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).
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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Verizon Communications Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
An analysis of the valuation ratios reveals a period of significant volatility characterized by an initial contraction, a sharp expansion peak in 2023 and 2024, and a subsequent phase of stabilization through mid-2026.
- Earnings and Operating Profit Multiples
- The Price to Earnings (P/E) ratio exhibited a downward trend from 9.51 in March 2022 to a low of 6.80 in June 2023. This was followed by a rapid expansion, with the ratio peaking at 17.78 in September 2024. A sharp correction occurred by December 2024, bringing the P/E back to 9.75, after which it fluctuated between 8.55 and 12.03. The Price to Operating Profit (P/OP) ratio mirrored this trajectory, declining from 6.27 in March 2022 to a trough of 4.78 in June 2023, before reaching a peak of 7.97 in September 2024 and eventually stabilizing in the 6.80 to 7.05 range by 2026.
- Revenue and Asset-Based Multiples
- The Price to Sales (P/S) ratio demonstrated greater stability than earnings-based multiples. After decreasing from 1.52 in March 2022 to 1.06 in June 2023, the ratio remained largely range-bound between 1.20 and 1.49 for the remainder of the period. Similarly, the Price to Book Value (P/BV) ratio showed a consistent decline from 2.43 in March 2022 to 1.48 in September 2023. Following this contraction, the P/BV ratio stabilized, fluctuating primarily between 1.61 and 1.98 from December 2023 through June 2026.
- Comparative Valuation Trends
- A strong correlation is observed between the P/E and P/OP ratios, indicating that market valuation swings were closely tied to profitability metrics. In contrast, the P/S and P/BV ratios suggest that the company's valuation relative to its revenue and book value underwent a permanent step-down from early 2022 levels, establishing a new, lower baseline of support throughout 2024, 2025, and 2026.
Price to Earnings (P/E)
Verizon Communications Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income attributable to Verizon (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| AT&T Inc. | ||||||||||||||||||||||||
| T-Mobile US Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income attributable to VerizonQ2 2026
+ Net income attributable to VerizonQ1 2026
+ Net income attributable to VerizonQ4 2025
+ Net income attributable to VerizonQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics for the period between March 2022 and June 2026 exhibit significant volatility, characterized by a sharp deviation in the Price to Earnings (P/E) ratio during late 2023 and 2024.
- Price to Earnings (P/E) Ratio Trends
- The P/E ratio initially followed a downward trajectory, declining from 9.51 in March 2022 to a low of 6.80 by June 2023. A significant expansion occurred between December 2023 and September 2024, during which the ratio peaked at 17.78. Following this peak, the ratio corrected and stabilized within a range of 8.55 to 12.03 through the end of the observed period in June 2026.
- Earnings Per Share (EPS) Dynamics
- A strong inverse correlation is evident between EPS and the P/E ratio during the 2023-2024 window. Earnings per share remained relatively stable above 4.50 until September 2023, after which a sharp decline occurred, reaching a minimum of 2.33 by September 2024. This contraction in earnings, while share prices remained relatively steady, served as the primary driver for the spike in the P/E multiple. A recovery phase began in December 2024, with EPS rising back to 4.70 by September 2025 before settling around 3.89 in June 2026.
- Share Price Performance
- The share price experienced an initial decline from 48.46 in March 2022 to a trough of 34.03 in June 2023. This was followed by a period of consolidation between 39.22 and 41.38 throughout 2024. A notable upward trend emerged in late 2025, with the price reaching a peak of 48.93 in December 2025, before concluding the period at 46.81 in June 2026.
Overall, the data indicates that the volatility in the P/E ratio was predominantly driven by fluctuations in earnings rather than share price instability. The return to a P/E range of approximately 11.59 to 12.03 in 2026 suggests a normalization of the valuation as earnings recovered from the 2024 lows.
Price to Operating Profit (P/OP)
Verizon Communications Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| AT&T Inc. | ||||||||||||||||||||||||
| T-Mobile US Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through June 2026 reveals a period of significant volatility in both equity pricing and operational profitability, leading to fluctuating valuation multiples.
- Share Price Trends
- The share price experienced a notable decline from a peak of 48.46 US$ in March 2022 to a low of 34.03 US$ by June 2023. Following this trough, the price entered a recovery phase, stabilizing between 39.00 US$ and 41.00 US$ throughout much of 2024, before reaching a secondary peak of 48.93 US$ in December 2025 and settling at 46.81 US$ by June 2026.
- Operating Profit per Share Dynamics
- Operating profit per share showed a gradual decline from 7.73 US$ in early 2022 to 7.02 US$ by September 2023. A sharp contraction occurred between December 2023 and June 2024, where values dropped to a range between 5.19 US$ and 5.56 US$. A subsequent recovery is observed through 2025, peaking at 7.51 US$ in September 2025, before normalizing to 6.87 US$ by June 2026.
- Price to Operating Profit (P/OP) Analysis
- The P/OP ratio exhibited three distinct phases. First, a period of valuation compression occurred between March 2022 and September 2023, with the ratio falling from 6.27 to 4.91. Second, a sharp expansion is observed starting in December 2023, where the ratio jumped to 7.30 and eventually peaked at 7.97 in September 2024. This expansion was primarily driven by a significant drop in operating profit per share while the share price remained relatively resilient. Finally, the ratio corrected toward the end of 2025 and stabilized near 6.82 by June 2026, reflecting a realignment between market price and recovered operating profitability.
Overall, the data indicates that the valuation multiple reached its highest levels during periods of operational weakness in 2024, suggesting that market pricing did not immediately track the decline in operating profit, but rather anticipated a recovery that materialized in 2025.
Price to Sales (P/S)
Verizon Communications Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating revenues (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| AT&T Inc. | ||||||||||||||||||||||||
| T-Mobile US Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibited a cyclical pattern over the observed period, characterized by an initial contraction, a prolonged period of stabilization, and a subsequent expansion. The ratio began at 1.52 in March 2022 and reached a trough of 1.06 by June 2023, representing a significant compression in valuation relative to revenue generation.
- Share Price Volatility
- The share price acted as the primary catalyst for fluctuations in the P/S ratio. A downward trend was observed throughout 2022, with the price falling from $48.46 to $36.43 by September. Following a period of relative stability between $34.03 and $41.38 from mid-2023 through 2024, a sharp appreciation occurred in late 2025, peaking at $48.93 in December before moderating to $46.81 by June 2026.
- Revenue per Share Consistency
- Sales per share remained remarkably consistent over the entire period, fluctuating within a narrow range between $31.84 and $33.43. This stability indicates that the shifts in the valuation ratio were driven by equity market pricing rather than fundamental changes in top-line revenue performance per share.
- P/S Ratio Correlation and Trend
- The P/S ratio closely mirrored the trajectory of the share price. After the June 2023 low, the ratio maintained a stable corridor between 1.20 and 1.33 throughout 2023 and 2024. A valuation expansion peak of 1.49 was recorded in December 2025, coinciding with the highest share price in the series. The period concluded with a slight downward correction to 1.40 by June 2026, though the ratio remained elevated compared to the 2023-2024 baseline.
Price to Book Value (P/BV)
Verizon Communications Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Equity attributable to Verizon (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| AT&T Inc. | ||||||||||||||||||||||||
| T-Mobile US Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Equity attributable to Verizon ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits a period of significant contraction followed by a phase of relative stabilization and a subsequent modest recovery. Between March 2022 and September 2023, the P/BV ratio declined from 2.43 to a low of 1.48, reflecting a market valuation that decreased more rapidly than the underlying book value of the assets.
- Book Value per Share (BVPS) Progression
- A consistent upward trajectory in BVPS is observed over the analyzed period, increasing from 19.95 in March 2022 to 25.01 by June 2026. With the exception of a marginal contraction in December 2023, the steady growth in BVPS indicates a continuous increase in the net asset value attributable to each share.
- P/BV Ratio Volatility and Stabilization
- Following the decline to 1.48 in September 2023, the P/BV ratio entered a period of relative stability, fluctuating within a narrow range between 1.72 and 1.81 throughout 2024 and early 2025. A subsequent expansion occurred in late 2025, peaking at 1.98 in September 2025 before settling at 1.87 by June 2026.
- Share Price Influence on Valuation
- The fluctuations in the P/BV ratio are primarily driven by share price volatility rather than changes in book value. The initial compression of the ratio was triggered by a share price decline from 48.46 to 34.03. The later recovery of the ratio correlates directly with the share price rebounding toward the 46.00 to 48.00 range during 2025 and 2026.