COMP <GO>

VIV vs NFLX // PIOTROSKI F-SCORE QUALITY

Telefonica Brasil S.A. American (NYSE) VS. Netflix, Inc. (NASDAQ) • 15-METRIC TALLY: VIV 3 — NFLX 11

▲ PIOTROSKI F-SCORE QUALITY LEADER: VIV

LAST: $11.28 (-1.40%) • MKT CAP: $18.28B

piotroski-score

8/9

LAST: $62.08 (+0.05%) • MKT CAP: $254.92B

piotroski-score

7/9

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (VIV VS. NFLX) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	VIV	NFLX	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	50.68%	-9.68	NFLX	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	33.94%	-24.04	NFLX	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	16.2x	+4.80	NFLX	/valuation <GO>
Free Cash Flow Yield	2.21%	4.46%	-2.25	NFLX	/fcf-yield <GO>
Operating Margin	13.90%	31.30%	-17.40	NFLX	/operating-margins <GO>
Net Profit Margin	10.90%	29.69%	-18.79	NFLX	/net-margins <GO>
Revenue Growth (YoY)	6.60%	14.65%	-8.05	NFLX	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	8.25	-4.51	NFLX	/balance-sheet <GO>
Piotroski F-Score Quality ACTIVE	8/9	7/9	+1.00	VIV	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.60%	7.26%	-0.66	VIV	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	37.1	30.6	+6.44	VIV	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.91	1.41	-0.50	NFLX	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	19.2x	+11.29	NFLX	/forward-pe <GO>
Enterprise Scale & Market Cap	$18.28B	$254.92B	-$236.64B	NFLX	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	VIV REV	NFLX REV	VIV GROSS %	NFLX GROSS %	VIV FCF	NFLX FCF
FY 2025	—	$45.18B	—	48.5%	—	$9.46B
FY 2024	—	$39.00B	—	46.1%	—	$6.92B
FY 2023	—	$33.72B	—	41.5%	—	$6.93B
FY 2022	—	$31.62B	—	39.4%	—	$1.62B
FY 2021	—	$29.70B	—	41.6%	—	-$132.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

VIV // BETA 0.91

NFLX // BETA 1.41