no slapps: VZ is not my cup of tea. It sells for 3+ times stated book value. Even worse, it has negative book value if you subtract intangibles, which is my usual practice. Then, it has gazzillions of $ of debt. Finally, it is in an even more competitive industry than NPK.
If you think NPK is risky, then I think VZ is off the charts! No sale.
Trouble is one has to wait until next year to see the dividend. But your analysis is good since I also subtract out worthless assets, watch out for excessive leverage, look for cash generation, watch insider activity and share issuance. In fact, one of the best games is to buy a stock that has issued stock when overpriced, then buy it on the cheap in down markets if the cash remains. Right now I've pretty much gone into cash since this bubble is about to pop. And I like to short.