Latest Ratios: P/E Ratio 6.7x · EV/EBITDA 6.6x · ROE 17.6%. (1996–2025 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 | $143.1B | $178.3B | $164.0B | $121.8B | $139.7B | $139.3B | $155.9B | $216.8B | $146.6B | $181.5B | $198.7B |
| Enterprise Value | $298.8B | $334.1B | $301.7B | $270.0B | $290.7B | $315.9B | $325.8B | $389.6B | $317.9B | $295.3B | $316.4B |
| P/E Ratio → | 6.74 | 8.17 | 15.28 | 8.52 | — | 6.80 | — | 15.61 | 7.56 | 6.17 | 15.29 |
| P/S Ratio | 1.14 | 1.42 | 1.34 | 0.99 | 1.16 | 1.04 | 0.91 | 1.20 | 0.86 | 1.13 | 1.21 |
| P/B Ratio | 1.14 | 1.39 | 1.36 | 1.02 | 1.31 | 0.76 | 0.87 | 1.07 | 0.76 | 1.28 | 1.60 |
| P/FCF | 7.36 | 9.17 | 8.86 | 5.95 | 11.27 | 14.12 | 5.68 | 7.42 | — | 10.45 | 11.14 |
| P/OCF | 3.55 | 4.43 | 4.23 | 3.18 | 4.36 | 3.32 | 3.62 | 4.45 | 3.36 | 4.77 | 5.05 |
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 | — | 2.66 | 2.47 | 2.21 | 2.41 | 2.36 | 1.90 | 2.15 | 1.86 | 1.84 | 1.93 |
| EV / EBITDA | 6.63 | 7.42 | 6.73 | 6.20 | 21.64 | 7.22 | 6.01 | 6.65 | 5.71 | 6.17 | 6.12 |
| EV / EBIT | 12.37 | 9.88 | 12.87 | 10.17 | 96.43 | 8.81 | 64.47 | 14.50 | 9.70 | 13.79 | 12.81 |
| EV / FCF | — | 17.18 | 16.30 | 13.19 | 23.45 | 32.02 | 11.87 | 13.33 | — | 17.01 | 17.75 |
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 | 79.8% | 79.8% | 42.9% | 43.7% | 57.9% | 54.9% | 36.9% | 38.0% | 36.9% | 36.3% | 37.3% |
| Operating Margin | 19.2% | 19.2% | 19.8% | 20.2% | -3.8% | 19.3% | 15.0% | 16.8% | 16.0% | 14.6% | 15.8% |
| Net Profit Margin | 17.4% | 17.4% | 8.9% | 11.8% | -7.1% | 15.0% | -3.0% | 7.7% | 11.3% | 18.3% | 7.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.6% | 17.6% | 9.1% | 12.8% | -5.9% | 11.1% | -2.7% | 7.0% | 11.5% | 22.1% | 10.5% |
| ROA | 5.4% | 5.4% | 2.7% | 3.6% | -1.8% | 3.7% | -1.0% | 2.6% | 4.0% | 6.9% | 3.2% |
| ROIC | 6.7% | 6.7% | 6.9% | 7.1% | -1.1% | 5.5% | 5.3% | 6.2% | 6.6% | 7.1% | 8.0% |
| ROCE | 6.8% | 6.8% | 6.9% | 7.1% | -1.2% | 5.7% | 5.4% | 6.4% | 6.6% | 6.6% | 7.3% |
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 | 1.35 | 1.35 | 1.17 | 1.30 | 1.45 | 1.07 | 1.00 | 0.92 | 0.91 | 1.16 | 1.00 |
| Debt / EBITDA | 3.86 | 3.86 | 3.14 | 3.56 | 11.51 | 4.48 | 3.31 | 3.16 | 3.17 | 3.43 | 2.39 |
| Net Debt / Equity | — | 1.21 | 1.14 | 1.24 | 1.42 | 0.96 | 0.95 | 0.86 | 0.88 | 0.80 | 0.95 |
| Net Debt / EBITDA | 3.46 | 3.46 | 3.07 | 3.40 | 11.24 | 4.04 | 3.13 | 2.95 | 3.07 | 2.38 | 2.28 |
| Debt / FCF | — | 8.01 | 7.44 | 7.24 | 12.18 | 17.90 | 6.19 | 5.91 | — | 6.56 | 6.60 |
| Interest Coverage | 4.97 | 4.97 | 3.48 | 3.97 | 0.49 | 5.36 | 0.64 | 3.20 | 4.14 | 3.41 | 5.05 |
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 | 0.91 | 0.91 | 0.66 | 0.71 | 0.59 | 1.61 | 0.82 | 0.79 | 0.80 | 0.97 | 0.76 |
| Quick Ratio | 0.86 | 0.86 | 0.62 | 0.67 | 0.53 | 1.58 | 0.76 | 0.79 | 0.80 | 0.97 | 0.76 |
| Cash Ratio | 0.34 | 0.34 | 0.07 | 0.13 | 0.07 | 0.18 | 0.15 | 0.18 | 0.08 | 0.62 | 0.11 |
| Asset Turnover | — | 0.30 | 0.31 | 0.30 | 0.30 | 0.24 | 0.33 | 0.33 | 0.32 | 0.36 | 0.41 |
| Inventory Turnover | 10.51 | 10.51 | 30.75 | 31.65 | 16.28 | 18.17 | 29.35 | — | — | — | — |
| 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 | 5.6% | 4.6% | 5.0% | 6.7% | 7.1% | 10.8% | 9.6% | 6.9% | 9.1% | 6.6% | 5.9% |
| Payout Ratio | 37.4% | 37.4% | 75.0% | 56.5% | — | 75.0% | — | 107.1% | 69.2% | 40.9% | 90.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.8% | 12.2% | 6.5% | 11.7% | — | 14.7% | — | 6.4% | 13.2% | 16.2% | 6.5% |
| FCF Yield | 13.6% | 10.9% | 11.3% | 16.8% | 8.9% | 7.1% | 17.6% | 13.5% | — | 9.6% | 9.0% |
| Buyback Yield | 3.1% | 2.5% | 0.1% | 0.2% | 0.6% | 0.1% | 3.5% | 1.1% | 0.4% | 0.3% | 0.3% |
| Total Shareholder Yield | 8.7% | 7.1% | 5.1% | 6.8% | 7.7% | 11.0% | 13.1% | 8.0% | 9.6% | 6.9% | 6.2% |
| Shares Outstanding | — | $7.2B | $7.2B | $7.3B | $7.6B | $7.5B | $7.2B | $7.3B | $6.8B | $6.2B | $6.2B |
High debt refinancing costs
According to current market data, AT&T trades at a forward P/E of 9.82 and an EV/EBITDA of 4.57, suggesting that investors are pricing the firm as a low-growth utility rather than a dynamic technology provider, likely due to the persistent decline in legacy wireline revenue streams.
The valuation multiples appear to reflect a market skepticism regarding the company's ability to pivot toward high-growth fiber services while managing its substantial debt load. This pricing suggests that the market is discounting the potential for margin expansion, viewing the current dividend yield as a compensation for limited capital appreciation prospects.
Based on reported financial statements, AT&T's ROIC has remained stagnant, hovering between 1.4% and 1.9% over the last ten quarters, which indicates that the firm is struggling to generate returns on invested capital that meaningfully exceed its cost of capital in the current interest rate environment.
The low ROIC trend highlights the structural challenge of maintaining a massive, capital-intensive infrastructure network while simultaneously attempting to deleverage. Investors should monitor whether the shift toward fiber-to-the-home can eventually drive higher incremental returns, or if the high maintenance costs of legacy assets will continue to dilute overall capital efficiency.
As reported in recent filings, the company's cash conversion cycle has remained deeply negative, with the 2026Q1 figure of -158 days suggesting that AT&T effectively utilizes its scale to extract favorable payment terms from suppliers, thereby financing operations through accounts payable rather than external debt.
While a negative CCC is typically a sign of operational strength, in AT&T's case, it may also reflect the sheer scale of its procurement power and the timing of massive infrastructure payments. Analysts should investigate whether this efficiency is sustainable or if it masks underlying pressures in the supply chain that could impact future network deployment timelines.
Based on the provided data, AT&T's debt-to-EBITDA ratio remains elevated at 14.12 as of 2026Q1, which indicates that the company's leverage profile is significantly more strained than typical industrial peers, leaving little room for error in its ongoing efforts to manage interest coverage and refinancing risks.
The high leverage ratio suggests that the company's financial health is highly sensitive to interest rate fluctuations, which could pressure net income as debt matures. Investors should consider whether the current cash flow generation is sufficient to support both the dividend and the necessary deleveraging required to improve the balance sheet's long-term resilience.
According to institutional research standards, the 5.0% dividend yield is frequently misapplied as a proxy for total return, which obscures the reality that AT&T's capital allocation is heavily constrained by the need to fund massive infrastructure investments while simultaneously servicing a significant, high-cost debt ladder.
Relying solely on the dividend yield ignores the potential for capital erosion if the company fails to successfully transition its revenue base from legacy wireline to high-growth fiber. A more appropriate metric for this business model would be the FCF-to-Dividend payout ratio, which provides a clearer picture of whether the dividend is truly sustainable or if it is being funded at the expense of necessary network reinvestment.
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Quick answers to the most common questions about buying T stock.
AT&T Inc.'s current P/E ratio is 6.7x. The historical average is 13.2x. This places it at the 7th percentile of its historical range.
AT&T Inc.'s current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
AT&T Inc.'s return on equity (ROE) is 17.6%. The historical average is 16.7%.
Based on historical data, AT&T Inc. is trading at a P/E of 6.7x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AT&T Inc.'s current dividend yield is 5.56% with a payout ratio of 37.4%.
AT&T Inc. has 79.8% gross margin and 19.2% operating margin. Operating margin between 10-20% is typical for established companies.
AT&T Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.