American Assets Trust, Inc. (AAT) Key Metrics
AAT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.65B
- Enterprise value
- $2.92B
- P/E (TTM)
- 73.4 10-yr median 50.5
- Forward P/E
- 60.6
- PEG ratio
- 9.34
- Price / sales
- 3.8 10-yr median 6.6
- Price / book
- 1.2 10-yr median 1.8
- EV / EBITDA
- 12.5 10-yr median 17.8
- Dividend yield
- 5.06% $1.36 a year
- Beta
- 0.98
AAT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAAT valuation Price multiples at each fiscal year-end price.
AAT returns How much profit the business earns on the capital it uses.
AAT per-share figures Results divided by the shares outstanding at year-end.
AAT financial health Debt, liquidity and how easily interest is covered.
AAT efficiency & capital use Working capital cycle and where the cash goes.
AAT valuation history
AAT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AAT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AAT cash returned to shareholders
AAT price vs earnings per share
AAT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.45B | $2.01B | $1.72B | $2.02B | $2.86B | $2.20B | $2.48B | $2.58B | $2.45B | $2.72B |
| Enterprise value | $3.03B | $3.61B | $3.35B | $3.65B | $4.37B | $3.50B | $3.79B | $3.82B | $3.71B | $3.74B |
| P/E ratio | 20.4 | 27.6 | 26.6 | 36.2 | 78.1 | 61.8 | 41.3 | 94.7 | 61.1 | 59.7 |
| Price / sales | 3.3 | 4.4 | 3.9 | 4.8 | 7.6 | 6.4 | 6.8 | 7.8 | 7.8 | 9.2 |
| Price / book | 1.3 | 1.7 | 1.5 | 1.7 | 2.4 | 1.7 | 1.9 | 3.2 | 2.9 | 3.4 |
| Price / free cash flow | 15.3 | 14.7 | 16.2 | 30.9 | 44.8 | 34.6 | 37.9 | 31.4 | 24.9 | 43.2 |
| Price / operating cash flow | 8.7 | 9.7 | 9.1 | 11.3 | 17.0 | 17.3 | 16.1 | 18.9 | 16.8 | 22.2 |
| EV / sales | 6.9 | 7.9 | 7.6 | 8.6 | 11.6 | 10.2 | 10.3 | 11.5 | 11.8 | 12.7 |
| EV / EBITDA | 10.9 | 13.2 | 13.4 | 15.3 | 20.6 | 17.7 | 18.0 | 20.4 | 20.9 | 21.8 |
| EV / free cash flow | 31.9 | 26.4 | 31.7 | 55.9 | 68.5 | 55.1 | 57.9 | 46.5 | 37.7 | 59.3 |
| Earnings yield | 4.9% | 3.6% | 3.8% | 2.8% | 1.3% | 1.6% | 2.4% | 1.1% | 1.6% | 1.7% |
| Free cash flow yield | 6.5% | 6.8% | 6.2% | 3.2% | 2.2% | 2.9% | 2.6% | 3.2% | 4.0% | 2.3% |
| Dividend yield | 7.2% | 5.1% | 4.7% | 4.9% | 3.1% | 3.5% | 3.2% | 2.0% | 2.8% | 2.4% |
| Shareholder yield (dividends + buybacks) | 7.4% | 5.2% | 4.7% | 4.9% | 3.1% | 3.5% | 3.2% | 2.0% | 2.8% | 2.4% |
| Share price at fiscal year-end | $18.93 | $26.26 | $22.51 | $26.50 | $37.53 | $28.88 | $45.90 | $40.17 | $38.24 | $43.08 |
| Per share | ||||||||||
| Revenue per share | $5.68 | $5.98 | $5.78 | $5.54 | $4.93 | $4.53 | $6.78 | $5.16 | $4.91 | $4.67 |
| Earnings per share | $0.93 | $0.95 | $0.85 | $0.73 | $0.48 | $0.47 | $1.11 | $0.42 | $0.63 | $0.72 |
| Operating cash flow per share | $2.18 | $2.71 | $2.47 | $2.35 | $2.21 | $1.67 | $2.84 | $2.13 | $2.28 | $1.94 |
| Free cash flow per share | $1.24 | $1.79 | $1.39 | $0.86 | $0.84 | $0.83 | $1.21 | $1.28 | $1.53 | $1.00 |
| Cash per share | $1.69 | $5.56 | $1.09 | $0.65 | $1.83 | $1.80 | $1.84 | $0.75 | $1.29 | $0.71 |
| Book value per share | $15.00 | $15.37 | $15.11 | $15.55 | $15.89 | $16.70 | $23.91 | $12.52 | $13.17 | $12.80 |
| Tangible book value per share | $14.84 | $15.16 | $14.36 | $14.71 | $14.96 | $16.32 | $22.49 | $11.92 | $12.70 | $12.33 |
| Dividends per share | $1.37 | $1.35 | $1.05 | $1.29 | $1.17 | $1.01 | $1.49 | $0.80 | $1.05 | $1.01 |
| Capex per share | $0.94 | $0.92 | $1.09 | $1.49 | $1.37 | $0.83 | $1.63 | $0.85 | $0.74 | $0.94 |
| Debt per share | $22.24 | $26.55 | $22.44 | $22.07 | $21.65 | $18.88 | $26.03 | $20.13 | $20.88 | $16.79 |
| Shares outstanding | 76.7M | 76.5M | 76.3M | 76.2M | 76.2M | 76.1M | 54.1M | 64.1M | 64.1M | 63.2M |
| Change in shares outstanding | +0.3% | +0.2% | +0.1% | +0.1% | +0.1% | +40.7% | −15.6% | +0.1% | +1.4% | +1.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.1% | 6.3% | 5.5% | 4.7% | 2.9% | 2.8% | 5.7% | 3.3% | 4.9% | 5.7% |
| Return on invested capital (ROIC) | 5.2% | 4.6% | 4.3% | 4.1% | 3.7% | 3.4% | 4.8% | 3.8% | 4.7% | 5.3% |
| Return on assets (ROA) | 2.3% | 2.3% | 2.2% | 1.9% | 1.3% | 1.3% | 2.4% | 1.2% | 1.9% | 2.3% |
| Return on tangible assets | 2.5% | 2.2% | 2.2% | 1.9% | 1.2% | 1.3% | 2.2% | 1.3% | 1.8% | 2.3% |
| Free cash flow margin | 21.7% | 29.9% | 24.0% | 15.4% | 17.0% | 18.4% | 17.9% | 24.8% | 31.2% | 21.4% |
| Income quality (OCF / net income) | 2.34 | 2.84 | 2.92 | 3.20 | 4.60 | 3.57 | 2.56 | 5.02 | 3.63 | 2.69 |
| Financial health | ||||||||||
| Total debt | $1.71B | $2.03B | $1.71B | $1.68B | $1.65B | $1.44B | $1.41B | $1.29B | $1.34B | $1.06B |
| Cash & short-term investments | $129.4M | $425.7M | $82.9M | $49.6M | $139.5M | $137.3M | $99.3M | $48.0M | $82.6M | $44.8M |
| Net debt | $1.58B | $1.61B | $1.63B | $1.63B | $1.51B | $1.30B | $1.31B | $1.24B | $1.26B | $1.02B |
| Debt / equity | 1.48 | 1.73 | 1.48 | 1.42 | 1.36 | 1.13 | 1.09 | 1.61 | 1.58 | 1.31 |
| Debt / assets | 0.58 | 0.62 | 0.57 | 0.56 | 0.55 | 0.51 | 0.50 | 0.59 | 0.59 | 0.53 |
| Net debt / EBITDA | 5.68 | 5.87 | 6.52 | 6.85 | 7.11 | 6.59 | 6.20 | 6.64 | 7.07 | 5.94 |
| Current ratio | 2.04 | 5.92 | 1.94 | 1.33 | 3.17 | 1.15 | 1.71 | 0.57 | 2.28 | 1.10 |
| Quick ratio | 2.04 | 5.92 | 2.02 | 1.42 | 3.30 | 1.15 | 1.72 | 0.62 | 2.40 | 1.38 |
| Interest coverage | 1.9 | 1.7 | 1.9 | 2.0 | 1.7 | 1.7 | 2.1 | 1.5 | 1.7 | 1.9 |
| Working capital | $112.7M | $497.1M | $92.1M | $35.9M | $157.3M | $29.6M | $50.6M | −$51.2M | $57.2M | $5.6M |
| Invested capital | $2.73B | $2.78B | $2.78B | $2.82B | $2.72B | $2.57B | $2.60B | $2.05B | $2.10B | $1.83B |
| Tangible asset value | $1.08B | $1.11B | $1.10B | $1.12B | $1.14B | $1.22B | $1.22B | $763.9M | $813.7M | $808.3M |
| Net current asset value | −$1.61B | −$1.55B | −$1.64B | −$1.66B | −$1.58B | −$1.34B | −$1.38B | −$1.33B | −$1.31B | −$1.08B |
| Graham number | $17.72 | $18.14 | $16.97 | $16.02 | $13.10 | $13.26 | $24.46 | $10.93 | $13.62 | $14.42 |
| Graham net-net per share | −$21.26 | −$21.59 | −$22.00 | −$22.12 | −$21.07 | −$17.96 | −$25.66 | −$20.49 | −$20.73 | −$17.02 |
| Capital allocation | ||||||||||
| Dividends paid | $105.3M | $103.4M | $80.2M | $98.2M | $88.9M | $76.5M | $80.6M | $51.5M | $67.5M | $64.1M |
| Share buybacks (net) | $2.4M | $1.4M | $831,000 | $759,000 | $865,000 | $672,000 | $0 | $527,000 | $0 | $0 |
| Dividend payout ratio | 147.5% | 142.0% | 124.0% | 175.8% | 243.0% | 215.0% | 133.9% | 189.3% | 168.3% | 140.4% |
| Dividends + buybacks / free cash flow | 113.5% | 76.6% | 76.6% | 151.6% | 140.9% | 121.6% | 123.1% | 63.4% | 68.7% | 101.7% |
| Capex / revenue | 16.6% | 15.3% | 18.8% | 26.9% | 27.8% | 18.4% | 24.1% | 16.4% | 15.1% | 20.2% |
| Capex / operating cash flow | 43.2% | 33.9% | 44.0% | 63.5% | 62.1% | 50.0% | 57.4% | 39.9% | 32.6% | 48.6% |
| Capex / depreciation | 0.57 | 0.56 | 0.69 | 0.92 | 0.90 | 0.59 | 0.92 | 0.51 | 0.57 | 0.82 |
| Stock-based compensation / revenue | 1.7% | 1.6% | 2.0% | 2.1% | 2.3% | 1.8% | 1.2% | 0.9% | 1.5% | 0.8% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 8.7% | 8.4% | 8.9% | 8.2% | 8.4% | 8.3% | 7.5% | 7.5% | 7.4% | 6.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 78.2 | 76.5 | 79.4 | 80.0 | 82.3 | 48.4 | 30.4 | 32.5 | 33.4 | 58.0 |
| Days of inventory on hand | — | — | -20.0 | -22.9 | -12.8 | -0.7 | -8.9 | -16.7 | -33.7 | -27.8 |
| Days payables outstanding | 145.0 | 136.0 | 141.7 | 156.3 | 174.1 | 183.6 | 151.0 | 127.2 | 110.2 | 108.6 |
| Cash conversion cycle (days) | -66.8 | -59.6 | -82.3 | -99.2 | -104.6 | -135.8 | -129.5 | -111.4 | -110.5 | -78.4 |
| Receivables turnover | 4.66 | 4.77 | 4.60 | 4.56 | 4.43 | 7.54 | 12.00 | 11.22 | 10.93 | 6.30 |
| Payables turnover | 2.52 | 2.68 | 2.58 | 2.34 | 2.10 | 1.99 | 2.42 | 2.87 | 3.31 | 3.36 |
| Asset turnover | 0.14 | 0.15 | 0.15 | 0.14 | 0.13 | 0.12 | 0.15 | 0.15 | 0.15 | 0.15 |
| Average receivables | $93.5M | $95.9M | $95.9M | $92.6M | $84.8M | $45.7M | $30.6M | $29.5M | $28.8M | $46.9M |
| Average payables | $67.4M | $62.5M | $63.7M | $65.3M | $61.9M | $60.9M | $54.6M | $42.3M | $35.2M | $32.1M |
| Average inventory | — | — | −$9.0M | −$9.6M | −$4.6M | −$217,000 | −$3.2M | −$5.5M | −$10.8M | −$8.2M |
| Intangibles / total assets | 0.4% | 0.5% | 1.9% | 2.1% | 2.3% | 1.0% | 2.8% | 1.8% | 1.3% | 1.5% |
Computed from AAT's annual financial statements (latest annual report filed February 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AAT valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), American Assets traded at 20.4 times earnings, against a 10-year median of 50.5. Based on the latest twelve months, the trailing P/E is 73.4 and the forward P/E is 60.6. American Assets earned a return on equity of 6.1% and a return on invested capital of 5.2% in fiscal 2025. It ended the year with $1.7 billion of debt and $129.4 million in cash and short-term investments, net debt of $1.6 billion. It returned $107.6 million to shareholders: $105.3 million in dividends and $2.4 million in share buybacks, 113% of free cash flow. The share count rose 21.4% from 63.2M to 76.7M over 9 years.
See the AAT income statement, the AAT chart for price history, or the AAT stock overview for the latest quote and news.
AAT key metrics FAQ
What is American Assets's P/E ratio?
American Assets's trailing P/E ratio is 73.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 60.6. At the end of fiscal 2025 it was 20.4, compared with a 10-year median of 50.5.
What is American Assets's EV/EBITDA?
American Assets's enterprise value was 10.9 times EBITDA at the end of fiscal 2025 (enterprise value $3.0 billion, EBITDA $277.6 million); the current EV/EBITDA is 12.5.
What is American Assets's return on equity?
American Assets's return on equity (ROE) was 6.1% in fiscal 2025: net income of $71.4 million on average shareholders' equity of $1.2 billion.
What is American Assets's ROIC?
American Assets's return on invested capital was 5.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does American Assets have?
American Assets had total debt of $1.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.48 and $1.6 billion of net debt (5.68 times EBITDA).
What is American Assets's dividend yield?
American Assets's forward dividend yield is 5.06%. American Assets paid $105.3 million in dividends in fiscal 2025 ($1.37 per share), a payout ratio of 147.5%.
Does American Assets buy back its shares?
Yes. American Assets spent $2.4 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.3% over the year, to 76.7M..
What is American Assets's free cash flow yield?
American Assets generated $94.9 million of free cash flow in fiscal 2025, a free cash flow yield of 6.5% on its market value at year-end ($1.5 billion).
What is American Assets's current ratio?
American Assets's current ratio was 2.04 at the end of fiscal 2025: current assets were 2.04 times current liabilities.