Stock Analysis on Net

AT&T Inc. (NYSE:T)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

AT&T Inc., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 0.95 0.95 1.34 1.35 1.39
Net fixed asset turnover (including operating lease, right-of-use asset) 0.82 0.81 1.13 1.13 1.18
Total asset turnover 0.30 0.30 0.31 0.33 0.33
Equity turnover 1.19 1.24 1.02 1.06 0.98

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. AT&T Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). AT&T Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. AT&T Inc. total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. AT&T Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Net Fixed Asset Turnover

AT&T Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Operating revenues 122,428 120,741 168,864 171,760 181,193
Property, plant and equipment, net 128,489 127,445 125,904 127,315 130,128
Long-term Activity Ratio
Net fixed asset turnover1 0.95 0.95 1.34 1.35 1.39
Benchmarks
Net Fixed Asset Turnover, Competitors2
T-Mobile US Inc. 1.80 1.75 1.86 1.55 1.82
Verizon Communications Inc. 1.24 1.27 1.34 1.35 1.43
Net Fixed Asset Turnover, Sector
Telecommunication Services 1.19 1.20 1.42 1.38 1.45
Net Fixed Asset Turnover, Industry
Communication Services 1.68 1.73 1.90 1.72 1.81

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover = Operating revenues ÷ Property, plant and equipment, net
= 122,428 ÷ 128,489 = 0.95

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. AT&T Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

AT&T Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Operating revenues 122,428 120,741 168,864 171,760 181,193
 
Property, plant and equipment, net 128,489 127,445 125,904 127,315 130,128
Operating lease right-of-use assets 20,905 21,814 24,180 24,714 24,039
Property, plant and equipment, net (including operating lease, right-of-use asset) 149,394 149,259 150,084 152,029 154,167
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 0.82 0.81 1.13 1.13 1.18
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
T-Mobile US Inc. 1.11 1.07 1.14 0.95 1.26
Verizon Communications Inc. 1.01 1.02 1.05 1.09 1.15
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Telecommunication Services 0.95 0.94 1.10 1.08 1.18
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Communication Services 1.42 1.43 1.54 1.41 1.52

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Operating revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 122,428 ÷ 149,394 = 0.82

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). AT&T Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Total Asset Turnover

AT&T Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Operating revenues 122,428 120,741 168,864 171,760 181,193
Total assets 407,060 402,853 551,622 525,761 551,669
Long-term Activity Ratio
Total asset turnover1 0.30 0.30 0.31 0.33 0.33
Benchmarks
Total Asset Turnover, Competitors2
T-Mobile US Inc. 0.38 0.38 0.39 0.34 0.52
Verizon Communications Inc. 0.35 0.36 0.36 0.41 0.45
Total Asset Turnover, Sector
Telecommunication Services 0.34 0.34 0.34 0.35 0.38
Total Asset Turnover, Industry
Communication Services 0.48 0.47 0.45 0.41 0.43

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Operating revenues ÷ Total assets
= 122,428 ÷ 407,060 = 0.30

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. AT&T Inc. total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Equity Turnover

AT&T Inc., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Operating revenues 122,428 120,741 168,864 171,760 181,193
Stockholders’ equity attributable to AT&T 103,297 97,500 166,332 161,673 184,221
Long-term Activity Ratio
Equity turnover1 1.19 1.24 1.02 1.06 0.98
Benchmarks
Equity Turnover, Competitors2
T-Mobile US Inc. 1.21 1.14 1.16 1.05 1.56
Verizon Communications Inc. 1.45 1.50 1.63 1.89 2.15
Equity Turnover, Sector
Telecommunication Services 1.29 1.31 1.21 1.25 1.30
Equity Turnover, Industry
Communication Services 1.14 1.16 1.09 1.00 1.04

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Equity turnover = Operating revenues ÷ Stockholders’ equity attributable to AT&T
= 122,428 ÷ 103,297 = 1.19

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. AT&T Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.