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Telefonica Brasil S.A.

VIV Communication Services Telecom Services

Telefonica Brasil S.A.’s revenue for fiscal 2025 (year ended December 2025) was $10.7 billion, up 3.09% from fiscal 2024.

Revenue
+20.6%
EPS
+33.0%
Free cash flow
+3.07%
Total debt
+8.82%

Quarter to June 2026, against a year earlier

11.25 0.03 −0.27%
Market cap
$18.0B
P/E
29.2×
Fwd P/E
13.0×
Dividend yield
6.82%
F-score
7/9
Altman Z
n/a
Beneish M
−3.00
Dividend safety
66/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 49.93%

Capital & Financial Ratios $m

Size
Market Cap 18,020.00
Revenue ttm 11,685.86
Net income ttm 1,467.86
Free cash flow ttm 2,231.15
Net debt Q 2,193.65
Valuation
P/E 29.21
Forward P/E 13.00
Price / sales 3.08
Forward P/S Powerpack
Price / FCF 16.11
Price / book 2.76
Financial health
Current ratio Q 0.95 (below 1: weak)
Debt / equity Q 0.30 (at or below 0.5: strong)
Interest coverage Q 3.64
Growth
Revenue growth Q +20.64% (above 0%: growing)
Operating income growth Q +29.79% (above 0%: growing)
EPS, this year +26.38% (at or above 15%: strong)
EPS, next year A +28.59% (at or above 15%: strong)
Revenue, next year A +563.36% (at or above 10%: strong)
EPS, past 5 yrs −9.33% (below 0%: weak)
EPS, next 5 yrs A +23.82% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 1.9×; over the ten years it ranged from 1.2× in 2016 to 5.3× in 2026.
P/E against its own 10 years 92.33%
10-year low 10-year high
P/S against its own 10 years 87.63%
10-year low 10-year high
P/B against its own 10 years 87.63%
10-year low 10-year high
EV/Sales against its own 10 years 87.63%
10-year low 10-year high
EV/FCF against its own 10 years 71.62%
10-year low 10-year high

Dividends

Yield
6.82%
Annual rate
0.77
Payout ratio
199.3%
Growth, 2016–24
+7.51%/yr
  1. 0.22 ’16
  2. 0.33 ’17 +55%
  3. 0.32 ’18 −3%
  4. 0.35 ’19 +8%
  5. 0.51 ’20 +44%
  6. 0.64 ’21 +28%
  7. 0.08 ’22 −87%
  8. 0.40 ’23 +378%
  9. 0.39 ’24 −4%
  10. 2.64 ’25e +585%
  11. 2.82 ’26e +7%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 875 1,243 1,279 1,708
Receivables 2,405 2,342 2,447 2,660
Inventory 165 203 264 353
Other 123 95 94 131
3,855 4,230 4,517 5,529
2023 2024 2025 Q'26
Payables 1,636 1,711 1,766 1,984
ST’ Debt 896 1,195 958 1,031
Other 975 1,106 1,310 2,179
4,023 4,497 4,522 5,815

Compound Annual Growth %

10y 5y 3y
Sales (1.41%) 4.99% 4.68%
Cash Flow 2.07% (0.22%) 0.38%
Earnings 0.56% 3.60% 11.76%
Book Value (5.13%) (1.74%) (2.32%)

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.23 Actual 0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.19 0.22 Beat by 0.03
Dec 2025 0.17 0.22 Beat by 0.05
Mar 2026 0.17 0.15 Miss by 0.02
Jun 2026 0.23 0.19 Miss by 0.04
Sep 2026 0.24 — Reports 10 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.07 0.10 — — —
’25 0.11 0.07 0.11 0.11 0.34
’24 0.11 0.14 0.18 0.18 0.63
’23 0.10 0.14 0.18 — 0.61
’22 0.09 0.09 0.16 0.13 0.47
’21 0.10 0.16 0.15 0.28 0.69
’20 0.15 0.12 0.12 0.14 0.56
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,935 3,118 — — —
’25 2,456 2,585 2,745 2,888 10,673
’24 2,735 2,621 2,531 2,467 10,354
’23 2,509 2,572 2,685 — 10,436
’22 2,173 2,404 2,328 2,401 9,306
’21 1,887 2,143 2,112 2,065 8,159
’20 2,445 1,924 2,008 1,989 8,367
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,006 1,063 — — —
’25 869 1,066 924 851 3,710
’24 994 1,045 720 925 3,685
’23 941 2,063 999 — 3,763
’22 854 1,006 862 947 3,669
’21 796 821 2,677 733 3,349
’20 1,030 795 979 949 3,752
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 581 690 — — —
’25 465 669 486 475 2,095
’24 607 655 349 416 2,026
’23 941 1,342 529 — 2,085
’22 545 580 381 398 1,903
’21 796 821 1,518 733 1,767
’20 696 456 574 603 2,330
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 12,187 13,532 11,891 11,218 8,367 8,159 9,306 10,436 10,354 10,673 11,686 (1.5%) 70,803 74,627 78,342 +94.3%
Gross margin, % 51.01 53.08 51.62 49.94 47.38 43.72 42.90 43.54 43.86 44.75 45.03 (6.3) pt
EBT 1,472 1,795 3,086 1,620 1,166 1,104 936 1,116 1,254 1,302 1,463 (1.4%)
EBT margin, % 12.08 13.26 25.95 14.44 13.93 13.53 10.06 10.70 12.11 12.20 12.52 +0.1 pt
Net income 1,472 1,795 3,086 1,620 1,166 1,104 936 1,116 1,254 1,302 1,468 (1.4%)
Per share, $
Per share, $ Revenue 7.22 8.01 7.04 6.64 4.95 4.85 5.57 6.29 6.30 3.31 3.66 (8.3%)
Earnings 0.70 0.85 1.39 0.69 0.56 0.69 0.47 0.61 0.63 0.34 0.39 (7.6%)
Cash flow 1.94 2.34 1.93 2.66 2.22 1.99 2.20 2.27 2.24 1.15 1.20 (5.6%)
Capex (1.14) (1.55) (1.38) (1.22) (0.84) (0.94) (1.06) (1.01) (1.01) (0.50) (0.50) (8.7%)
Free cash flow 0.81 0.80 0.56 1.44 1.38 1.05 1.14 1.26 1.23 0.65 0.70 (2.4%)
Book value 11.76 12.88 11.60 10.57 7.99 7.71 7.94 8.41 7.88 3.83 4.07 (11.7%)
Shares, m 1,689 1,689 1,689 1,689 1,689 1,683 1,671 1,659 1,643 3,224 3,216 +7.4%
Valuation, ×
Valuation, × P/E 19.50 17.65 8.34 19.89 16.78 12.53 13.81 19.43 12.38 29.86 29.21 17.0
P/S 1.89 1.89 1.69 2.16 1.79 1.77 1.17 1.73 1.20 3.58 3.08 1.9
P/B 1.16 1.18 1.03 1.35 1.11 1.16 0.82 1.24 0.96 3.09 2.76 1.3
EV/Sales 1.99 1.99 1.76 2.39 1.96 1.99 1.52 2.00 1.45 3.80 3.26 2.1
EV/FCF 17.78 12.37 22.23 11.05 7.04 5.89 7.43 7.45 7.41 19.38 17.10 11.8
Cash, $m
Cash, $m Operating cash flow 3,280 3,959 3,267 4,491 3,752 3,349 3,669 3,763 3,685 3,710 3,844 +1.4%
Capex (1,919) (2,614) (2,328) (2,063) (1,422) (1,582) (1,766) (1,678) (1,659) (1,616) (1,613) (1.9%)
Free cash flow 1,361 1,345 939 2,428 2,330 1,767 1,903 2,085 2,026 2,095 2,231 +4.9%
Balance, $m
Balance, $m Working capital (585) (354) 329 231 230 (259) (947) (168) (268) (5) (286) (41.6%)
Net debt 1,161 1,354 736 2,638 1,449 1,936 3,293 2,878 2,603 2,365 2,194 +8.2%
Shareholders’ equity 19,852 21,755 19,592 17,853 13,494 12,972 13,260 13,946 12,941 12,358 13,003 (5.1%)
Returns, %
Returns, % ROA 3.88 4.73 8.17 4.57 3.81 5.44 3.56 4.26 4.34 4.79 5.17 +0.9 pt
ROIC 5.43 5.62 7.95 5.58 5.34 5.50 4.83 5.89 6.47 7.50 8.17 +2.1 pt
ROE 5.74 6.94 11.82 6.77 5.90 8.74 6.03 7.41 7.65 8.73 9.89 +3.0 pt
People
People Employees 33,331 33,622 32,638 32,793 32,759 33,985 34,486 35,039 35,986 35,010 — +0.5%
Revenue/emp, $m 0.37 0.40 0.36 0.34 0.26 0.24 0.27 0.30 0.29 0.30 — (2.0%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Telefonica Brasil S.A. vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ORANY Orange $29.8B 6.8× — −5.73% (below 0%: shrinking) +128.97% (above 0%: growing) +104.16% (above 0%: growing) 16.49% 0.00% Compare
ECHO EchoStar Corporation $28.2B — (loss-making) 3.9× −3.99% (below 0%: shrinking) n/m +64.20% (above 0%: growing) 34.37% 14.34% Compare
TELFY Telefonica SA $21.5B — (loss-making) 10.8× −5.45% (below 0%: shrinking) n/m −124.79% (below 0%: shrinking) 28.59% 10.79% Compare
CHTR Charter Communications, Inc. $19.6B 3.0× 2.8× −1.74% (below 0%: shrinking) +14.35% (above 0%: growing) +45.18% (above 0%: growing) 39.27% 22.65% Compare
VIV Telefonica Brasil S.A. $18.0B 29.2× 13.0× +20.64% (above 0%: growing) +33.01% (above 0%: growing) +3.07% (above 0%: growing) 45.54% 16.48%
TIGO Millicom International Cellular SA $13.3B 19.4× 23.4× +59.40% (above 0%: growing) −83.95% (below 0%: shrinking) +66.11% (above 0%: growing) 75.26% 21.20% Compare
SKM SK Telecom Co., Ltd. $11.5B 24.1× — +0.47% (above 0%: growing) +406.25% (above 0%: growing) −29.63% (below 0%: shrinking) 89.10% 12.99% Compare
TLK PT Telekomunikasi Indonesia, Tbk $11.0B 7.9× — −8.61% (below 0%: shrinking) +5,809.09% (above 0%: growing) +3.00% (above 0%: growing) 100.00% 24.01% Compare
GSAT Globalstar, Inc. $10.7B — (loss-making) — (loss-making) −3.54% (below 0%: shrinking) n/m −20.48% (below 0%: shrinking) 58.32% (7.37%) Compare
Median of peers $16.5B 7.9× 7.4× −3.76% +128.97% +24.09% 48.80% 13.67%

All 55 Telecom Services stocks →

Telefonica Brasil S.A. (VIV) Latest News

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30 Jul

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stockrow.com/VIV · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com