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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. In the quarter to June 2026, revenue grew 20.6%, EPS grew 33.0%, free cash flow grew 3.07% and total debt rose 8.82%, each against the same quarter a year earlier.

12.20 0.45 −3.56%

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Market cap: $20.2B
P/E: 24.3×
Fwd P/E: 13.4×
Dividend yield: 6.71%
F-score: 7/9
Altman Z: n/a
Beneish M: −3.00
Dividend safety: 66/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 49.93%

Capital & Financial Ratios $m

Market Cap 20,210.00

Revenue 11,685.86

Net Income 1,467.86

Free Cash Flow 2,231.15

Net Debt 2,193.65

Current Ratio 0.95

Debt/Equity 0.30

P/E ratio 24.34

Fwd P/E 13.40

P/S ratio 3.32

P/B ratio 2.98

Past 5Y EPS Growth (9.33%)

This Y EPS Growth 27.25%

Next Y EPS Growth 28.79%

Next Y revenue growth 570.64%

Next 5Y EPS Growth 23.71%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 92.32%

10-year low 10-year high

P/S against its own 10 years 89.62%

10-year low 10-year high

P/B against its own 10 years 89.88%

10-year low 10-year high

EV/Sales against its own 10 years 89.62%

10-year low 10-year high

EV/FCF against its own 10 years 75.41%

10-year low 10-year high

Dividends

Payout Ratio 1.63

Annual Dividend Rate 0.82

Annual Dividend Yield 6.71%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.85	0.04 0.02 0.05 0.37 0.07 0.03 0.06 0.04
2025	2.64	0.02 0.15 0.02 0.03 0.06 0.02 0.04 0.03 0.05 0.05 0.04 0.04
2024	0.19	0.03 0.10 0.04 0.02 0.07 0.04 0.12
2023	0.20	0.21 0.01 0.03 0.10 0.04 0.05 0.03 0.02 0.02 0.10
2022	0.14	0.02 0.03 0.23 0.02 0.06 0.04
2021	0.63	0.02 0.03 0.17 0.03 0.07 0.07 0.26
2020	0.48	0.19 0.23 0.05 0.13
2019	0.35	0.35 0.09
2018	0.32	0.32 0.05 0.36 0.17
2017	0.33	0.10 0.02 0.05 0.33 0.01 0.04 0.19
2016	0.22	0.04 0.03 0.06 0.22 0.04 0.03 0.11

predictions special payouts not included in total or ratios

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%)

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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.07	0.10	—	—	—
’25	0.11	0.07	0.11	0.22	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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	7.72	13.06	9.21	10.91	7.08	7.46	6.80	6.49	7.48	7.47	Analyst estimates 2026–2028 Powerpack
	High	15.69	16.85	17.33	14.54	14.68	9.42	11.78	11.15	11.43	13.31
People
People	Employees	33,331	33,622	32,638	32,793	32,759	33,985	34,486	35,039	35,986	35,010
	Revenue/emp, $m	0.37	0.40	0.36	0.34	0.26	0.24	0.27	0.30	0.29	0.30
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
	Gross margin, %	51.01	53.08	51.62	49.94	47.38	43.72	42.90	43.54	43.86	44.75
	EBT	1,472	1,795	3,086	1,620	1,166	1,104	936	1,116	1,254	1,302
	EBT margin, %	12.08	13.26	25.95	14.44	13.93	13.53	10.06	10.70	12.11	12.20
	Net income	1,472	1,795	3,086	1,620	1,166	1,104	936	1,116	1,254	1,302
	Depreciation	2,195	2,460	2,290	2,767	2,178	2,231	2,452	2,682	2,633	2,677
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
	Earnings	0.70	0.85	1.39	0.69	0.56	0.69	0.47	0.61	0.63	0.34
	Cash flow	1.94	2.34	1.93	2.66	2.22	1.99	2.20	2.27	2.24	1.15
	Capex	(1.14)	(1.55)	(1.38)	(1.22)	(0.84)	(0.94)	(1.06)	(1.01)	(1.01)	(0.50)
	Free cash flow	0.81	0.80	0.56	1.44	1.38	1.05	1.14	1.26	1.23	0.65
	Book value	11.76	12.88	11.60	10.57	7.99	7.71	7.94	8.41	7.88	3.83
	Shares, m	1,689	1,689	1,689	1,689	1,689	1,683	1,671	1,659	1,643	3,224
Valuation, ×
Valuation, ×	P/E	19.50	17.65	8.34	19.89	16.78	12.53	13.81	19.43	12.38	23.21
	P/S	1.89	1.89	1.69	2.16	1.79	1.77	1.17	1.73	1.20	3.58
	P/B	1.16	1.18	1.03	1.35	1.11	1.16	0.82	1.24	0.96	3.09
	EV/Sales	1.99	1.99	1.76	2.39	1.96	1.99	1.52	2.00	1.45	3.80
	EV/FCF	17.78	12.37	22.23	11.05	7.04	5.89	7.43	7.45	7.41	19.38
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
	Capex	(1,919)	(2,614)	(2,328)	(2,063)	(1,422)	(1,582)	(1,766)	(1,678)	(1,659)	(1,616)
	Free cash flow	1,361	1,345	939	2,428	2,330	1,767	1,903	2,085	2,026	2,095
Balance, $m
Balance, $m	Working capital	(585)	(354)	329	231	230	(259)	(947)	(168)	(268)	(5)
	Total debt	2,645	2,650	1,680	3,503	2,568	3,138	3,756	3,753	3,846	3,644
	Net debt	1,161	1,354	736	2,638	1,449	1,936	3,293	2,878	2,603	2,365
	Shareholders’ equity	19,852	21,755	19,592	17,853	13,494	12,972	13,260	13,946	12,941	12,358
Returns, %
Returns, %	ROA	3.88	4.73	8.17	4.57	3.81	5.44	3.56	4.26	4.34	4.79
	ROIC	5.43	5.62	7.95	5.58	5.34	5.50	4.83	5.89	6.47	7.50
	ROE	5.74	6.94	11.82	6.77	5.90	8.74	6.03	7.41	7.65	8.73

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CHT Chunghwa Telecom Co., Ltd.	$35.8B	27.9×	—	+5.50% (above 0%: growing)	+2.33% (above 0%: growing)	+39.64% (above 0%: growing)	37.54%	21.61%	Compare
ORANY Orange	$29.8B	6.5×	—	−5.73% (below 0%: shrinking)	+128.97% (above 0%: growing)	+104.16% (above 0%: growing)	16.49%	0.00%	Compare
ECHO EchoStar Corporation	$27.2B	— (loss-making)	68.0×	−3.99% (below 0%: shrinking)	n/m	+64.20% (above 0%: growing)	34.37%	14.34%	Compare
TELFY Telefonica SA	$21.5B	— (loss-making)	10.6×	−5.45% (below 0%: shrinking)	n/m	−124.79% (below 0%: shrinking)	28.59%	10.79%	Compare
VIV Telefonica Brasil S.A.	$20.2B	24.3×	13.4×	+20.64% (above 0%: growing)	+33.01% (above 0%: growing)	+3.07% (above 0%: growing)	45.54%	16.48%
CHTR Charter Communications, Inc.	$19.3B	2.7×	3.2×	−1.74% (below 0%: shrinking)	+14.35% (above 0%: growing)	+45.18% (above 0%: growing)	39.27%	22.65%	Compare
TIGO Millicom International Cellular SA	$14.7B	20.1×	23.8×	+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.	$12.9B	27.3×	—	+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	$12.7B	9.4×	—	−8.61% (below 0%: shrinking)	+5,809.09% (above 0%: growing)	+3.00% (above 0%: growing)	100.00%	24.01%	Compare
Median of peers	$20.4B	14.7×	17.2×	−2.86%	+71.66%	+42.41%	38.41%	17.77%

All 55 Telecom Services stocks →

Telefonica Brasil S.A. (VIV) key facts

Strength: Telefonica Brasil S.A.’s revenue for fiscal 2025 (year ended December 2025) was $10.7 billion, up 3.09% from fiscal 2024.
Telefonica Brasil S.A. (VIV) is a Telecom Services company in the Communication Services sector, traded in the US as an ADR.
As of October 9, 2026, VIV traded at $12.20, a market capitalization of $20.2 billion.
Telefonica Brasil S.A. pays an annual dividend of $0.82 per share, a yield of 6.71%, with a payout ratio of 163.4%.
Return on equity was 8.73% and debt-to-equity 0.30.
Its Piotroski F-score is 7 out of 9 for fiscal 2025.