Telefônica Brasil S.A. (VIV) 10-Year Financial Performance & Capital Metrics

VIV • • Utilities

Communication ServicesTelecom ServicesInternational & Regional CarriersLatin American Carriers

AboutTelefônica Brasil S.A., together with its subsidiaries, provides mobile and fixed telecommunications services to residential and corporate customers in Brazil. Its fixed line services portfolio includes local, domestic long-distance, and international long-distance calls; and mobile portfolio comprises voice and broadband internet access through 3G, 4G, 4.5G, and 5G as well as mobile value-added services and wireless roaming services. The company also offers data services, including broadband and mobile data services. In addition, it provides pay TV services through direct to home satellite technology, IPTV, and cable, as well as pay-per-view and video on demand services; network services, such as rental of facilities; other services comprising internet access, private network connectivity, computer equipment leasing, extended service, caller identification, voice mail, cellular blocker, and others; wholesale services, including interconnection services to users of other network providers; and digital services, such as entertainment, cloud, and security and financial services. Further, the company offers multimedia communication services, which include audio, data, voice and other sounds, images, texts, and other information, as well as sells devices, such as smartphones, broadband USB modems, and other devices. Additionally, it provides telecommunications solutions and IT support to various industries, such as retail, manufacturing, services, financial institutions, government, etc. It markets and sells its solutions through own stores, dealers, retail and distribution channels, door-to-door sales, and outbound tele sales. The company was formerly known as Telecomunicações de São Paulo S.A. - TELESP and changed its name to Telefônica Brasil S.A. in October 2011. The company was incorporated in 1998 and is headquartered in São Paulo, Brazil.Show more

Revenue $55.85B +7.2%
EBITDA $22.88B +7.4%
Net Income $5.55B +10.3%
Free Cash Flow $10.55B +5.8%
EBITDA Margin 40.96% +0.2%
Net Margin 9.93% +2.9%
ROE 7.96% +9.2%
Interest Coverage 15.03 +328.2%
Debt/Equity 0.30 +10.5%
Net Debt/EBITDA 0.61 -9.0%
CapEx / Revenue 16.7% -1.3%
CapEx Coverage 2.13

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Strong interest coverage of 15.0x
✓Trading at only 0.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.78%

5Y4.76%

3Y8.24%

TTM6.87%

Profit (Net Income) CAGR

10Y1.17%

5Y2.1%

3Y-3.84%

TTM12.4%

EPS CAGR

10Y-1.96%

5Y2.69%

3Y-3.06%

TTM-3.36%

ROCE

10Y Avg8.11%

5Y Avg7.7%

3Y Avg7.86%

Latest8.62%

Peer Comparison

Latin American Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TIGOMillicom International Cellular S.A.	9.36B	56.03	38.12	2.53%	19.59%	33.11%	12.06%	1.89
VIVTelefônica Brasil S.A.	19.43B	12.16	3.60	7.19%	10.34%	8.84%	54.31%	0.30
TIMBTIM S.A.	10.35B	21.67	2.91	6.77%	15.3%	15.98%	75.16%	0.59
LBTYKLiberty Global plc	1.56B	10.46	2.47	5.49%	-50.63%	-15.25%	71.97%	0.79
TEOTelecom Argentina S.A.	1.39B	11.03	0.00	100.94%	-0.57%	-0.5%	100%	0.56
LILALiberty Latin America Ltd.	290.97M	7.48	-2.24	-1.2%	-16.57%	-63.58%	74.2%	5.02
ATNIATN International, Inc.	337.65M	22.13	-12.72	-4.35%	-1.11%	-1.24%	5.03%	1.03
TEFTelefónica, S.A.	21.71B	3.85	-68.26	1.63%	-5.53%	-9.92%	23.97%	1.98

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	42.13B	42.51B	43.21B	43.46B	44.27B	43.13B	44.03B	48.04B	52.1B	55.85B
Revenue Growth %	0.2%	0.01%	0.02%	0.01%	0.02%	-0.03%	0.02%	0.09%	0.08%	0.07%
Cost of Revenue	14.76B	14.03B	20.27B	13.67B	12.78B	13.05B	8B	27.43B	29.42B	31.35B
Gross Profit+	27.38B	28.48B	22.93B	29.8B	31.49B	30.07B	36.04B	20.61B	22.68B	24.49B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.22%	0.04%	-0.19%	0.3%	0.06%	-0.05%	0.2%	-0.43%	0.1%	0.08%
Operating Expenses+	21.98B	22.12B	15.1B	20.34B	24.28B	23.49B	29.07B	15.92B	14.77B	15.82B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	12.56B	14.02B	14.49B	17.82B	18.13B	14.16B	14.76B	14.35B	21.31B	22.88B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.21%	0.12%	0.03%	0.23%	0.02%	-0.22%	0.04%	-0.03%	0.48%	0.07%
Depreciation & Amortization+	7.32B	7.65B	7.85B	8.37B	10.92B	7.58B	7.68B	7.76B	13.39B	14.2B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	5.24B	6.37B	6.63B	9.46B	7.21B	6.58B	7.09B	6.6B	7.92B	8.67B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.03%	0.22%	0.04%	0.43%	-0.24%	-0.09%	0.08%	-0.07%	0.2%	0.1%
Interest Expense+	380.3M	361.4M	1.07B	510.4M	975.47M	777.85M	924M	2.2B	2.26B	577.23M
Interest Coverage	13.78x	17.62x	6.20x	18.53x	7.40x	8.46x	7.67x	3.00x	3.51x	15.03x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	4.29B	5.13B	5.73B	11.28B	6.39B	6.01B	5.96B	4.83B	5.57B	6.76B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	956.6M	1.05B	1.12B	2.35B	1.39B	1.24B	-270M	773.69M	533.94M	1.21B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	3.33B	4.09B	4.61B	8.93B	5B	4.77B	6.24B	4.09B	5.03B	5.55B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.33%	0.23%	0.13%	0.94%	-0.44%	-0.05%	0.31%	-0.35%	0.23%	0.1%
EPS (Diluted)+	2.15	2.27	2.56	5.29	2.96	2.83	3.71	2.44	3.03	3.38
EPS Growth %	-0.48%	0.06%	0.13%	1.07%	-0.44%	-0.04%	0.31%	-0.34%	0.24%	0.12%
EPS (Basic)	2.15	2.27	2.56	5.29	2.96	2.83	3.71	2.44	3.03	3.38
Diluted Shares Outstanding	1.49B	1.69B	1.69B	1.69B	1.69B	1.69B	1.68B	1.67B	1.66B	1.64B

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	101.69B	102.07B	101.38B	102.56B	108.29B	108.74B	115.74B	119.12B	120.74B	124.94B
Asset Growth %	0.39%	0%	-0.01%	0.01%	0.06%	0%	0.06%	0.03%	0.01%	0.03%
PP&E (Net)+	30.48B	31.92B	33.22B	34.12B	42.85B	44.35B	44.41B	45.9B	46.32B	46.81B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	17.91B	18.4B	16.73B	18.36B	18.64B	19.06B	21.06B	17.28B	19.24B	22.81B
Cash & Equivalents	5.34B	5.11B	4.05B	3.38B	3.39B	5.76B	6.45B	2.27B	4.36B	6.69B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	603.6M	410.4M	348.75M	462.1M	578M	633M	640M	789.72M	822.81M	1.1B
Other Current Assets	488.63M	811.46M	733.68M	302.61M	680.04M	3.62B	464.32M	939.93M	360.82M	526.66M
Long-Term Investments	211.1M	163.9M	98.9M	178.6M	168M	190M	393.53M	411.72M	475.04M	609M
Goodwill	23.06B	23.06B	23.06B	23.06B	23.06B	23.03B	22.87B	26.36B	26.39B	26.57B
Intangible Assets	22.54B	21.42B	20.27B	19.16B	18.22B	17.56B	21.24B	23.36B	22.57B	21.7B
Other Assets	6.77B	7.07B	7.63B	7.45B	5.18B	4.41B	5.57B	5.42B	5.56B	6.29B
Total Liabilities	33.12B	32.82B	31.92B	30.95B	37.83B	39.18B	45.66B	50.67B	51.11B	55.14B
Total Debt+	10.22B	9.22B	8.46B	6.14B	13.82B	13.24B	16.93B	19.3B	18.74B	20.75B
Net Debt	4.88B	4.12B	4.41B	2.76B	10.43B	7.48B	10.48B	17.03B	14.38B	14.06B
Long-Term Debt	7.62B	4.23B	5.09B	4.34B	2.54B	999.96M	1.7B	4.75B	4.54B	3.57B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	296.68M	374.43M	385.46M	393.03M	9.19B	10.82B	11.23B	12.03B	13.6B	15.25B
Total Current Liabilities+	17.98B	20.44B	17.86B	17.16B	17.73B	17.88B	22.46B	22.17B	20.08B	24.26B
Accounts Payable	8.37B	7.61B	7.45B	7.64B	6.87B	6.61B	7.13B	7.42B	8.17B	9.23B
Accrued Expenses	698.85M	771.63M	740.32M	782.63M	613.46M	612.93M	716.64M	782.69M	1.05B	0
Deferred Revenue	564.6M	429.9M	372.56M	525.5M	506M	507M	604.65M	845.64M	960.08M	1.02B
Other Current Liabilities	4.29B	5.08B	6.27B	6.73B	5.61B	6.46B	7.1B	7.1B	5.42B	3.73B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	6.9B	7.31B	7.57B	6.88B	7.05B	7.1B	8.84B	11.24B	13.22B	12.44B
Total Equity+	68.57B	69.24B	69.46B	71.61B	70.46B	69.56B	70.08B	68.46B	69.63B	69.8B
Equity Growth %	0.53%	0.01%	0%	0.03%	-0.02%	-0.01%	0.01%	-0.02%	0.02%	0%
Shareholders Equity	68.57B	69.24B	69.46B	71.61B	70.46B	69.56B	70.01B	68.4B	69.57B	69.73B
Minority Interest	0	0	0	0	0	0	79M	52.11M	60.52M	69.91M
Common Stock	63.57B	63.57B	63.57B	63.57B	63.57B	63.57B	63.57B	63.57B	63.57B	62.07B
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	3.7B	2.48B	2.52B	2.47B	5.69B	1.59B	5.53B	1.04B	5.89B	7.52B
Accumulated OCI	5.07B	5.67B	5.89B	8.04B	6.88B	5.99B	1.43B	809.03M	110M	135.14M
Return on Assets (ROA)	0.04%	0.04%	0.05%	0.09%	0.05%	0.04%	0.06%	0.03%	0.04%	0.05%
Return on Equity (ROE)	0.06%	0.06%	0.07%	0.13%	0.07%	0.07%	0.09%	0.06%	0.07%	0.08%
Debt / Equity	0.15x	0.13x	0.12x	0.09x	0.20x	0.19x	0.24x	0.28x	0.27x	0.30x
Debt / Assets	0.1%	0.09%	0.08%	0.06%	0.13%	0.12%	0.15%	0.16%	0.16%	0.17%
Net Debt / EBITDA	0.39x	0.29x	0.30x	0.15x	0.58x	0.53x	0.71x	1.19x	0.67x	0.61x
Book Value per Share	45.98	41	41.13	42.4	41.72	41.19	41.64	40.97	41.98	42.52

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	10.47B	11.44B	12.64B	11.94B	17.72B	19.34B	18.07B	18.94B	18.79B	19.88B
Operating CF Growth %	0.12%	0.09%	0.1%	-0.06%	0.48%	0.09%	-0.07%	0.05%	-0.01%	0.06%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	4.39B	5.13B	5.73B	11.28B	6.39B	6.01B	6.24B	4.83B	5.57B	6.76B
Depreciation & Amortization	6.81B	7.65B	7.85B	8.37B	10.92B	11.23B	12.04B	12.66B	13.39B	14.2B
Deferred Taxes	993.51M	985.18M	999.42M	1.1B	625.48M	673.9M	1.07B	653.69M	661.74M	0
Other Non-Cash Items	919.9M	1.05B	923.34M	483.71M	1.49B	1.55B	-114.66M	1.07B	226.31M	722.74M
Working Capital Changes	-4.39B	-3.41B	-3.21B	-10.35B	-1.72B	-138.02M	-1.17B	-309.87M	-1.12B	-1.81B
Capital Expenditures+	-16.05B	-7.47B	-8.37B	-8.52B	-8.84B	-8.29B	-9.3B	-9.89B	-8.81B	-9.32B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-16.05B	-6.89B	-8.44B	-5.68B	-7.93B	-6.41B	-8.13B	-14.2B	-7.85B	-8.91B
Acquisitions	-7.85B	778.82M	-206.65M	9.05M	-70.84M	-6.76M	760.25M	69.39M	-63.8M	-168.52M
Purchase of Investments	-6.43M	-202.53M	20.67M	0	0	959.35M	-760.25M	-4.98B	0	-5.3M
Sale of Investments	0	0	1000K	10K	0	1000K	1000K	1000K	1000K	1000K
Other Investing	-1.41B	576.3M	83.61M	2.84B	982.3M	811.81M	923.58M	366.31M	828.1M	422.1M
Cash from Financing+	5.37B	-4.78B	-5.26B	-6.93B	-9.78B	-10.56B	-9.26B	-8.91B	-8.85B	-8.63B
Dividends Paid	-3.68B	-2.97B	-3.67B	-4.14B	-6.18B	-5.26B	-4.9B	-5.71B	-3.83B	-2.53B
Dividend Payout Ratio %	1.1%	0.73%	0.8%	0.46%	1.24%	1.1%	0.79%	1.4%	0.76%	0.46%
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Stock Issued	16.11B	0	0	0	0	0	0	0	0	0
Share Repurchases	-87.81M	-164K	-32K	0	0	-22.72M	-496M	-607.44M	-488.76M	-2.76B
Other Financing	457.2M	-106.97M	-159.41M	95.99M	91.54M	15.19M	40.04M	-110.62M	-107.2M	76.26M
Net Change in Cash+	62.6M	-231.74M	-1.05B	-669.01M	12.05M	2.37B	686.4M	-4.17B	2.08B	2.33B
Exchange Rate Effect	1000K	0	0	0	0	0	0	0	0	0
Cash at Beginning	5.27B	5.34B	5.11B	4.05B	3.38B	3.39B	5.76B	6.45B	2.27B	4.36B
Cash at End	5.34B	5.11B	4.05B	3.38B	3.39B	5.76B	6.45B	2.27B	4.36B	6.69B
Free Cash Flow+	-5.58B	3.97B	4.27B	3.42B	8.88B	11.05B	8.78B	9.05B	9.97B	10.55B
FCF Growth %	-4.02%	1.71%	0.08%	-0.2%	1.59%	0.24%	-0.21%	0.03%	0.1%	0.06%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.87%	5.93%	6.65%	12.66%	7.04%	6.81%	8.94%	5.9%	7.28%	7.96%
EBITDA Margin	29.81%	32.99%	33.53%	41.01%	40.96%	32.84%	33.53%	29.88%	40.9%	40.96%
Net Debt / EBITDA	0.39x	0.29x	0.30x	0.15x	0.58x	0.53x	0.71x	1.19x	0.67x	0.61x
Interest Coverage	13.78x	17.62x	6.20x	18.53x	7.40x	8.46x	7.67x	3.00x	3.51x	15.03x
CapEx / Revenue	38.1%	17.58%	19.37%	19.6%	19.97%	19.22%	21.11%	20.6%	16.91%	16.7%
Dividend Payout Ratio	110.43%	72.61%	79.6%	46.33%	123.51%	110.25%	78.55%	139.76%	76.2%	45.65%
Debt / Equity	0.15x	0.13x	0.12x	0.09x	0.20x	0.19x	0.24x	0.28x	0.27x	0.30x
EPS Growth	-47.82%	5.58%	12.78%	106.64%	-44.05%	-4.39%	31.1%	-34.23%	24.18%	11.55%

Revenue by Segment

	2024
Services	68.93B
Services Growth	-
Sale Of Goods	7.84B
Sale Of Goods Growth	-

Frequently Asked Questions

Valuation & Price

Telefônica Brasil S.A. (VIV) has a price-to-earnings (P/E) ratio of 3.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Telefônica Brasil S.A. (VIV) reported $58.57B in revenue for fiscal year 2024. This represents a 101% increase from $29.13B in 2011.

Telefônica Brasil S.A. (VIV) grew revenue by 7.2% over the past year. This is steady growth.

Yes, Telefônica Brasil S.A. (VIV) is profitable, generating $6.05B in net income for fiscal year 2024 (9.9% net margin).

Dividend & Returns

Yes, Telefônica Brasil S.A. (VIV) pays a dividend with a yield of 12.69%. This makes it attractive for income-focused investors.

Telefônica Brasil S.A. (VIV) has a return on equity (ROE) of 8.0%. This is below average, suggesting room for improvement.

Telefônica Brasil S.A. (VIV) generated $10.42B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Telefônica Brasil S.A. (VIV) has a dividend payout ratio of 46%. This suggests the dividend is well-covered and sustainable.

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