Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice and through the analytical lens of Warren Buffett and Charlie Munger We can explain Verizon in one sentence: it sells an essential utility-like service — wireless and broadband connectivity — into a saturated three-carrier oligopoly, carries roughly $165 billion of debt to do it, and must shovel $18 billion a year back into the network plus billions more for spectrum just to stand still. The stock is cheap — about 9 times this year's earnings and under 9 times free cash flow, with a 6% dividend yield — and the new CEO, Dan Schulman, is saying and doing sensible things. But cheapness is not the question we ask first. The question is whether this is a wonderful business, and the honest answer is no. Verizon cannot raise prices without hemorrhaging customers — its own CEO admitted that blunt price hikes cost it 2.25 million subscribers over three years.
Recent filings analysed: 10-Q (2026-07-31), 8-K (2026-07-24), 8-K (2026-07-24), 8-K (2026-06-29).
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