Price to Book Value (P/BV)
since 2005
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 | 1.72 | = | 27.11 | ÷ | 15.79 | 15.79 | = | 110,533 | ÷ | 7,000,577,201 | |
| Feb 12, 2025 | 1.74 | = | 25.36 | ÷ | 14.54 | 14.54 | = | 104,372 | ÷ | 7,178,183,000 | |
| Feb 23, 2024 | 1.16 | = | 16.80 | ÷ | 14.44 | 14.44 | = | 103,297 | ÷ | 7,152,792,253 | |
| Feb 13, 2023 | 1.41 | = | 19.26 | ÷ | 13.67 | 13.67 | = | 97,500 | ÷ | 7,129,870,323 | |
| Feb 16, 2022 | 1.03 | = | 23.94 | ÷ | 23.29 | 23.29 | = | 166,332 | ÷ | 7,142,892,741 | |
| Feb 25, 2021 | 1.26 | = | 28.63 | ÷ | 22.67 | 22.67 | = | 161,673 | ÷ | 7,131,763,496 | |
| Feb 20, 2020 | 1.50 | = | 38.61 | ÷ | 25.68 | 25.68 | = | 184,221 | ÷ | 7,172,884,070 | |
| Feb 20, 2019 | 1.22 | = | 30.85 | ÷ | 25.27 | 25.27 | = | 184,089 | ÷ | 7,284,589,883 | |
| Feb 20, 2018 | 1.60 | = | 36.77 | ÷ | 22.94 | 22.94 | = | 140,861 | ÷ | 6,141,532,706 | |
| Feb 17, 2017 | 2.07 | = | 41.48 | ÷ | 20.05 | 20.05 | = | 123,135 | ÷ | 6,141,570,142 | |
| Feb 18, 2016 | 1.85 | = | 36.99 | ÷ | 19.94 | 19.94 | = | 122,671 | ÷ | 6,151,208,898 | |
| Feb 20, 2015 | 2.05 | = | 34.08 | ÷ | 16.64 | 16.64 | = | 86,370 | ÷ | 5,190,167,853 | |
| Feb 21, 2014 | 1.88 | = | 32.80 | ÷ | 17.47 | 17.47 | = | 90,988 | ÷ | 5,206,849,490 | |
| Feb 22, 2013 | 2.12 | = | 35.68 | ÷ | 16.82 | 16.82 | = | 92,362 | ÷ | 5,491,609,489 | |
| Feb 24, 2012 | 1.70 | = | 30.34 | ÷ | 17.80 | 17.80 | = | 105,534 | ÷ | 5,928,751,656 | |
| Mar 1, 2011 | 1.49 | = | 28.08 | ÷ | 18.89 | 18.89 | = | 111,647 | ÷ | 5,911,433,420 | |
| Feb 25, 2010 | 1.43 | = | 24.77 | ÷ | 17.27 | 17.27 | = | 101,900 | ÷ | 5,902,074,438 | |
| Feb 25, 2009 | 1.45 | = | 23.71 | ÷ | 16.35 | 16.35 | = | 96,347 | ÷ | 5,893,307,211 | |
| Feb 27, 2008 | 1.84 | = | 35.20 | ÷ | 19.11 | 19.11 | = | 115,367 | ÷ | 6,035,725,446 | |
| Feb 26, 2007 | 2.03 | = | 37.50 | ÷ | 18.50 | 18.50 | = | 115,540 | ÷ | 6,244,142,361 | |
| Mar 1, 2006 | 1.99 | = | 28.09 | ÷ | 14.10 | 14.10 | = | 54,690 | ÷ | 3,879,759,768 |
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.
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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 | 1.72 | 3.90 | 1.98 |
| Feb 12, 2025 | 1.74 | 4.31 | 1.72 |
| Feb 23, 2024 | 1.16 | 2.97 | 1.81 |
| Feb 13, 2023 | 1.41 | 2.58 | 1.84 |
| Feb 16, 2022 | 1.03 | 2.25 | 2.74 |
| Feb 25, 2021 | 1.26 | 2.27 | 3.45 |
| Feb 20, 2020 | 1.50 | 2.46 | 3.92 |
| Feb 20, 2019 | 1.22 | 2.35 | 4.29 |
| Feb 20, 2018 | 1.60 | 2.23 | 4.57 |
| Feb 17, 2017 | 2.07 | 2.79 | 8.95 |
| Feb 18, 2016 | 1.85 | 1.82 | 12.56 |
| Feb 20, 2015 | 2.05 | 1.64 | 16.48 |
| Feb 21, 2014 | 1.88 | 1.72 | 5.06 |
| Feb 22, 2013 | 2.12 | — | 3.98 |
| Feb 24, 2012 | 1.70 | — | 3.01 |
| Mar 1, 2011 | 1.49 | — | 2.71 |
| Feb 25, 2010 | 1.43 | — | 1.97 |
| Feb 25, 2009 | 1.45 | — | 1.95 |
| Feb 27, 2008 | 1.84 | — | 2.11 |
| Feb 26, 2007 | 2.03 | — | 2.22 |
| Mar 1, 2006 | 1.99 | — | 2.54 |
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 | 1.72 | 2.29 |
| Feb 12, 2025 | 1.74 | 2.33 |
| Feb 23, 2024 | 1.16 | 1.84 |
| Feb 13, 2023 | 1.41 | 1.88 |
| Feb 16, 2022 | 1.03 | 1.73 |
| Feb 25, 2021 | 1.26 | 1.99 |
| Feb 20, 2020 | 1.50 | 2.14 |
| Feb 20, 2019 | 1.22 | 1.95 |
| Feb 20, 2018 | 1.60 | 2.29 |
| Feb 17, 2017 | 2.07 | 3.09 |
| Feb 18, 2016 | 1.85 | 2.98 |
| Feb 20, 2015 | 2.05 | 3.54 |
| Feb 21, 2014 | 1.88 | 2.72 |
| Feb 22, 2013 | 2.12 | 2.61 |
| Feb 24, 2012 | 1.70 | 2.04 |
| Mar 1, 2011 | 1.49 | 1.80 |
| Feb 25, 2010 | 1.43 | 1.59 |
| Feb 25, 2009 | 1.45 | 1.60 |
| Feb 27, 2008 | 1.84 | 1.92 |
| Feb 26, 2007 | 2.03 | 2.09 |
| Mar 1, 2006 | 1.99 | 2.22 |
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 | 1.72 | 6.28 |
| Feb 12, 2025 | 1.74 | 5.56 |
| Feb 23, 2024 | 1.16 | 4.54 |
| Feb 13, 2023 | 1.41 | 3.41 |
| Feb 16, 2022 | 1.03 | 4.32 |
| Feb 25, 2021 | 1.26 | 4.24 |
| Feb 20, 2020 | 1.50 | 3.71 |
| Feb 20, 2019 | 1.22 | 3.49 |
| Feb 20, 2018 | 1.60 | 4.14 |
| Feb 17, 2017 | 2.07 | 3.98 |
| Feb 18, 2016 | 1.85 | 3.88 |
| Feb 20, 2015 | 2.05 | 3.70 |
| Feb 21, 2014 | 1.88 | 3.60 |
| Feb 22, 2013 | 2.12 | 2.84 |
| Feb 24, 2012 | 1.70 | 2.18 |
| Mar 1, 2011 | 1.49 | 2.24 |
| Feb 25, 2010 | 1.43 | 1.97 |
| Feb 25, 2009 | 1.45 | 1.70 |
| Feb 27, 2008 | 1.84 | 2.33 |
| Feb 26, 2007 | 2.03 | 2.49 |
| Mar 1, 2006 | 1.99 | 2.45 |
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).