The company maintains a conservative financial position with a debt-to-equity ratio of 0.28 and a robust cash balance of $9.1B as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Total Current Assets | 28.28B | 25.21B | 22.81B | 19.24B | 17.28B | 21.06B | 19.06B | 18.64B | 18.36B | 16.73B | 18.4B | 17.91B | 15.52B | 15.94B | 16.27B | 11.81B | 5.15B | 7.05B | 6.46B | 5.2B | 4.67B | 5.11B | 4.16B | 4.1B | 4.7B | 3.67B | 2.86B | 2.15B | 2.37B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 9.07B | 7.14B | 6.69B | 4.36B | 2.27B | 6.45B | 5.76B | 3.39B | 3.38B | 4.05B | 5.11B | 5.34B | 4.69B | 6.54B | 7.2B | 3.06B | 1.56B | 2.28B | 32M | 933.2M | 39.78M | 463.46M | 238.64M | 41.36M | 490.64M | 206.29M | 97.03M | 8.12M | 900.83M |
| Short-Term Investments | 87.66M | 99.05M | 0 | 1.15M | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.71B | 0 | 172.75M | 0 | 0 | 172.71M | 0 | 0 | 0 | 60.35M | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 1.73B | 1.48B | 1.1B | 822.81M | 789.72M | 640M | 633M | 578M | 462.1M | 348.75M | 410.4M | 603.6M | 479.8M | 505.6M | 387.8M | 471.72M | 77.5M | 148.44M | 164.42M | 1.12B | 909.42M | 0 | 908.06M | 1.13B | 1B | 1.07B | 701.23M | 0 | 0 |
| Days Inventory Outstanding | 14.36 | 15.47 | 12.77 | 10.21 | 10.51 | 9.43 | 10.18 | 9.52 | 8.02 | 6.28 | 7.19 | 10.83 | 10.17 | 10.52 | 8.55 | 11.45 | 3.2 | 5.96 | 6.88 | 50.86 | 42.77 | - | 44.22 | 61.2 | 63.46 | 68.1 | 119.11 | - | - |
| Other Current Assets | 484.26M | 315.21M | 526.66M | 360.82M | 939.93M | 464.32M | 3.62B | 680.04M | 302.61M | 733.68M | 811.46M | 488.63M | 260.25M | 596.6M | 759.91M | 499.95M | 170.66M | 189.72M | 1.32B | 1.27B | 1.19B | 243.4M | 319.47M | 344.89M | 2.23B | 1.68B | 1.14B | 851.13M | 676.59M |
| Total Non-Current Assets | 100.6B | 102.8B | 102.13B | 101.49B | 101.84B | 94.6B | 89.68B | 89.64B | 84.2B | 84.65B | 83.67B | 83.78B | 57.55B | 53.6B | 53.98B | 53.68B | 14.82B | 13.41B | 13.53B | 13.72B | 13.43B | 13.74B | 14.59B | 15.94B | 20.35B | 22.8B | 21.74B | 19.46B | 14.61B |
| Property, Plant & Equipment | 45.81B | 47.33B | 46.81B | 46.32B | 45.9B | 44.41B | 44.35B | 42.85B | 34.12B | 33.22B | 31.92B | 30.48B | 20.45B | 18.44B | 17.61B | 17.15B | 10.2B | 9.67B | 9.87B | 10.28B | 10.72B | 12.36B | 13.37B | 14.68B | 18.89B | 21.12B | 20.31B | 17.09B | 13.98B |
| Fixed Asset Turnover | 1.32x | 1.23x | 1.19x | 1.12x | 1.05x | 0.99x | 0.97x | 1.03x | 1.27x | 1.30x | 1.33x | 1.32x | 1.71x | 1.88x | 1.93x | 1.70x | 1.55x | 1.63x | 1.62x | 1.43x | 1.36x | 1.16x | 1.00x | 0.80x | 0.53x | 0.43x | 0.37x | 0.33x | 0.32x |
| Goodwill | 26.9B | 27.22B | 26.57B | 26.39B | 26.36B | 22.87B | 23.03B | 23.06B | 23.06B | 23.06B | 23.06B | 23.06B | 10.23B | 10.23B | 10.23B | 10.23B | 1.06B | 728.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 20.13B | 20.72B | 21.7B | 22.57B | 23.36B | 21.24B | 17.56B | 18.22B | 19.16B | 20.27B | 21.42B | 22.54B | 21.06B | 19.28B | 19.78B | 19.82B | 665.68M | 728.68M | 1.85B | 861.55M | 900.73M | 0 | 87.37M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 8.58B | 3.61B | 609M | 475.04M | 411.72M | 393.53M | 190M | 168M | 178.6M | 98.9M | 163.9M | 211.1M | 205.2M | 192.8M | 133.4M | 136.95M | 114.4M | 340.3M | 0 | 0 | 0 | 253.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 128.88B | 128.01B | 124.94B | 120.74B | 119.12B | 115.74B | 108.74B | 108.29B | 102.56B | 101.38B | 102.07B | 101.69B | 73.07B | 69.54B | 70.25B | 65.49B | 19.97B | 20.46B | 19.99B | 18.92B | 18.1B | 18.85B | 18.76B | 20.04B | 25.06B | 26.46B | 24.6B | 21.61B | 16.98B |
| Asset Turnover | 0.48x | 0.46x | 0.45x | 0.43x | 0.40x | 0.38x | 0.40x | 0.41x | 0.42x | 0.43x | 0.42x | 0.40x | 0.48x | 0.50x | 0.48x | 0.44x | 0.79x | 0.77x | 0.80x | 0.78x | 0.81x | 0.76x | 0.71x | 0.59x | 0.40x | 0.34x | 0.31x | 0.26x | 0.27x |
| Asset Growth % | 6.37% | 2.45% | 3.48% | 1.36% | 2.92% | 6.44% | 0.41% | 5.59% | 1.16% | -0.67% | 0.37% | 39.17% | 5.07% | -1.02% | 7.28% | 228% | -2.42% | 2.34% | 5.66% | 4.54% | -3.96% | 0.49% | -6.41% | -20.01% | -5.31% | 7.55% | 13.87% | 27.22% | - |
| Total Current Liabilities | 25.74B | 25.23B | 24.26B | 20.08B | 22.17B | 22.46B | 17.88B | 17.73B | 17.16B | 17.86B | 20.44B | 17.98B | 16.01B | 13.77B | 13.54B | 12.74B | 5.72B | 7.65B | 5.85B | 5.77B | 6.25B | 5.43B | 4.16B | 5.93B | 5.26B | 6.25B | 4.6B | 3.07B | 2.52B |
| Accounts Payable | 10.11B | 9.86B | 9.23B | 8.17B | 7.42B | 7.13B | 6.61B | 6.87B | 7.64B | 7.45B | 7.61B | 8.37B | 7.64B | 6.91B | 5.89B | 6.04B | 2.83B | 2.36B | 2.31B | 1.85B | 1.64B | 1.51B | 1.19B | 1.29B | 1.08B | 1.27B | 1.69B | 1.42B | 904.46M |
| Days Payables Outstanding | 102.38 | 103.36 | 107.46 | 101.38 | 98.67 | 105.05 | 106.36 | 113.19 | 132.68 | 134.08 | 133.42 | 150.22 | 161.94 | 143.86 | 129.82 | 146.58 | 116.88 | 94.84 | 96.82 | 84 | 77.21 | 103.45 | 58.18 | 70.07 | 68.05 | 80.22 | 286.31 | 323.63 | 264.77 |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 8.05B | 4.66B | 3.73B | 5.42B | 7.1B | 7.1B | 6.46B | 5.61B | 6.73B | 6.27B | 5.08B | 4.29B | 3.79B | 1.58B | 1.87B | 1.43B | 1.16B | 2.45B | 1.91B | 2.86B | 2.58B | 3.52B | 1.13B | 585.69M | 1.72B | 2.24B | 1.72B | 1.27B | 1.17B |
| Current Ratio | 1.10x | 1.00x | 0.94x | 0.96x | 0.78x | 0.94x | 1.07x | 1.05x | 1.07x | 0.94x | 0.90x | 1.00x | 0.97x | 1.16x | 1.20x | 0.93x | 0.90x | 0.92x | 1.10x | 0.90x | 0.75x | 0.94x | 1.00x | 0.69x | 0.89x | 0.59x | 0.62x | 0.70x | 0.94x |
| Quick Ratio | 1.03x | 0.94x | 0.90x | 0.92x | 0.74x | 0.91x | 1.03x | 1.02x | 1.04x | 0.92x | 0.88x | 0.96x | 0.94x | 1.12x | 1.17x | 0.89x | 0.89x | 0.90x | 1.08x | 0.71x | 0.60x | 0.94x | 0.78x | 0.50x | 0.70x | 0.41x | 0.47x | 0.70x | 0.94x |
| Cash Conversion Cycle | -88.02 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 34.23B | 33.81B | 30.88B | 31.03B | 28.49B | 23.2B | 21.31B | 20.1B | 13.79B | 14.06B | 12.38B | 15.14B | 12.1B | 12.88B | 12.04B | 9.42B | 2.58B | 2.75B | 4.1B | 3.24B | 1.27B | 13.42B | 3.19B | 1.89B | 3.53B | 3.11B | 2.49B | 2.3B | 1.17B |
| Long-Term Debt | 4.41B | 14.99B | 3.57B | 4.54B | 4.75B | 1.7B | 999.96M | 2.54B | 4.34B | 5.09B | 4.23B | 7.62B | 5.33B | 7.23B | 6.01B | 4.75B | 1.41B | 1.75B | 3.22B | 2.5B | 508.39M | 2.15B | 2.23B | 991.07M | 2.11B | 1.37B | 704.51M | 684.11M | 491.37M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 59.96B | 59.04B | 55.14B | 51.11B | 50.67B | 45.66B | 39.18B | 37.83B | 30.95B | 31.92B | 32.82B | 33.12B | 28.12B | 26.65B | 25.57B | 22.16B | 8.3B | 10.4B | 9.95B | 9.02B | 7.52B | 18.85B | 7.36B | 7.82B | 8.8B | 9.36B | 7.09B | 5.37B | 3.69B |
| Total Debt | 19.63B | 30.88B | 20.75B | 18.74B | 19.3B | 16.93B | 13.24B | 13.82B | 6.14B | 8.46B | 9.22B | 10.22B | 7.8B | 8.75B | 8.02B | 6.2B | 1.83B | 3.52B | 3.74B | 3.31B | 2.33B | 2.4B | 2.76B | 2.97B | 4.59B | 4B | 1.9B | 1.07B | 944.09M |
| Net Debt | 10.56B | 23.74B | 14.06B | 14.38B | 17.03B | 10.48B | 7.48B | 10.43B | 2.76B | 4.41B | 4.12B | 4.88B | 3.11B | 2.21B | 819.19M | 3.15B | 269M | 1.24B | 3.7B | 2.38B | 2.29B | 1.93B | 2.52B | 2.92B | 4.1B | 3.8B | 1.8B | 1.06B | 43.25M |
| Debt / Equity | 0.28x | 0.45x | 0.30x | 0.27x | 0.28x | 0.24x | 0.19x | 0.20x | 0.09x | 0.12x | 0.13x | 0.15x | 0.17x | 0.20x | 0.18x | 0.14x | 0.16x | 0.35x | 0.37x | 0.33x | 0.22x | 1485.51x | 0.24x | 0.24x | 0.28x | 0.23x | 0.11x | 0.07x | 0.07x |
| Debt / EBITDA | 0.79x | 1.31x | 0.91x | 0.88x | 1.00x | 0.89x | 0.74x | 0.76x | 0.34x | 0.58x | 0.66x | 0.85x | 0.75x | 0.83x | 0.63x | 0.60x | 0.35x | 0.59x | 0.60x | 0.56x | 0.36x | 0.28x | 0.46x | 0.57x | 0.89x | 0.86x | 0.47x | 0.37x | 0.40x |
| Net Debt / EBITDA | 0.43x | 1.01x | 0.61x | 0.67x | 0.88x | 0.55x | 0.42x | 0.58x | 0.15x | 0.30x | 0.29x | 0.41x | 0.30x | 0.21x | 0.06x | 0.30x | 0.05x | 0.21x | 0.60x | 0.40x | 0.35x | 0.23x | 0.42x | 0.56x | 0.80x | 0.82x | 0.45x | 0.37x | 0.02x |
| Interest Coverage | - | 3.90x | 12.72x | 13.58x | 2.36x | 6.66x | 7.89x | 26.44x | 22.46x | 5.49x | 14.98x | 12.12x | 4.59x | 4.84x | 8.55x | 12.67x | 31.49x | 8.20x | 13.48x | - | - | 11.25x | 8.50x | 4.73x | 3.79x | - | - | - | - |
| Total Equity | 68.92B | 68.97B | 69.8B | 69.63B | 68.46B | 70.08B | 69.56B | 70.46B | 71.61B | 69.46B | 69.24B | 68.57B | 44.95B | 42.89B | 44.68B | 43.33B | 11.67B | 10.06B | 10.05B | 9.9B | 10.58B | 1.61M | 11.4B | 12.22B | 16.26B | 17.1B | 17.52B | 16.23B | 13.29B |
| Equity Growth % | -2.49% | -1.19% | 0.25% | 1.71% | -2.32% | 0.76% | -1.28% | -1.61% | 3.09% | 0.31% | 0.99% | 52.54% | 4.79% | -4% | 3.12% | 271.39% | 16% | 0.11% | 1.43% | -6.42% | 655691.45% | -99.99% | -6.69% | -24.85% | -4.89% | -2.39% | 7.9% | 22.15% | - |
| Book Value per Share | 43.13 | 42.79 | 42.52 | 41.98 | 40.97 | 41.64 | 41.19 | 41.72 | 42.40 | 41.13 | 41.00 | 45.98 | 40.02 | 38.19 | 39.77 | 46.69 | 23.06 | 19.88 | 19.86 | 19.58 | 20.91 | 0.00 | 23.10 | 24.76 | 32.94 | 34.63 | 35.72 | 33.16 | 39.69 |
| Total Shareholders' Equity | 68.65B | 68.69B | 69.73B | 69.57B | 68.4B | 70.01B | 69.56B | 70.46B | 71.61B | 69.46B | 69.24B | 68.57B | 44.95B | 42.89B | 44.68B | 43.33B | 11.67B | 10.06B | 10.05B | 9.9B | 10.58B | 1.61M | 11.4B | 12.22B | 16.26B | 17.1B | 17.52B | 16.23B | 9.18B |
| Common Stock | 59.33B | 60.04B | 62.07B | 63.57B | 63.57B | 63.57B | 63.57B | 63.57B | 63.57B | 63.57B | 63.57B | 63.57B | 37.8B | 37.8B | 37.8B | 37.8B | 6.58B | 6.58B | 0 | 0 | 6.56B | 0 | 5.98B | 5.95B | 7.77B | 7.44B | 7.65B | 6.81B | 3.26B |
| Retained Earnings | 4.98B | 4.31B | 7.52B | 5.89B | 1.04B | 5.53B | 1.59B | 5.69B | 2.47B | 2.52B | 2.48B | 3.7B | 4.3B | 2.46B | 4.25B | 0 | 0 | 0 | 659.61M | 0 | 703.93M | 879.6M | 2.02B | 2.98B | 4.45B | 5.33B | 5.62B | 5.49B | 2.48B |
| Treasury Stock | -162K | -164K | -194K | -194K | -607.44M | -606.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -112.11M | 0 | 0 | -17.72M | -17.72M | 0 | 0 | 0 | -58.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 4.33B | 4.34B | 135.14M | 110M | 809.03M | 1.43B | 5.99B | 6.88B | 8.04B | 5.89B | 5.67B | 5.07B | 7.22B | 5.17B | 6.95B | 3.6B | 4.4M | 811.45M | 140.18M | 659.5M | 657.96M | 3.35B | 667.92M | 548.27M | 547.8M | 840.25M | 761.01M | 806.02M | 3.44B |
| Minority Interest | 273.14M | 280.84M | 69.91M | 60.52M | 52.11M | 79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.11B |
Regulatory and concession uncertainty
As reported in recent financial statements, VIV has maintained a stable total asset base of approximately $128.9B as of 2026Q1, reflecting a disciplined approach to capital management while the company navigates the ongoing structural shift from legacy copper infrastructure to high-growth fiber and mobile data services.
The consistency in total assets suggests that management is effectively balancing the decommissioning of legacy assets with the deployment of new 5G and fiber infrastructure. This stability indicates that the company is not over-leveraging its balance sheet to fund growth, which supports a sustainable long-term trajectory.
Based on the company's reported figures, VIV maintains a conservative debt-to-equity ratio of 0.28 as of 2026Q1, which is significantly lower than regional peers and provides the firm with substantial financial flexibility to navigate Brazil's volatile macroeconomic environment and high interest rate cycles.
The recent spike in debt to $30.9B in 2025Q4 appears to be a temporary outlier, as the company quickly deleveraged to $19.6B by 2026Q1. This suggests that management prioritizes a strong balance sheet, likely to ensure continued dividend distributions and to maintain capacity for future spectrum auctions.
According to quarterly filings, VIV held $9.1B in cash as of 2026Q1, representing a significant liquidity buffer that, when combined with a current ratio of 1.10, suggests the company is well-positioned to meet its short-term obligations despite the capital-intensive nature of its ongoing network modernization efforts.
The improvement in liquidity from the $4.4B cash position observed in 2023Q4 indicates a proactive approach to cash management. This liquidity cushion is essential for mitigating risks associated with potential regulatory shocks or sudden shifts in the competitive landscape of the Brazilian telecom market.
As indicated by the company's balance sheet, equity has remained remarkably stable at approximately $68.6B over the last ten quarters, demonstrating that VIV's aggressive dividend policy and capital return programs are effectively balanced by consistent earnings retention and disciplined management of its capital structure.
The stability of the equity base suggests that the company is not diluting shareholders to fund its operations, which is a positive signal for long-term investors. However, the volatility in retained earnings warrants further investigation to determine if this reflects non-recurring tax impacts or shifts in dividend payout timing.
Based on reported figures, VIV carries a substantial goodwill balance of $26.9B, which represents over 20% of total assets and warrants careful monitoring as it could become a source of balance sheet volatility if future returns on acquired assets fail to meet initial valuation expectations.
While this goodwill is largely a legacy of past acquisitions, it creates a potential vulnerability to impairment charges if competitive pressures in the fiber or mobile segments intensify. Investors should monitor whether the company's digital services diversification can generate sufficient returns to justify these carrying values.
Quick answers to the most common questions about buying VIV stock.
As of 2025, Telefônica Brasil S.A. (VIV) had total assets of $128.01B including $25.21B in current assets.
Telefônica Brasil S.A. (VIV) carries total debt of $30.88B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Telefônica Brasil S.A. (VIV) has total shareholders' equity (book value) of $68.69B ($42.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Telefônica Brasil S.A. (VIV) reported a current ratio of 1.00x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.