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
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
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Historical Valuation Ratios (Summary)
Verizon Communications Inc., historical price multiples (quarterly data)
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 financial ratios exhibit notable patterns and fluctuations over the reported periods. The Price to Earnings (P/E) ratio, which is available from March 31, 2020, onward, demonstrates a general declining trend from 13.13 in March 2020 to a low of 6.8 in March 2023, indicating decreasing market valuation relative to earnings. However, from March 2023, the P/E ratio rises significantly, peaking at 17.78 in December 2024, before settling near 10 by mid-2025, suggesting increased market optimism or reduced earnings during this later period.
The Price to Operating Profit (P/OP) ratio mirrors a similar trajectory, decreasing steadily from 8.12 in March 2020 to a low of around 4.78 in March 2023. Afterward, it experiences a rebound, rising to nearly 7.97 by December 2024, before retreating to approximately 6.16 by mid-2025. This fluctuation may reflect changes in operating profitability or shifts in market valuation relative to operating income during these years.
Regarding the Price to Sales (P/S) ratio, it displays a generally downward movement from 1.82 in March 2020 to 1.06 by March 2023, indicating a compression of price relative to sales. Subsequently, the ratio recovers somewhat, fluctuating between 1.23 and 1.33 from late 2023 through mid-2025, which may imply market revaluation or sales growth stabilization.
The Price to Book Value (P/BV) ratio shows a consistent decline from 3.97 at the beginning of the period in March 2020 to a low of 1.48 by March 2023. Following this, it stabilizes and slightly increases, fluctuating around the 1.7 to 1.8 range through mid-2025. This trend suggests a diminishing market premium over the book value up to early 2023, followed by a period of relative stability or modest recovery in market valuation of net assets.
Overall, the data reveals a period of decreasing valuation multiples across earnings, operating profit, sales, and book value ratios up to early 2023, indicative of either rising fundamental performance metrics or declining market expectations. Post-March 2023, there is evidence of recovery or increased valuation multiples, potentially reflecting a shift in market sentiment, operational performance, or external economic conditions affecting investor perceptions and company value metrics.
Price to Earnings (P/E)
Verizon Communications Inc., historical P/E calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income attributable to VerizonQ2 2025
+ Net income attributable to VerizonQ1 2025
+ Net income attributable to VerizonQ4 2024
+ Net income attributable to VerizonQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a general declining trend from the first quarter of 2020 through the third quarter of 2022, decreasing from $57.81 to a low of $36.43. Thereafter, it showed some volatility but generally increased, reaching $43.08 by the second quarter of 2025. This reflects a period of depreciation followed by a moderate recovery in market valuation.
- Earnings per Share (EPS) Patterns
- EPS data starting from the first quarter of 2021 indicates initial growth from $4.30 to a peak of $5.32 in the fourth quarter of 2021. Subsequently, EPS slightly decreased and fluctuated around the $4.50 to $5.10 range until the first quarter of 2024. From that point onward, EPS notably declined to $2.33 in the fourth quarter of 2024, before rebounding again to $4.31 in the second quarter of 2025. This suggests variable profitability with periods of both improvement and contraction.
- Price-to-Earnings Ratio (P/E) Behavior
- The P/E ratio decreased consistently from the first quarter of 2021 through the fourth quarter of 2023, moving from 13.13 down to a low of 6.80. This decline indicates that the stock became relatively cheaper compared to earnings during this period. However, from early 2024, the ratio increased sharply to 17.78 by the fourth quarter of 2024, reflecting either higher share prices relative to earnings or lower earnings relative to price during that time. Subsequently, the P/E stabilized around the 9.75 to 9.98 range in the first half of 2025.
- Interrelations and Insights
- The simultaneous decrease in EPS and share price through much of the observed period indicates a correlation of diminishing earnings with declining market valuation. The marked drop in EPS in 2024 led to a spike in the P/E ratio, implying that earnings reductions were not immediately mirrored by proportionate decreases in share price. The subsequent recovery in both EPS and share price towards mid-2025 contributed to the normalization of the P/E ratio. Overall, the data reveals cyclical fluctuations in profitability impacting valuation metrics, with recent quarters showing signs of financial stabilization and market confidence returning.
Price to Operating Profit (P/OP)
Verizon Communications Inc., historical P/OP calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a general declining trend from March 31, 2020, through September 30, 2022, falling from $57.81 to a low of $36.43. After this period, the share price showed some recovery, increasing moderately to $43.08 by June 30, 2025. Notably, the share price had slight fluctuations within the downward trend, with occasional minor rises, for example at December 31, 2022 and December 31, 2023, before stabilizing and gradually increasing in 2024 and 2025.
Operating profit per share data is available starting from December 31, 2020. From that point onward, it initially exhibited an upward trajectory, rising from $6.96 to a peak of $7.73 around March 31, 2022. Subsequently, there was a gradual decline to $7.02 by December 31, 2023. A more pronounced decrease occurred in the first half of 2024, with values dropping to approximately $5.44, before a recovery trend began, reaching $7 by June 30, 2025.
The Price to Operating Profit (P/OP) ratio followed a decreasing pattern from December 31, 2020, when it was 8.12, to a low of 4.78 at December 31, 2022, indicating that the share price was becoming more attractive relative to its operating profit during this period. This ratio then increased to around 7.97 by December 31, 2024, suggesting a relative decline in valuation before decreasing again to a moderately lower ratio of 6.16 by June 30, 2025.
- Summary of trends and insights:
- - Initial decline in share price over the first two and a half years, followed by moderate recovery.
- - Operating profit per share increased initially but experienced a decline starting early 2023 and partial recovery in 2024–2025.
- - P/OP ratio decreased significantly through 2022, indicating improving valuation, then increased sharply in 2024 before a moderate decrease in 2025.
- - The inverse relationship between share price and operating profit per share in some periods suggests fluctuations in market perception of profitability or other influencing factors beyond operating profit alone.
- - The sharp swings in P/OP ratio especially in 2024 highlight a period of potential market uncertainty or changing investor sentiment.
Price to Sales (P/S)
Verizon Communications Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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: 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 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Verizon Communications Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns over the observed periods from early 2020 through mid-2025.
- Share Price
- The share price exhibited a general declining trend from March 2020, where it was approximately $57.81, to a low point in September 2022 at $36.43. Following this trough, the share price showed a modest recovery with fluctuations, rising to $43.08 by June 2025. This suggests a period of market weakness or company-specific challenges in the initial years, followed by gradual investor confidence restoration in the later periods.
- Sales per Share
- Sales per share data begins in March 2021 at $31.00 and remains relatively stable throughout the subsequent quarters. The values oscillate slightly but stay largely within a narrow band between $31.80 and $32.58, ending at $32.49 by June 2025. This stability indicates consistent revenue generation on a per-share basis despite fluctuations in the share price.
- Price-to-Sales (P/S) Ratio
- The P/S ratio, starting at 1.82 in March 2021, generally declines until it reaches a low of approximately 1.06 in September 2023. After this low, a gradual increase is observed, with the ratio climbing back above 1.3 by mid-2025. This trend closely mirrors the share price movements, as the sales per share remained stable. The initial decline in the P/S ratio implies that the market was valuing sales less over time, potentially reflecting negative market sentiment or concerns about profitability or growth. The subsequent recovery in the P/S ratio may indicate improved market perceptions and valuation.
Overall, the data portrays a period of subdued market valuation and share price decline followed by stabilization and moderate recovery. Sales per share maintenance suggests the underlying business fundamentals remained steady, while changing investor sentiment is reflected in the P/S ratio and share price fluctuations.
Price to Book Value (P/BV)
Verizon Communications Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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: 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 Data adjusted for splits and stock dividends.
2 Q2 2025 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 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share price trend
- The share price exhibited a generally declining trend from March 31, 2020, through December 31, 2022, decreasing from $57.81 to $40.01. This represents a notable reduction over this period. From March 31, 2023, to June 30, 2023, the share price continued to decline to a low of $34.03 and further to $34.47 by September 30, 2023. Subsequently, the price showed signs of recovery from December 31, 2023, to June 30, 2025, with gradual increases reaching $43.08 by the final period. Overall, after a significant downward phase, the price stabilized and slightly improved towards the end of the observed timeframe.
- Book value per share (BVPS) trend
- The BVPS showed a consistent and steady increase throughout the entire period. Starting at $14.55 on March 31, 2020, it rose incrementally quarter over quarter, culminating at $24.44 by June 30, 2025. This upward trajectory indicates growth in the company's net asset value attributed to each outstanding share.
- Price-to-Book Value (P/BV) ratio trend
- The P/BV ratio demonstrated a strong declining trend from 3.97 in March 31, 2020, to a trough of 1.48 by September 30, 2023. This decline reflects that the market price of the stock decreased relative to its book value over this period. After reaching the lowest point, the P/BV ratio showed minor fluctuations but generally remained stable near the 1.7 to 1.8 range from December 31, 2023, through June 30, 2025. This suggests a market reassessment leading to more conservative valuation ratios relative to the company’s net assets.