Verizon Communications Inc. (VZ) intrinsic value & 10-year financials
Verizon Communications Inc. (VZ) has a Graham intrinsic value of $48.27 per share. At $44.79 on Oct 17, 2026, the stock trades 7% below that value. Over the last 10 fiscal years revenue grew 1.0% a year to $138.2B, with an average return on invested capital of 11.9%.
- Graham intrinsic value
- $48.27
- Share price (Oct 17, 2026)
- $44.79
- Price vs Graham value
- 7% below
- Market cap
- $189.5B
- Revenue (FY2025)
- $138.2B
- Revenue growth (10-yr CAGR)
- 1.0%
- ROIC (10-yr avg)
- 11.9%
- Free cash flow (FY2025)
- $20.1B
VZ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $138.2B | $17.2B | $4.06 | $20.1B | 21.2% | 9.3% |
| FY2024 | $134.8B | $17.5B | $4.14 | $19.8B | 21.3% | 9.2% |
| FY2023 | $134.0B | $11.6B | $2.75 | $18.7B | 17.1% | 6.7% |
| FY2022 | $136.8B | $21.3B | $5.06 | $14.1B | 22.3% | 9.9% |
| FY2021 | $133.6B | $22.1B | $5.32 | $19.3B | 24.3% | 12.2% |
| FY2020 | $128.3B | $17.8B | $4.30 | $23.6B | 22.4% | 12.6% |
| FY2019 | $131.9B | $19.3B | $4.65 | $17.8B | 23.0% | 15.7% |
| FY2018 | $130.9B | $15.5B | $3.76 | $17.7B | 17.0% | 11.2% |
| FY2017 | $126.0B | $30.1B | $7.36 | $8.1B | 21.8% | 19.0% |
| FY2016 | $126.0B | $13.1B | $3.21 | $5.7B | 21.5% | 13.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Verizon has demonstrated mature, steady growth, with revenue compounding at 1.0% annually over the past decade.
Verizon returns on capital have been average, hovering around 11.9% ROIC over the decade.
Verizon has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Verizon is modeled at 2.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $48.27 per share.