Stock Analysis on Net

Verizon Communications Inc. (NYSE:VZ)

$24.99

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Microsoft Excel

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Long-term Activity Ratios (Summary)

Verizon Communications Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net fixed asset turnover
Net fixed asset turnover (including operating lease, right-of-use asset)
Total asset turnover
Equity turnover

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


The analysis of the financial ratios over the observed quarterly periods reveals several notable trends.

Net Fixed Asset Turnover
Starting from the initial recorded value of 1.35 in March 2020, this ratio showed a slightly upward trend until reaching a peak around September 2021 at 1.41. Following this peak, there was a gradual decline in the ratio, reaching its lowest point at approximately 1.24 between the quarters of March 2024 and December 2024. A minor recovery is seen at the end of the period, with the ratio rising to 1.27 by June 2025. This suggests an initial improvement in asset utilization followed by declining efficiency, then modest stabilization in asset turnover.
Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
This ratio began lower than the standard net fixed asset turnover at 1.09 in March 2020. It experienced a slight increase before stabilizing near 1.05 through the majority of 2021 and 2022. Subsequently, the ratio gently declined again, reaching approximately 1.01-1.02 in late 2023 through early 2025, with a minor increase to 1.04 near mid-2025. Overall, this indicates relatively consistent utilization of fixed assets accounting for lease assets, with a slight downward pressure in recent periods.
Total Asset Turnover
This ratio shows a slight decline from 0.41 in early 2020 to a low of roughly 0.35 in late 2023 and early 2024, followed by a steady holding pattern around this level through mid-2025. The relatively narrow range indicates limited variability and a consistently modest rate of total asset utilization over the reported periods.
Equity Turnover
The equity turnover ratio demonstrates a notable downward trend. Starting at 1.89 in March 2020, it declined consistently to approximately 1.33 by mid-2025, with some minor fluctuations along the way. This trend points to decreasing efficiency in the use of shareholders' equity to generate revenue, reflecting either slower revenue growth relative to equity or increasing equity base not matched by proportional revenue increases.

In summary, the financial ratios suggest that while there was some initial improvement in asset utilization efficiency early in the reported timeframe, most turnover measures have either stabilized at a lower level or declined gradually in recent years. The equity turnover notably decreased, indicating potential challenges in leveraging equity to produce income growth. Total asset turnover and net fixed asset turnover including lease assets remained relatively stable but at moderately lower levels than the initial periods observed.


Net Fixed Asset Turnover

Verizon Communications Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Operating revenues
Property, plant and equipment, net
Long-term Activity Ratio
Net fixed asset turnover1
Benchmarks
Net Fixed Asset Turnover, Competitors2
AT&T Inc.
T-Mobile US Inc.

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Net fixed asset turnover = (Operating revenuesQ2 2025 + Operating revenuesQ1 2025 + Operating revenuesQ4 2024 + Operating revenuesQ3 2024) ÷ Property, plant and equipment, net
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The data presents several financial indicators over a series of quarters, showing operational and asset-related performance trends.

Operating Revenues
Operating revenues exhibit moderate fluctuations throughout the period. After an initial decline from approximately 31,610 million USD in Q1 2020 to a low of around 30,447 million USD in Q2 2020, revenues generally recovered and increased, reaching a peak near 35,681 million USD in Q4 2024. Periodic dips are observed, particularly in early 2023 and 2024, but the overall trend shows gradual growth with some volatility quarter to quarter.
Property, Plant and Equipment, Net
This asset value indicates a steady upward movement over the periods analyzed. Beginning at roughly 92,177 million USD in Q1 2020, the net property, plant, and equipment balance grew to over 108,000 million USD by late 2024, denoting sustained capital investment or asset accumulation. The growth appears consistent with no significant decline, signaling continuous asset base expansion.
Net Fixed Asset Turnover Ratio
The net fixed asset turnover ratio, available from Q4 2020, demonstrates a gradual declining trend. Starting around 1.35 in late 2020, the ratio decreases incrementally to about 1.24 by early 2025. This decline suggests a slight reduction in revenue generated per unit of fixed assets, potentially indicating either an increase in asset base at a rate faster than revenue growth or declining asset efficiency over time.

Overall, while operating revenues show a pattern of recovery and gradual increase post early 2020 declines, fixed assets have consistently expanded, and asset turnover efficiency has mildly decreased. This combination implies the company is investing in its asset base, which may precede or support future revenue growth, though current asset utilization efficiency appears to be tapering slightly.


Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Verizon Communications Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Operating revenues
 
Property, plant and equipment, net
Operating lease right-of-use assets
Property, plant and equipment, net (including operating lease, right-of-use asset)
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
AT&T Inc.
T-Mobile US Inc.

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = (Operating revenuesQ2 2025 + Operating revenuesQ1 2025 + Operating revenuesQ4 2024 + Operating revenuesQ3 2024) ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The operating revenues exhibit notable fluctuations across the observed periods. Initially, revenues decreased from the first quarter of 2020 through the second quarter of 2020, followed by a recovery by the end of 2020. A consistent pattern of quarterly variations is apparent, with revenues generally peaking in the fourth quarter of each year, indicating possible seasonality. While some quarters in 2021 and 2022 show slight declines compared to their preceding quarters, the overall trend appears relatively stable with revenues maintaining a range between approximately 32,000 and 35,000 million US dollars. However, from early 2023 through mid-2024, there is a mild downward trend in revenues, before a moderate recovery is observed again in late 2024 and early 2025.

The net value of property, plant and equipment, including operating lease assets, demonstrates a gradual increase over the period under review. From the first quarter of 2020 through the final quarter of 2022, the net fixed assets experienced steady growth, rising from about 114,649 million to 133,564 million US dollars. Thereafter, the figure fluctuates slightly, yet maintains a level close to 132,000 million US dollars through to mid-2025. This suggests ongoing investment or capitalization in long-term assets with periodic minor adjustments.

The net fixed asset turnover ratio, available from the last quarter of 2020 onward, indicates a gradual decline, moving from 1.09 to approximately 1.01–1.02 in most quarters following 2021. This ratio reflects revenue generated per unit of net fixed assets. The decline implies that the efficiency of utilizing fixed assets to generate revenue has slightly decreased over time. A small upward blip is observed towards the end of the period, rising from 1.01 in mid-2025 to 1.04 in the final quarter, potentially signaling improvement in asset utilization efficiency.

In summary, while operating revenues display some volatility with seasonal peaks and troughs, they maintain a relatively consistent level overall. The net property, plant, and equipment base grows steadily, reflecting continued capital investments. Meanwhile, the marginal decrease in net fixed asset turnover ratio points towards a modest reduction in asset use efficiency, though recent data suggests a slight rebound. These insights collectively indicate a stable but evolving operational environment with ongoing investment and attempts to optimize asset productivity.

Operating Revenues
Show seasonal fluctuations with peaks in Q4 each year, overall stable with mild declines in parts of 2023-2024 followed by recovery.
Property, Plant and Equipment, Net
Steady increase from 2020 to end-2022, then slight fluctuations, maintaining a relatively high asset base through mid-2025.
Net Fixed Asset Turnover Ratio
Declining trend from 1.09 towards around 1.01–1.02 indicating decreased asset utilization efficiency, with a minor improvement near end of period.

Total Asset Turnover

Verizon Communications Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Operating revenues
Total assets
Long-term Activity Ratio
Total asset turnover1
Benchmarks
Total Asset Turnover, Competitors2
AT&T Inc.
T-Mobile US Inc.

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Total asset turnover = (Operating revenuesQ2 2025 + Operating revenuesQ1 2025 + Operating revenuesQ4 2024 + Operating revenuesQ3 2024) ÷ Total assets
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


Operating Revenues
The operating revenues exhibit a fluctuating pattern over the observed periods. Initially, revenues were around $31.6 billion in March 2020, with minor decreases and increases through 2020 and early 2021. A general upward trend appears towards the end of 2021 and into 2022, reaching over $35 billion by December 2022. However, the values display some volatility thereafter, with revenues declining somewhat in the first half of 2023 before rising again towards the end of 2023 and into 2024. The most recent figures for early 2025 suggest continued variability but maintaining a range between approximately $33.5 billion and $35.5 billion.
Total Assets
Total assets show a consistent increase from $294.5 billion in March 2020 to a peak near $384.8 billion in March 2025. The asset base expands steadily throughout the timeframe, with only minor fluctuations or plateaus around the 380 billion mark in 2024 and early 2025. This upward trend reflects ongoing growth or investment in asset holdings over the analyzed period.
Total Asset Turnover
The total asset turnover ratio data is incomplete for the early periods but begins showing values from September 2020 onward. The ratio starts at 0.41 and declines gradually to roughly 0.35 by late 2023, remaining relatively stable at that level through to mid-2025, ending near 0.36. This steady decline followed by stabilization indicates a reduction in the efficiency with which assets generate revenues, albeit the efficiency stabilizes rather than continuing to decline in recent periods.
Overall Insights
The financial analysis highlights steady growth in total assets alongside fluctuating operating revenues. The slight declining trend in total asset turnover suggests that while the company's asset base is expanding, the increase in operating revenues does not keep pace proportionally, implying a potential decrease in asset utilization efficiency. However, the stabilization of asset turnover ratios in recent quarters may indicate efforts to improve or maintain operational efficiency despite asset growth. The revenue volatility may suggest sensitivity to market or operational factors, requiring attention to maintain consistent growth in relation to asset expansion.

Equity Turnover

Verizon Communications Inc., equity turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Operating revenues
Equity attributable to Verizon
Long-term Activity Ratio
Equity turnover1
Benchmarks
Equity Turnover, Competitors2
AT&T Inc.
T-Mobile US Inc.

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Equity turnover = (Operating revenuesQ2 2025 + Operating revenuesQ1 2025 + Operating revenuesQ4 2024 + Operating revenuesQ3 2024) ÷ Equity attributable to Verizon
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


Operating Revenues
The operating revenues exhibit fluctuations over the analyzed period, initially showing a decline from approximately $31,610 million in March 2020 to $30,447 million in June 2020. This was followed by a gradual recovery with a peak of $34,692 million in December 2020. Subsequent quarters reveal periods of moderate variation, with revenues generally stabilizing around the mid-$33,000 million range. Notable increases are observed again towards the end of 2024 and early 2025, reaching approximately $35,681 million in December 2024 and $34,504 million in June 2025.
Equity Attributable to Verizon
Equity showed a consistent upward trajectory over the entire timeframe, starting at about $60,210 million in March 2020 and increasing steadily to exceed $103,000 million by June 2025. This trend suggests a strengthening capital base and retained earnings growth. The increases occur at a steady pace without notable declines or reversals, reflecting positively on the company’s financial stability and shareholder value enhancement.
Equity Turnover Ratio
The equity turnover ratio demonstrates a gradual but clear decreasing trend from a measured high of 1.89 in December 2020 to approximately 1.33 by June 2025. This decline implies that the company is generating relatively less revenue per unit of equity over time. The drop in this ratio may indicate an increase in equity outpacing revenue growth or a shift towards a less aggressive utilization of equity capital.
Overall Observations
The juxtaposition of rising equity alongside stable to moderately increasing operating revenues, coupled with a consistent decline in equity turnover, paints a picture of expanding equity that is not being fully leveraged to produce proportionate revenue gains. While the company's capital base is strengthening, the efficiency in employing this capital to generate revenues appears to be diminishing gradually. This could signal opportunities for improved asset utilization or changes in operational strategy to optimize financial performance.