Latest Ratios: P/E Ratio 6.7x · EV/EBITDA 6.2x · 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 | $125.6B | $159.9B | $175.8B | $170.2B | $164.5B | $195.6B | $198.4B | $196.6B | $151.5B | $161.3B | — |
| Enterprise Value | $281.3B | $315.6B | $313.5B | $318.4B | $315.5B | $372.2B | $368.3B | $369.4B | $322.8B | $275.2B | — |
| P/E Ratio → | 6.73 | 7.33 | 16.38 | 11.90 | — | 9.55 | — | 14.15 | 7.81 | 5.48 | — |
| P/S Ratio | 1.00 | 1.27 | 1.44 | 1.39 | 1.36 | 1.46 | 1.16 | 1.08 | 0.89 | 1.00 | — |
| P/B Ratio | 1.14 | 1.24 | 1.46 | 1.43 | 1.55 | 1.06 | 1.11 | 0.97 | 0.78 | 1.14 | — |
| P/FCF | 6.46 | 8.22 | 9.50 | 8.32 | 13.27 | 19.82 | 7.23 | 6.72 | — | 9.29 | — |
| P/OCF | 3.12 | 3.97 | 4.54 | 4.44 | 5.14 | 4.66 | 4.60 | 4.04 | 3.47 | 4.24 | — |
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 | — | 2.51 | 2.56 | 2.60 | 2.61 | 2.78 | 2.14 | 2.04 | 1.89 | 1.71 | — |
| EV / EBITDA | 6.24 | 7.01 | 6.99 | 7.31 | 23.48 | 8.51 | 6.79 | 6.30 | 5.79 | 5.75 | — |
| EV / EBIT | 11.64 | 9.34 | 13.37 | 12.00 | 104.67 | 10.38 | 72.87 | 13.75 | 9.85 | 12.85 | — |
| EV / FCF | — | 16.23 | 16.94 | 15.56 | 25.45 | 37.72 | 13.41 | 12.64 | — | 15.85 | — |
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% | 5.1% | 4.7% | 4.8% | 6.0% | 7.7% | 7.5% | 7.6% | 8.9% | 7.5% | — |
| 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 | 14.9% | 13.7% | 6.1% | 8.4% | — | 10.5% | — | 7.1% | 12.8% | 18.2% | — |
| FCF Yield | 15.5% | 12.2% | 10.5% | 12.0% | 7.5% | 5.0% | 13.8% | 14.9% | — | 10.8% | — |
| Buyback Yield | 3.6% | 2.8% | 0.1% | 0.1% | 0.5% | 0.1% | 2.8% | 1.2% | 0.4% | 0.3% | — |
| Total Shareholder Yield | 9.2% | 7.9% | 4.8% | 4.9% | 6.5% | 7.8% | 10.3% | 8.8% | 9.3% | 7.7% | — |
| Shares Outstanding | — | $7.2B | $7.2B | $7.3B | $7.6B | $7.5B | $7.2B | $7.3B | $6.8B | $6.2B | $6.2B |
High debt service burden
According to current market data, AT&T trades at a forward P/E of 8.95 and an EV/EBITDA of 4.12, suggesting that investors are applying a significant valuation discount compared to peers like T-Mobile, likely due to concerns regarding the company's ability to grow earnings amidst heavy debt service requirements.
The low P/E multiple appears to reflect a market consensus that the company is a value trap rather than a growth vehicle. This pricing suggests that the market is skeptical of the firm's ability to expand margins significantly, even as it pivots toward a more focused fiber and 5G strategy.
Based on reported financial figures, the company's ROIC has remained stagnant, hovering between 1.4% and 1.9% over the last ten quarters, which indicates that the massive capital outlays required for network maintenance are failing to generate returns that meaningfully exceed the firm's cost of capital.
The persistent low ROIC suggests that the company is struggling to achieve compounding returns on its massive asset base. This trend warrants further investigation into whether the current fiber deployment strategy will eventually drive higher returns or if the capital intensity will continue to suppress long-term profitability.
As evidenced by the erratic cash conversion cycle, which swung from -181 days in 2025Q1 to 146 days in 2025Q4, the company's working capital management appears highly volatile, likely driven by the timing of equipment payments and the aggressive use of installment plans for subscriber acquisition.
The extreme fluctuations in the CCC suggest that the company's operational efficiency is heavily influenced by non-recurring timing differences rather than structural improvements. Investors should monitor whether these swings in payables and receivables are masking underlying pressures on the firm's liquidity position.
According to the latest quarterly data, the debt-to-EBITDA ratio of 14.12 in 2026Q1 highlights a significant leverage burden that remains elevated compared to historical norms, suggesting that the company's financial flexibility is severely constrained by its ongoing obligation to service a massive debt load.
The interest coverage ratio, which has fluctuated between 1.86 and 7.27, indicates that the company's ability to meet its debt obligations is sensitive to earnings volatility. This leverage profile leaves the firm with little room for error in a high-interest rate environment, potentially limiting future strategic investments.
While the 5.6% dividend yield is frequently cited by retail investors as a primary attraction, this metric is often misapplied because it obscures the company's underlying free cash flow volatility and the potential for capital allocation to be diverted toward debt reduction or essential network maintenance.
Investors should focus on the dividend payout ratio relative to free cash flow rather than the headline yield, as the latter can be misleading during periods of negative cash generation. Relying solely on the yield ignores the structural risk that the dividend may be unsustainable if capital expenditure requirements continue to escalate.
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Quick answers to the most common questions about buying TBB stock.
AT&T Inc. 5.35% GLB NTS 66's current P/E ratio is 6.7x. The historical average is 10.4x. This places it at the 14th percentile of its historical range.
AT&T Inc. 5.35% GLB NTS 66's current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.7x.
AT&T Inc. 5.35% GLB NTS 66's return on equity (ROE) is 17.6%. The historical average is 16.7%.
Based on historical data, AT&T Inc. 5.35% GLB NTS 66 is trading at a P/E of 6.7x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AT&T Inc. 5.35% GLB NTS 66's current dividend yield is 5.57% with a payout ratio of 37.4%.
AT&T Inc. 5.35% GLB NTS 66 has 79.8% gross margin and 19.2% operating margin. Operating margin between 10-20% is typical for established companies.
AT&T Inc. 5.35% GLB NTS 66's Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.