Latest Ratios: P/E Ratio 27.3x · EV/EBITDA 11.4x · ROE 6.4%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.5B | $2.0B | $1.7B | $2.0B | $2.9B | $2.2B | $3.5B | $2.6B | $2.5B | $2.7B |
| Enterprise Value | $3.1B | $3.0B | $3.6B | $3.3B | $3.6B | $4.4B | $3.5B | $4.7B | $3.8B | $3.7B | $3.7B |
| P/E Ratio → | 27.35 | 20.58 | 27.94 | 26.80 | 36.81 | 79.85 | 62.78 | 54.64 | 95.64 | 60.70 | 59.83 |
| P/S Ratio | 3.54 | 3.33 | 4.39 | 3.90 | 4.78 | 7.61 | 6.38 | 9.50 | 7.79 | 7.78 | 9.23 |
| P/B Ratio | 1.77 | 1.33 | 1.79 | 1.49 | 1.70 | 2.36 | 1.75 | 2.69 | 3.21 | 2.90 | 3.25 |
| P/FCF | 16.28 | 15.31 | 14.68 | 16.25 | 30.94 | 44.85 | 34.62 | 53.23 | 31.38 | 24.92 | 43.22 |
| P/OCF | 9.24 | 8.69 | 9.70 | 9.10 | 11.28 | 16.98 | 17.31 | 22.66 | 18.87 | 16.80 | 22.21 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.95 | 7.90 | 7.59 | 8.62 | 11.70 | 10.15 | 12.95 | 11.54 | 11.72 | 12.68 |
| EV / EBITDA | 11.42 | 11.09 | 14.19 | 13.88 | 15.31 | 20.34 | 17.77 | 22.63 | 9.15 | 9.26 | 9.98 |
| EV / EBIT | 21.39 | 20.16 | 24.39 | 25.67 | 31.70 | 45.83 | 39.29 | 41.29 | 47.87 | 39.21 | 38.12 |
| EV / FCF | — | 31.94 | 26.40 | 31.66 | 55.82 | 68.97 | 55.09 | 72.52 | 46.52 | 37.55 | 59.35 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.1% | 61.1% | 63.4% | 62.8% | 63.9% | 65.5% | 64.8% | 64.0% | 63.3% | 63.0% | 63.4% |
| Operating Margin | 33.5% | 33.5% | 28.2% | 27.6% | 27.1% | 26.6% | 25.7% | 31.0% | 24.0% | 29.7% | 33.2% |
| Net Profit Margin | 16.4% | 16.4% | 15.9% | 14.7% | 13.2% | 9.7% | 10.3% | 16.4% | 8.2% | 12.7% | 15.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.4% | 6.4% | 6.4% | 5.5% | 4.7% | 3.0% | 2.8% | 5.7% | 3.3% | 4.8% | 5.5% |
| ROA | 2.3% | 2.3% | 2.3% | 2.2% | 1.9% | 1.3% | 1.3% | 2.4% | 1.2% | 1.9% | 2.3% |
| ROIC | 4.1% | 4.1% | 3.5% | 3.3% | 3.1% | 2.8% | 2.6% | 3.7% | 2.9% | 3.6% | 4.0% |
| ROCE | 4.9% | 4.9% | 4.3% | 4.2% | 4.0% | 3.6% | 3.3% | 4.8% | 3.7% | 4.5% | 5.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.56 | 1.56 | 1.81 | 1.48 | 1.41 | 1.39 | 1.15 | 1.05 | 1.61 | 1.57 | 1.27 |
| Debt / EBITDA | 6.24 | 6.24 | 7.98 | 7.10 | 7.03 | 7.76 | 7.30 | 6.49 | 3.09 | 3.32 | 2.83 |
| Net Debt / Equity | — | 1.45 | 1.43 | 1.41 | 1.37 | 1.27 | 1.04 | 0.98 | 1.55 | 1.47 | 1.21 |
| Net Debt / EBITDA | 5.77 | 5.77 | 6.30 | 6.76 | 6.82 | 7.11 | 6.60 | 6.02 | 2.98 | 3.11 | 2.71 |
| Debt / FCF | — | 16.62 | 11.73 | 15.41 | 24.88 | 24.12 | 20.47 | 19.30 | 15.14 | 12.63 | 16.13 |
| Interest Coverage | 1.92 | 1.92 | 1.99 | 2.02 | 1.97 | 1.64 | 1.67 | 2.13 | 1.53 | 1.75 | 1.89 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.04 | 2.04 | 5.92 | 2.54 | 1.10 | 2.32 | 1.15 | 1.73 | 0.57 | 2.28 | 1.10 |
| Quick Ratio | 2.04 | 2.04 | 5.92 | 2.54 | 1.10 | 2.32 | 1.15 | 1.73 | 0.62 | 2.40 | 1.38 |
| Cash Ratio | 1.19 | 1.19 | 4.21 | 0.84 | 0.36 | 1.36 | 0.70 | 0.95 | 0.41 | 1.85 | 0.77 |
| Asset Turnover | — | 0.15 | 0.14 | 0.15 | 0.14 | 0.12 | 0.12 | 0.13 | 0.15 | 0.14 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.5% | 7.2% | 5.1% | 5.9% | 4.9% | 3.1% | 3.5% | 2.3% | 2.7% | 2.8% | 2.4% |
| Payout Ratio | 147.5% | 147.5% | 142.0% | 157.0% | 175.8% | 243.0% | 215.0% | 133.9% | 258.2% | 168.3% | 140.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 4.9% | 3.6% | 3.7% | 2.7% | 1.3% | 1.6% | 1.8% | 1.0% | 1.6% | 1.7% |
| FCF Yield | 6.1% | 6.5% | 6.8% | 6.2% | 3.2% | 2.2% | 2.9% | 1.9% | 3.2% | 4.0% | 2.3% |
| Buyback Yield | 0.2% | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.6% | 7.4% | 5.2% | 6.0% | 4.9% | 3.1% | 3.5% | 2.3% | 2.7% | 2.8% | 2.4% |
| Shares Outstanding | — | $77M | $77M | $76M | $76M | $76M | $76M | $76M | $64M | $64M | $63M |
West Coast office exposure
Based on recent market data, AAT's P/FFO multiple has compressed to 13.95x as of 2026Q1, reflecting investor skepticism toward the company's diversified model and the broader headwinds facing its core West Coast office portfolio compared to historical trading ranges that often exceeded 18x.
The current valuation appears to incorporate a significant diversification discount, as the market struggles to reconcile the stability of Hawaii retail assets with the secular decline in office demand. Investors should monitor whether this multiple contraction represents a permanent re-rating or a temporary dislocation that ignores the underlying asset quality.
According to quarterly financial disclosures, AAT's NOI margin has trended toward 60.5% in 2026Q1, indicating that while the portfolio maintains high-end rent potential, the inability to consistently expand margins suggests rising property-level operating costs are offsetting organic growth in the retail and multifamily segments.
The stagnation in NOI margins suggests that the company is facing difficulty in passing through inflationary operating expenses, particularly within its office holdings. This trend warrants further investigation into whether the current margin profile is sustainable or if further contraction is likely as office occupancy remains under pressure.
As reported in recent financial statements, the FFO payout ratio reached 70.4% in 2026Q1, a notable increase from the 31.1% observed in 2025Q1, which suggests that dividend coverage is becoming increasingly sensitive to the company's fluctuating FFO per share performance.
The rising payout ratio indicates a narrowing margin of safety for the dividend, particularly as recurring capital expenditures for tenant improvements continue to weigh on AFFO. Institutional investors should monitor whether management prioritizes dividend maintenance over the capital reinvestment required to stabilize the office portfolio.
Based on reported figures, AAT maintains a debt-to-equity ratio of 1.59 as of 2026Q1, which appears exceptionally conservative for a diversified REIT and suggests a balance sheet strategy focused on risk mitigation rather than aggressive, debt-funded expansion in the current high-rate environment.
While the low leverage profile provides a buffer against interest rate volatility, it may also indicate limited capacity for transformative acquisitions. The interest coverage ratio of 1.34x warrants close observation, as it suggests that the company's ability to service debt is tightening alongside its operational cash flow.
Market participants frequently misapply the standard P/E ratio to AAT, which obscures the company's true cash-generating capacity by failing to account for the significant non-cash depreciation charges inherent in the REIT business model, as evidenced by the 27.37x P/E versus the more relevant FFO-based metrics.
Using P/E for a REIT like AAT is fundamentally misleading because it treats depreciation as a cash expense, thereby artificially depressing earnings. Analysts should instead utilize P/AFFO to account for the recurring capital expenditures required to maintain the portfolio, which provides a more accurate picture of distributable cash flow.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying AAT stock.
American Assets Trust, Inc.'s current P/E ratio is 27.3x. The historical average is 54.2x. This places it at the 14th percentile of its historical range.
American Assets Trust, Inc.'s current EV/EBITDA is 11.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
American Assets Trust, Inc.'s return on equity (ROE) is 6.4%. The historical average is 4.1%.
Based on historical data, American Assets Trust, Inc. is trading at a P/E of 27.3x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American Assets Trust, Inc.'s current dividend yield is 5.45% with a payout ratio of 147.5%.
American Assets Trust, Inc. has 61.1% gross margin and 33.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
American Assets Trust, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.