YTD Verizon shares have lost roughly 14% of their value. This is because Verizon cornered itself into a zero-sum game:
1) Revenues are declining
2) Operating cash flows decline
3) CapEx remains at current level and could realistically be higher
4) free cash flow is unable to cover the dividend
5) Verizon borrows debt, increasing its finance cost and reducing its free cash flow which further increases the gap in the payout ratio.
6) Verizon sells assets, reducing its revenue and operating cash flow, which further increases the gap in the payout ratio.
7) Repeat until overleveraged.
GAME OVER! MARK MY WORDS!