1.23 | 1.14 | 2.26 |
| Feb 11, 2022 | 1.68 | 1.01 | 1.94 |
| Feb 25, 2021 | 1.82 | 1.19 | 2.17 |
| Feb 21, 2020 | 1.83 | 1.53 | 1.58 |
| Feb 15, 2019 | 1.74 | 1.32 | 1.34 |
| Feb 23, 2018 | 1.56 | 1.41 | 1.24 |
| Feb 21, 2017 | 1.60 | 1.56 | 1.37 |
| Feb 23, 2016 | 1.57 | 1.55 | 0.94 |
| Feb 23, 2015 | 1.59 | 1.34 | 0.87 |
| Feb 27, 2014 | 1.63 | 1.33 | 1.00 |
| Feb 26, 2013 | 1.14 | 1.54 | — |
| Feb 24, 2012 | 0.98 | 1.42 | — |
| Feb 28, 2011 | 0.98 | 1.34 | — |
| Feb 26, 2010 | 0.76 | 1.19 | — |
| Feb 24, 2009 | 0.83 | 1.13 | — |
| Feb 28, 2008 | 1.14 | 1.79 | — |
| Mar 1, 2007 | 1.22 | 3.71 | — |
| Mar 14, 2006 | 1.34 | 2.48 | — |
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/S, long-term trends, comparison to sector (telecommunication services)
| Verizon Communications Inc. | Telecommunication Services | |
|---|---|---|
| Feb 17, 2026 | 1.49 | 1.78 |
| Feb 12, 2025 | 1.27 | 1.83 |
| Feb 9, 2024 | 1.25 | 1.43 |
| Feb 10, 2023 | 1.23 | 1.44 |
| Feb 11, 2022 | 1.68 | 1.44 |
| Feb 25, 2021 | 1.82 | 1.59 |
| Feb 21, 2020 | 1.83 | 1.64 |
| Feb 15, 2019 | 1.74 | 1.48 |
| Feb 23, 2018 | 1.56 | 1.45 |
| Feb 21, 2017 | 1.60 | 1.55 |
| Feb 23, 2016 | 1.57 | 1.49 |
| Feb 23, 2015 | 1.59 | 1.40 |
| Feb 27, 2014 | 1.63 | 1.43 |
| Feb 26, 2013 | 1.14 | 1.35 |
| Feb 24, 2012 | 0.98 | 1.21 |
| Feb 28, 2011 | 0.98 | 1.17 |
| Feb 26, 2010 | 0.76 | 0.99 |
| Feb 24, 2009 | 0.83 | 1.00 |
| Feb 28, 2008 | 1.14 | 1.50 |
| Mar 1, 2007 | 1.22 | 2.26 |
| Mar 14, 2006 | 1.34 | 1.76 |
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/S, long-term trends, comparison to industry (communication services)
| Verizon Communications Inc. | Communication Services | |
|---|---|---|
| Feb 17, 2026 | 1.49 | 5.87 |
| Feb 12, 2025 | 1.27 | 4.95 |
| Feb 9, 2024 | 1.25 | 4.00 |
| Feb 10, 2023 | 1.23 | 2.93 |
| Feb 11, 2022 | 1.68 | 3.98 |
| Feb 25, 2021 | 1.82 | 4.24 |
| Feb 21, 2020 | 1.83 | 3.56 |
| Feb 15, 2019 | 1.74 | 3.21 |
| Feb 23, 2018 | 1.56 | 3.59 |
| Feb 21, 2017 | 1.60 | 3.11 |
| Feb 23, 2016 | 1.57 | 3.03 |
| Feb 23, 2015 | 1.59 | 2.68 |
| Feb 27, 2014 | 1.63 | 2.72 |
| Feb 26, 2013 | 1.14 | 2.08 |
| Feb 24, 2012 | 0.98 | 1.65 |
| Feb 28, 2011 | 0.98 | 1.84 |
| Feb 26, 2010 | 0.76 | 1.54 |
| Feb 24, 2009 | 0.83 | 1.29 |
| Feb 28, 2008 | 1.14 | 2.05 |
| Mar 1, 2007 | 1.22 | 2.85 |
| Mar 14, 2006 | 1.34 | 2.32 |
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).