Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Verizon Communications Inc., historical price multiples (quarterly data)
Based on: 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 quarters reveals several notable trends and patterns in the valuation metrics of the company.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a declining trend from 13.13 in March 2021 to a low of 6.80 in December 2022, indicating that the market price relative to earnings decreased substantially during this period. However, starting from December 2022, there is a marked increase in the P/E ratio, peaking at 17.78 in December 2024 before declining again to around 9.75 by March 2025. This fluctuation suggests varying market expectations regarding future earnings and possibly reflects changes in profitability or investor sentiment.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio consistently declines from 8.12 in March 2021 to a low of 4.78 in December 2022, indicating an improving valuation relative to operating profit over that period. Following this low, the ratio increases sharply to 7.97 in December 2024, before slightly decreasing again to approximately 5.95 by March 2025. The pattern resembles that of the P/E ratio, suggesting parallel trends in earnings and operating profits affecting market valuation.
- Price to Sales (P/S) Ratio
- The P/S ratio generally decreases from 1.82 in March 2021 to a trough of 1.06 in September 2023, implying that the market price relative to sales was declining. From this low point, the ratio gradually rises again, reaching approximately 1.31 by March 2025. This more moderate fluctuation indicates relatively steadier sales performance with periodic valuation adjustments by the market.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio steadily declines from 3.97 in March 2020 to a low of about 1.48 in December 2023, reflecting a consistent reduction in the market price relative to the book value over a longer period. Afterwards, there is a slight upward movement to around 1.75 by March 2025, indicating a modest recovery in valuation relative to book value. This downward trend over several years may suggest market perceptions of diminishing asset value or returns on equity.
Overall, the valuation ratios depict a period of decreasing market valuation multiples relative to earnings, operating profit, sales, and book value until late 2022 or early 2023. Afterward, there is evidence of recovery or increased market optimism reflected in rising ratios, particularly in earnings and operating profit valuations. The price to book value ratio shows the most prolonged decline, indicating a more cautious market stance on the company's net asset value over time.
Price to Earnings (P/E)
Verizon Communications Inc., historical P/E calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,216,254,914 | 4,209,703,958 | 4,209,626,270 | 4,209,519,996 | 4,209,254,894 | 4,204,272,443 | 4,204,101,659 | 4,204,039,985 | 4,203,991,483 | 4,199,882,937 | 4,199,817,447 | 4,199,714,676 | 4,199,643,701 | 4,197,823,662 | 4,140,163,896 | 4,140,116,007 | 4,140,067,633 | 4,138,148,588 | 4,138,094,367 | 4,138,053,870 | 4,137,995,405 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income attributable to Verizon (in millions) | 4,879) | 5,005) | 3,306) | 4,593) | 4,602) | (2,705) | 4,762) | 4,648) | 4,909) | 6,577) | 4,900) | 5,199) | 4,580) | 4,613) | 6,407) | 5,800) | 5,245) | 4,588) | 4,357) | 4,700) | 4,156) | |||||||
| Earnings per share (EPS)2 | 4.22 | 4.16 | 2.33 | 2.67 | 2.69 | 2.76 | 4.97 | 5.00 | 5.13 | 5.06 | 4.59 | 4.95 | 5.10 | 5.26 | 5.32 | 4.83 | 4.56 | 4.30 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 41.91 | 40.53 | 41.38 | 39.95 | 39.22 | 39.72 | 34.47 | 34.03 | 38.79 | 40.01 | 36.43 | 45.55 | 48.46 | 53.32 | 53.08 | 55.72 | 56.32 | 56.50 | 57.38 | 57.48 | 57.81 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 9.94 | 9.75 | 17.78 | 14.95 | 14.60 | 14.38 | 6.94 | 6.80 | 7.55 | 7.91 | 7.93 | 9.20 | 9.51 | 10.14 | 9.97 | 11.54 | 12.34 | 13.13 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AT&T Inc. | 16.72 | 16.94 | 17.98 | 10.99 | 8.99 | 8.47 | — | — | — | — | 6.53 | 6.60 | 8.08 | 8.60 | 187.60 | — | — | — | — | — | — | |||||||
| T-Mobile US Inc. | 24.98 | 23.46 | 24.72 | 22.49 | 21.96 | 23.09 | 20.96 | 26.78 | 47.13 | 69.44 | 113.98 | 104.43 | 56.69 | 51.43 | 43.15 | 46.07 | 52.59 | 48.36 | — | — | — | |||||||
Based on: 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 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income attributable to VerizonQ1 2025
+ Net income attributable to VerizonQ4 2024
+ Net income attributable to VerizonQ3 2024
+ Net income attributable to VerizonQ2 2024)
÷ No. shares of common stock outstanding
= (4,879,000,000 + 5,005,000,000 + 3,306,000,000 + 4,593,000,000)
÷ 4,216,254,914 = 4.22
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 41.91 ÷ 4.22 = 9.94
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general downward trend from early 2020 through late 2022, declining from approximately $57.81 in March 2020 to a low of around $36.43 in September 2022. Subsequently, the share price showed some recovery but remained volatile, fluctuating within the range of $34 to $42 from early 2023 through the end of the forecast period in March 2025.
- Earnings Per Share (EPS) Development
- EPS data, available from December 2020 onward, demonstrated a steady increase until December 2022, rising from $4.3 to a peak of $5.13 in June 2023. Thereafter, EPS experienced a notable decline in the subsequent quarters, with a sharp drop observed in the latter part of 2023 and early 2024, reaching a low of $2.33 in December 2024. This was followed by a significant recovery projected by March 2025, with EPS increasing again to approximately $4.22.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio mirrored the trends observed in share price and EPS but presented additional insight into market valuation dynamics. Initially, the ratio decreased steadily from 13.13 in December 2020 to 6.8 in June 2023, indicating that the stock price was becoming relatively cheaper compared to earnings. However, this was followed by a marked increase in the P/E ratio in late 2023 and early 2024, peaking at 17.78 in December 2024, which suggests rising market expectations or increased share price relative to earnings during this period. The ratio then declined again to under 10 by March 2025, aligning with the recovery in EPS and a more moderate share price.
- Overall Insight
- The data reveals a period of share price decline accompanied by rising earnings until mid-2023, implying improving operational profitability amid decreasing market valuation. The subsequent period shows earnings volatility with a sharp downturn followed by recovery, while the share price remained relatively stable but low compared to the early years. Fluctuations in the P/E ratio highlight changing market sentiment, moving from undervaluation to potentially overvaluation and back to a more balanced assessment by the end of the timeline. These shifts may reflect external market conditions, company-specific events, or investor confidence variations during the observed periods.
Price to Operating Profit (P/OP)
Verizon Communications Inc., historical P/OP calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,216,254,914 | 4,209,703,958 | 4,209,626,270 | 4,209,519,996 | 4,209,254,894 | 4,204,272,443 | 4,204,101,659 | 4,204,039,985 | 4,203,991,483 | 4,199,882,937 | 4,199,817,447 | 4,199,714,676 | 4,199,643,701 | 4,197,823,662 | 4,140,163,896 | 4,140,116,007 | 4,140,067,633 | 4,138,148,588 | 4,138,094,367 | 4,138,053,870 | 4,137,995,405 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | 7,978) | 7,421) | 5,926) | 7,818) | 7,521) | 600) | 7,473) | 7,220) | 7,584) | 7,225) | 7,894) | 7,552) | 7,796) | 7,608) | 8,905) | 8,165) | 7,770) | 7,180) | 7,678) | 7,361) | 6,579) | |||||||
| Operating profit per share2 | 6.91 | 6.81 | 5.19 | 5.56 | 5.42 | 5.44 | 7.02 | 7.12 | 7.20 | 7.25 | 7.35 | 7.59 | 7.73 | 7.73 | 7.73 | 7.44 | 7.24 | 6.96 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 41.91 | 40.53 | 41.38 | 39.95 | 39.22 | 39.72 | 34.47 | 34.03 | 38.79 | 40.01 | 36.43 | 45.55 | 48.46 | 53.32 | 53.08 | 55.72 | 56.32 | 56.50 | 57.38 | 57.48 | 57.81 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 6.06 | 5.95 | 7.97 | 7.18 | 7.24 | 7.30 | 4.91 | 4.78 | 5.39 | 5.52 | 4.96 | 6.00 | 6.27 | 6.90 | 6.86 | 7.49 | 7.78 | 8.12 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AT&T Inc. | 10.36 | 9.56 | 8.38 | 6.07 | 5.17 | 5.12 | — | — | — | — | 5.94 | 5.68 | 6.52 | 7.32 | 24.28 | 31.58 | 35.17 | 31.88 | — | — | — | |||||||
| T-Mobile US Inc. | 15.82 | 14.77 | 15.17 | 13.54 | 12.92 | 13.46 | 12.05 | 14.67 | 22.12 | 27.49 | 36.01 | 34.75 | 24.23 | 22.56 | 19.18 | 21.16 | 22.14 | 22.33 | — | — | — | |||||||
Based on: 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 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ No. shares of common stock outstanding
= (7,978,000,000 + 7,421,000,000 + 5,926,000,000 + 7,818,000,000)
÷ 4,216,254,914 = 6.91
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 41.91 ÷ 6.91 = 6.06
5 Click competitor name to see calculations.
The share price exhibited a general downward trend from March 31, 2020, through September 30, 2022, decreasing from $57.81 to a low of $36.43. Following this period, the share price showed some volatility but overall remained below the initial 2020 levels, fluctuating between approximately $34.03 and $41.91 by the end of the timeline in March 31, 2025. This indicates a period of depreciation followed by a phase of relative stabilization with moderate price recovery attempts.
Operating profit per share data was available starting from the first quarter of 2021. During 2021, the operating profit per share showed a gradual increase, rising from $6.96 in March 31, 2021, to a peak of $7.73 by December 31, 2021. This peak level was maintained through mid-2022, with a slight decline observed in the latter half of 2022 and through 2023, where the operating profit per share decreased gradually to around $7.02 by December 31, 2023.
In 2024, a more pronounced decline in operating profit per share is noted, dropping to approximately $5.19 by December 31, 2024. However, an improvement was seen in the first quarter of 2025 with a rise to $6.81 and $6.91 in March and June 2025, respectively, indicating a potential recovery in profitability.
The price-to-operating profit ratio (P/OP) reveals an inverse relationship to the operating profit per share trends. During 2021, the P/OP ratio steadily decreased from 8.12 in March to 6.86 in December, reflecting the growth in operating profit per share amidst relatively stable or declining share prices. This ratio continued to decrease into mid-2023, reaching as low as 4.78 in September 2023, suggesting improved valuation relative to operating profit.
Notably, the P/OP ratio spiked sharply to values above 7.0 in 2024, particularly from March through December, corresponding with the declining operating profit per share and marginally stable share prices. This increase in ratio indicates a higher valuation relative to the lower operating profits, which can suggest market expectations of future growth or other factors influencing investor sentiment.
By early 2025, the P/OP ratio moderated to around 6.0, coinciding with the incremental recovery in operating profit per share. This moderation aligns with the observed share price growth during the same period, indicating a recalibration of market valuation to the improving underlying profitability.
Price to Sales (P/S)
Verizon Communications Inc., historical P/S calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,216,254,914 | 4,209,703,958 | 4,209,626,270 | 4,209,519,996 | 4,209,254,894 | 4,204,272,443 | 4,204,101,659 | 4,204,039,985 | 4,203,991,483 | 4,199,882,937 | 4,199,817,447 | 4,199,714,676 | 4,199,643,701 | 4,197,823,662 | 4,140,163,896 | 4,140,116,007 | 4,140,067,633 | 4,138,148,588 | 4,138,094,367 | 4,138,053,870 | 4,137,995,405 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating revenues (in millions) | 33,485) | 35,681) | 33,330) | 32,796) | 32,981) | 35,130) | 33,336) | 32,596) | 32,912) | 35,251) | 34,241) | 33,789) | 33,554) | 34,067) | 32,915) | 33,764) | 32,867) | 34,692) | 31,543) | 30,447) | 31,610) | |||||||
| Sales per share2 | 32.09 | 32.02 | 31.89 | 31.89 | 31.84 | 31.87 | 31.90 | 32.11 | 32.40 | 32.58 | 32.30 | 31.98 | 31.98 | 31.83 | 32.42 | 32.09 | 31.29 | 31.00 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 41.91 | 40.53 | 41.38 | 39.95 | 39.22 | 39.72 | 34.47 | 34.03 | 38.79 | 40.01 | 36.43 | 45.55 | 48.46 | 53.32 | 53.08 | 55.72 | 56.32 | 56.50 | 57.38 | 57.48 | 57.81 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 1.31 | 1.27 | 1.30 | 1.25 | 1.23 | 1.25 | 1.08 | 1.06 | 1.20 | 1.23 | 1.13 | 1.42 | 1.52 | 1.68 | 1.64 | 1.74 | 1.80 | 1.82 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AT&T Inc. | 1.60 | 1.49 | 1.30 | 1.13 | 0.99 | 0.98 | 0.90 | 0.85 | 1.03 | 1.14 | 0.99 | 0.93 | 0.89 | 1.01 | 1.02 | 1.13 | 1.34 | 1.19 | — | — | — | |||||||
| T-Mobile US Inc. | 3.60 | 3.27 | 3.20 | 2.69 | 2.45 | 2.44 | 2.08 | 2.09 | 2.27 | 2.26 | 2.18 | 2.24 | 1.98 | 1.94 | 1.82 | 2.27 | 2.08 | 2.17 | — | — | — | |||||||
Based on: 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 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024
+ Operating revenuesQ2 2024)
÷ No. shares of common stock outstanding
= (33,485,000,000 + 35,681,000,000 + 33,330,000,000 + 32,796,000,000)
÷ 4,216,254,914 = 32.09
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 41.91 ÷ 32.09 = 1.31
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a downward trend from March 2020 through September 2022, falling from around $57.81 to a low of $36.43. Following this period, a modest recovery took place with prices increasing to approximately $41.91 by March 2025. This pattern indicates an initial period of decline, potentially driven by market or company-specific factors, with stabilization and mild appreciation observed in more recent quarters.
- Sales per Share
- Sales per share data, available from the first quarter of 2021, showed relative stability over the observed periods. Values fluctuated slightly but remained within a narrow range from approximately $31.00 to $32.09. The consistency of sales per share suggests stable operational performance and revenue generation at the share level across these quarters.
- Price-to-Sales Ratio (P/S)
- The P/S ratio displayed a declining trend from 1.82 in the first quarter of 2021 to a low of around 1.06 by the third quarter of 2023. After this decline, it began to rise gradually, reaching approximately 1.31 by the first quarter of 2025. This pattern suggests that the market valuation relative to sales decreased significantly in the first few years but has been recovering somewhat more recently, indicating renewed investor confidence or adjustments in perceived company value relative to its sales base.
- Overall Insights
- The data indicates that while sales per share remained stable, share price declined substantially over the initial periods, exerting downward pressure on valuation multiples such as the price-to-sales ratio. The subsequent modest recovery in share price and P/S ratio points to a possible improvement in market sentiment or operational outlook, although these metrics have not yet returned to their earlier peak levels. The relative stability of sales per share amid fluctuating market valuations may suggest that external market factors, rather than fundamental sales performance, played a significant role in influencing stock price movements during this timeframe.
Price to Book Value (P/BV)
Verizon Communications Inc., historical P/BV calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 4,216,254,914 | 4,209,703,958 | 4,209,626,270 | 4,209,519,996 | 4,209,254,894 | 4,204,272,443 | 4,204,101,659 | 4,204,039,985 | 4,203,991,483 | 4,199,882,937 | 4,199,817,447 | 4,199,714,676 | 4,199,643,701 | 4,197,823,662 | 4,140,163,896 | 4,140,116,007 | 4,140,067,633 | 4,138,148,588 | 4,138,094,367 | 4,138,053,870 | 4,137,995,405 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Equity attributable to Verizon (in millions) | 100,722) | 99,237) | 96,326) | 96,172) | 94,334) | 92,430) | 97,741) | 95,193) | 92,883) | 91,144) | 87,468) | 86,016) | 83,762) | 81,790) | 77,044) | 73,684) | 71,232) | 67,842) | 65,069) | 62,697) | 60,210) | |||||||
| Book value per share (BVPS)2 | 23.89 | 23.57 | 22.88 | 22.85 | 22.41 | 21.98 | 23.25 | 22.64 | 22.09 | 21.70 | 20.83 | 20.48 | 19.95 | 19.48 | 18.61 | 17.80 | 17.21 | 16.39 | 15.72 | 15.15 | 14.55 | |||||||
| Share price1, 3 | 41.91 | 40.53 | 41.38 | 39.95 | 39.22 | 39.72 | 34.47 | 34.03 | 38.79 | 40.01 | 36.43 | 45.55 | 48.46 | 53.32 | 53.08 | 55.72 | 56.32 | 56.50 | 57.38 | 57.48 | 57.81 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 1.75 | 1.72 | 1.81 | 1.75 | 1.75 | 1.81 | 1.48 | 1.50 | 1.76 | 1.84 | 1.75 | 2.22 | 2.43 | 2.74 | 2.85 | 3.13 | 3.27 | 3.45 | 3.65 | 3.79 | 3.97 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AT&T Inc. | 1.89 | 1.74 | 1.55 | 1.31 | 1.15 | 1.16 | 1.06 | 1.02 | 1.26 | 1.41 | 1.06 | 1.11 | 0.82 | 1.03 | 1.08 | 1.23 | 1.40 | 1.26 | 1.12 | 1.21 | 1.15 | |||||||
| T-Mobile US Inc. | 4.87 | 4.31 | 3.99 | 3.40 | 3.10 | 2.97 | 2.52 | 2.50 | 2.69 | 2.58 | 2.49 | 2.56 | 2.27 | 2.25 | 2.11 | 2.67 | 2.41 | 2.27 | 2.26 | 2.12 | 3.69 | |||||||
Based on: 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 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Equity attributable to Verizon ÷ No. shares of common stock outstanding
= 100,722,000,000 ÷ 4,216,254,914 = 23.89
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 41.91 ÷ 23.89 = 1.75
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general downward trend from March 2020 to December 2022, declining from $57.81 to a low of $36.43 in September 2022. This period marks a significant decrease in market valuation, reflecting possible market challenges or negative investor sentiment. Starting from December 2022, the share price demonstrated a recovery trend, gradually increasing to $41.91 by March 2025, indicating a positive shift in market perception or improved company performance.
- Book Value per Share (BVPS)
- BVPS showed a steady upward trajectory throughout the entire period, increasing from $14.55 in March 2020 to $23.89 in March 2025. This consistent growth suggests ongoing accumulation of net assets on a per-share basis, reflecting strong equity growth or retained earnings buildup. The temporary slight decline observed in December 2023 (to $21.98) was followed by a resumption of the upward trend, indicating resilience in the company's fundamental value.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio declined markedly from 3.97 in March 2020 to a low point of approximately 1.48-1.5 between June and September 2023. This decline aligns with the falling share price combined with the rising book value, indicating that the market was valuing the company closer to its book value over time. Following this low, the ratio exhibited a modest increase and stabilization around 1.7 to 1.8 from late 2023 through early 2025, suggesting a restored market premium over book value but at a significantly lower multiple than in 2020.
- Summary Insights
- Overall, the company experienced a substantial depreciation in market price relative to book value during the period from early 2020 through 2022, followed by a partial recovery in market price and stabilization of valuation multiples from 2023 onwards. The steady increase in book value per share underlines ongoing growth in the company’s equity base. The reduction and subsequent stabilization of the P/BV ratio imply that investor valuation shifted from a high premium to a more conservative assessment, potentially reflecting changing market conditions, risk perceptions, or operational fundamentals.