Verizon Communications Inc (VZ)

Telephone Communications (No Radiotelephone)

Latest Price

$45.87

TTM P/E

11.94

Normalized P/E

11.36

Div Yield

6.08%

Book Value

25.32

P/B Ratio

1.81

Valuation metrics

Norm. op. income: $29.3B (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$20.32

56% downside

Base FCF: $19.3B (median of recent 5yr)

Growth: 4%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$37.85

17% downside

EPS: $4.06

Target P/E: 11×

Formula: EPS × P/E

P/E Fair Value

$44.66

3% downside

71.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	400.81M	$16.97B	9.62%	+32.78M	2026-06-30
Vanguard Capital Management LLC	259.00M	$10.96B	6.21%	-1.19M	2026-06-30
State Street Corp	209.68M	$8.88B	5.03%	-5.18M	2026-06-30
Charles Schwab Investment Management Inc	127.77M	$5.41B	3.07%	+14.84M	2026-06-30
Sixth Street Partners Management Company, L.P.	127.77M	$5.41B	3.07%	--	2026-06-30
Geode Capital Management, LLC	106.82M	$4.51B	2.56%	+611.7K	2026-06-30
Vanguard Portfolio Management LLC	77.43M	$3.28B	1.86%	+592.5K	2026-06-30
Morgan Stanley	70.30M	$2.98B	1.69%	-3.77M	2026-06-30
Bank of America Corp	60.86M	$2.58B	1.46%	-1.24M	2026-06-30
Norges Bank	54.31M	$2.30B	1.30%	-3.57M	2026-06-30