Latest Ratios: P/E Ratio 23.4x · EV/EBITDA 10.6x · 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 | $1.3B | $1.5B | $2.0B | $1.7B | $2.0B | $2.9B | $2.2B | $3.5B | $2.6B | $2.5B | $2.7B |
| Enterprise Value | $2.9B | $3.0B | $3.6B | $3.3B | $3.6B | $4.4B | $3.5B | $4.7B | $3.8B | $3.7B | $3.7B |
| P/E Ratio → | 23.42 | 20.58 | 27.94 | 26.80 | 36.81 | 79.85 | 62.78 | 54.64 | 95.64 | 60.70 | 59.83 |
| P/S Ratio | 3.03 | 3.33 | 4.39 | 3.90 | 4.78 | 7.61 | 6.38 | 9.50 | 7.79 | 7.78 | 9.23 |
| P/B Ratio | 1.52 | 1.33 | 1.79 | 1.49 | 1.70 | 2.36 | 1.75 | 2.69 | 3.21 | 2.90 | 3.25 |
| P/FCF | 13.95 | 15.31 | 14.68 | 16.25 | 30.94 | 44.85 | 34.62 | 53.23 | 31.38 | 24.92 | 43.22 |
| P/OCF | 7.92 | 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 | 10.61 | 11.09 | 14.19 | 13.88 | 15.31 | 20.34 | 17.77 | 22.63 | 9.15 | 9.26 | 9.98 |
| EV / EBIT | 19.87 | 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 | 6.4% | 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 | 4.3% | 4.9% | 3.6% | 3.7% | 2.7% | 1.3% | 1.6% | 1.8% | 1.0% | 1.6% | 1.7% |
| FCF Yield | 7.2% | 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 | 6.5% | 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 |
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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 23.4x. The historical average is 54.2x. This places it at the 7th percentile of its historical range.
American Assets Trust, Inc.'s current EV/EBITDA is 10.6x. 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 23.4x. This is at the 7th 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 6.36% 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.
Key Metrics
Top Statement Risk
West Coast office exposure
Metrics are mathematically derived from official filings.
Valuation Discount Persists
AAT trades at 13.7x forward P/FFO, a discount to diversified peers, despite a 6.0% dividend yield, as per the latest quarterly data.
The market's application of a diversification discount appears to persist, with AAT's P/FFO of 13.7x in Q2 2026 sitting below the broader REIT average. This discount may reflect concerns over the West Coast office portfolio, yet the implied cap rate, derived from NOI and enterprise value, suggests the non-office assets are being undervalued. Investors should monitor whether the discount narrows as the retail and multifamily segments demonstrate resilience.
NOI Margin Resilience Amid Decline
NOI margin improved to 62.0% in Q2 2026 from 61.3% a year earlier, as reported in financial statements, despite a 4.7% revenue drop.
The margin expansion indicates effective cost controls, likely from NNN lease escalations and operational efficiencies, offsetting occupancy losses. However, FFO per share fell 4.5% year-over-year, suggesting that margin gains are insufficient to counter revenue contraction. The sustainability of this margin hinges on the office segment's ability to stabilize occupancy, which remains a key risk.
Payout Ratio Creeps Higher
FFO payout ratio rose to 69.2% in Q2 2026 from 52.1% a year earlier, as per the latest quarterly data, signaling tighter dividend coverage.
The increase in the payout ratio reflects both lower FFO and stable dividends, leaving less retained cash flow for reinvestment. AFFO coverage is even thinner, with AFFO per share of $0.18 versus a dividend of $0.35, implying a payout ratio above 100% on an AFFO basis. This suggests the dividend may be partially funded by capital reserves or debt, warranting close monitoring if AFFO does not recover.
Leverage Stable but Coverage Thin
Debt-to-equity of 1.63 and interest coverage of 1.34x in Q2 2026, as reported in the balance sheet, indicate a stable yet highly levered profile.
While the debt-to-equity ratio appears low for a REIT, the interest coverage of 1.34x is concerning, barely above 1.0x, leaving little room for earnings volatility. The company's fixed-rate exposure and maturity profile are not disclosed, but the low coverage suggests refinancing risk if rates remain elevated. Investors should monitor the upcoming debt maturities and the company's ability to maintain coverage above 1.5x.
Occupancy Pressures in Office
Same-store NOI declined 3.6% year-over-year in Q2 2026, as per the quarterly data, with office occupancy likely driving the contraction.
The portfolio's heavy concentration in West Coast office markets, particularly San Diego and Bellevue, exposes it to structural headwinds from remote work. In contrast, the retail and multifamily segments appear more resilient, benefiting from high-income coastal locations. The leased-versus-occupied spread will be critical to watch, as it may signal future occupancy gains or further losses.
P/E Misleads REIT Valuation
Standard P/E of 24.8x is distorted by depreciation, as net income of $5.4M versus FFO of $38.1M in Q2 2026, per the income statement, shows.
For REITs, P/E is often misleading because depreciation is a non-cash charge that reduces net income but not distributable cash flow. AAT's P/E of 24.8x appears elevated, but on a P/FFO basis, the multiple is 13.7x, which is more reasonable. Investors should use P/FFO or P/AFFO for valuation, and also consider the implied cap rate to assess property-level returns.