Latest Ratios: P/E Ratio 5.8x · EV/EBITDA 5.8x · 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 | $109.2B | $159.9B | $175.8B | $170.2B | $164.5B | $195.6B | $198.4B | $196.6B | $151.5B | $161.3B | — |
| Enterprise Value | $264.9B | $315.6B | $313.5B | $318.4B | $315.5B | $372.2B | $368.3B | $369.4B | $322.8B | $275.2B | — |
| P/E Ratio → | 5.85 | 7.33 | 16.38 | 11.90 | — | 9.55 | — | 14.15 | 7.81 | 5.48 | — |
| P/S Ratio | 0.87 | 1.27 | 1.44 | 1.39 | 1.36 | 1.46 | 1.16 | 1.08 | 0.89 | 1.00 | — |
| P/B Ratio | 0.99 | 1.24 | 1.46 | 1.43 | 1.55 | 1.06 | 1.11 | 0.97 | 0.78 | 1.14 | — |
| P/FCF | 5.61 | 8.22 | 9.50 | 8.32 | 13.27 | 19.82 | 7.23 | 6.72 | — | 9.29 | — |
| P/OCF | 2.71 | 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 | 5.77 | 6.88 | 6.99 | 7.31 | 23.48 | 8.51 | 6.79 | 6.30 | 5.79 | 5.75 | — |
| EV / EBIT | 10.60 | 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 | 59.6% | 59.6% | 42.9% | 43.7% | 57.9% | 54.9% | 36.9% | 38.0% | 36.9% | 36.3% | 37.3% |
| Operating Margin | 19.9% | 19.9% | 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 | 6.9% | 6.9% | 6.9% | 7.1% | -1.1% | 5.5% | 5.3% | 6.2% | 6.6% | 7.1% | 8.0% |
| ROCE | 7.0% | 7.0% | 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 | 3.79 | 3.79 | 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 | 3.39 | 3.39 | 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 | 21.00 | 21.00 | 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 | 6.4% | 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 | 17.1% | 13.7% | 6.1% | 8.4% | — | 10.5% | — | 7.1% | 12.8% | 18.2% | — |
| FCF Yield | 17.8% | 12.2% | 10.5% | 12.0% | 7.5% | 5.0% | 13.8% | 14.9% | — | 10.8% | — |
| Buyback Yield | 6.0% | 4.1% | 0.1% | 0.1% | 0.5% | 0.1% | 2.8% | 1.2% | 0.4% | 0.3% | — |
| Total Shareholder Yield | 12.4% | 9.2% | 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 |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
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 5.8x. 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 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
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 5.8x. 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 6.41% with a payout ratio of 37.4%.
AT&T Inc. 5.35% GLB NTS 66 has 59.6% gross margin and 19.9% 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 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
High leverage and regulatory lag
Metrics are mathematically derived from official filings.
Deep Discount Reflects Debt Overhang
AT&T's P/E of 6.46 and dividend yield of 5.8% trade at a steep discount to peers, as reported in current valuation metrics, suggesting the market prices in elevated leverage and limited growth.
The P/E of 6.46 is roughly half of Verizon's 11.58 and a third of T-Mobile's 18.33, implying the market assigns a significant risk premium to AT&T's earnings stream. The 5.8% dividend yield, while attractive versus the 10-year Treasury, is only sustainable if free cash flow remains robust; the payout ratio of 42.7% in 2026Q2 provides some cushion, but the low multiple suggests investors are skeptical of long-term earnings power.
Earned ROE Lags Authorized Returns
AT&T's quarterly ROE averaged 3.4% over the last ten quarters, as per financial statements, well below typical authorized returns of 9-10%, indicating regulatory lag and competitive pressures.
Even the peak ROE of 7.4% in 2025Q3, boosted by a one-time gain, falls short of the allowed returns seen in regulated utilities. This persistent gap suggests that AT&T's earnings are being constrained by factors such as intense competition and high interest costs, rather than constructive regulatory outcomes. Investors should monitor whether management can close this gap through cost efficiencies or debt reduction.
Margins Stable but Below Peers
Operating margin improved to 22.3% in 2026Q2 from 21.1% a year earlier, as reported in quarterly filings, yet remains below Verizon's 21.2% and T-Mobile's 21.2%.
The stable operating margin suggests AT&T is effectively managing costs, but the lack of significant expansion indicates limited pricing power in a competitive telecom market. Net margin of 14.7% in 2026Q2 is higher than peers, but this is partly due to lower interest expense relative to revenue. The cost recovery environment appears adequate, but the absence of regulatory rate mechanisms means margin improvements must come from operational efficiency.
Leverage Creeps Higher Amid Debt Accumulation
Debt-to-capital rose to 0.56 in 2026Q2 from 0.54 in 2024Q4, as per balance sheet data, while interest coverage improved to 4.09x, indicating manageable but rising leverage.
Total debt increased to $162.9B in 2026Q2 from $140.9B in 2024Q4, lifting D/E from 1.17 to 1.29. While interest coverage of 4.09x is above the 3.0x typically required by rating agencies, the trend is concerning. FFO/Debt of 6.37% is weak, suggesting that cash flow generation is not keeping pace with debt growth. This leverage profile may limit financial flexibility and increase refinancing risk.
Dividend Covered but Growth Limited
Dividend payout ratio averaged 47% over the last ten quarters, as per financial statements, with OCF/Div coverage of 3.7x to 5.8x, indicating a sustainable but not growing payout.
The dividend appears well-covered by operating cash flow, but the payout ratio has been volatile, spiking to 59% in 2024Q1. With free cash flow occasionally negative, as in 2026Q1, the dividend is not fully insulated from cash flow swings. The 5.8% yield is attractive, but investors should expect limited dividend growth given the need to fund a heavy capex program and reduce debt.
P/E Misleads on Telecom Earnings
Comparing AT&T's P/E to industrial companies is misleading because telecom earnings are heavily impacted by depreciation and interest, as per financial statements, obscuring true cash generation.
The low P/E of 6.46 may suggest undervaluation, but it reflects high capital intensity and leverage, not necessarily cheapness. A better metric is EV/EBITDA, which at 6.02 is below peers, but still does not capture the full debt burden. Investors should focus on free cash flow yield and FFO/Debt to assess financial health, rather than P/E alone.