AT&T Inc. (T) Key Metrics
T valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $160.62B
- Enterprise value
- $318.68B
- P/E (TTM)
- 7.7 10-yr median 8.3
- Forward P/E
- 9.9
- PEG ratio
- 1.54
- Price / sales
- 1.3 10-yr median 1.1
- Price / book
- 1.6 10-yr median 1.2
- EV / EBITDA
- 5.9 10-yr median 6.4
- Dividend yield
- 4.74% $1.11 a year
- Beta
- 0.44
T key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsT valuation Price multiples at each fiscal year-end price.
T returns How much profit the business earns on the capital it uses.
T per-share figures Results divided by the shares outstanding at year-end.
T financial health Debt, liquidity and how easily interest is covered.
T efficiency & capital use Working capital cycle and where the cash goes.
T valuation history
T returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
T debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
T cash returned to shareholders
T price vs earnings per share
T key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $178.33B | $164.04B | $121.79B | $139.68B | $139.41B | $156.03B | $216.89B | $146.71B | $181.57B | $198.81B |
| Enterprise value | $334.08B | $301.66B | $269.97B | $290.65B | $316.02B | $325.93B | $389.71B | $318.01B | $295.42B | $316.53B |
| P/E ratio | 8.1 | 15.0 | 8.5 | — | 6.9 | — | 15.6 | 7.6 | 6.2 | 15.3 |
| Price / sales | 1.4 | 1.3 | 1.0 | 1.2 | 1.0 | 0.9 | 1.2 | 0.9 | 1.1 | 1.2 |
| Price / book | 1.6 | 1.6 | 1.2 | 1.4 | 0.8 | 1.0 | 1.2 | 0.8 | 1.3 | 1.6 |
| Price / free cash flow | 9.2 | 8.9 | 6.0 | 11.3 | 5.5 | 5.7 | 7.4 | 6.4 | 10.5 | 11.2 |
| Price / operating cash flow | 4.4 | 4.2 | 3.2 | 4.4 | 3.3 | 3.6 | 4.5 | 3.4 | 4.8 | 5.1 |
| EV / sales | 2.7 | 2.5 | 2.2 | 2.4 | 2.4 | 1.9 | 2.2 | 1.9 | 1.8 | 1.9 |
| EV / EBITDA | 6.1 | 6.9 | 6.0 | 13.8 | 5.9 | 9.7 | 7.1 | 5.2 | 6.4 | 6.3 |
| EV / free cash flow | 17.2 | 16.3 | 13.2 | 23.4 | 12.4 | 11.9 | 13.3 | 13.9 | 17.0 | 17.8 |
| Earnings yield | 12.3% | 6.7% | 11.8% | −6.1% | 14.4% | −3.3% | 6.4% | 13.2% | 16.2% | 6.5% |
| Free cash flow yield | 10.9% | 11.3% | 16.8% | 8.9% | 18.2% | 17.6% | 13.5% | 15.6% | 9.6% | 9.0% |
| Dividend yield | 4.6% | 5.0% | 6.7% | 7.1% | 10.8% | 9.6% | 6.9% | 9.1% | 6.6% | 5.9% |
| Shareholder yield (dividends + buybacks) | 8.3% | 5.1% | 6.8% | 9.6% | 11.0% | 13.1% | 8.0% | 9.6% | 6.9% | 6.2% |
| Share price at fiscal year-end | $24.84 | $22.77 | $16.78 | $18.41 | $18.58 | $21.72 | $29.52 | $21.56 | $29.37 | $32.12 |
| Per share | ||||||||||
| Revenue per share | $17.50 | $16.98 | $16.87 | $15.91 | $17.86 | $23.91 | $24.66 | $25.09 | $25.97 | $26.46 |
| Earnings per share | $3.05 | $1.52 | $1.98 | −$1.12 | $2.68 | −$0.72 | $1.89 | $2.85 | $4.76 | $2.10 |
| Operating cash flow per share | $5.61 | $5.38 | $5.28 | $4.22 | $5.59 | $6.00 | $6.62 | $6.41 | $6.15 | $6.36 |
| Free cash flow per share | $2.71 | $2.57 | $2.82 | $1.63 | $3.39 | $3.82 | $3.98 | $3.36 | $2.81 | $2.88 |
| Cash per share | $2.54 | $0.46 | $0.93 | $0.49 | $2.56 | $1.36 | $1.65 | $0.76 | $8.17 | $0.94 |
| Book value per share | $15.40 | $14.49 | $14.23 | $12.85 | $22.17 | $22.51 | $25.07 | $27.05 | $22.78 | $19.90 |
| Tangible book value per share | $5.83 | −$12.68 | −$13.37 | −$13.16 | −$6.08 | −$16.69 | −$16.28 | −$18.53 | −$12.75 | −$15.99 |
| Dividends per share | $1.14 | $1.14 | $1.12 | $1.30 | $2.01 | $2.08 | $2.03 | $1.97 | $1.95 | $1.91 |
| Capex per share | $2.90 | $2.81 | $2.46 | $2.59 | $2.20 | $2.18 | $2.64 | $3.05 | $3.34 | $3.48 |
| Debt per share | $24.24 | $19.56 | $21.34 | $20.39 | $26.10 | $25.01 | $25.17 | $25.93 | $26.58 | $19.96 |
| Shares outstanding | 7.18B | 7.20B | 7.26B | 7.59B | 7.50B | 7.18B | 7.35B | 6.81B | 6.18B | 6.19B |
| Change in shares outstanding | −0.3% | −0.7% | −4.3% | +1.1% | +4.5% | −2.2% | +8.0% | +10.1% | −0.1% | +9.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 20.4% | 10.5% | 14.3% | −6.5% | 12.2% | −3.0% | 7.5% | 11.9% | 22.3% | 10.6% |
| Return on invested capital (ROIC) | 8.5% | 7.2% | 7.8% | −1.2% | 6.3% | 5.9% | 6.9% | 7.2% | 9.5% | 7.2% |
| Return on assets (ROA) | 5.4% | 2.7% | 3.6% | −1.8% | 3.7% | −1.0% | 2.6% | 4.0% | 6.9% | 3.2% |
| Return on tangible assets | 6.2% | 5.5% | 7.0% | −4.1% | 5.9% | −2.1% | 5.6% | 8.7% | 13.1% | 7.1% |
| Free cash flow margin | 15.5% | 15.1% | 16.7% | 10.3% | 19.0% | 16.0% | 16.1% | 13.4% | 10.8% | 10.9% |
| Income quality (OCF / net income) | 1.84 | 3.54 | 2.66 | — | 2.09 | — | 3.50 | 2.25 | 1.29 | 3.03 |
| Financial health | ||||||||||
| Total debt | $173.99B | $140.92B | $154.90B | $154.68B | $195.83B | $179.64B | $184.95B | $176.50B | $164.35B | $123.51B |
| Cash & short-term investments | $18.23B | $3.30B | $6.72B | $3.70B | $19.22B | $9.74B | $12.13B | $5.20B | $50.50B | $5.79B |
| Net debt | $155.75B | $137.62B | $148.18B | $150.98B | $176.61B | $169.90B | $172.82B | $171.30B | $113.85B | $117.72B |
| Debt / equity | 1.57 | 1.35 | 1.50 | 1.59 | 1.18 | 1.11 | 1.00 | 0.96 | 1.17 | 1.00 |
| Debt / assets | 0.41 | 0.36 | 0.38 | 0.38 | 0.36 | 0.34 | 0.34 | 0.33 | 0.37 | 0.31 |
| Net debt / EBITDA | 2.85 | 3.13 | 3.27 | 7.17 | 3.29 | 5.06 | 3.14 | 2.80 | 2.49 | 2.33 |
| Current ratio | 0.91 | 0.66 | 0.71 | 0.59 | 1.61 | 0.82 | 0.79 | 0.80 | 0.97 | 0.76 |
| Quick ratio | 0.86 | 0.62 | 0.67 | 0.53 | 1.58 | 0.76 | 0.75 | 0.77 | 0.95 | 0.72 |
| Interest coverage | 3.7 | 3.6 | 3.7 | -0.7 | 3.9 | 3.3 | 3.6 | 3.4 | 3.7 | 5.3 |
| Working capital | −$5.05B | −$15.70B | −$14.67B | −$23.07B | $64.54B | −$11.43B | −$14.15B | −$12.99B | −$2.24B | −$12.21B |
| Invested capital | $266.29B | $242.00B | $251.47B | $248.48B | $342.94B | $331.57B | $357.04B | $355.39B | $254.71B | $240.86B |
| Tangible asset value | $59.81B | −$75.50B | −$80.94B | −$90.88B | −$28.11B | −$102.33B | −$101.92B | −$116.31B | −$77.72B | −$97.96B |
| Net current asset value | −$242.97B | −$243.40B | −$251.19B | −$263.29B | −$197.00B | −$294.51B | −$294.97B | −$286.55B | −$222.94B | −$241.34B |
| Graham number | $32.50 | $22.26 | $25.21 | — | $36.54 | — | $32.67 | $41.62 | $49.41 | $30.64 |
| Graham net-net per share | −$37.00 | −$36.49 | −$37.49 | −$37.24 | −$45.00 | −$44.52 | −$43.44 | −$45.83 | −$38.51 | −$42.06 |
| Capital allocation | ||||||||||
| Dividends paid | $8.18B | $8.21B | $8.14B | $9.86B | $15.07B | $14.96B | $14.89B | $13.41B | $12.04B | $11.80B |
| Share buybacks (net) | $6.58B | $215.0M | $194.0M | $3.56B | $202.0M | $5.50B | $2.42B | $609.0M | $463.0M | $512.0M |
| Dividend payout ratio | 37.4% | 75.0% | 56.5% | — | 75.0% | — | 107.1% | 69.2% | 40.9% | 90.9% |
| Dividends + buybacks / free cash flow | 75.9% | 45.5% | 40.7% | 108.2% | 60.0% | 74.5% | 59.2% | 61.4% | 72.0% | 69.0% |
| Capex / revenue | 16.6% | 16.6% | 14.6% | 16.3% | 12.3% | 9.1% | 10.7% | 12.2% | 12.9% | 13.1% |
| Capex / operating cash flow | 51.7% | 52.3% | 46.6% | 61.3% | 39.4% | 36.3% | 39.9% | 47.6% | 54.3% | 54.7% |
| Capex / depreciation | 1.00 | 0.98 | 0.95 | 1.09 | 0.72 | 0.55 | 0.69 | 0.73 | 0.85 | 0.83 |
| Stock-based compensation / revenue | — | — | 0.4% | 0.4% | −1.9% | 12.4% | 3.5% | 0.3% | 0.3% | 0.4% |
| R&D / revenue | — | 0.8% | 0.8% | 1.0% | 1.0% | 0.7% | 0.7% | 0.7% | 0.9% | 1.0% |
| SG&A / revenue | 23.0% | 23.2% | 23.6% | 24.0% | 28.3% | 22.1% | 18.4% | 21.5% | 21.7% | 22.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 26.8 | 29.7 | 32.4 | 35.9 | 44.3 | 45.5 | 49.5 | 46.0 | 37.9 | 37.1 |
| Days of inventory on hand | 16.8 | 11.6 | 14.0 | 23.1 | 21.2 | 11.0 | 8.0 | 7.2 | 7.6 | 10.8 |
| Days payables outstanding | 236.8 | 143.1 | 154.7 | 217.5 | 185.3 | 103.5 | 92.0 | 87.1 | 83.0 | 76.5 |
| Cash conversion cycle (days) | -193.1 | -101.8 | -108.2 | -158.5 | -119.8 | -46.9 | -34.6 | -33.9 | -37.5 | -28.6 |
| Receivables turnover | 13.60 | 12.28 | 11.26 | 10.16 | 8.24 | 8.02 | 7.38 | 7.94 | 9.64 | 9.83 |
| Payables turnover | 1.54 | 2.55 | 2.36 | 1.68 | 1.97 | 3.53 | 3.97 | 4.19 | 4.40 | 4.77 |
| Inventory turnover | 21.67 | 31.39 | 26.00 | 15.77 | 17.21 | 33.06 | 45.76 | 50.49 | 47.93 | 33.84 |
| Asset turnover | 0.31 | 0.31 | 0.30 | 0.25 | 0.25 | 0.32 | 0.33 | 0.35 | 0.38 | 0.41 |
| Average receivables | $9.24B | $9.96B | $10.88B | $11.89B | $16.26B | $21.43B | $24.55B | $21.50B | $16.66B | $16.66B |
| Average payables | $32.97B | $27.37B | $29.20B | $30.31B | $30.67B | $30.74B | $28.33B | $25.73B | $23.23B | $21.54B |
| Average inventory | $2.35B | $2.22B | $2.65B | $3.22B | $3.51B | $3.28B | $2.46B | $2.14B | $2.13B | $3.04B |
| Intangibles / total assets | 16.3% | 49.6% | 49.2% | 49.0% | 38.4% | 53.6% | 55.1% | 58.3% | 49.5% | 55.0% |
Computed from T's annual financial statements (latest annual report filed February 9, 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.
T valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), AT&T traded at 8.1 times earnings, against a 10-year median of 8.3. Based on the latest twelve months, the trailing P/E is 7.7 and the forward P/E is 9.9. AT&T earned a return on equity of 20.4% and a return on invested capital of 8.5% in fiscal 2025. It ended the year with $174.0 billion of debt and $18.2 billion in cash and short-term investments, net debt of $155.8 billion. It returned $14.8 billion to shareholders: $8.2 billion in dividends and $6.6 billion in share buybacks, 76% of free cash flow. The share count rose 16.0% from 6.19B to 7.18B over 9 years.
See the T income statement, the T chart for price history, or the T stock overview for the latest quote and news.
T key metrics FAQ
What is AT&T's P/E ratio?
AT&T's trailing P/E ratio is 7.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.9. At the end of fiscal 2025 it was 8.1, compared with a 10-year median of 8.3.
What is AT&T's EV/EBITDA?
AT&T's enterprise value was 6.1 times EBITDA at the end of fiscal 2025 (enterprise value $334.1 billion, EBITDA $54.7 billion); the current EV/EBITDA is 5.9.
What is AT&T's return on equity?
AT&T's return on equity (ROE) was 20.4% in fiscal 2025: net income of $21.9 billion on average shareholders' equity of $107.5 billion.
What is AT&T's ROIC?
AT&T's return on invested capital was 8.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does AT&T have?
AT&T had total debt of $174.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.57 and $155.8 billion of net debt (2.85 times EBITDA).
What is AT&T's dividend yield?
AT&T's forward dividend yield is 4.74%. AT&T paid $8.2 billion in dividends in fiscal 2025 ($1.14 per share), a payout ratio of 37.4%.
Does AT&T buy back its shares?
Yes. AT&T spent $6.6 billion on net share repurchases in fiscal 2025 Shares outstanding changed −0.3% over the year, to 7.18B..
What is AT&T's free cash flow yield?
AT&T generated $19.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 10.9% on its market value at year-end ($178.3 billion).
What is AT&T's current ratio?
AT&T's current ratio was 0.91 at the end of fiscal 2025: current assets were 0.91 times current liabilities.