Verizon Communications Inc., current enterprise value calculation

Current share price (P)	$45.36
No. shares of common stock outstanding	4,209,703,958
US$ in millions
Common equity (market value)¹	190,952)
Add: Series preferred stock, $0.10 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	1,338)
Total equity	192,290)
Add: Debt maturing within one year (per books)	22,633)
Add: Long-term debt, excluding maturing within one year (per books)	121,381)
Total equity and debt	336,304)
Less: Cash and cash equivalents	4,194)
Enterprise value (EV)	332,110)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 45.36 × 4,209,703,958

Verizon Communications Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$40.53	$39.72	$40.01	$53.32	$56.50
No. shares of common stock outstanding¹	4,209,703,958	4,204,272,443	4,199,882,937	4,197,823,662	4,138,148,588
US$ in millions
Common equity (market value)³	170,619)	166,994)	168,037)	223,828)	233,805)
Add: Series preferred stock, $0.10 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	1,338)	1,369)	1,319)	1,410)	1,430)
Total equity	171,957)	168,363)	169,356)	225,238)	235,235)
Add: Debt maturing within one year (book value)	22,633)	12,973)	9,963)	7,443)	5,889)
Add: Long-term debt, excluding maturing within one year (book value)	121,381)	137,701)	140,676)	143,425)	123,173)
Total equity and debt	315,971)	319,037)	319,995)	376,106)	364,297)
Less: Cash and cash equivalents	4,194)	2,065)	2,605)	2,921)	22,171)
Enterprise value (EV)	311,777)	316,972)	317,390)	373,185)	342,126)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Verizon Communications Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 40.53 × 4,209,703,958

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Verizon Communications Inc. EV decreased from 2022 to 2023 and from 2023 to 2024.

Verizon Communications Inc. (NYSE:VZ)

Enterprise Value (EV)