Telefonica Brasil, SA VIV

Communication ServicesTelecommunications ServicesBrazil

Last close 11.23 USD on Nov 2, 2026, +5.2% year to date

Quant rating

Quant rating B Rank 44 of 152 in Communication Services

Growth A 18 of 152
Valuation B 29 of 152
Quality B 42 of 152
Revisions D 112 of 152
Momentum C 86 of 152

Wall Street consensus Hold (3.00)Average target 14.46 USD +28.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 18.4B
Enterprise value: 20.5B
52-week range: 10.70 – 16.64
3-year range: 7.06 – 16.64
Dividend yield: 4.59%
Beta (5 years): 0.54
Shares outstanding: 3,227M
Next earnings: Nov 2, 2026

About the company

Telefonica Brasil SA, formerly Telecomunicacoes de Sao Paulo SA TeleSP is a Brazil-based company active in the telecommunications sector. The Company’s main services include fixed-line, local and long-distance telephony; mobile telephony, including value-added services; data services, including fixed and mobile broadband, and pay television (TV), mainly Internet Protocol television (IPTV). Telefonica Brasil SA commercializes its services and solutions through the Vivo brand. The Company is a digital hub that facilitates its customers’ access to an array of services, such as entertainment, cybersecurity, finance, health, and education, in addition to providing fixed and mobile telecommunication services across Brazil. It also offers a complete and convergent portfolio for business-to-consumer (B2C) and business-to-business (B2B) clients.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,881	9,040	10,738	9,088	7,905	–
Revenue growth	20.4%	−15.8%	18.1%	15.0%	−4.8%	5.6%
EPS (basic, normalized)	0.68	0.63	0.61	0.47	0.68	–
EPS growth	7.8%	3.3%	28.3%	−30.6%	–	–
Gross margin	44.8%	43.9%	43.5%	42.9%	43.7%	43.8%
Net margin	10.3%	9.9%	9.7%	8.5%	14.2%	10.5%
ROE	8.9%	8.0%	7.3%	5.9%	8.9%	7.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,662
Current ratio	0.95x
Long-term debt (mil)	2,811
Net debt (mil)	2,173
Total equity (mil)	12,716
Net debt / equity	0.17x
Net debt / EBITDA	0.49x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	10,881	+20.4%	1.9x	4,437	+8.6%	4.6x	0.68	+7.8%	16.6x
2026	12,129	+11.5%	1.7x	5,120	+15.4%	4.0x	0.79	+16.6%	14.2x
2027	12,593	+3.8%	1.6x	5,484	+7.1%	3.7x	0.96	+22.0%	11.7x
2028	13,287	+5.5%	1.5x	5,732	+4.5%	3.6x	1.11	+14.9%	10.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	12,129	0.0%	−0.4%	+1.2%	0.79	−0.7%	−9.1%	−13.0%
2027	12,593	0.0%	−0.6%	+0.1%	0.96	−1.7%	−7.4%	−18.6%
2028	13,287	0.0%	−0.7%	+1.8%	1.11	0.0%	−5.1%	−11.8%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,736	2,623	2,531	2,497	2,459	2,586	2,744	2,891	2,940	3,121
Sales mean (mil)	2,556	2,575	2,477	2,439	2,459	2,553	2,760	2,786	2,886	3,058
Surprise	+7.0%	+1.9%	+2.2%	+2.4%	0.0%	+1.3%	−0.6%	+3.8%	+1.8%	+2.1%
EPS reported	0.11	0.14	0.18	0.18	0.11	0.15	0.22	0.20	0.15	0.10
EPS mean	0.11	0.13	0.16	0.17	0.12	0.14	0.14	0.15	0.16	0.23
Surprise	+1.0%	+6.4%	+14.6%	+9.7%	−5.9%	+2.4%	+54.1%	+36.0%	−7.5%	−57.2%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VIV Telefonica Brasil, SA	18.4B	0.49x	10.3%	1.49x	14.2x	11.7x	4.0x	3.7x
T AT&T Inc.	144.4B	3.60x	17.4%	1.36x	8.9x	8.3x	6.5x	6.3x
AMX America Movil SAB de CV	73.3B	1.95x	8.8%	3.78x	15.9x	13.7x	5.0x	4.8x
SCMWY Swisscom AG	44.0B	2.23x	8.4%	3.16x	23.9x	22.3x	7.5x	7.4x
CHT Chunghwa Telecom Co Ltd	37.9B	−0.30x	16.4%	3.37x	57.2x	56.5x	13.4x	12.8x
TLGPY Telstra Group Limited	38.6B	–	9.8%	4.39x	21.2x	19.7x	8.1x	7.8x
Mean		1.59x	11.9%	2.92x	23.6x	22.0x	7.4x	7.1x
Median		1.95x	10.1%	3.27x	18.5x	16.7x	7.0x	6.8x

Technical analysis

1M−2.2%
3M−11.9%
1Y+5.3%
3Y+54.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Telefonica Brasil, SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	10,881	9,040	10,738	9,088	7,905	8,304
Cost of revenue	6,012	5,075	6,062	5,189	4,449	4,369
Gross profit	4,869	3,965	4,675	3,899	3,456	3,934
Selling, general & administrative expenses	2,655	2,213	2,680	2,313	2,129	2,317
Research & development	–	–	–	–	–	–
Depreciation/amortization	470	403	493	445	422	455
Interest expense (income), operating	3.3	0.7	2.2	4.5	−21.1	−0.1
Unusual expense (income)	−13.5	−46.0	−89.9	−58.1	−346	−143
Other operating expenses	−46.3	−9.7	−42.1	−53.3	0	38.7
Operating income	1,800	1,404	1,632	1,248	1,272	1,267
Net interest income (expense)	−152	−159	−189	−242	−203	−76.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−320	−150	−294	−92.5	0.5	−34.1
Net income before taxes	1,328	1,095	1,149	914	1,070	1,157
Provision for taxes	200	195	110	146	−48.4	238
Minority interest	−1.8	−1.5	−2.2	5.1	1.8	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,126	898	1,037	773	1,120	919
Extraordinary items	–	–	–	–	–	–
Net income	1,126	898	1,037	773	1,120	919
EBIT, normalized	1,834	1,382	1,621	1,212	974	1,187
EBITDA, normalized	4,562	3,681	4,380	3,607	3,135	3,348
Basic EPS, normalized	0.68	0.63	0.61	0.47	0.68	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Telefonica Brasil, SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,302	1,083	898	430	1,163	1,109
Receivables	2,500	2,056	2,528	2,296	2,244	2,173
Total inventory	269	178	170	149	115	122
Prepaid expenses	441	303	296	216	181	166
Other current assets	92.8	73.5	74.4	178	78.1	100.0
Total current assets	4,605	3,693	3,966	3,270	3,781	3,670
Property, plant & equipment	8,647	7,578	9,546	8,683	7,972	8,540
Goodwill	4,973	4,300	5,439	4,987	4,105	4,434
Intangibles	3,785	3,512	4,652	4,420	3,812	3,380
Long-term investments	84.4	98.6	97.9	77.9	70.6	36.7
Note receivable	165	165	213	274	391	232
Other long-term assets	1,125	878	969	823	632	645
Total assets	23,384	20,224	24,884	22,535	20,764	20,937
Liabilities
Accounts payable	1,800	1,494	1,684	1,403	1,280	1,273
Payable/accrued	–	–	–	–	–	–
Accrued expenses	367	314	327	237	197	181
Short-term debt	0	0	0	0	185	0
Current portion of long-term debt	977	1,044	922	1,139	1,055	709
Other current liabilities	1,466	1,075	1,206	1,415	1,315	1,278
Total current liabilities	4,609	3,927	4,139	4,194	4,032	3,442
Long-term debt	2,738	2,315	2,939	2,513	1,800	1,840
Minority interest	51.3	11.3	12.5	9.9	14.2	–
Other liabilities	3,437	2,685	3,455	2,878	2,364	2,262
Total liabilities	10,836	8,937	10,546	9,595	8,211	7,544
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	10,968	10,047	13,102	12,026	11,413	12,240
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,761	1,260	1,226	1,019	1,238	1,161
Treasury stock	−186	−32.4	0	−115	−109	−21.3
Other equity	4.6	11.6	9.6	9.9	12.2	12.7
Total equity	12,547	11,287	14,337	12,941	12,554	13,393
Total liabilities & shareholders' equity	23,384	20,224	24,884	22,535	20,764	20,937

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Telefonica Brasil, SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,328	1,095	1,149	914	1,070	1,157
Depreciation, depletion & amortization	2,729	2,299	2,760	2,395	2,161	2,162
Deferred taxes	–	–	–	–	–	–
Non-cash items	855	593	804	833	594	625
Changes in working capital	−1,128	−769	−841	−559	−581	−219
Cash from operations	3,783	3,217	3,872	3,583	3,244	3,724
Investing activities
Capital expenditures	−1,727	−1,509	−1,816	−1,872	−1,669	−1,596
Other investing cash flows	−102	66.3	198	−815	210	362
Cash from investing	−1,829	−1,443	−1,618	−2,687	−1,459	−1,234
Financing activities
Financing cash flow items	−221	−224	−22.1	−20.9	7.2	2.9
Cash dividends paid	−399	−410	−790	−1,080	−880	−1,013
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,270	−763	−1,012	−585	−789	−1,024
Cash from financing	−1,891	−1,397	−1,824	−1,686	−1,662	−2,034
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	62.3	378	430	−790	123	456
Free cash flow	2,056	1,708	2,056	1,712	1,576	2,128

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.