Earlier this week, the oft-rumored union of wireless telecom outfits T-Mobile Us Inc (NASDAQ:TMUS) and Sprint Corp (NYSE:S) finally became… well, as close to official as it’s been yet. Both organizations say they’ve reached an agreement each can live with.

On the surface, it appears like it could mean bad news for already-pressured AT&T Inc. (NYSE:T), and even for industry-leading Verizon Communications Inc. (NYSE:VZ). Verizon stock fell more than 1% on Monday following the Sprint/T-Mobile news, while the overall market edged a little higher.

The worry may not be merited, though. Verizon’s got more going for it than any other individual wireless provider, and that bodes well for Verizon stock. Three items stand out above the rest, and all three will be tough for any competitor to thwart.

5G

The average consumer may see the advent of 5G broadband connectivity simply as the next evolution of wireless internet, much like the move from 3G to 4G. There’s so much more to it than that, however. With 5G, you set the stage for the rise of the Internet of Things in a way that’s simply not possible with 4G. 5G also serves as a viable alternative to home-based (wired) broadband.

And Verizon is arguably ahead of its rivals in that regard.

As Craig Moffett of Moffett-Nathanson explains:

“It’s good to be ambitious, but Verizon’s ambitions in 5G are well ahead of the rest of the industry’s, particularly in fixed wireless broadband (FWBB). By and large, their peers and competitors see millimeter wave-based fixed wireless to be something closer to a niche technology, with all the limitations that come from what they expect to be largely line-of-sight-only spectrum. Verizon stands apart in its view that millimeter wave FWBB can propagate much farther, and through many more obstructions, than do its peers.”

Still the Wireless Leader

Wireless revenue is declining, to be clear, or at least had been. Last quarter’s wireless revenue was flat, once adjusted, on a year-over-year basis, indicating some stability after a long stretch of waning revenue stemming from a competitive price war. That’s a war Verizon is better positioned than any other player to wage, however.

Part of Verizon’s edge is the simple fact that it owns the most market share in the United States, and as such has the power to dictate the proverbial rules of warfare. Specifically, it controls 35% of the market and does a superior job of holding onto its existing customers as it adds new ones.

Though AT&T is a close second with a 33% share, AT&T has also been highly distracted of late. Its current distraction is an effort to acquire Time Warner Inc (NYSE:TWX), which has given rise to a nagging legal battle. Though deal-making like the 2015 acquisition of DirecTV has also set the stage for AT&T’s inability to remain focused on keeping the customers it has.

Verizon hasn’t suffered the same trappings, even as it had to navigate the tricky waters of its Yahoo deal.

Strategically Smart

Last but not least (and perhaps an extension of the previous attribute), Verizon isn’t interested in aimless deal-making just for the sake of deal-making. It looks at deals with the plausible bottom line in mind and is willing to say “no” when that’s the right thing to say.

And by and large, while it was willing to work its way into the internet media arena with purchases of Yahoo and AOL, it wouldn’t have taken the same bait AT&T did when it opted to team up with Time Warner.

CFO Matthew Ellis recently said of the matter: “We think the best approach for us, in this point in time, is to be that independent distributor of rights. We’ll be very effective in doing that.”

He’s right, demonstrating discipline and keen wisdom about how the telco business actually works.

Bottom Line for Verizon Stock

Should I buy VZ stock? That is the ultimate question you may be asking here, especially if you were on the fence but a bit jarred by the Sprint/T-Mobile news.

In a word, yes, Verizon stock is no less ownership worthy now than it was a week ago, or a year ago. Even assuming T-Mobile and Sprint don’t run into an antitrust headwind, the combination of those two companies still pose no real threat to Verizon — at least not one it can’t prepare for.

It’s not bulletproof, mind you. With AT&T running a close second and a T-Mobile/Sprint combo that at least has to be respected even if not feared, Verizon will have to remain competitive. That’s not likely to be a problem, though, if for no other reason than Verizon can use its size and deep pockets to stay ahead of the competition.

The forward-looking P/E of 11 doesn’t hurt the bullish case on Verizon stock either.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can follow him on Twitter, at @jbrumley.