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Telefonica Brasil (Vivo) (VIVT) USD

At a glance: strengths & risks
✓Revenue growing (+18% y/y, Q2 2026)✓Profit growing (+29% y/y, Q2 2026)✓Low leverage (0.5x EBITDA)

Sector: Telecom

BR_VIVT

Price chart

30.77 BRLDay 0.85%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
30.77 BRL · 0.85%
Market cap
19.3 bn USD

Growth

Δ revenue y/y
18.1%
Δ EBITDA y/y
21.8%

Multiples

P/E (LTM)
15.3x
P/B (FY)
1.5x
P/E (ann.)
15.6x
EV/EBITDA (LTM)
4.3x
EV/EBITDA (ann.)
4.1x

Cash return

Dividend yield
8.2%
FCF yield (LTM)
-1.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+25.0%
↓ details

Liquidity

Daily turnover (listing)
19.6 mln BRL

Shares: yahoo_fundamentals_timeseries/VIVT3.SA

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)PARTIAL3.1
y/y 18.1%
0.5
y/y 27.1%
0.8
y/y 18.6%
1.3
y/y 21.8%
0.3
y/y 28.6%
1.00.025.4
y/y 11.9%
12.9
y/y 5.9%
9.2%2.2Link
2026-03-31Q1 2026 (3M)PARTIAL3.1
y/y 20.3%
0.5
y/y 31.1%
0.8
y/y 17.1%
1.2
y/y 22.0%
0.3
y/y 33.2%
1.1-0.526.0
y/y 15.4%
13.9
y/y 14.7%
7.6%2.1Link
2025-12-31Q4 2025 (3M)PARTIAL2.9
y/y 92.2%
0.5
y/y 96.9%
0.7
y/y 80.1%
1.2
y/y 86.9%
0.3
y/y 62.1%
1.0-0.523.4
y/y 15.6%
12.6
y/y 11.5%
8.9%2.4Link
2025-09-30Q3 2025 (3M)PARTIAL2.8
y/y 14.0%
0.5
y/y 29.4%
0.7
y/y 8.7%
1.2
y/y 16.7%
0.4
y/y 21.1%
0.9-0.423.0
y/y 7.3%
12.7
y/y 6.1%
3.7%2.1Link
2025-06-30Q2 2025 (3M)PARTIAL2.6
y/y 7.7%
0.4
y/y 10.7%
0.7
y/y 8.7%
1.1
y/y 9.5%
0.2
y/y 9.4%
1.1-0.422.7
y/y 2.6%
12.2
y/y -0.8%
7.9%1.9Link
2025-03-31Q1 2025 (3M)PARTIAL2.6
y/y -3.3%
0.4
y/y -5.4%
0.7
y/y 0.5%
1.0
y/y -1.6%
0.2
y/y 7.3%
0.9-0.422.5
y/y -6.9%
12.1
y/y -9.7%
6.4%2.2Link
2024-12-31Q4 2024 (3M)PARTIAL1.5
y/y -48.0%
0.3
y/y -44.4%
0.4
y/y -47.5%
0.7
y/y -46.3%
0.2
y/y -37.4%
0.4-0.320.2
y/y -18.9%
11.3
y/y -21.5%
7.7%2.3Link
2024-09-30Q3 2024 (3M)PARTIAL2.4
y/y -6.2%
0.4
y/y -5.3%
0.6
y/y -6.2%
1.0
y/y -5.8%
0.3
y/y -1.1%
0.8-0.421.5
y/y -9.7%
12.0
y/y -12.7%
3.2%2.2Link
2024-06-30Q2 2024 (3M)PARTIAL2.4
y/y -9.6%
0.4
y/y -8.2%
0.6
y/y -10.4%
1.0
y/y -9.6%
0.2
y/y -7.5%
1.0-0.422.1
y/y -13.1%
12.3
y/y -15.3%
6.8%2.1Link
2024-03-31Q1 2024 (3M)PARTIAL2.6
y/y 3.7%
0.4
y/y 11.1%
0.7
y/y 0.6%
1.0
y/y 4.1%
0.2
y/y 4.6%
1.0-0.424.2
y/y -1.0%
13.4
y/y -2.7%
5.0%2.3Link
2023-12-31Q4 2023 (3M)PARTIAL2.9
y/y —
0.5
y/y —
0.8
y/y —
1.2
y/y —
0.3
y/y —
0.8-0.625.0
y/y —
14.4
y/y —
7.4%3.0Link
2023-09-30Q3 2023 (3M)PARTIAL2.6
y/y —
0.4
y/y —
0.7
y/y —
1.1
y/y —
0.3
y/y —
0.9-0.523.8
y/y —
13.7
y/y —
2.8%2.6Link
2023-06-30Q2 2023 (3M)PARTIAL2.7
y/y —
0.4
y/y —
0.7
y/y —
1.1
y/y —
0.2
y/y —
1.2-0.525.4
y/y —
14.5
y/y —
6.7%2.7Link
2023-03-31Q1 2023 (3M)PARTIAL2.6
y/y —
0.3
y/y —
0.7
y/y —
1.0
y/y —
0.2
y/y —
1.0-0.324.4
y/y —
13.8
y/y —
—2.8Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

02004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 0002 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 3.58x of reported net profit; after capex, 1.90x.
year202320242025
cash flow / profit3.73x3.58x3.35x
accruals, % of assets-11.4%-11.5%-11.3%
Last twelve months (to 2025-Q3): 3.09x of profit came back as operating cash flow.
net debt / EBITDA 0.5x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +24.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (1 296 − 1 064) × 3.85
891
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (19 290 + 2 194) ÷ 4 984
4.3x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (4.3 + 7) ÷ 2
5.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -246 + 0 + 0 − 0
-246
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (891 × 5.7 + -246) ÷ 19 290
+24.9%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +20% vs -16% the year before — a +36.4 pp move. 3-year CAGR —.
revenue growth by year: 2024 -16% · 2025 +20%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Telecom. Each peer is shown as it trades and re-priced onto this company's market (Brazil) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KT CorporationKorea9.33.6x2.8x
America Movil (AMX)Mexico69.94.4x3.5x
Telkom IndonesiaIndonesia14.92.4x4.2x
e& (Etisalat Group)UAE51.66.7x4.6x
MTN GroupSouth Africa22.43.7x4.9x
PLDTPhilippines3.95.3x5.1x
Globe TelecomPhilippines3.65.7x5.5x
MTSRussia4.93.1x5.6x
Vodacom GroupSouth Africa18.35.3x7.0x
du (EITC)UAE14.510.1x7.0x
TIM S.A.Brazil45.517.1x17.1x
Kcell JSCKazakhstan2.913.7x19.1x
Group median5.3x5.3x
Group average6.8x7.2x
This companyBrazil19.34.3x4.3x

Group median 5.3x as traded, 5.3x adjusted; this company 4.3x — a 19% discount.

Group average 6.8x as traded, 7.2x adjusted; against the average this company is at a 40% discount. The average sits 36% above the median: Kcell JSC (19.1x) skews the group.

At the adjusted group median the market cap would be +26% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.3x, Kazakhstan 5.0x, India 18.0x, Indonesia 4.0x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-16; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-270.1095 BRLEx-dividend: 0.1095 BRL per sharePaidYahoo Finance (ex-div)
2026-07-280.1565 BRLEx-dividend: 0.1565 BRL per sharePaidYahoo Finance (ex-div)
2026-06-290.072 BRLEx-dividend: 0.072 BRL per sharePaidYahoo Finance (ex-div)
2026-05-280.1878 BRLEx-dividend: 0.1878 BRL per sharePaidYahoo Finance (ex-div)
2026-05-251.2517 BRLEx-dividend: 1.2517 BRL per sharePaidYahoo Finance (ex-div)
2026-04-280.1142 BRLEx-dividend: 0.1142 BRL per sharePaidYahoo Finance (ex-div)
2026-03-260.0626 BRLEx-dividend: 0.0626 BRL per sharePaidYahoo Finance (ex-div)
2026-02-240.1017 BRLEx-dividend: 0.1017 BRL per sharePaidYahoo Finance (ex-div)
2025-12-300.1095 BRLEx-dividend: 0.1095 BRL per sharePaidYahoo Finance (ex-div)
2025-11-250.1063 BRLEx-dividend: 0.1063 BRL per sharePaidYahoo Finance (ex-div)
2025-10-280.1186 BRLEx-dividend: 0.1186 BRL per sharePaidYahoo Finance (ex-div)
2025-09-230.1248 BRLEx-dividend: 0.1248 BRL per sharePaidYahoo Finance (ex-div)
2025-08-260.0779 BRLEx-dividend: 0.0779 BRL per sharePaidYahoo Finance (ex-div)
2025-07-280.1025 BRLEx-dividend: 0.1025 BRL per sharePaidYahoo Finance (ex-div)
2025-06-240.0619 BRLEx-dividend: 0.0619 BRL per sharePaidYahoo Finance (ex-div)
2025-05-230.1543 BRLEx-dividend: 0.1543 BRL per sharePaidYahoo Finance (ex-div)
2025-04-140.037 BRLEx-dividend: 0.037 BRL per sharePaidYahoo Finance (ex-div)
2025-03-250.0617 BRLEx-dividend: 0.0617 BRL per sharePaidYahoo Finance (ex-div)
2025-02-280.6167 BRLEx-dividend: 0.6167 BRL per sharePaidYahoo Finance (ex-div)
2025-02-250.0555 BRLEx-dividend: 0.0555 BRL per sharePaidYahoo Finance (ex-div)
2024-12-270.3688 BRLEx-dividend: 0.3688 BRL per sharePaidYahoo Finance (ex-div)
2024-08-270.1221 BRLEx-dividend: 0.1221 BRL per sharePaidYahoo Finance (ex-div)
2024-07-290.1978 BRLEx-dividend: 0.1978 BRL per sharePaidYahoo Finance (ex-div)
2024-06-270.0531 BRLEx-dividend: 0.0531 BRL per sharePaidYahoo Finance (ex-div)
2024-04-300.115 BRLEx-dividend: 0.115 BRL per sharePaidYahoo Finance (ex-div)
2024-04-110.4538 BRLEx-dividend: 0.4538 BRL per sharePaidYahoo Finance (ex-div)
2024-04-010.0908 BRLEx-dividend: 0.0908 BRL per sharePaidYahoo Finance (ex-div)
2023-12-270.2572 BRLEx-dividend: 0.2572 BRL per sharePaidYahoo Finance (ex-div)
2023-10-240.0453 BRLEx-dividend: 0.0453 BRL per sharePaidYahoo Finance (ex-div)
2023-09-250.0604 BRLEx-dividend: 0.0604 BRL per sharePaidYahoo Finance (ex-div)
2023-09-010.08 BRLEx-dividend: 0.08 BRL per sharePaidYahoo Finance (ex-div)
2023-08-010.1221 BRLEx-dividend: 0.1221 BRL per sharePaidYahoo Finance (ex-div)
2023-06-010.0964 BRLEx-dividend: 0.0964 BRL per sharePaidYahoo Finance (ex-div)
2023-04-140.2488 BRLEx-dividend: 0.2488 BRL per sharePaidYahoo Finance (ex-div)
2023-04-030.0873 BRLEx-dividend: 0.0873 BRL per sharePaidYahoo Finance (ex-div)
2023-03-010.0319 BRLEx-dividend: 0.0319 BRL per sharePaidYahoo Finance (ex-div)
2023-01-020.5155 BRLEx-dividend: 0.5155 BRL per sharePaidYahoo Finance (ex-div)
2022-09-010.0899 BRLEx-dividend: 0.0899 BRL per sharePaidYahoo Finance (ex-div)
2022-07-010.1437 BRLEx-dividend: 0.1437 BRL per sharePaidYahoo Finance (ex-div)
2022-05-020.0448 BRLEx-dividend: 0.0448 BRL per sharePaidYahoo Finance (ex-div)
2022-04-270.606 BRLEx-dividend: 0.606 BRL per sharePaidYahoo Finance (ex-div)
2022-04-010.0746 BRLEx-dividend: 0.0746 BRL per sharePaidYahoo Finance (ex-div)
2022-03-020.0537 BRLEx-dividend: 0.0537 BRL per sharePaidYahoo Finance (ex-div)
2021-12-280.6873 BRLEx-dividend: 0.6873 BRL per sharePaidYahoo Finance (ex-div)
2021-10-010.1786 BRLEx-dividend: 0.1786 BRL per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.rad.cvm.gov.br/ENET/frmConsultaExternaCVM.aspx?codigoCVM=17671

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Telefonica Brasil (Vivo) (VIVT) — from primary filings.

Frequently asked questions

What is Telefonica Brasil (Vivo) (VIVT)'s P/E ratio?
Telefonica Brasil (Vivo) (VIVT) trades at a P/E of 15.3x (price to trailing 12-month earnings).
What is Telefonica Brasil (Vivo) (VIVT)'s EV/EBITDA?
Telefonica Brasil (Vivo) (VIVT) trades at 4.3x EV/EBITDA.
What is Telefonica Brasil (Vivo) (VIVT)'s P/B ratio?
Telefonica Brasil (Vivo) (VIVT) trades at a P/B of 1.5x.
What is Telefonica Brasil (Vivo) (VIVT)'s dividend yield?
Telefonica Brasil (Vivo) (VIVT)'s trailing 12-month dividend yield is 8.2%.
What is Telefonica Brasil (Vivo) (VIVT)'s return on equity (ROE)?
Telefonica Brasil (Vivo) (VIVT)'s ROE is 9.2%.
What is Telefonica Brasil (Vivo) (VIVT)'s market capitalization?
Telefonica Brasil (Vivo) (VIVT)'s market cap is 19.3 bn USD.

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