American Assets Trust, Inc. (AAT) Financial Ratios
18 years of historical data (2008–2025) · Real Estate · REIT - Diversified
EV/EBITDA
↓
10.52
↓-30% vs avg
5yr avg: 14.96
30Y Low9.2·High22.6
P/FCF
↓
13.67
↓-44% vs avg
5yr avg: 24.41
30Y Low14.7·High53.2
P/B Ratio
↓
1.49
↓-14% vs avg
5yr avg: 1.73
30Y Low1.3·High3.2
ROE
↑
6.4%
↓+24% vs avg
5yr avg: 5.2%
30Y Low-4%·High8%
Debt/EBITDA
↓
6.24
↓-14% vs avg
5yr avg: 7.22
30Y Low2.8·High10.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AAT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
American Assets Trust, Inc. trades at 23.0x earnings, 40% below its 5-year average of 38.4x, sitting at the 7th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.3x, the stock trades at a discount of 6%. On a free-cash-flow basis, the stock trades at 13.7x P/FCF, 44% below the 5-year average of 24.4x.
| 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 → | 22.97 | 20.58 | 27.94 | 26.80 | 36.81 | 79.85 | 62.78 | 54.64 | 95.64 | 60.70 | 59.83 |
| P/S Ratio | 2.97 | 3.33 | 4.39 | 3.90 | 4.78 | 7.61 | 6.38 | 9.50 | 7.79 | 7.78 | 9.23 |
| P/B Ratio | 1.49 | 1.33 | 1.79 | 1.49 | 1.70 | 2.36 | 1.75 | 2.69 | 3.21 | 2.90 | 3.25 |
| P/FCF | 13.67 | 15.31 | 14.68 | 16.25 | 30.94 | 44.85 | 34.62 | 53.23 | 31.38 | 24.92 | 43.22 |
| P/OCF | 7.76 | 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
AAT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
American Assets Trust, Inc.'s enterprise value stands at 10.5x EBITDA, 30% below its 5-year average of 15.0x. The Real Estate sector median is 16.7x, placing the stock at a 37% discount on an enterprise-value basis.
| 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 | 10.52 | 11.09 | 14.19 | 13.88 | 15.31 | 20.34 | 17.77 | 22.63 | 9.15 | 9.26 | 9.98 |
| EV / EBIT | 19.70 | 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 |
AAT Profitability
Margins and return-on-capital ratios measuring operating efficiency
American Assets Trust, Inc. earns an operating margin of 33.5%, above the Real Estate sector average of 25.0%. Operating margins have expanded from 27.6% to 33.5% over the past 3 years, signaling improving operational efficiency. ROE of 6.4% is modest. ROIC of 4.1% represents below-average returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
AAT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
American Assets Trust, Inc. carries a Debt/EBITDA ratio of 6.2x, which is highly leveraged (20% below the sector average of 7.8x). Net debt stands at $1.6B ($1.7B total debt minus $129M cash). Interest coverage of just 1.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
AAT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
American Assets Trust, Inc.'s current ratio of 2.04x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 2.54x to 2.04x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
AAT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
American Assets Trust, Inc. returns 6.7% to shareholders annually — split between a 6.5% dividend yield and 0.2% buyback yield. The payout ratio exceeds 100% at 147.5%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 4.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 6.5% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 4.9% | 3.6% | 3.7% | 2.7% | 1.3% | 1.6% | 1.8% | 1.0% | 1.6% | 1.7% |
| FCF Yield | 7.3% | 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 | 6.7% | 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 |
Peer Comparison
Compare AAT with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AATYou | $1B | 23.0 | 10.5 | 13.7 | 61.1% | 33.5% | 6.4% | 4.1% | 6.2 |
 ESRT | $964M | 31.5 | 9.8 | 19.1 | 1.8% | 17.7% | 2.6% | 2.6% | 7.4 |
 UE | $3B | 29.8 | 16.6 | 15.2 | 8.6% | 26.8% | 6.8% | 3.2% | 6.3 |
 PECO | $5B | 45.3 | 16.3 | 23.9 | -1.4% | 27.2% | 4.3% | 3.0% | 5.4 |
 WHLR | $127M | -0.0 | 9.9 | 31.6 | 21.4% | 36.4% | 8.3% | 4.9% | 8.1 |
 NXRT | $758M | -23.7 | 18.6 | 9.1 | 84.3% | 11.1% | -8.9% | 1.1% | 12.6 |
 REG | $14B | 28.0 | 20.7 | 36.7 | 44.7% | 37.0% | 7.5% | 3.5% | 6.1 |
 KIM | $16B | 28.7 | 17.8 | 20.8 | 54.7% | 35.2% | 5.5% | 3.0% | 6.3 |
 BXP | $9B | 34.4 | 8.9 | 13.8 | 60.6% | 55.7% | 3.5% | 6.1% | 6.1 |
 HIW | $3B | 17.8 | 12.8 | 17.1 | 67.6% | 26.0% | 6.6% | 2.7% | 7.2 |
 CPT | $11B | 29.6 | 16.5 | 28.4 | 61.4% | 18.4% | 8.4% | 2.6% | 4.3 |
| Real Estate Median | — | 24.3 | 16.7 | 15.7 | 50.7% | 25.0% | 3.5% | 2.6% | 7.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 18 years · Updated daily
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Start ComparisonAAT — Frequently Asked Questions
Quick answers to the most common questions about buying AAT stock.
What is American Assets Trust, Inc.'s P/E ratio?
American Assets Trust, Inc.'s current P/E ratio is 23.0x. The historical average is 54.2x. This places it at the 7th percentile of its historical range.
What is American Assets Trust, Inc.'s EV/EBITDA?
American Assets Trust, Inc.'s current EV/EBITDA is 10.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
What is American Assets Trust, Inc.'s ROE?
American Assets Trust, Inc.'s return on equity (ROE) is 6.4%. The historical average is 4.1%.
Is AAT stock overvalued?
Based on historical data, American Assets Trust, Inc. is trading at a P/E of 23.0x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is American Assets Trust, Inc.'s dividend yield?
American Assets Trust, Inc.'s current dividend yield is 6.49% with a payout ratio of 147.5%.
What are American Assets Trust, Inc.'s profit margins?
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.
How much debt does American Assets Trust, Inc. have?
American Assets Trust, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.