Price to Book Value (P/BV)
since 2005
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AT&T Inc. pages available for free this week:
- Cash Flow Statement
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Calculation
AT&T Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity attributable to AT&T1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2012 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of AT&T Inc. Annual Report.
The price-to-book value (P/BV) ratio exhibited fluctuating behavior over the analyzed period, spanning from 2006 to 2026. Initial values indicated a relatively stable ratio, followed by periods of both increase and decrease, ultimately concluding with a value comparable to the earlier period.
- Initial Period (2006-2008)
- The P/BV ratio began at 1.99 and increased slightly to 2.03 before decreasing to 1.84. This suggests a generally consistent valuation relative to book value during these years, with minor fluctuations.
- Decline and Stabilization (2009-2010)
- A noticeable decline occurred between 2008 and 2009, with the P/BV ratio falling to 1.45. This decrease continued slightly into 2010, reaching 1.43, indicating a reduced market valuation compared to the company’s net asset value. The ratio then stabilized.
- Fluctuation and Peak (2011-2013)
- The ratio experienced a period of fluctuation, increasing to 1.70 in 2012 and peaking at 2.12 in 2013. This suggests increased investor confidence or market optimism during this timeframe, leading to a higher premium paid for each dollar of book value.
- Subsequent Decline and Low Point (2014-2019)
- Following the peak, the P/BV ratio generally trended downward, reaching a low of 1.22 in 2019. This decline could be attributed to various factors, including market conditions or company-specific performance concerns. The ratio remained below 1.60 throughout this period.
- Recent Years (2020-2026)
- The ratio showed some recovery, increasing to 1.50 in 2020, but then decreased significantly to 1.03 in 2022. A subsequent increase to 1.74 in 2024 and a slight decrease to 1.72 in 2026 suggests a recent stabilization, though at a level lower than the peaks observed earlier in the period. The ratio in 2026 is comparable to the levels seen in the initial years of the analysis.
Overall, the P/BV ratio demonstrates a cyclical pattern, with periods of growth followed by declines. The most recent values suggest a valuation that is relatively moderate compared to the company’s book value, and a return to levels seen in the earlier part of the analyzed timeframe.
Comparison to Competitors
AT&T Inc., P/BV, long-term trends, comparison to competitors
| AT&T Inc. | T-Mobile US Inc. | Verizon Communications Inc. | |
|---|---|---|---|
| Feb 9, 2026 | |||
| Feb 12, 2025 | |||
| Feb 23, 2024 | |||
| Feb 13, 2023 | |||
| Feb 16, 2022 | |||
| Feb 25, 2021 | |||
| Feb 20, 2020 | |||
| Feb 20, 2019 | |||
| Feb 20, 2018 | |||
| Feb 17, 2017 | |||
| Feb 18, 2016 | |||
| Feb 20, 2015 | |||
| Feb 21, 2014 | |||
| Feb 22, 2013 | |||
| Feb 24, 2012 | |||
| Mar 1, 2011 | |||
| Feb 25, 2010 | |||
| Feb 25, 2009 | |||
| Feb 27, 2008 | |||
| Feb 26, 2007 | |||
| Mar 1, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Telecommunication Services)
AT&T Inc., P/BV, long-term trends, comparison to sector (telecommunication services)
| AT&T Inc. | Telecommunication Services | |
|---|---|---|
| Feb 9, 2026 | ||
| Feb 12, 2025 | ||
| Feb 23, 2024 | ||
| Feb 13, 2023 | ||
| Feb 16, 2022 | ||
| Feb 25, 2021 | ||
| Feb 20, 2020 | ||
| Feb 20, 2019 | ||
| Feb 20, 2018 | ||
| Feb 17, 2017 | ||
| Feb 18, 2016 | ||
| Feb 20, 2015 | ||
| Feb 21, 2014 | ||
| Feb 22, 2013 | ||
| Feb 24, 2012 | ||
| Mar 1, 2011 | ||
| Feb 25, 2010 | ||
| Feb 25, 2009 | ||
| Feb 27, 2008 | ||
| Feb 26, 2007 | ||
| Mar 1, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Communication Services)
AT&T Inc., P/BV, long-term trends, comparison to industry (communication services)
| AT&T Inc. | Communication Services | |
|---|---|---|
| Feb 9, 2026 | ||
| Feb 12, 2025 | ||
| Feb 23, 2024 | ||
| Feb 13, 2023 | ||
| Feb 16, 2022 | ||
| Feb 25, 2021 | ||
| Feb 20, 2020 | ||
| Feb 20, 2019 | ||
| Feb 20, 2018 | ||
| Feb 17, 2017 | ||
| Feb 18, 2016 | ||
| Feb 20, 2015 | ||
| Feb 21, 2014 | ||
| Feb 22, 2013 | ||
| Feb 24, 2012 | ||
| Mar 1, 2011 | ||
| Feb 25, 2010 | ||
| Feb 25, 2009 | ||
| Feb 27, 2008 | ||
| Feb 26, 2007 | ||
| Mar 1, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).