Upside case
Bull case
$32+45.9%
TBB would need investors to value it at roughly 14x earnings — about 4x more generous than today's 9x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
AT&T Inc. 5.35% GLB NTS 66 (TBB) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
9
analysts
4 bullish · 0 bearish · 9 covering TBB
Strong Buy
0
Buy
4
Hold
5
Sell
0
Strong Sell
0
Consensus Target
$21
-1.8% vs today
Scenario Range
— – $32
Model bear to bull value window
Coverage
9
Published analyst ratings
Valuation Context
9.5x
Forward P/E · Market cap $133.1B
TBB price targets
Three scenarios for where TBB stock could go
Current
~$22
Confidence
40 / 100
Updated
May 1, 2026
Where we are now
Current · $22
Base
$24
Bull
$32
Market caseClosest to today
Base case
$24+12.3%
At 11x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
AT&T Inc. 5.35% GLB NTS 66
TBB · NYSECommunication ServicesTelecommunications ServicesDecember year-end
AT&T is a major telecommunications company providing wireless, broadband, and entertainment services primarily in the United States. It generates revenue through wireless service subscriptions (~60% of revenue), broadband and video services (~25%), and business wireline solutions (~15%). The company's competitive advantage lies in its extensive nationwide wireless network infrastructure and spectrum portfolio, which creates high barriers to entry.
Market Cap
$133.1B
Revenue TTM
$126.5B
Net Income TTM
$21.4B
Net Margin
16.9%
TBB Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
58%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+4.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.62/$0.53
Revenue
$30.8B/$30.5B
Q4 2025
EPS
$1.29/$0.54
Revenue
$30.7B/$30.9B
Q1 2026
EPS
$0.52/$0.46
Revenue
$33.5B/$32.9B
Q2 2026
EPS
$0.54/$0.55
Revenue
$31.5B/$31.3B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.62/$0.53 | +17.5% | $30.8B/$30.5B | +1.3% |
| Q4 2025 | $1.29/$0.54 | +140.2% | $30.7B/$30.9B | -0.5% |
| Q1 2026 | $0.52/$0.46 | +12.4% | $33.5B/$32.9B | +1.8% |
| Q2 2026 | $0.54/$0.55 | -2.2% | $31.5B/$31.3B | +0.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$127.4B
+0.7% YoY
FY2
$128.4B
+0.8% YoY
EPS Outlook
FY1
$3.34
+9.7% YoY
FY2
$3.41
+2.2% YoY
Trailing FCF (TTM)$10.6B
FCF Margin: 8.4%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
TBB beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
TBB Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $125.6B
Product Mix
Latest annual revenue by segment or product family
Wireless Service
55.8%
+3.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
United States
95.7%
+2.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Wireless Service is the largest disclosed segment at 55.8% of FY 2025 revenue, up 3.0% YoY.
United States is the largest reported region at 95.7%, up 2.9% YoY.
TBB Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $31 — implies +42.6% from today's price.
Upside to Fair Value
42.6%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
TBB
7.1x
vs
S&P 500
25.2x
72% discount
vs Communication Services Trailing P/E
TBB
7.1x
vs
Communication Services
15.5x
54% discount
vs TBB 5Y Avg P/E
Today
7.1x
vs
5Y Average
11.3x
37% discount
Forward PE
9.5x
S&P 500
19.1x
-50%
Communication Services
13.1x
-27%
5Y Avg
—
—
Trailing PE
7.1x
S&P 500
25.2x
-72%
Communication Services
15.5x
-54%
5Y Avg
11.3x
-37%
PEG Ratio
—
S&P 500
1.75x
—
Communication Services
0.66x
—
5Y Avg
—
—
EV/EBITDA
6.4x
S&P 500
15.3x
-58%
Communication Services
8.7x
-26%
5Y Avg
10.7x
-40%
Price/FCF
6.8x
S&P 500
21.3x
-68%
Communication Services
11.6x
-41%
5Y Avg
11.8x
-42%
Price/Sales
1.1x
S&P 500
3.1x
-66%
Communication Services
1.0x
+1%
5Y Avg
1.4x
-23%
Dividend Yield
5.26%
S&P 500
1.88%
+180%
Communication Services
3.38%
+55%
5Y Avg
5.65%
-7%
| Metric | TBB | S&P 500 | Communication Services | 5Y Avg TBB |
|---|---|---|---|---|
| Forward PE | 9.5x | 19.1x-50% | 13.1x-27% | — |
| Trailing PE | 7.1x | 25.2x-72% | 15.5x-54% | 11.3x-37% |
| PEG Ratio | — | 1.75x | 0.66x | — |
| EV/EBITDA | 6.4x | 15.3x-58% | 8.7x-26% | 10.7x-40% |
| Price/FCF | 6.8x | 21.3x-68% | 11.6x-41% | 11.8x-42% |
| Price/Sales | 1.1x | 3.1x-66% | 1.0x | 1.4x-23% |
| Dividend Yield | 5.26% | 1.88% | 3.38% | 5.65% |
TBB trades above S&P 500 benchmarks on 0 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolTBB Financial Health
Verdict
Exceptional
TBB earns 19.4% operating margin on regulated earnings, 5.3% dividend yield. Utilities carry higher leverage than industrials as a structural feature of the business model.
Regulated Operations
Revenue, regulated margins, and earnings
Revenue (TTM)
Trailing-twelve-month sales base
$126.5B
Revenue Growth
TTM vs prior year
+2.9%
Operating Margin
Operating income divided by revenue
19.4%
Net Margin
Net income divided by revenue
16.9%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$3.05
Operating Margin
Operating income over revenue — primary regulated earnings signal
19.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.7%
ROA
Return on assets, trailing twelve months
5.1%
Cash & Equivalents
Liquid assets on the balance sheet
$18.2B
Net Debt
Total debt minus cash
$155.8B
Debt Serviceability
Net debt as a multiple of annual free cash flow
14.7× FCF
Regulated utilities typically operate at 3–5× net debt/FCF — this is structural, not a risk flag.
ROE *
Return on equity, trailing twelve months
16.8%
* Elevated by buyback-compressed equity — compare ROIC (6.7%) for an undistorted picture of capital efficiency.
Shareholder Returns
How capital is returned to owners
Total shareholder yield
8.6%
Dividend
5.3%
Buyback
3.4%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$4.5B
Dividend / Share
Annualized trailing dividend per share
$1.14
Payout Ratio
Share of earnings distributed as dividends
37.4%
Shares Outstanding
Declining as buybacks retire shares
6.1B
All figures from the trailing twelve months. Utilities operate with structural leverage (3–5× net debt/FCF) due to regulated, predictable cash flows.
Open full ratios pageTBB Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Market Underperformance
TBB has underperformed the broader market with a price decrease of -5.83% over the past year, while the SPY ETF gained +36.0%. This significant lag in returns poses a risk to investors seeking capital appreciation.
High Risk
Negative Technical Indicators
Technical analysis reveals a low technical rating of 1 out of 10 for TBB, indicating a generally negative outlook. The stock is trading in the lower part of its 52-week range, which is concerning given the S&P 500's proximity to new highs.
Medium
Industry Comparison
Within the Diversified Telecommunication Services industry, 75% of other stocks are performing better than TBB. This relative underperformance may indicate challenges specific to TBB or broader industry headwinds.
Medium
Mixed Analyst Sentiment
Analysts have set an average price target of $26 USD for TBB, suggesting a potential increase of 20.13% in the next year. However, conflicting AI analyses indicate negative evaluations and sell signals from moving averages, reflecting uncertainty.
Lower
Low Trading Volume
Recent days have shown considerably lower trading volume for TBB, which may serve as an early warning sign. Decreased volume can increase volatility and risk, as it may indicate reduced investor interest.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why TBB Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Analyst Price Target Upside
Analysts have set an average price target of $26 for TBB, indicating a potential upside of over 20% from its current price of $21.64.
Strong EPS and Revenue Growth
Expectations for earnings per share (EPS) growth are at 10.86%, alongside a revenue growth forecast of 2.81% in the next year, which could enhance investor confidence.
AT&T's Financial Health
AT&T, the parent company, showcases strong financial health with a gross margin of 84% and a net profit margin of 16.94%, significantly higher than the industry average.
Attractive Dividend Yield
The company offers a trailing twelve months (TTM) dividend yield of 4.19%, appealing to income-focused investors.
Favorable Technical Indicators
Some technical analyses indicate a 'mild bullish' sentiment with a 70% rating and an exceptional 10.8:1 risk-reward setup, suggesting potential for gains.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
TBB Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$21.68
52W Range Position
87%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$5.92
+266.2% from the low
52-Week High
$24.10
-10.0% from the high
1 Month
+0.74%
3 Month
-3.00%
YTD
-3.9%
1 Year
-3.8%
3Y CAGR
-2.5%
5Y CAGR
-3.8%
10Y CAGR
-1.5%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
TBB vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
9.5x
vs 10.3x median
-8% below peer median
Revenue Growth
+0.7%
vs +1.4% median
-51% below peer median
Net Margin
16.9%
vs 12.4% median
+36% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
TBB TBB AT&T Inc. 5.35% GLB NTS 66 | $133.1B | 9.5x | +0.7% | 16.9% | Hold | -1.8% |
VZ VZ Verizon Communications Inc. | $200.1B | 9.6x | +2.6% | 12.4% | Hold | +8.7% |
T T AT&T Inc. | $178.4B | 11.1x | +1.4% | 16.9% | Hold | +15.1% |
LUM LUMN Lumen Technologies, Inc. | $10.1B | — | -8.2% | -14.3% | Hold | -27.8% |
TMU TMUS T-Mobile US, Inc. | $209.0B | 18.4x | +5.2% | 11.6% | Buy | +31.5% |
CMC CMCSA Comcast Corporation | $96.3B | 7.5x | -1.0% | 14.8% | Buy | +20.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
TBB Dividend and Capital Return
TBB returns 8.6% total yield, led by a 5.26% dividend. Buybacks add another 3.4%.
Dividend SustainableFCF Adequate
Total Shareholder Yield
8.6%
Dividend + buyback return per year
Buyback Yield
3.4%
Dividend Yield
5.26%
Payout Ratio
37.4%
How TBB Splits Its Return
Div 5.26%
Buyback 3.4%
Dividend 5.26%Buybacks 3.4%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.14
Growth Streak
Consecutive years of dividend increases
2Y
3Y Div CAGR
0.0%
5Y Div CAGR
0.0%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$4.5B
Estimated Shares Retired
208M
Approx. Share Reduction
3.4%
Shares Outstanding
Current diluted share count from the screening snapshot
6.1B
At 3.4%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.67 | — | — | — |
| 2025 | $1.34 | 0.0% | 2.8% | 7.9% |
| 2024 | $1.34 | 0.0% | 0.1% | 4.8% |
| 2023 | $1.34 | 0.0% | 0.1% | 4.9% |
| 2022 | $1.34 | 0.0% | 0.5% | 6.5% |
FAQ
7 questionsTBB Investor Questions
Common questions answered from live analyst data and company financials.
01Is AT&T Inc. 5.35% GLB NTS 66 (TBB) stock a buy or sell in 2026?
AT&T Inc. 5.35% GLB NTS 66 (TBB) is rated Hold by Wall Street analysts as of 2026. Of 9 analysts covering the stock, 4 rate it Buy or Strong Buy, 5 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $21, implying -1.8% from the current price of $22.
02What is the TBB stock price target for 2026?
The Wall Street consensus price target for TBB is $21 based on 9 analyst estimates. The high-end target is $24 (+10.7% from today), and the low-end target is $17 (-21.6%). The base case model target is $24.
03Is AT&T Inc. 5.35% GLB NTS 66 (TBB) stock overvalued in 2026?
TBB trades at 9.5x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for AT&T Inc. 5.35% GLB NTS 66 (TBB) stock in 2026?
The primary risks for TBB in 2026 are: (1) Market Underperformance — TBB has underperformed the broader market with a price decrease of -5. (2) Negative Technical Indicators — Technical analysis reveals a low technical rating of 1 out of 10 for TBB, indicating a generally negative outlook. (3) Industry Comparison — Within the Diversified Telecommunication Services industry, 75% of other stocks are performing better than TBB. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is AT&T Inc. 5.35% GLB NTS 66's revenue and earnings forecast?
Analyst consensus estimates TBB will report consensus revenue of $127.4B (+0.7% year-over-year) and EPS of $3.34 (+9.7% year-over-year) for the upcoming fiscal year. The following year, analysts project $128.4B in revenue.
06When does AT&T Inc. 5.35% GLB NTS 66 (TBB) report its next earnings?
A confirmed upcoming earnings date for TBB is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does AT&T Inc. 5.35% GLB NTS 66 generate?
AT&T Inc. 5.35% GLB NTS 66 (TBB) generated $10.6B in free cash flow over the trailing twelve months — a free cash flow margin of 8.4%. TBB returns capital to shareholders through dividends (5.3% yield) and share repurchases ($4.5B TTM).