VZVERIZON COMMUNICATIONS INC

Telephone Communications (no Radiotelephone)

Revenue: $138.2B; 2.5% YoY
Operating margin: 21.2%; 0.5% YoY
EBITDA: $47.6B; 2.2% YoY
Market cap: $185.4B
Employees: 89,900; $2M revenue each
Net debt / EBITDA: 3.2×; $153.7B net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
211% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 77th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 64th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$185.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$16M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$133.6B	$136.8B	$134.0B	$134.8B	$138.2B	2.5%
Operating income	$32.4B	$30.5B	$22.9B	$28.7B	$29.3B	2.0%
Net income	$22.6B	$21.7B	$12.1B	$17.9B	$17.6B	1.9%
Operating cash flow	$39.5B	$37.1B	$37.5B	$36.9B	$37.1B	0.6%
Dividends	$10.4B	$10.8B	$11.0B	$11.2B	$11.5B	2.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $16M · 17
Net: −$16M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	94	213
FY2024	—	—	86	160
FY2023	—	—	76	114
FY2022	—	—	74	73
FY2021	—	—	92	122