Price to Book Value (P/BV)
since 2005
Calculation
Verizon Communications Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Equity attributable to Verizon1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2025 | 1.72 | = | 40.53 | ÷ | 23.57 | 23.57 | = | 99,237 | ÷ | 4,209,703,958 | |
| Feb 9, 2024 | 1.81 | = | 39.72 | ÷ | 21.98 | 21.98 | = | 92,430 | ÷ | 4,204,272,443 | |
| Feb 10, 2023 | 1.84 | = | 40.01 | ÷ | 21.70 | 21.70 | = | 91,144 | ÷ | 4,199,882,937 | |
| Feb 11, 2022 | 2.74 | = | 53.32 | ÷ | 19.48 | 19.48 | = | 81,790 | ÷ | 4,197,823,662 | |
| Feb 25, 2021 | 3.45 | = | 56.50 | ÷ | 16.39 | 16.39 | = | 67,842 | ÷ | 4,138,148,588 | |
| Feb 21, 2020 | 3.92 | = | 58.20 | ÷ | 14.84 | 14.84 | = | 61,395 | ÷ | 4,135,863,778 | |
| Feb 15, 2019 | 4.29 | = | 55.16 | ÷ | 12.86 | 12.86 | = | 53,145 | ÷ | 4,132,045,883 | |
| Feb 23, 2018 | 4.57 | = | 48.29 | ÷ | 10.56 | 10.56 | = | 43,096 | ÷ | 4,079,486,153 | |
| Feb 21, 2017 | 8.95 | = | 49.43 | ÷ | 5.53 | 5.53 | = | 22,524 | ÷ | 4,076,731,752 | |
| Feb 23, 2016 | 12.56 | = | 50.63 | ÷ | 4.03 | 4.03 | = | 16,428 | ÷ | 4,073,840,949 | |
| Feb 23, 2015 | 16.48 | = | 48.77 | ÷ | 2.96 | 2.96 | = | 12,298 | ÷ | 4,155,408,208 | |
| Feb 27, 2014 | 5.06 | = | 47.50 | ÷ | 9.38 | 9.38 | = | 38,836 | ÷ | 4,141,140,749 | |
| Feb 26, 2013 | 3.98 | = | 46.12 | ÷ | 11.60 | 11.60 | = | 33,157 | ÷ | 2,858,275,417 | |
| Feb 24, 2012 | 3.01 | = | 38.14 | ÷ | 12.69 | 12.69 | = | 35,970 | ÷ | 2,835,524,157 | |
| Feb 28, 2011 | 2.71 | = | 36.92 | ÷ | 13.64 | 13.64 | = | 38,569 | ÷ | 2,828,072,313 | |
| Feb 26, 2010 | 1.97 | = | 28.93 | ÷ | 14.67 | 14.67 | = | 41,606 | ÷ | 2,835,726,911 | |
| Feb 24, 2009 | 1.95 | = | 28.57 | ÷ | 14.68 | 14.68 | = | 41,706 | ÷ | 2,840,569,560 | |
| Feb 28, 2008 | 2.11 | = | 37.18 | ÷ | 17.62 | 17.62 | = | 50,581 | ÷ | 2,870,955,142 | |
| Mar 1, 2007 | 2.22 | = | 37.10 | ÷ | 16.68 | 16.68 | = | 48,535 | ÷ | 2,909,893,627 | |
| Mar 14, 2006 | 2.54 | = | 34.39 | ÷ | 13.56 | 13.56 | = | 39,680 | ÷ | 2,926,823,217 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Verizon Communications Inc. Annual Report.
- Share Price Trend
- The share price exhibits fluctuation over the analyzed period. Starting at $34.39 in 2006, it gradually rose to a peak around $58.20 in early 2020 before experiencing a decline thereafter, reaching approximately $40.53 by 2025. The share price saw notable growth periods, especially between 2011 and 2015, followed by some volatility but generally a downward adjustment after 2020.
- Book Value Per Share (BVPS)
- The book value per share shows a generally upward trend with some volatility. From $13.56 in 2006, it dipped during 2013-2015 to as low as $2.96, then steadily recovered back up to $23.57 in 2025. The increase after 2015 is significant, indicating improvements in net asset value per share over the latter years.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio exhibits considerable variation. It started at 2.54 in 2006, dropped steadily to around 1.95 in 2009, then spiked dramatically around 2014-2015 to highs exceeding 16, likely due to the low book value per share during just that period. Afterward, the ratio steadily declined to approximately 1.72 by 2025, suggesting a normalization where the market valuation aligns more closely with book value.
- Overall Insights
- The data indicates that while the share price has experienced periods of both growth and decline, the underlying book value per share suffered a notable decrease around 2013-2015 before recovering strongly. The extreme P/BV ratio during 2014-2015 reflects this temporary distortion in book value, pointing towards a period of undervaluation of company assets or extraordinary financial conditions. Gradual normalization of the P/BV ratio in recent years suggests stabilization of market expectations relative to the company’s accounting value. Hence, the company's equity valuation appears to have stabilized, with improved asset values and adjusted market pricing through the latter half of the analyzed decade.
Comparison to Competitors
Verizon Communications Inc., P/BV, long-term trends, comparison to competitors
| Verizon Communications Inc. | AT&T Inc. | T-Mobile US Inc. | |
|---|---|---|---|
| Feb 12, 2025 | 1.72 | 1.74 | 4.31 |
| Feb 9, 2024 | 1.81 | 1.16 | 2.97 |
| Feb 10, 2023 | 1.84 | 1.41 | 2.58 |
| Feb 11, 2022 | 2.74 | 1.03 | 2.25 |
| Feb 25, 2021 | 3.45 | 1.26 | 2.27 |
| Feb 21, 2020 | 3.92 | 1.50 | 2.46 |
| Feb 15, 2019 | 4.29 | 1.22 | 2.35 |
| Feb 23, 2018 | 4.57 | 1.60 | 2.23 |
| Feb 21, 2017 | 8.95 | 2.07 | 2.79 |
| Feb 23, 2016 | 12.56 | 1.85 | 1.82 |
| Feb 23, 2015 | 16.48 | 2.05 | 1.64 |
| Feb 27, 2014 | 5.06 | 1.88 | 1.72 |
| Feb 26, 2013 | 3.98 | 2.12 | — |
| Feb 24, 2012 | 3.01 | 1.70 | — |
| Feb 28, 2011 | 2.71 | 1.49 | — |
| Feb 26, 2010 | 1.97 | 1.43 | — |
| Feb 24, 2009 | 1.95 | 1.45 | — |
| Feb 28, 2008 | 2.11 | 1.84 | — |
| Mar 1, 2007 | 2.22 | 2.03 | — |
| Mar 14, 2006 | 2.54 | 1.99 | — |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Telecommunication Services)
Verizon Communications Inc., P/BV, long-term trends, comparison to sector (telecommunication services)
| Verizon Communications Inc. | Telecommunication Services | |
|---|---|---|
| Feb 12, 2025 | 1.72 | 2.33 |
| Feb 9, 2024 | 1.81 | 1.84 |
| Feb 10, 2023 | 1.84 | 1.88 |
| Feb 11, 2022 | 2.74 | 1.73 |
| Feb 25, 2021 | 3.45 | 1.99 |
| Feb 21, 2020 | 3.92 | 2.14 |
| Feb 15, 2019 | 4.29 | 1.95 |
| Feb 23, 2018 | 4.57 | 2.29 |
| Feb 21, 2017 | 8.95 | 3.09 |
| Feb 23, 2016 | 12.56 | 2.98 |
| Feb 23, 2015 | 16.48 | 3.54 |
| Feb 27, 2014 | 5.06 | 2.72 |
| Feb 26, 2013 | 3.98 | 2.61 |
| Feb 24, 2012 | 3.01 | 2.04 |
| Feb 28, 2011 | 2.71 | 1.80 |
| Feb 26, 2010 | 1.97 | 1.59 |
| Feb 24, 2009 | 1.95 | 1.60 |
| Feb 28, 2008 | 2.11 | 1.92 |
| Mar 1, 2007 | 2.22 | 2.09 |
| Mar 14, 2006 | 2.54 | 2.22 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Communication Services)
Verizon Communications Inc., P/BV, long-term trends, comparison to industry (communication services)
| Verizon Communications Inc. | Communication Services | |
|---|---|---|
| Feb 12, 2025 | 1.72 | 3.16 |
| Feb 9, 2024 | 1.81 | 4.49 |
| Feb 10, 2023 | 1.84 | 3.38 |
| Feb 11, 2022 | 2.74 | 4.29 |
| Feb 25, 2021 | 3.45 | 4.20 |
| Feb 21, 2020 | 3.92 | 3.70 |
| Feb 15, 2019 | 4.29 | 3.49 |
| Feb 23, 2018 | 4.57 | 4.14 |
| Feb 21, 2017 | 8.95 | 3.98 |
| Feb 23, 2016 | 12.56 | 3.88 |
| Feb 23, 2015 | 16.48 | 3.70 |
| Feb 27, 2014 | 5.06 | 3.60 |
| Feb 26, 2013 | 3.98 | 2.84 |
| Feb 24, 2012 | 3.01 | 2.18 |
| Feb 28, 2011 | 2.71 | 2.24 |
| Feb 26, 2010 | 1.97 | 1.97 |
| Feb 24, 2009 | 1.95 | 1.70 |
| Feb 28, 2008 | 2.11 | 2.33 |
| Mar 1, 2007 | 2.22 | 2.49 |
| Mar 14, 2006 | 2.54 | 2.45 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).