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 (%)	6.45	2.53	31.94	37.65	124.48	67.4	91.74	32.27	33.64	27.55	29.49	24.58	12.65	18.27	16.86
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 (%)	-1.88	- -	0.98	7.05	16.18	11.93	- -	11.51	12.57	9.86	10.06	8.89	5.61	8.28	- -
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	- -
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	- -
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	- -
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 (%)	4.46	1.88	26.61	17.09	68.16	23.09	63.71	13.22	17.05	12.63	16.2	12.64	1.56	7.09	6.13

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	15.61	14.72	14.17	5.29	6.73	9.22	16.76	20.07	21.05	21.44	22.31	24.01	24.31	25.8	25.84
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 (%)	35.66	34.63	47.44	87.07	80.93	79.81	70.24	63.1	60.77	64.22	63.81	60.36	58.68	52.54	55.15
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 (%)	39.1	37.8	49.52	89.23	86.01	81.81	72.38	67.39	67.94	68.49	68.14	65.6	65.1	62.6	63.21
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 (%)	32.73	36.37	29.57	88.25	85.51	81.4	72.02	66.85	56.31	54.08	57.3	55.61	55.73	52.81	51.84
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	15.61	14.72	14.17	5.29	6.73	9.22	16.76	20.07	21.05	21.44	22.31	24.01	24.31	25.8	25.84
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 (%)	35.66	34.63	47.44	87.07	80.93	79.81	70.24	63.1	60.77	64.22	63.81	60.36	58.68	52.54	55.15
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 (%)	39.1	37.8	49.52	89.23	86.01	81.81	72.38	67.39	67.94	68.49	68.14	65.6	65.1	62.6	63.21
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	1.69	1.78	2.15	2.1	2.43	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	113,701	123,690	140,639	194,369	188,262	217,613	215,927	232,303	253,940	243,115	218,118	165,475	158,501	168,345	171,766
- 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	204,837	224,490	236,681	297,865	294,585	324,319	332,534	344,186	385,929	372,921	394,537	340,520	332,747	333,846	335,642
Total Capital	141,060	137,520	189,007	126,947	127,571	132,110	161,782	167,773	195,978	219,819	261,130	268,794	268,741	268,932	287,384
Total Debt/Capital (%)	39.1	37.8	49.52	89.23	86.01	81.81	72.38	67.39	67.94	68.49	68.14	65.6	65.1	62.6	63.21
Total Debt / EV	0.27	0.23	0.4	0.38	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	2.34	2.24	2.57	2.64	2.63	2.93	2.91	2.95	2.49	2.48	2.48	2.43
EV/EBITDA	6.97	7.58	4.87	8.24	6	7.02	7.21	7.77	8.17	8.19	8.11	7.16	7.18	7.17	7.05
EV/EBIT	15.9	17.06	7.4	15.2	8.91	10.72	11.39	12.81	12.63	12.95	12.16	11.18	11.59	11.64	11.47
EV/Cash Flow to Firm	6.3	6.56	5.78	8.64	6.98	13.22	10.61	8.99	9.68	8.28	9.35	8.53	8.04	7.93	7.94
EV/Free Cash Flow to Firm	6.25	5.83	5.7	8.55	5.65	12.94	10.42	8.67	9.47	7.62	4.39	7.81	7.05	7.76	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	72.28	78.53	82.7	71.69	72.32	79.55	81.51	83.3	93.31	90.12	93.99	81.08	79.15	79.3	79.59
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	- -
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	- -

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	17.06	7.4	15.2	8.91	10.72	11.39	12.81	12.63	12.95	12.16	11.18	11.59	11.64	11.47
Enterprise Value	204,837	224,490	236,681	297,865	294,585	324,319	332,534	344,186	385,929	372,921	394,537	340,520	332,747	333,846	335,642
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	2.34	2.24	2.57	2.64	2.63	2.93	2.91	2.95	2.49	2.48	2.48	2.43
EV/EBITDA	6.97	7.58	4.87	8.24	6	7.02	7.21	7.77	8.17	8.19	8.11	7.16	7.18	7.17	7.05
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	3.16	3.73	3.62	15.8	11.46	9.66	5.01	4.37	4.14	3.58	2.67	1.82	1.71	1.7	1.64
Price/Book Value Average	2.89	3.62	3.59	16.42	11.7	9.3	4.57	4.05	3.91	3.52	2.84	2.14	1.66	1.75	1.7
Price/Book Value High	3.17	4.2	4	18.13	12.61	10.31	5.19	4.79	4.19	3.78	3.07	2.56	1.94	1.92	1.91
Price/Book Value Low	2.54	3.17	3.06	15.23	9.44	7.93	4.05	3.58	3.52	2.98	2.55	1.59	1.37	1.59	1.52
Price/Tangible Book Value	-1.71	-1.66	-2.09	-2.06	-1.83	-2.17	-2.55	-3.08	-3.76	-3.73	-2.06	-1.68	-1.63	-1.84	-2
Price/Tangible Book Value Average	-1.56	-1.61	-2.07	-2.14	-1.86	-2.09	-2.32	-2.86	-3.55	-3.66	-2.19	-1.97	-1.58	-1.9	-2.07
Price/Tangible Book Value High	-1.71	-1.87	-2.31	-2.36	-2.01	-2.32	-2.64	-3.38	-3.81	-3.93	-2.37	-2.36	-1.84	-2.09	-2.33
Price/Tangible Book Value Low	-1.38	-1.41	-1.76	-1.99	-1.5	-1.78	-2.06	-2.53	-3.2	-3.1	-1.97	-1.47	-1.3	-1.73	-1.85
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	2.41	2.27	2.51	2.49	2.5	2.82	2.87	3.06	2.7	2.44	2.51	2.47
EV/Sales High	1.86	2.08	2.09	2.57	2.38	2.69	2.7	2.8	2.95	3.01	3.2	2.98	2.64	2.64	2.63
EV/Sales Low	1.65	1.78	1.79	2.29	1.99	2.26	2.31	2.31	2.64	2.59	2.88	2.34	2.25	2.4	2.33
EV/EBITDA Average	6.66	7.47	4.86	8.47	6.09	6.85	6.79	7.39	7.88	8.1	8.4	7.78	7.06	7.27	7.18
EV/EBITDA High	7.01	8.13	5.19	9.05	6.39	7.34	7.37	8.27	8.24	8.48	8.79	8.58	7.62	7.65	7.64
EV/EBITDA Low	6.24	6.97	4.43	8.06	5.33	6.18	6.31	6.83	7.37	7.29	7.91	6.73	6.49	6.95	6.77
EV/EBIT Average	15.18	16.82	7.38	15.61	9.04	10.45	10.73	12.17	12.17	12.81	12.59	12.14	11.39	11.81	11.68
EV/EBIT High	15.98	18.29	7.89	16.68	9.49	11.2	11.65	13.63	12.74	13.41	13.18	13.4	12.3	12.43	12.43
EV/EBIT Low	14.22	15.69	6.74	14.87	7.92	9.43	9.97	11.25	11.39	11.53	11.87	10.51	10.48	11.28	11.02
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	195,557	221,332	235,913	306,017	298,806	316,267	313,388	327,095	372,109	368,786	408,583	369,886	327,241	338,741	341,824
Enterprise Value High	205,797	240,682	252,078	327,006	313,835	338,873	340,285	366,334	389,320	386,163	427,657	408,179	353,263	356,452	363,601
Enterprise Value Low	183,210	206,465	215,416	291,398	261,698	285,224	291,209	302,328	348,210	331,912	385,008	320,150	300,962	323,617	322,400

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	4.92	1.25	18.91	2.68	1.18	0.71	0.51	0.66	0.63	5.36	0.7	0.62	0.49	1	4.52
Book Value per Share	12.69	11.6	13.57	2.96	4.03	5.53	10.56	12.86	14.84	16.39	19.48	21.7	21.98	23.57	24.77
Tangible Book Value per Share	-23.47	-26.12	-23.53	-22.7	-25.3	-24.59	-20.77	-18.24	-16.33	-15.76	-25.28	-23.52	-23.1	-21.7	-20.36

Verizon Communications Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)