VERIZON COMMUNICATIONS INC (VZ)

Telephone Communications (No Radiotelephone)

Latest Price

$46.81

TTM P/E

11.39

Normalized P/E

11.20

Div Yield

5.91%

Book Value

24.88

P/B Ratio

1.88

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

57% 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

19% downside

EPS: $4.06

Target P/E: 11×

Formula: EPS × P/E

P/E Fair Value

$44.66

5% downside

64.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	368.03M	$18.47B	8.75%	-1.03M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	260.18M	$13.06B	6.19%	--	2026-03-31
STATE STREET CORP	214.85M	$10.79B	5.11%	-8.10M	2026-03-31
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	112.94M	$5.67B	2.69%	-3.63M	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	106.21M	$5.31B	2.53%	+3.58M	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	76.84M	$3.86B	1.83%	--	2026-03-31
MORGAN STANLEY	74.07M	$3.72B	1.76%	+9.07M	2026-03-31
BANK OF AMERICA CORP /DE/	62.10M	$3.12B	1.48%	+8.29M	2026-03-31
GQG Partners LLC	45.71M	$2.29B	1.09%	+1.85M	2026-03-31
NORTHERN TRUST CORP	44.33M	$2.23B	1.05%	-43.2K	2026-03-31