Price to Book Value (P/BV)
since 2005
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AT&T Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Analysis of Debt
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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 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: 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 analysis of the financial data over the observed periods reveals several notable trends related to the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio.
- Share Price
- The share price exhibited variability over the years, initially increasing from $28.09 in 2006 to a peak above $37 in 2007. Following this, a general downtrend was observed until 2009, with the price declining to approximately $23.71. From 2009 to 2012, the share price demonstrated a recovery pattern, rising back up to about $30.34. In the subsequent years, fluctuations were evident, with the share price peaking again near $41.48 in 2017 before experiencing a steady decline through 2023, reaching a low of $16.80. A notable recovery is seen in 2025, where the price increases to $25.36.
- Book Value Per Share (BVPS)
- BVPS shows a generally positive trend with some fluctuations. Starting at $14.10 in 2006, it increased steadily to reach a peak of $25.68 in 2020. After 2020, a decline occurred, with BVPS dropping to $13.67 in 2023, followed by a moderate recovery to roughly $14.54 in 2025. This pattern suggests a strengthening of the underlying book value in the medium term followed by a period of contraction before stabilizing.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed significant fluctuation throughout the period. In the earlier years, it was relatively high, ranging from about 1.43 to 2.12, indicating that the market price was generally valued above the book value. The ratio declined from 2017 onward to a low of approximately 1.03 in 2022, reflecting a market price that was closer to the book value per share. However, this ratio then rose again to 1.74 by 2025, indicating renewed market optimism or an increase in price relative to book value.
Overall, the data reflect periods of both investor optimism and caution. The share price and P/BV ratio trends suggest cycles of market valuation shifts relative to the company’s book value. BVPS steadily improved over much of the period up to 2020, demonstrating an increasing net asset value per share, followed by a contraction that may indicate asset write-downs, restructuring, or other financial impacts during recent years. The recovery in both share price and P/BV in the most recent period suggests a potential return of market confidence.
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 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: 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 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: 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 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: 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).