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Held by 1,167 of 2,417 reporting institutions (100th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 11 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VZ | $185.4B | 11.0× | 6.9× | 1.3× | 2.5% | — | 12.4% | 16.2% | 7.0% | 2.7× | 1,167 |
| TMUS | $165.7B | 16.1× | 7.8× | 1.9× | 8.5% | — | 12.4% | 18.6% | 7.6% | 2.5× | 487 |
| T | $144.2B | 7.0× | 6.0× | 1.1× | 2.7% | — | 17.5% | 17.4% | 8.1% | 2.8× | 1,004 |
| LUMN | $5.0B | — | 2.1× | 0.4× | -5.4% | 46.5% | -14.0% | 156% | 156% | -0.5× | 144 |
| TDS | $3.9B | — | 15.4× | 3.2× | -5.3% | — | -0.5% | -0.1% | -0.1% | -3.7× | 63 |
| AD | $2.8B | 58.7× | — | 17.4× | 58.3% | 51.2% | 29.9% | 1.9% | 1.9% | — | 20 |
| IDT | $2.0B | 23.7× | 12.7× | 1.6× | 5.4% | 38.3% | 6.7% | 23.0% | 23.0% | -1.6× | 30 |
| UNIT | $1.2B | 1.0× | 13.7× | 0.6× | 91.5% | — | 58.4% | 343% | 13.2% | 12.1× | 57 |
| SHEN | $563M | — | 10.9× | 1.6× | 9.1% | — | -9.2% | -3.7% | -2.2% | 5.7× | 23 |
| ATNI | $396M | — | 5.3× | 0.5× | -0.2% | — | -2.0% | -3.4% | -1.5% | 2.9× | 19 |
| SPOK | $251M | 16.0× | — | 1.8× | 1.5% | 78.7% | 11.4% | 10.8% | 10.8% | — | 19 |
| CXDO | $193M | 36.2× | 39.3× | 2.8× | 12.0% | — | 7.4% | 7.9% | 7.9% | 0.0× | 19 |
Peers = companies sharing VZ's sector (Telephone Communications (No Radiotelephone)) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $44.73 today, the market must believe free cash flow compounds -9.6%/yr for a decade (off $34.79B on the 3-yr avg basis).
The market's -9.6% is more conservative than its 9-yr track record.
Default is 6.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 4.14B shares (market data) · net debt $120.92B
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 24.7% · volatility σ 80% · implied rate exceeded in 7/8 yrs
Central path = implied -9.6%/yr growth; shaded band = ±1σ (80%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 31% of free cash flow, leaving room to grow it and fund buybacks. Last year: $11.48B dividends + $0 buybacks = $11.48B returned on $36.69B FCF.
9 consecutive years of dividend increases · 2%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $138.19B 100.0% | $134.79B 100.0% | $133.97B 100.0% | $136.84B 100.0% | $133.61B 100.0% | $128.29B 100.0% | $131.87B 100.0% | $130.86B 100.0% | $126.03B 100.0% | $125.98B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | — | $22.15B 17.6% | $22.24B 17.7% |
| Cost of Products | — | — | — | — | — | — | — | — | $22.15B 17.6% | $22.24B 17.7% |
| Cost of Services | — | — | — | — | — | — | — | — | $30.92B 24.5% | $30.46B 24.2% |
| Selling, General & Admin | $33.82B 24.5% | $34.11B 25.3% | $32.74B 24.4% | $30.14B 22.0% | $28.66B 21.4% | $31.57B 24.6% | $29.90B 22.7% | $31.08B 23.8% | $28.59B 22.7% | $28.10B 22.3% |
| Total Operating Expenses | $108.93B 78.8% | $106.10B 78.7% | $111.10B 82.9% | $106.37B 77.7% | $101.17B 75.7% | $99.49B 77.6% | $101.49B 77.0% | $108.58B 83.0% | $98.61B 78.2% | $96.73B 76.8% |
| Operating Income | $29.26B 21.2% | $28.69B 21.3% | $22.88B 17.1% | $30.47B 22.3% | $32.45B 24.3% | $28.80B 22.4% | $30.38B 23.0% | $22.28B 17.0% | $27.43B 21.8% | $29.25B 23.2% |
| Interest Expense | $6.69B 4.8% | $6.65B 4.9% | $5.52B 4.1% | $3.61B 2.6% | $3.48B 2.6% | $4.25B 3.3% | $4.73B 3.6% | $4.83B 3.7% | $4.73B 3.8% | $4.38B 3.5% |
| Interest & Investment Income | $329.0M 0.2% | $336.0M 0.2% | $354.0M 0.3% | $146.0M 0.1% | $48.0M 0.0% | $65.0M 0.1% | $121.0M 0.1% | $94.0M 0.1% | $82.0M 0.1% | $59.0M 0.0% |
| Other Income (Expense), net | $107.0M 0.1% | $995.0M 0.7% | -$313.0M -0.2% | $1.37B 1.0% | $312.0M 0.2% | -$539.0M -0.4% | -$2.90B -2.2% | $2.36B 1.8% | -$2.02B -1.6% | -$3.79B -3.0% |
| Pretax Income | $22.67B 16.4% | $22.98B 17.0% | $16.99B 12.7% | $28.27B 20.7% | $29.42B 22.0% | $23.97B 18.7% | $22.73B 17.2% | $19.62B 15.0% | $20.59B 16.3% | $20.99B 16.7% |
| Income Tax Expense | $5.06B 3.7% | $5.03B 3.7% | $4.89B 3.7% | $6.52B 4.8% | $6.80B 5.1% | $5.62B 4.4% | $2.94B 2.2% | $3.58B 2.7% | -$9.96B -7.9% | $7.38B 5.9% |
| Net Income | $17.61B 12.7% | $17.95B 13.3% | $12.10B 9.0% | $21.75B 15.9% | $22.62B 16.9% | $17.80B 13.9% | $19.27B 14.6% | $15.53B 11.9% | $30.10B 23.9% | $13.13B 10.4% |
| Per Share | ||||||||||
| EPS (Basic) | $4.06 | $4.15 | $2.76 | $5.06 | $5.32 | $4.30 | $4.66 | $3.76 | $7.37 | $3.22 |
| EPS (Diluted) | $4.06 | $4.14 | $2.75 | $5.06 | $5.32 | $4.30 | $4.65 | $3.76 | $7.36 | $3.21 |
| Weighted Avg Shares (Basic) | 4.23B | 4.22B | 4.21B | 4.20B | 4.15B | 4.14B | 4.14B | 4.13B | 4.08B | 4.08B |
| Weighted Avg Shares (Diluted) | 4.23B | 4.22B | 4.21B | 4.20B | 4.15B | 4.14B | 4.14B | 4.13B | 4.09B | 4.09B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $19.05B covers the $17.27B due within a year 1.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.8% on $139.97B of debt.
Cash of $19.05B fully covers short-term debt of $18.62B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-27 | Malady Kyle EVP and Group CEO-VZ Business | 10b5-1 plan sale | 1,100 | $43.00 | $47k |
| 2026-10-22 | Villanueva Rodriguez Alfonso EVP and Group CEO-VZ Consumer | Grantindirect | 135 | $12.91 | — |
| 2026-10-22 | Russo Joseph J. EVP&Pres-Global Networks&Tech | Grantindirect | 86 | $12.91 | — |
| 2026-10-22 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
Earns 0.97pts above its cost of capital, but net margin has stepped down from 1553.4% to 1242.77% over 3 years.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 82.3% | 23.2% | 10.4% |
| FY2017 | 82.4% | 21.8% | 23.9% |
| FY2018 | not reported | 17.0% | 11.9% |
| FY2019 | not reported | 23.0% | 14.6% |
| FY2020 | not reported | 22.4% | 13.9% |
| FY2021 | not reported | 24.3% | 16.5% |
| FY2022 | not reported | 22.3% | 15.5% |
| FY2023 | not reported | 17.1% | 8.7% |
| FY2024 | not reported | 21.3% | 13.0% |
| FY2025 | not reported | 21.2% | 12.4% |
The spread is 0.97pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Venkatesh Vandana EVP and Chief Legal Officer |
| Grantindirect |
| 99 |
| $12.91 |
| — |
| 2026-10-22 | Malady Kyle EVP and Group CEO-VZ Business | Grantindirect | 135 | $12.91 | — |
| 2026-10-22 | Stillwell Mary-Lee SVP and Controller | Grantindirect | 45 | $12.91 | — |
| 2026-10-22 | Skiadas Anthony T EVP and CFO | Grantindirect | 135 | $12.91 | — |
| 2026-10-22 | Schulman Daniel H CEO | Grantindirect | 206 | $12.91 | — |
| 2026-10-20 | Malady Kyle EVP and Group CEO-VZ Business | 10b5-1 plan sale | 1,100 | $44.48 | $49k |
| 2026-10-13 | Malady Kyle EVP and Group CEO-VZ Business | 10b5-1 plan sale | 1,100 | $42.93 | $47k |
| 2026-10-08 | Schulman Daniel H CEO | Grantindirect | 201 | $13.23 | — |
| 2026-10-08 | Skiadas Anthony T EVP and CFO | Grantindirect | 131 | $13.23 | — |
| 2026-10-08 | Stillwell Mary-Lee SVP and Controller | Grantindirect | 44 | $13.23 | — |
| 2026-10-08 | Malady Kyle EVP and Group CEO-VZ Business | Grantindirect | 131 | $13.23 | — |
| 2026-10-08 | Villanueva Rodriguez Alfonso EVP and Group CEO-VZ Consumer | Grantindirect | 131 | $13.23 | — |
| 2026-10-08 | Russo Joseph J. EVP&Pres-Global Networks&Tech | Grantindirect | 83 | $13.23 | — |
| 2026-10-08 | Venkatesh Vandana EVP and Chief Legal Officer | Grantindirect | 96 | $13.23 | — |
| 2026-10-06 | Malady Kyle EVP and Group CEO-VZ Business | 10b5-1 plan sale | 1,100 | $45.75 | $50k |
| 2026-09-29 | Malady Kyle EVP and Group CEO-VZ Business | 10b5-1 plan sale | 1,100 | $46.40 | $51k |
| 2026-09-25 | Phillips Jr Charles E Director | Grantindirect | 1,770 | $0.00 | — |
| 2026-09-24 | Schulman Daniel H CEO | Grantindirect | 197 | $13.51 | — |
| 2026-09-24 | Villanueva Rodriguez Alfonso EVP and Group CEO-VZ Consumer | Grantindirect | 129 | $13.51 | — |
| 2026-09-24 | Russo Joseph J. EVP&Pres-Global Networks&Tech | Grantindirect | 82 | $13.51 | — |
| 2026-09-24 | Venkatesh Vandana EVP and Chief Legal Officer | Grantindirect | 95 | $13.51 | — |
| 2026-09-24 | Malady Kyle EVP and Group CEO-VZ Business | Grantindirect | 129 | $13.51 | — |
| 2026-09-24 | Stillwell Mary-Lee SVP and Controller | Grantindirect | 43 | $13.51 | — |
| 2026-09-24 | Skiadas Anthony T EVP and CFO | Grantindirect | 129 | $13.51 | — |
| 2026-09-22 | Malady Kyle EVP and Group CEO-VZ Business | 10b5-1 plan sale | 1,100 | $47.65 | $52k |
| 2026-09-15 | Malady Kyle EVP and Group CEO-VZ Business | 10b5-1 plan sale | 1,100 | $51.19 | $56k |
| 2026-09-10 | Villanueva Rodriguez Alfonso EVP and Group CEO-VZ Consumer | Grantindirect | 253 | $14.26 | — |
| 2026-09-10 | Russo Joseph J. EVP&Pres-Global Networks&Tech | Grantindirect | 77 | $14.26 | — |
| 2026-09-10 | Venkatesh Vandana EVP and Chief Legal Officer | Grantindirect | 90 | $14.26 | — |
| 2026-09-10 | Malady Kyle EVP and Group CEO-VZ Business | Grantindirect | 122 | $14.26 | — |
| 2026-09-10 | Stillwell Mary-Lee SVP and Controller | Grantindirect | 41 | $14.26 | — |
| 2026-09-10 | Skiadas Anthony T EVP and CFO | Grantindirect | 122 | $14.26 | — |
| 2026-09-10 | Schulman Daniel H CEO | Grantindirect | 187 | $14.26 | — |
| 2026-09-08 | Malady Kyle EVP and Group CEO-VZ Business | 10b5-1 plan sale | 1,100 | $49.98 | $55k |
| 2026-09-01 | Malady Kyle EVP and Group CEO-VZ Business | 10b5-1 plan sale | 1,100 | $50.50 | $56k |
| 2026-08-27 | Villanueva Rodriguez Alfonso EVP and Group CEO-VZ Consumer | Grantindirect | 123 | $14.11 | — |
| 2026-08-27 | Russo Joseph J. EVP&Pres-Global Networks&Tech | Grantindirect | 78 | $14.11 | — |
Where each multiple sits in its own 14-yr range · 80th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 16% against ROIC 7% — 9% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 23.8 | 22.7 | 24.6 | 21.4 | 22.0 | 24.4 | 25.3 | 24.5 |
| Operating Income | 17.0 | 23.0 | 22.4 | 24.3 | 22.3 | 17.1 | 21.3 | 21.2 |
| Income Tax | 2.7 | 2.2 | 4.4 | 5.1 | 4.8 | 3.7 | 3.7 | 3.7 |
| Net Income | 11.9 | 14.6 | 13.9 | 16.9 | 15.9 | 9.0 | 13.3 | 12.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VZ: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 9 points of the 16% return on equity in FY2025. The business earns 7% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$30.7B of goodwill — 11% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 11.7% | 6.9% (today's — no rate published for this year) | 4.8pts |
| FY2020 | 11.2% | 6.9% (today's — no rate published for this year) | 4.3pts |
| FY2021 | 9.4% | 3.3% | 6.1pts |
| FY2022 | 8.9% | 5.2% | 3.7pts |
| FY2023 | 6.4% | 6.2% | 0.2pts |
| FY2024 | 8.1% | 6.9% | 1.2pts |
| FY2025 | 8.8% | 6.2% | 2.5pts |
| Now | 7.0% | 6.9% | 0.1pts |
Converts 1.63x of reported profit into free cash flow over 5 years, with accruals negative.
| Step | Amount | Running total |
|---|---|---|
| Net income | $17.17B | $17.17B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $19.96B | $37.14B |
| Operating cash flow | $37.14B | $37.14B |
| Capex | −$450M | $36.69B |
| Free cash flow | $36.69B | $36.69B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -2.7% | -6.0% | -3.2 points |
| FY2021 | 4.2% | -0.3% | -4.5 points |
| FY2022 | 2.4% | not reported | not reported |
| FY2023 | -2.1% | not reported | not reported |
| FY2024 | 0.6% | not reported | not reported |
| FY2025 | 2.5% | not reported | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 70.4 days | not reported | not reported | not reported |
| FY2020 | 68 days | not reported | not reported | not reported |
| FY2021 | 65.1 days | not reported | not reported | not reported |
| FY2022 | not reported | not reported | not reported | not reported |
| FY2023 | not reported | not reported | not reported | not reported |
| FY2024 | not reported | not reported | not reported | not reported |
| FY2025 | not reported | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.7 percent |
| FY2020 | -7.6 percent |
| FY2021 | -4.8 percent |
| FY2022 | -4.2 percent |
| FY2023 | -6.8 percent |
| FY2024 | -5.0 percent |
| FY2025 | -4.9 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 4 consecutive years to the latest.
Capex has been below depreciation for 4 consecutive years (0.82x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 3.1x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.37x |
| 5% | 4.15x |
| 10% | 3.93x |
| 15% | 3.72x |
| 20% | 3.50x |
| 25% | 3.28x |
| 30% | 3.06x |
| 35% | 2.84x |
| 40% | 2.62x |
| 45% | 2.40x |
| 50% | 2.19x |
| 55% | 1.97x |
| 60% | 1.75x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.4x today but falls to 3.1x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $44.73, free cash flow must compound -8.69%/yr for 10 years. It has done 0.86%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 8.7% | −8.7% |
| FY2021 | −121.3% | −8.7% |
| FY2023 | −5.4% | −8.7% |
| FY2024 | 13.7% | −8.7% |
| FY2025 | 1.9% | −8.7% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 4 of the last 5 years.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.