AT&T Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to AT&T	14,400)	(8,524)	20,081)	(5,176)	13,903)
Net income attributable to noncontrolling interest	1,223)	1,469)	1,398)	1,355)	1,072)
Net noncash charges	25,147)	44,716)	36,161)	60,268)	45,619)
Changes in operating assets and liabilities	(2,456)	(1,849)	(15,683)	(13,317)	(11,926)
Net cash provided by operating activities	38,314)	35,812)	41,957)	43,130)	48,668)
Capital expenditures	(17,853)	(19,626)	(16,527)	(15,675)	(19,635)
Net change in short-term borrowings with original maturities of three months or less	(914)	(519)	1,316)	(17)	(276)
Issuance of other short-term borrowings	5,406)	3,955)	21,856)	9,440)	4,012)
Repayment of other short-term borrowings	(3,415)	(18,345)	(7,510)	(9,467)	(6,904)
Issuance of long-term debt	10,004)	2,979)	9,931)	31,988)	17,039)
Repayment of long-term debt	(12,044)	(25,118)	(3,142)	(39,964)	(27,592)
Free cash flow to equity (FCFE)	19,498)	(20,862)	47,881)	19,435)	15,312)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to AT&T Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	AT&T Inc. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

AT&T Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	7,152,792,253
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	19,498)
FCFE per share	2.73
Current share price (P)	16.75
Valuation Ratio
P/FCFE	6.14
Benchmarks
P/FCFE, Competitors¹
T-Mobile US Inc.	19.38
Verizon Communications Inc.	15.64
P/FCFE, Sector
Telecommunication Services	11.95
P/FCFE, Industry
Communication Services	23.55

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

AT&T Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	7,152,792,253	7,129,870,323	7,142,892,741	7,131,763,496	7,172,884,070
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	19,498)	(20,862)	47,881)	19,435)	15,312)
FCFE per share³	2.73	-2.93	6.70	2.73	2.13
Share price^1, 4	16.80	19.26	23.94	28.63	38.61
Valuation Ratio
P/FCFE⁵	6.16	—	3.57	10.51	18.09
Benchmarks
P/FCFE, Competitors⁶
T-Mobile US Inc.	19.36	—	—	15.91	—
Verizon Communications Inc.	15.64	11.68	—	6.75	24.36
P/FCFE, Sector
Telecommunication Services	11.95	—	16.08	9.24	26.21
P/FCFE, Industry
Communication Services	21.97	31.82	26.52	20.51	33.69

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 19,498,000,000 ÷ 7,152,792,253 = 2.73

⁴ Closing price as at the filing date of AT&T Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 16.80 ÷ 2.73 = 6.16

⁶ Click competitor name to see calculations.

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AT&T Inc. (NYSE:T)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical