AT&T Inc. (T) Financial Ratios
30 years of historical data (1996–2025) · Communication Services · Telecommunications Services
EV/EBITDA
↑
6.88
↓-30% vs avg
5yr avg: 9.84
30Y Low4.3·High21.6
P/FCF
↓
7.94
↓-20% vs avg
5yr avg: 9.87
30Y Low5.7·High105.3
P/B Ratio
↑
1.23
+6% vs avg
5yr avg: 1.17
30Y Low0.8·High10.1
ROE
↑
17.6%
↓+97% vs avg
5yr avg: 8.9%
30Y Low-6%·High62%
Debt/EBITDA
↓
3.86
↓-27% vs avg
5yr avg: 5.31
30Y Low1.0·High11.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
T Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
AT&T Inc. trades at 7.3x earnings, 25% below its 5-year average of 9.7x, sitting at the 11th percentile of its historical range. Compared to the Communication Services sector median P/E of 15.3x, the stock trades at a discount of 52%. On a free-cash-flow basis, the stock trades at 7.9x P/FCF, 20% below the 5-year average of 9.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $154.3B | $178.3B | $164.0B | $121.8B | $139.7B | $139.3B | $155.9B | $216.8B | $146.6B | $181.5B | $198.7B |
| Enterprise Value | $310.1B | $334.1B | $301.7B | $270.0B | $290.7B | $315.9B | $325.8B | $389.6B | $317.9B | $295.3B | $316.4B |
| P/E Ratio → | 7.27 | 8.17 | 15.28 | 8.52 | — | 6.80 | — | 15.61 | 7.56 | 6.17 | 15.29 |
| P/S Ratio | 1.23 | 1.42 | 1.34 | 0.99 | 1.16 | 1.04 | 0.91 | 1.20 | 0.86 | 1.13 | 1.21 |
| P/B Ratio | 1.23 | 1.39 | 1.36 | 1.02 | 1.31 | 0.76 | 0.87 | 1.07 | 0.76 | 1.28 | 1.60 |
| P/FCF | 7.94 | 9.17 | 8.86 | 5.95 | 11.27 | 14.12 | 5.68 | 7.42 | — | 10.45 | 11.14 |
| P/OCF | 3.83 | 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
T EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
AT&T Inc.'s enterprise value stands at 6.9x EBITDA, 30% below its 5-year average of 9.8x. The Communication Services sector median is 9.7x, placing the stock at a 29% 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 | — | 2.66 | 2.47 | 2.21 | 2.41 | 2.36 | 1.90 | 2.15 | 1.86 | 1.84 | 1.93 |
| EV / EBITDA | 6.88 | 7.42 | 6.73 | 6.20 | 21.64 | 7.22 | 6.01 | 6.65 | 5.71 | 6.17 | 6.12 |
| EV / EBIT | 12.83 | 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 |
T Profitability
Margins and return-on-capital ratios measuring operating efficiency
AT&T Inc. earns an operating margin of 19.2%, significantly above the Communication Services sector average of 1.6%. Operating margins have compressed from 20.2% to 19.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 17.6% indicates solid capital efficiency. ROIC of 6.7% represents adequate 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 | 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% |
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 | 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% |
T Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
AT&T Inc. carries a Debt/EBITDA ratio of 3.9x, which is moderately leveraged (7% above the sector average of 3.6x). Net debt stands at $155.8B ($174.0B total debt minus $18.2B cash). Interest coverage of 5.0x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 |
T Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.91x is below 1.0, meaning current liabilities exceed current assets — though the company's $18.2B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.71x to 0.91x 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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
T Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
AT&T Inc. returns 8.1% to shareholders annually — split between a 5.2% dividend yield and 2.9% buyback yield. The payout ratio of 37.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 13.8% (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 | 5.2% | 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% |
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 | 13.8% | 12.2% | 6.5% | 11.7% | — | 14.7% | — | 6.4% | 13.2% | 16.2% | 6.5% |
| FCF Yield | 12.6% | 10.9% | 11.3% | 16.8% | 8.9% | 7.1% | 17.6% | 13.5% | — | 9.6% | 9.0% |
| Buyback Yield | 2.9% | 2.5% | 0.1% | 0.2% | 0.6% | 0.1% | 3.5% | 1.1% | 0.4% | 0.3% | 0.3% |
| Total Shareholder Yield | 8.1% | 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 |
Peer Comparison
Compare T 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 |
|---|---|---|---|---|---|---|---|---|---|
 TYou | $154B | 7.3 | 6.9 | 7.9 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
 VZ | $191B | 11.2 | 7.8 | 9.5 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
 TMUS | $195B | 18.5 | 9.7 | 18.8 | 47.6% | 21.2% | 18.2% | 8.1% | 3.8 |
 LUMN | $8B | -4.6 | 9.8 | 22.5 | 46.5% | -1.5% | — | -0.8% | 6.9 |
 CHTR | $16B | 3.5 | 5.1 | 3.6 | 46.3% | 24.3% | 24.8% | 8.6% | 4.4 |
 CMCSA | $81B | 4.1 | 4.9 | 3.7 | 60.1% | 16.7% | 21.6% | 8.2% | 3.0 |
 CABO | $232M | -0.6 | 4.4 | 0.8 | 51.3% | 26.5% | -22.1% | 6.1% | 4.3 |
 ATUS | $539M | -8.6 | 7.7 | 3.6 | — | -1.3% | — | -0.8% | 0.2 |
 AAPL | $4.4T | 39.8 | 30.7 | 44.1 | 46.9% | 32.0% | 171.4% | 67.4% | 0.8 |
 QCOM | $234B | 44.3 | 17.4 | 18.2 | 55.4% | 27.9% | 23.3% | 29.1% | 1.2 |
 NOK | $83B | 114.8 | 37.9 | 51.3 | 43.5% | 3.9% | 3.1% | 3.0% | 2.7 |
| Communication Services Median | — | 15.3 | 9.7 | 11.2 | 48.5% | 1.6% | 2.0% | 2.6% | 3.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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T — Frequently Asked Questions
Quick answers to the most common questions about buying T stock.
What is AT&T Inc.'s P/E ratio?
AT&T Inc.'s current P/E ratio is 7.3x. The historical average is 13.2x. This places it at the 11th percentile of its historical range.
What is AT&T Inc.'s EV/EBITDA?
AT&T Inc.'s current EV/EBITDA is 6.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
What is AT&T Inc.'s ROE?
AT&T Inc.'s return on equity (ROE) is 17.6%. The historical average is 16.7%.
Is T stock overvalued?
Based on historical data, AT&T Inc. is trading at a P/E of 7.3x. This is at the 11th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is AT&T Inc.'s dividend yield?
AT&T Inc.'s current dividend yield is 5.16% with a payout ratio of 37.4%.
What are AT&T Inc.'s profit margins?
AT&T Inc. has 79.8% gross margin and 19.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does AT&T Inc. have?
AT&T Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.