Verizon Communications Inc. Financial Ratios — VZ Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	78.29	- -	- -	388.89	245.91	96.69	116.8	38.81	39.5	31.1	33.1	27.39	13.98	20.25	18.6
Return on Assets (%)	1.07	0.38	4.61	3.8	7.5	5.38	12.01	5.95	6.92	5.85	6.46	5.7	3.06	4.58	4.35
Return on Capital (%)	-2.49	- -	1.26	8.26	17.13	12.49	- -	12.11	13.18	10.23	10.41	9.19	5.79	8.58	8.17
Return on Invested Capital (%)	8.88	- -	15.66	9.66	16.78	15	- -	13.28	14.56	10.57	10.35	8.82	7.57	8.3	8.15
Gross Margin (%)	58.62	60.05	62.76	60.71	60.07	58.17	57.9	57.58	58.5	60.09	57.86	56.79	59.03	59.87	58.92
EBITDA Margin (%)	26.49	25.57	40.29	28.43	37.29	36.66	36.62	33.83	35.83	35.48	36.41	34.76	34.59	34.56	34.45
Operating Margin (%)	11.62	11.36	26.52	15.42	25.12	24.02	23.17	20.53	23.18	22.45	24.29	22.27	21.44	21.28	21.17
Incremental Operating Margin (%)	-40.95	5.63	399.83	-189.45	296.43	49.72	-1,957.41	-48.25	367.66	49.38	68.6	-61.48	61.13	-3.93	16.84
Pretax Margin (%)	9.45	8.54	24.29	12.02	21.46	16.66	16.34	15	17.24	18.68	22.02	20.66	12.68	17.05	16.41
Profit Margin (%)	2.17	0.76	9.54	7.57	13.58	10.42	23.88	11.87	14.61	13.88	16.51	15.53	8.67	12.99	12.43
Net Income to Common Margin (%)	2.17	0.76	9.54	7.57	13.58	10.42	23.88	11.87	14.61	13.88	16.51	15.53	8.67	12.99	12.43
Effective Tax Rate (%)	2.72	- -	19.57	21.7	34.93	35.16	- -	18.26	12.95	23.44	23.12	23.07	28.8	21.89	22.34
Dvd Payout Ratio (%)	30.87	25.84	16.68	54.62	45.24	65.74	30.56	59.05	49.31	54.15	45.08	48.58	87.67	61.16	63.63
Sustainable Growth Rate (%)	54.12	- -	- -	176.49	134.65	33.13	81.11	15.89	20.02	14.26	18.18	14.08	1.72	7.87	6.76

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	55,152	51,987	93,591	113,271	109,729	108,078	117,095	113,063	133,143	150,547	177,930	176,331	174,942	168,357	181,643
ST Debt	4,849	4,369	3,933	2,735	6,489	2,645	3,453	7,190	14,038	9,374	11,302	14,097	17,239	27,048	23,160
LT Debt	50,303	47,618	89,658	110,536	103,240	105,433	113,642	105,873	119,105	141,173	166,628	162,234	157,703	141,309	158,483
Total Debt/EBITDA	1.88	1.76	1.93	3.13	2.24	2.34	2.54	2.55	2.82	3.31	3.66	3.71	3.78	3.61	3.82
Net Debt/EBITDA	1.42	1.65	0.82	2.84	2.14	2.28	2.49	2.49	2.3	2.35	3.04	3.11	3.21	3	2.92
Total Debt/EBIT	4.28	3.95	2.93	5.78	3.32	3.57	4.01	4.21	4.36	5.23	5.48	5.79	6.09	5.87	6.21
Net Debt/EBIT	3.24	3.72	1.25	5.24	3.18	3.48	3.94	4.11	3.56	3.71	4.56	4.86	5.17	4.87	4.75
EBITDA to Interest Expense	10.39	11.52	18.21	7.35	9.98	10.55	9.75	9.16	9.99	10.72	13.96	13.17	8.39	7.01	7.11
EBITDA-CapEx/Interest Expense	10.31	9.85	18	7.28	7.95	10.43	9.63	8.86	9.8	9.8	0.3	12.15	7.34	6.87	7.04
EBIT to Interest Expense	4.56	5.12	11.99	3.99	6.72	6.91	6.17	5.56	6.46	6.78	9.31	8.43	5.2	4.31	4.37
Interest Expense	2,827	2,571	2,667	4,915	4,920	4,376	4,733	4,833	4,730	4,247	3,485	3,613	5,524	6,649	6,694
Common Equity/Total Assets	0.64	-1.53	0.76	1.23	4.78	6.34	14.02	16.6	18.37	19.24	19.76	21.81	21.92	23.27	23.54
Long-Term Debt/Equity (%)	58.55	55.67	93.97	808.25	578.63	438.72	254.31	193.52	189.55	203.8	200.27	175.46	168.13	140.5	149.88
Long-Term Debt/Capital (%)	47.2	47.18	58.89	94.06	84.06	84.3	73.44	66.76	63.3	66.32	66.18	62.29	60.74	54.51	56.99
Long-Term Debt/Total Assets (%)	21.83	21.14	32.71	47.52	42.28	43.18	44.19	39.98	40.83	44.61	45.45	42.73	41.47	36.73	39.2
Total Debt/Equity (%)	64.2	60.78	98.09	828.25	615	449.73	262.03	206.66	211.89	217.33	213.86	190.7	186.51	167.39	171.78
Total Debt/Capital (%)	51.75	51.51	61.47	96.38	89.35	86.41	75.67	71.29	70.76	70.72	70.67	67.7	67.37	64.94	65.32
Total Debt/Total Assets (%)	23.93	23.08	34.15	48.69	44.94	44.26	45.54	42.69	45.64	47.57	48.54	46.44	46.01	43.76	44.93
Net Debt to Equity	48.65	57.16	41.99	750.75	589.95	437.74	257.38	201.64	173.3	154.31	177.82	160.1	158.43	139.02	131.55
Net Debt/Capital (%)	44.84	49.98	40.58	96.03	88.94	86.09	75.34	70.78	58.68	56.05	59.45	57.41	57.69	54.82	53.7
EBITDA	29,376	29,620	48,574	36,132	49,077	46,184	46,153	44,272	47,246	45,518	48,654	47,566	46,342	46,578	47,608
EBITDA-CapEx	29,155	25,322	47,994	35,778	39,135	45,650	45,570	42,843	46,348	41,622	1,058	43,913	40,546	45,678	47,158
Operating Income (Loss)	12,880	13,160	31,968	19,599	33,060	30,256	29,199	26,869	30,564	28,798	32,448	30,467	28,718	28,686	29,259

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.45	0.13	2	0.4	0.14	0.09	0.06	0.07	0.06	0.56	0.06	0.05	0.04	0.06	0.31
Current Ratio	1.01	0.79	2.62	1.05	0.64	0.87	0.91	0.91	0.84	1.38	0.78	0.75	0.69	0.63	0.91
Quick Ratio	0.84	0.6	2.46	0.9	0.52	0.67	0.77	0.73	0.62	1.16	0.57	0.54	0.51	0.47	0.74
CFO/Avg Current Liab	0.97	1.09	1.44	1.11	1.24	0.66	0.77	0.97	0.86	0.99	0.91	0.76	0.72	0.63	0.58
Common Equity/Total Assets	0.64	-1.53	0.76	1.23	4.78	6.34	14.02	16.6	18.37	19.24	19.76	21.81	21.92	23.27	23.54
Long-Term Debt/Equity (%)	58.55	55.67	93.97	808.25	578.63	438.72	254.31	193.52	189.55	203.8	200.27	175.46	168.13	140.5	149.88
Long-Term Debt/Capital (%)	47.2	47.18	58.89	94.06	84.06	84.3	73.44	66.76	63.3	66.32	66.18	62.29	60.74	54.51	56.99
Long-Term Debt/Total Assets (%)	21.83	21.14	32.71	47.52	42.28	43.18	44.19	39.98	40.83	44.61	45.45	42.73	41.47	36.73	39.2
Total Debt/Equity (%)	64.2	60.78	98.09	828.25	615	449.73	262.03	206.66	211.89	217.33	213.86	190.7	186.51	167.39	171.78
Total Debt/Capital (%)	51.75	51.51	61.47	96.38	89.35	86.41	75.67	71.29	70.76	70.72	70.67	67.7	67.37	64.94	65.32
Total Debt/Total Assets (%)	23.93	23.08	34.15	48.69	44.94	44.26	45.54	42.69	45.64	47.57	48.54	46.44	46.01	43.76	44.93
CFO/Total Liabilities	20.6	22.54	21.72	13.99	17.24	9.85	11.45	16.34	15.62	16.9	13.95	12.93	13.08	12.99	12.44
CFO/CapEx	134.75	7.33	66.93	86.53	3.93	40.62	41.71	24.03	39.81	10.72	0.83	10.17	6.47	41.01	82.53
Altman's Z-Score	1.68	1.78	2.15	2.07	2.44	2.59	2.69	2.69	2.5	2.37	2.3	2.13	2.04	2.03	2.03

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	9.41	9.51	9.64	9.62	9.59	8.14	6.15	5.39	5.22	5.2	5.59	5.66	5.4	5.27	5.19
Days Sales Outstanding	38.77	38.36	37.87	37.96	38.06	44.86	59.38	67.77	69.93	70.2	65.24	64.49	67.55	69.32	70.27
Inventory Turnover	44.3	45.93	42.85	45.96	43.71	42.95	47.46	46.84	39.69	31.82	23.21	21.73	24.7	25.14	24.22
Days Inventory Outstanding	8.24	7.95	8.52	7.94	8.35	8.5	7.69	7.79	9.2	11.47	15.72	16.8	14.78	14.52	15.07
Accounts Payable Turnover	11.24	10.73	9.53	9.49	9.32	8.24	7.48	7.81	7.33	7.17	7.83	6.96	5.81	5.31	5.05
Accounts Payable Turnover Days	32.48	34.01	38.3	38.47	39.16	44.31	48.81	46.74	49.8	50.93	46.63	52.41	62.79	68.73	72.34
Cash Conversion Cycle	14.54	12.3	8.09	7.44	7.25	9.05	18.26	28.82	29.33	30.74	34.33	28.88	19.54	15.1	12.99
Inventory to Cash Days	30.54	30.42	29.35	30.02	29.71	36.37	51.69	59.98	60.74	58.73	49.51	47.69	52.77	54.8	55.19
Inventories	940	1,075	1,020	1,153	1,252	1,202	1,034	1,336	1,422	1,796	3,055	2,388	2,057	2,247	2,441
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	940	1,075	1,020	1,153	1,252	1,202	1,034	1,336	1,422	1,796	3,055	2,388	2,057	2,247	2,441

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	113,660	123,449	140,835	185,904	188,809	217,790	216,166	232,076	254,073	243,225	215,530	165,559	158,755	168,678	172,125
- Cash & Cash Equivalents	13,362	3,093	53,528	10,598	4,470	2,880	2,079	2,745	2,594	22,171	2,921	2,605	2,065	4,194	19,048
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	49,938	52,376	56,580	1,378	1,414	1,508	1,591	1,565	1,440	1,430	1,410	1,319	1,369	1,338	1,281
+ Total Debt	55,152	51,987	93,591	113,271	109,729	108,078	117,095	113,063	133,143	150,547	177,930	176,331	174,942	168,357	181,643
Enterprise Value	204,796	224,249	236,877	289,400	295,132	324,496	332,773	343,959	386,062	373,031	391,949	340,604	333,001	334,179	336,001
Total Capital	106,566	100,926	152,250	117,520	122,813	125,069	154,745	158,599	188,159	212,870	251,762	260,459	259,655	259,234	278,097
Total Debt/Capital (%)	51.75	51.51	61.47	96.38	89.35	86.41	75.67	71.29	70.76	70.72	70.67	67.7	67.37	64.94	65.32
Total Debt / EV	0.27	0.23	0.4	0.39	0.37	0.33	0.35	0.33	0.34	0.4	0.45	0.52	0.53	0.5	0.54
EV/Sales	1.85	1.94	1.96	2.28	2.24	2.58	2.64	2.63	2.93	2.91	2.93	2.49	2.49	2.48	2.43
EV/EBITDA	6.97	7.57	4.88	8.01	6.01	7.03	7.21	7.77	8.17	8.2	8.06	7.16	7.19	7.17	7.06
EV/EBIT	15.9	17.04	7.41	14.77	8.93	10.73	11.4	12.8	12.63	12.95	12.08	11.18	11.6	11.65	11.48
EV/Cash Flow to Firm	6.3	6.55	5.78	8.39	6.99	13.23	10.62	8.98	9.68	8.29	9.28	8.53	8.04	7.94	7.94
EV/Free Cash Flow to Firm	6.25	5.82	5.7	8.31	5.66	12.95	10.42	8.66	9.47	7.63	4.36	7.82	7.05	7.77	7.85
Diluted Market Cap	113,901	123,839	141,228	186,231	189,178	218,111	216,431	232,301	254,196	243,342	215,634	165,638	158,906	168,878	172,329
Diluted Enterprise Value	205,629	225,109	237,871	290,282	295,851	324,817	333,038	344,184	386,185	373,148	392,053	340,683	333,152	334,379	336,205
EV per Share	72.29	78.6	82.65	72.82	72.25	79.53	81.48	83.32	93.3	90.1	94.49	81.06	79.08	79.23	79.51
TTM Sales	110,875	115,846	120,550	127,079	131,620	125,980	126,034	130,863	131,868	128,292	133,613	136,835	133,974	134,788	138,191
TTM EBITDA	29,376	29,620	48,574	36,132	49,077	46,184	46,153	44,272	47,246	45,518	48,654	47,566	46,342	46,578	47,608
TTM Operating Income	12,880	13,160	31,968	19,599	33,060	30,256	29,199	26,869	30,564	28,798	32,448	30,467	28,718	28,686	29,259
TTM Cash Flow to Firm	32,530	34,228	40,963	34,479	42,228	24,527	31,339	38,289	39,863	45,019	42,218	39,920	41,408	42,106	42,336
TTM Free Cash Flow to Firm	32,751	38,526	41,543	34,833	52,170	25,061	31,922	39,718	40,761	48,915	89,814	43,573	47,204	43,006	42,786

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	3.8	3.46	3.58	6.01	3.86	9.81	8.69	6.49	6.94	5.33	2.47	4.06	3.67	4.47	4.58
EV/EBIT	15.9	17.04	7.41	14.77	8.93	10.73	11.4	12.8	12.63	12.95	12.08	11.18	11.6	11.65	11.48
Enterprise Value	204,796	224,249	236,877	289,400	295,132	324,496	332,773	343,959	386,062	373,031	391,949	340,604	333,001	334,179	336,001
Low Price	32.28	36.8	41.5	45.09	38.06	43.79	42.8	46.09	52.28	48.84	49.69	34.55	30.14	37.56	37.59
EV/Sales	1.85	1.94	1.96	2.28	2.24	2.58	2.64	2.63	2.93	2.91	2.93	2.49	2.49	2.48	2.43
EV/EBITDA	6.97	7.57	4.88	8.01	6.01	7.03	7.21	7.77	8.17	8.2	8.06	7.16	7.19	7.17	7.06
Price/Earnings	47.28	141.08	12.25	19.31	10.56	16.59	7.18	14.95	13.19	13.66	9.77	7.79	13.67	9.64	10.02
Price/Earnings Average	43.17	136.95	12.13	20.07	10.78	15.98	6.54	13.85	12.47	13.43	10.4	9.17	13.19	9.92	10.38
Price/Earnings High	47.43	159.02	13.54	22.16	11.62	17.7	7.44	16.37	13.36	14.41	11.25	10.97	15.44	10.93	11.65
Price/Earnings Low	38.04	119.99	10.35	18.62	8.7	13.61	5.81	12.25	11.23	11.36	9.34	6.83	10.93	9.05	9.25
Price/Book Value	77.01	-35.92	67.74	64.75	16.18	14.07	5.99	5.28	4.74	3.99	2.98	2	1.9	1.88	1.81
Price/Book Value Average	70.32	-34.86	67.08	67.28	16.51	13.55	5.46	4.89	4.48	3.93	3.17	2.35	1.84	1.94	1.87
Price/Book Value High	77.25	-40.48	74.87	74.28	17.8	15.01	6.21	5.78	4.81	4.21	3.43	2.82	2.15	2.14	2.1
Price/Book Value Low	61.96	-30.55	57.21	62.41	13.32	11.54	4.85	4.33	4.04	3.32	2.85	1.75	1.52	1.77	1.67
Price/Tangible Book Value	-6.86	-5.54	-13.08	-2	-1.86	-2.21	-2.6	-3.14	-3.84	-3.81	-2.06	-1.7	-1.66	-1.87	-2.03
Price/Tangible Book Value Average	-6.26	-5.38	-12.96	-2.08	-1.9	-2.12	-2.37	-2.91	-3.63	-3.75	-2.19	-2	-1.6	-1.93	-2.11
Price/Tangible Book Value High	-6.88	-6.24	-14.46	-2.29	-2.04	-2.35	-2.69	-3.44	-3.89	-4.02	-2.37	-2.39	-1.87	-2.13	-2.37
Price/Tangible Book Value Low	-5.52	-4.71	-11.05	-1.93	-1.53	-1.81	-2.1	-2.58	-3.27	-3.17	-1.97	-1.49	-1.33	-1.76	-1.88
Price/Sales	1.03	1.07	1.17	1.46	1.43	1.73	1.72	1.77	1.93	1.9	1.61	1.21	1.18	1.25	1.25
Price/Sales Average	0.94	1.03	1.16	1.52	1.46	1.66	1.56	1.64	1.82	1.86	1.72	1.42	1.14	1.29	1.29
Price/Sales High	1.03	1.2	1.29	1.68	1.58	1.84	1.78	1.94	1.95	2	1.86	1.7	1.34	1.42	1.45
Price/Sales Low	0.82	0.91	0.99	1.41	1.18	1.42	1.39	1.45	1.64	1.58	1.54	1.06	0.95	1.18	1.15
Price/Cash Flow	3.82	3.92	3.63	6.07	4.84	10.04	8.89	6.76	7.11	5.82	5.45	4.46	4.24	4.57	4.63
Price/Cash Flow Average	3.49	3.81	3.59	6.31	4.94	9.67	8.1	6.26	6.72	5.72	5.8	5.25	4.09	4.7	4.8
Price/Cash Flow High	3.83	4.42	4.01	6.96	5.32	10.71	9.21	7.4	7.2	6.14	6.28	6.28	4.78	5.18	5.39
Price/Cash Flow Low	3.07	3.33	3.06	5.85	3.98	8.24	7.19	5.54	6.05	4.84	5.21	3.91	3.39	4.29	4.28
Price/Free Cash Flow Average	3.47	3.36	3.55	6.25	3.94	9.45	7.92	6.02	6.56	5.24	2.63	4.78	3.54	4.6	4.75
Price/Free Cash Flow High	3.81	3.9	3.96	6.89	4.25	10.47	9	7.11	7.03	5.62	2.85	5.72	4.15	5.07	5.33
Price/Free Cash Flow Low	3.05	2.94	3.03	5.79	3.18	8.05	7.03	5.32	5.91	4.43	2.37	3.56	2.94	4.19	4.23
EV/Sales Average	1.76	1.91	1.96	2.34	2.27	2.51	2.49	2.5	2.82	2.88	3.04	2.7	2.44	2.52	2.48
EV/Sales High	1.86	2.08	2.09	2.5	2.39	2.69	2.7	2.8	2.95	3.01	3.18	2.98	2.64	2.65	2.63
EV/Sales Low	1.65	1.78	1.79	2.23	1.99	2.27	2.31	2.31	2.64	2.59	2.86	2.34	2.25	2.4	2.34
EV/EBITDA Average	6.66	7.46	4.86	8.23	6.1	6.85	6.79	7.38	7.88	8.1	8.34	7.78	7.07	7.28	7.19
EV/EBITDA High	7	8.12	5.19	8.78	6.41	7.34	7.38	8.27	8.24	8.49	8.73	8.58	7.63	7.66	7.65
EV/EBITDA Low	6.24	6.96	4.44	7.84	5.34	6.18	6.31	6.82	7.37	7.29	7.86	6.73	6.5	6.95	6.78
EV/EBIT Average	15.18	16.8	7.39	15.17	9.06	10.46	10.74	12.17	12.18	12.81	12.51	12.14	11.4	11.82	11.7
EV/EBIT High	15.97	18.27	7.89	16.19	9.51	11.21	11.66	13.62	12.74	13.41	13.09	13.4	12.31	12.44	12.44
EV/EBIT Low	14.22	15.67	6.74	14.45	7.93	9.43	9.98	11.25	11.4	11.53	11.79	10.51	10.49	11.29	11.03
Last Price	40.12	43.27	49.14	46.78	46.22	53.38	52.93	56.22	61.4	58.75	51.96	39.4	37.7	39.99	40.73
High Price	40.25	48.77	54.31	53.66	50.86	56.95	54.83	61.58	62.22	61.95	59.85	55.51	42.58	45.36	47.36
Enterprise Value Average	195,520	221,098	236,108	297,220	299,363	316,438	313,606	326,885	372,235	368,894	405,829	369,985	327,486	339,083	342,196
Enterprise Value High	205,756	240,411	252,295	317,296	314,436	339,062	340,533	366,085	389,455	386,279	424,677	408,298	353,550	356,829	364,019
Enterprise Value Low	183,177	206,260	215,582	283,239	262,148	285,369	291,402	302,143	348,324	332,004	382,533	320,224	301,166	323,929	322,731

Shares Outstanding	2,834	2,859	2,862	4,155	4,073	4,077	4,079	4,132	4,136	4,138	4,198	4,200	4,204	4,210	4,217
Diluted Weighted Avg Shares	2,839	2,862	2,874	3,981	4,093	4,086	4,089	4,132	4,140	4,142	4,150	4,204	4,215	4,223	4,231
Basic Weighted Avg Shares	2,833	2,853	2,866	3,974	4,085	4,080	4,084	4,128	4,138	4,140	4,148	4,202	4,211	4,218	4,226
Revenue per Share	39.14	40.6	42.06	31.98	32.22	30.88	30.86	31.7	31.87	30.99	32.21	32.56	31.82	31.96	32.7
EBITDA per Share	10.37	10.38	16.95	9.09	12.01	11.32	11.3	10.72	11.42	10.99	11.73	11.32	11	11.04	11.27
Operating Income per Share	4.55	4.61	11.15	4.93	8.09	7.42	7.15	6.51	7.39	6.96	7.82	7.25	6.82	6.8	6.92
Basic EPS, GAAP	0.85	0.31	4.01	2.42	4.38	3.22	7.37	3.76	4.66	4.3	5.32	5.06	2.76	4.15	4.06
Basic EPS from Cont Ops	3.6	3.7	8.22	3.01	4.5	3.34	7.48	3.89	4.78	4.43	5.45	5.18	2.87	4.26	4.17
Diluted EPS, GAAP	0.85	0.31	4	2.42	4.37	3.21	7.36	3.76	4.65	4.3	5.32	5.06	2.76	4.15	4.06
Diluted EPS from Cont Ops	3.59	3.69	8.19	3	4.49	3.33	7.47	3.88	4.78	4.43	5.45	5.17	2.87	4.25	4.16
Dividend per Share	1.96	1.83	2.07	1.96	2.09	2.27	2.32	2.37	2.42	2.47	2.52	2.57	2.62	2.67	2.72
Cash Flow per Share	10.51	11.04	13.54	7.71	9.55	5.32	5.95	8.32	8.64	10.09	9.53	8.84	8.9	8.75	8.79
Free Cash Flow per Basic Share	10.43	9.53	13.34	7.62	7.12	5.19	5.81	7.97	8.42	9.15	-1.94	7.97	7.52	8.54	8.68
Cash & Equivalents per Share	4.93	1.25	18.89	2.81	1.18	0.71	0.51	0.66	0.63	5.36	0.7	0.62	0.49	0.99	4.51
Book Value per Share	0.52	-1.2	0.73	0.72	2.86	3.79	8.83	10.65	12.95	14.71	17.46	19.71	19.79	21.23	22.52
Tangible Book Value per Share	-5.85	-7.81	-3.76	-23.39	-24.89	-24.2	-20.36	-17.88	-15.98	-15.41	-25.24	-23.19	-22.74	-21.34	-20.02

Verizon Communications Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)