NYSE · Communication Services

Verizon Communications Inc.

VZ · Telecom Services

$47.47

▼ -0.64 (-1.33%)

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Mr. Market is currently offering Verizon Communications Inc. at $47.47.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 58.9%

Operating Margin 21.2%

Net Income Margin 12.4%

Fin. Health F

Years to Pay Off Debt 10.6 yrs

Working Capital vs Long-Term Debt -$145.0B

Working Capital -$5.4B

Valuation F

Margin of Safety 0.7%

Price-to-Book 1.90x

Cash Flow C

Free Cash Flow $19.7B

CapEx % of Net Income 101.7%

Owner Earnings $53.0B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $198.2B

Enterprise Value $394.7B

P/E (TTM) 11.58

Dividend Yield 5.75%

Exchange NYSE

Key Margins

Gross Profit 58.9%

Operating Margin 21.2%

Net Margin 12.4%

Company Info

Sector Communication Services

Industry Telecom Services

Employees 99600

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Verizon Communications Inc. at $47.47.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $47.47, the stock trades below its Graham Number of $47.80 — suggesting a margin of safety exists.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Verizon Communications Inc.

Verizon Communications Inc., through its subsidiaries, engages in the provision of communications, technology, information, and streaming products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business). The Consumer segment provides wireless services across the wireless networks in the United States under the Verizon and TracFone brands and through wholesale and other arrangements; and fixed wireless access (FWA) broadband through its wireless networks, as well as related equipment and devices, such as smartphones, tablets, smartwatches, and other wireless-enabled connected devices. The segment also offers wireline services in the Mid-Atlantic and Northeastern United States, as well as Washington D.C. through its fiber-optic network, Verizon Fios product portfolio, and a copper-based network. The Business segment provides wireless and wireline communications services and products, including FWA and wireline broadband, advanced communication services, corporate networking, security and managed network, local and long-distance voice, and network access services to deliver various IoT services and products to businesses, government customers, and wireless and wireline carriers in the United States and internationally. The company distributes its products and services through direct channels, company-operated stores, digital and omnichannel platforms, indirect agents, business solution resellers, and national retailers. The company was formerly known as Bell Atlantic Corporation and changed its name to Verizon Communications Inc. in June 2000. Verizon Communications Inc. was incorporated in 1983 and is headquartered in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	58.9% ▼	59.9%	59.0%	56.8%
Operating Margin %	21.2% ▼	21.3%	21.4%	22.3%
Net Income %	12.4% ▼	13.0%	8.7%	15.5%
Diluted EPS	4.06 ▼	4.14	2.75	5.06

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$404.3B	$384.7B	$380.3B	$379.7B
Total Debt	$181.6B ↑	$168.4B	$174.9B	$176.3B
Working Capital	-$5.4B ▲	-$24.2B	-$16.4B	-$12.3B
Years to Pay Debt	10.58	9.62	15.06	8.30

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$19.7B ▲	$18.9B	$12.9B	$10.4B	N/A
Owner Earnings	$53.0B	$53.4B	$53.8B	$65.1B	N/A
CapEx % of Net Income	101.7%	102.8%	211.5%	125.8%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	82,064	84,315	-1,593,421	-248,497
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	47,347,000	47,135,000	45,668,000	50,060,000
Total Unusual Items	368,000	385,000	-5,533,000	-1,077,000
Total Unusual Items Excluding Goodwill	368,000	385,000	-5,533,000	-1,077,000
Net Income From Continuing Operation Net Minority Interest	17,174,000	17,506,000	11,614,000	21,256,000
Reconciled Depreciation	18,349,000	17,892,000	17,624,000	17,099,000
Reconciled Cost Of Revenue	56,765,000	54,097,000	54,887,000	59,133,000
EBITDA	47,715,000	47,520,000	40,135,000	48,983,000
EBIT	29,366,000	29,628,000	22,511,000	31,884,000
Net Interest Income	-6,365,000	-6,313,000	-5,170,000	-3,467,000
Interest Expense	6,694,000	6,649,000	5,524,000	3,613,000
Interest Income	329,000	336,000	354,000	146,000
Normalized Income	16,888,064	17,205,315	15,553,579	22,084,503
Net Income From Continuing And Discontinued Operation	17,174,000	17,506,000	11,614,000	21,256,000
Total Expenses	108,932,000	106,102,000	105,256,000	106,368,000
Total Operating Income As Reported	29,259,000	28,686,000	22,877,000	30,467,000
Diluted Average Shares	4,231,000	4,223,000	4,215,000	4,204,000
Basic Average Shares	4,226,000	4,218,000	4,211,000	4,202,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	17,174,000	17,506,000	11,614,000	21,256,000
Net Income Common Stockholders	17,174,000	17,506,000	11,614,000	21,256,000
Net Income	17,174,000	17,506,000	11,614,000	21,256,000
Minority Interests	-434,000	-443,000	-481,000	-492,000
Net Income Including Noncontrolling Interests	17,608,000	17,949,000	12,095,000	21,748,000
Net Income Continuous Operations	17,608,000	17,949,000	12,095,000	21,748,000
Tax Provision	5,064,000	5,030,000	4,892,000	6,523,000
Pretax Income	22,672,000	22,979,000	16,987,000	28,271,000
Other Income Expense	-222,000	606,000	-6,561,000	1,271,000
Other Non Operating Income Expenses	-590,000	274,000	-975,000	2,304,000
Special Income Charges	368,000	385,000	-5,533,000	-1,077,000
Other Special Charges	-368,000	-385,000	-308,000	1,077,000
Impairment Of Capital Assets	0	0	5,841,000	0
Earnings From Equity Interest	0	-53,000	-53,000	44,000
Net Non Operating Interest Income Expense	-6,365,000	-6,313,000	-5,170,000	-3,467,000
Interest Expense Non Operating	6,694,000	6,649,000	5,524,000	3,613,000
Interest Income Non Operating	329,000	336,000	354,000	146,000
Operating Income	29,259,000	28,686,000	28,718,000	30,467,000
Operating Expense	52,167,000	52,005,000	50,369,000	47,235,000
Depreciation Amortization Depletion Income Statement	18,349,000	17,892,000	17,624,000	17,099,000
Depreciation And Amortization In Income Statement	18,349,000	17,892,000	17,624,000	17,099,000
Selling General And Administration	33,818,000	34,113,000	32,745,000	30,136,000
Gross Profit	81,426,000	80,691,000	79,087,000	77,702,000
Cost Of Revenue	56,765,000	54,097,000	54,887,000	59,133,000
Total Revenue	138,191,000	134,788,000	133,974,000	136,835,000
Operating Revenue	138,191,000	134,788,000	133,974,000	136,835,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	74,258	81,753	87,173	91,572
Ordinary Shares Number	4,217,175	4,209,680	4,204,261	4,199,861
Share Issued	4,291,434	4,291,434	4,291,434	4,291,434
Net Debt	139,102,000	139,820,000	148,609,000	148,034,000
Total Debt	181,643,000	168,357,000	174,942,000	176,331,000
Tangible Book Value	-85,878,000	-91,346,000	-97,137,000	-98,784,000
Invested Capital	262,610,000	243,251,000	243,104,000	241,783,000
Working Capital	-5,448,000	-24,248,000	-16,409,000	-12,314,000
Net Tangible Assets	-85,878,000	-91,346,000	-97,137,000	-98,784,000
Capital Lease Obligations	23,493,000	24,343,000	24,268,000	25,692,000
Common Stock Equity	104,460,000	99,237,000	92,430,000	91,144,000
Total Capitalization	243,992,000	220,618,000	230,131,000	231,820,000
Total Equity Gross Minority Interest	105,741,000	100,575,000	93,799,000	92,463,000
Minority Interest	1,281,000	1,338,000	1,369,000	1,319,000
Stockholders Equity	104,460,000	99,237,000	92,430,000	91,144,000
Other Equity Interest	897,000	738,000	656,000	793,000
Gains Losses Not Affecting Retained Earnings	-1,727,000	-923,000	-1,380,000	-1,865,000
Other Equity Adjustments	-1,727,000	-923,000	-1,380,000	-1,865,000
Treasury Stock	3,255,000	3,583,000	3,821,000	4,013,000
Retained Earnings	94,744,000	89,110,000	82,915,000	82,380,000
Additional Paid In Capital	13,372,000	13,466,000	13,631,000	13,420,000
Capital Stock	429,000	429,000	429,000	429,000
Common Stock	429,000	429,000	429,000	429,000
Total Liabilities Net Minority Interest	298,517,000	284,136,000	286,456,000	287,217,000
Total Non Current Liabilities Net Minority Interest	236,147,000	219,365,000	233,233,000	237,046,000
Other Non Current Liabilities	17,848,000	19,327,000	16,560,000	18,397,000
Employee Benefits	11,099,000	11,997,000	13,189,000	12,974,000
Non Current Deferred Liabilities	48,717,000	46,732,000	45,781,000	43,441,000
Non Current Deferred Taxes Liabilities	48,717,000	46,732,000	45,781,000	43,441,000
Long Term Debt And Capital Lease Obligation	158,483,000	141,309,000	157,703,000	162,234,000
Long Term Capital Lease Obligation	18,951,000	19,928,000	20,002,000	21,558,000
Long Term Debt	139,532,000	121,381,000	137,701,000	140,676,000
Current Liabilities	62,370,000	64,771,000	53,223,000	50,171,000
Other Current Liabilities	3,716,000	3,979,000	2,755,000	2,750,000
Current Deferred Liabilities	7,576,000	7,492,000	6,955,000	6,583,000
Current Deferred Revenue	7,576,000	7,492,000	6,955,000	6,583,000
Current Debt And Capital Lease Obligation	23,160,000	27,048,000	17,239,000	14,097,000
Current Capital Lease Obligation	4,542,000	4,415,000	4,266,000	4,134,000
Current Debt	18,618,000	22,633,000	12,973,000	9,963,000
Other Current Borrowings	18,618,000	22,633,000	12,973,000	9,813,000
Commercial Paper			0	150,000
Payables And Accrued Expenses	27,918,000	26,252,000	26,274,000	26,741,000
Current Accrued Expenses	10,968,000	11,047,000	10,820,000	13,351,000
Interest Payable	1,602,000	1,553,000	1,570,000	1,577,000
Payables	16,950,000	15,205,000	15,454,000	13,390,000
Dividends Payable	2,937,000	2,878,000	2,821,000	2,764,000
Total Tax Payable	1,859,000	1,902,000	2,612,000	1,876,000
Accounts Payable	12,154,000	10,425,000	10,021,000	8,750,000
Total Assets	404,258,000	384,711,000	380,255,000	379,680,000
Total Non Current Assets	347,336,000	344,188,000	343,441,000	341,823,000
Other Non Current Assets	23,248,000	19,769,000	19,885,000	17,260,000
Investments And Advances	785,000	842,000	953,000	1,071,000
Long Term Equity Investment	785,000	842,000	953,000	1,071,000
Goodwill And Other Intangible Assets	190,338,000	190,583,000	189,567,000	189,928,000
Other Intangible Assets	167,497,000	167,742,000	166,724,000	161,257,000
Goodwill	22,841,000	22,841,000	22,843,000	28,671,000
Net PPE	132,965,000	132,994,000	133,036,000	133,564,000
Accumulated Depreciation	-228,524,000	-222,884,000	-211,798,000	-200,255,000
Gross PPE	361,489,000	355,878,000	344,834,000	333,819,000
Leases	11,099,000	10,562,000	10,355,000	10,159,000
Construction In Progress	8,493,000	9,424,000	12,092,000	12,889,000
Other Properties	109,719,000	107,282,000	103,081,000	101,752,000
Machinery Furniture Equipment	190,563,000	188,740,000	181,615,000	172,890,000
Buildings And Improvements	40,872,000	39,130,000	36,940,000	35,382,000
Land And Improvements	743,000	740,000	751,000	747,000
Current Assets	56,922,000	40,523,000	36,814,000	37,857,000
Other Current Assets	1,806,000	1,793,000	1,651,000	1,933,000
Hedging Assets Current	1,074,000	2,118,000	1,406,000	2,286,000
Current Deferred Assets	3,315,000	2,932,000	2,756,000	2,629,000
Restricted Cash	297,000	319,000	1,244,000	1,343,000
Prepaid Assets	1,844,000	811,000	550,000	167,000
Inventory	2,441,000	2,247,000	2,057,000	2,388,000
Receivables	27,097,000	26,109,000	25,085,000	24,506,000
Accounts Receivable	27,097,000	26,109,000	25,085,000	24,506,000
Allowance For Doubtful Accounts Receivable	-1,250,000	-1,152,000	-1,017,000	-826,000
Gross Accounts Receivable	28,347,000	27,261,000	26,102,000	25,332,000
Cash Cash Equivalents And Short Term Investments	19,048,000	4,194,000	2,065,000	2,605,000
Cash And Cash Equivalents	19,048,000	4,194,000	2,065,000	2,605,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	19,676,000	18,922,000	12,912,000	10,401,000
Repayment Of Debt	-19,789,000	-20,344,000	-10,624,000	-13,564,000
Issuance Of Debt	27,606,000	15,568,000	8,612,000	17,806,000
Capital Expenditure	-17,461,000	-17,990,000	-24,563,000	-26,740,000
Interest Paid Supplemental Data	5,772,000	5,505,000	4,384,000	3,316,000
Income Tax Paid Supplemental Data	3,581,000	5,632,000	2,343,000	2,736,000
End Cash Position	19,499,000	4,635,000	3,497,000	4,111,000
Beginning Cash Position	4,635,000	3,497,000	4,111,000	4,161,000
Changes In Cash	14,864,000	1,138,000	-614,000	-50,000
Financing Cash Flow	-5,613,000	-17,100,000	-14,657,000	-8,529,000
Cash Flow From Continuing Financing Activities	-5,613,000	-17,100,000	-14,657,000	-8,529,000
Net Other Financing Charges	-1,949,000	-1,075,000	-1,620,000	-2,072,000
Cash Dividends Paid	-11,481,000	-11,249,000	-11,025,000	-10,805,000
Common Stock Dividend Paid	-11,481,000	-11,249,000	-11,025,000	-10,805,000
Net Issuance Payments Of Debt	7,817,000	-4,776,000	-2,012,000	4,348,000
Net Short Term Debt Issuance		0	-150,000	106,000	0
Short Term Debt Payments			-150,000
Short Term Debt Issuance		0		106,000	0
Net Long Term Debt Issuance	7,817,000	-4,776,000	-2,012,000	4,242,000
Long Term Debt Payments	-19,789,000	-20,344,000	-10,624,000	-13,564,000
Long Term Debt Issuance	27,606,000	15,568,000	8,612,000	17,806,000
Investing Cash Flow	-16,660,000	-18,674,000	-23,432,000	-28,662,000
Cash Flow From Continuing Investing Activities	-16,660,000	-18,674,000	-23,432,000	-28,662,000
Net Other Investing Changes	801,000	-684,000	1,161,000	62,000
Net Investment Purchase And Sale		-712,000	880,000	-2,265,000	-21,000
Purchase Of Investment				-2,265,000	-21,000
Net Business Purchase And Sale	0	0	-30,000	281,000
Sale Of Business		0	0	281,000	4,122,000
Purchase Of Business	0	0	-30,000		-4,065,000
Net Intangibles Purchase And Sale	-450,000	-900,000	-5,796,000	-3,653,000
Purchase Of Intangibles	-450,000	-900,000	-5,796,000	-3,653,000
Capital Expenditure Reported	-17,011,000	-17,090,000	-18,767,000	-23,087,000
Operating Cash Flow	37,137,000	36,912,000	37,475,000	37,141,000
Cash Flow From Continuing Operating Activities	37,137,000	36,912,000	37,475,000	37,141,000
Change In Working Capital	-2,320,000	-2,278,000	-267,000	-456,000
Change In Payables And Accrued Expense	1,819,000	1,109,000	2,079,000	-33,000
Change In Payable	1,819,000	1,109,000	2,079,000	-33,000
Change In Account Payable	1,819,000	1,109,000	2,079,000	-33,000
Change In Prepaid Assets	-1,394,000	-626,000	-435,000	928,000
Change In Inventory	-232,000	-196,000	287,000	627,000
Change In Receivables	-2,513,000	-2,565,000	-2,198,000	-1,978,000
Changes In Account Receivables	-2,513,000	-2,565,000	-2,198,000	-1,978,000
Other Non Cash Items	-2,256,000	173,000	-3,710,000	-3,778,000
Provisionand Write Offof Assets	2,349,000	2,338,000	2,214,000	1,611,000
Asset Impairment Charge	0	0	5,841,000	0
Deferred Tax	2,340,000	815,000	2,388,000	2,973,000
Deferred Income Tax	2,340,000	815,000	2,388,000	2,973,000
Depreciation Amortization Depletion	18,349,000	17,892,000	17,624,000	17,099,000
Depreciation And Amortization	18,349,000	17,892,000	17,624,000	17,099,000
Amortization Cash Flow	2,999,000	2,781,000	2,687,000	2,507,000
Amortization Of Intangibles	2,999,000	2,781,000	2,687,000	2,507,000
Depreciation	15,350,000	15,112,000	14,937,000	14,592,000
Operating Gains Losses	1,067,000	23,000	1,290,000	-2,056,000
Pension And Employee Benefit Expense	1,025,000	-52,000	1,206,000	-2,046,000
Earnings Losses From Equity Investments	42,000	75,000	84,000	-10,000
Net Income From Continuing Operations	17,608,000	17,949,000	12,095,000	21,748,000

These metrics estimate what Verizon Communications Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$47.80

Margin of Safety

0.7%

Market Cap ÷ Company Value

2.31

P/B Ratio

1.90

Warren's Owner Earnings

$53.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$138.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.91x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

5.75%

vs Uninterrupted dividends

❌ Earnings Growth

-19.8% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

11.6x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.90x P/B (P/E×P/B: 22.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-57.85

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$77.85

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	101.7%	102.8%	211.5%	125.8%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$19.7B ▲	$18.9B ▲	$12.9B ▲	$10.4B •	N/A •
Warren's Owner Earnings	$53.0B	$53.4B	$53.8B	$65.1B	N/A

Peers & Industry Comparison

Telecom Services — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
VZ	$47.47	$198.2B	11.58	58.9%	12.4%	$138.2B
T AT&T Inc.	$26.04	$180.9B	8.6	59.4%	16.9%	$126.5B
TMUS T-Mobile US, Inc.	$194.19	$210.2B	20.6	63.3%	11.6%	$90.5B
CMCSA Comcast Corporation	$27.00	$96.5B	5.3	70.1%	15.0%	$125.3B
CHTR Charter Communications, Inc.	$165.44	$23.4B	4.5	55.3%	9.0%	$54.6B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.05%

Low — management has little skin in the game

Return on Equity (ROE)

16.4%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

4.2%

Fair — average asset utilization

Debt Trend YoY

+7.9% YoY

Debt is roughly stable

Leadership Team

Daniel Schulman

Director & CEO

Age 67

Pay: $2,890,221

0.017% of net income

Anthony Skiadas CPA

Executive VP & CFO

Age 56

Pay: $3,006,860

0.018% of net income

Vandana Venkatesh

Executive Vice President & Chief Legal Officer

Age 53

Pay: $2,426,257

0.014% of net income

Kyle Malady

Executive VP & CEO of Verizon Business Group

Age 57

Pay: $3,007,531

0.018% of net income

Colleen Ostrowski

Senior Vice President of Investor Relations

Age 51

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.08%	379,402,347
Blackrock Inc.	8.83%	369,056,692
State Street Corporation	5.33%	222,951,399
Charles Schwab Investment Management, Inc.	2.79%	116,570,816
Geode Capital Management, LLC	2.46%	102,632,509
Morgan Stanley	1.55%	64,997,318
NORGES BANK	1.38%	57,872,767
Bank of America Corporation	1.29%	53,811,144

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.22

Low volatility — more stable than the market

Short Interest

2.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.92x

Moderate leverage

Current Ratio

0.64x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $38.39 Current: $47.47 High: $51.68

Currently at 68% of 52-week range

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