Price to Sales (P/S)
since 2005
Calculation
AT&T Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Operating revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2026 | 1.51 | = | 27.11 | ÷ | 17.95 | 17.95 | = | 125,648 | ÷ | 7,000,577,201 | |
| Feb 12, 2025 | 1.49 | = | 25.36 | ÷ | 17.04 | 17.04 | = | 122,336 | ÷ | 7,178,183,000 | |
| Feb 23, 2024 | 0.98 | = | 16.80 | ÷ | 17.12 | 17.12 | = | 122,428 | ÷ | 7,152,792,253 | |
| Feb 13, 2023 | 1.14 | = | 19.26 | ÷ | 16.93 | 16.93 | = | 120,741 | ÷ | 7,129,870,323 | |
| Feb 16, 2022 | 1.01 | = | 23.94 | ÷ | 23.64 | 23.64 | = | 168,864 | ÷ | 7,142,892,741 | |
| Feb 25, 2021 | 1.19 | = | 28.63 | ÷ | 24.08 | 24.08 | = | 171,760 | ÷ | 7,131,763,496 | |
| Feb 20, 2020 | 1.53 | = | 38.61 | ÷ | 25.26 | 25.26 | = | 181,193 | ÷ | 7,172,884,070 | |
| Feb 20, 2019 | 1.32 | = | 30.85 | ÷ | 23.44 | 23.44 | = | 170,756 | ÷ | 7,284,589,883 | |
| Feb 20, 2018 | 1.41 | = | 36.77 | ÷ | 26.14 | 26.14 | = | 160,546 | ÷ | 6,141,532,706 | |
| Feb 17, 2017 | 1.56 | = | 41.48 | ÷ | 26.67 | 26.67 | = | 163,786 | ÷ | 6,141,570,142 | |
| Feb 18, 2016 | 1.55 | = | 36.99 | ÷ | 23.87 | 23.87 | = | 146,801 | ÷ | 6,151,208,898 | |
| Feb 20, 2015 | 1.34 | = | 34.08 | ÷ | 25.52 | 25.52 | = | 132,447 | ÷ | 5,190,167,853 | |
| Feb 21, 2014 | 1.33 | = | 32.80 | ÷ | 24.73 | 24.73 | = | 128,752 | ÷ | 5,206,849,490 | |
| Feb 22, 2013 | 1.54 | = | 35.68 | ÷ | 23.21 | 23.21 | = | 127,434 | ÷ | 5,491,609,489 | |
| Feb 24, 2012 | 1.42 | = | 30.34 | ÷ | 21.37 | 21.37 | = | 126,723 | ÷ | 5,928,751,656 | |
| Mar 1, 2011 | 1.34 | = | 28.08 | ÷ | 21.02 | 21.02 | = | 124,280 | ÷ | 5,911,433,420 | |
| Feb 25, 2010 | 1.19 | = | 24.77 | ÷ | 20.84 | 20.84 | = | 123,018 | ÷ | 5,902,074,438 | |
| Feb 25, 2009 | 1.13 | = | 23.71 | ÷ | 21.05 | 21.05 | = | 124,028 | ÷ | 5,893,307,211 | |
| Feb 27, 2008 | 1.79 | = | 35.20 | ÷ | 19.70 | 19.70 | = | 118,928 | ÷ | 6,035,725,446 | |
| Feb 26, 2007 | 3.71 | = | 37.50 | ÷ | 10.10 | 10.10 | = | 63,055 | ÷ | 6,244,142,361 | |
| Mar 1, 2006 | 2.48 | = | 28.09 | ÷ | 11.31 | 11.31 | = | 43,862 | ÷ | 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-sales (P/S) ratio exhibited considerable fluctuation between 2006 and 2026. Initially, the ratio increased from 2.48 in 2006 to a peak of 3.71 in 2007, before declining significantly to 1.13 in 2009. Subsequent years showed a period of relative stability, with the ratio generally remaining between 1.13 and 1.56 from 2009 to 2017. A more recent trend indicates a decrease beginning in 2018, reaching a low of 0.98 in 2023, followed by a rebound to 1.49 in 2024 and 1.51 in 2025.
- Initial Increase and Subsequent Decline (2006-2009)
- The P/S ratio experienced a substantial increase in the initial period, potentially reflecting growing investor optimism. However, the sharp decline in 2008 and 2009 suggests a shift in market sentiment, possibly influenced by broader economic conditions. The decrease could also indicate concerns regarding the company’s ability to translate sales into profits.
- Period of Stability (2009-2017)
- From 2009 through 2017, the P/S ratio remained relatively stable, fluctuating within a narrow range. This suggests a period of consistent, if unspectacular, performance and investor valuation. The consistency may also reflect a mature business model with predictable revenue streams.
- Recent Downward Trend and Rebound (2018-2026)
- The period from 2018 to 2023 witnessed a noticeable downward trend in the P/S ratio. This decline could be attributed to factors such as increased competition, changing market dynamics, or concerns about future growth prospects. The recent rebound in 2024 and 2025, however, indicates a potential shift in investor perception or improved company performance. Further investigation would be needed to determine the sustainability of this recovery.
The share price and sales per share both demonstrate fluctuations over the period. While share price peaked in 2017, sales per share remained relatively consistent until a significant drop in 2023, coinciding with the lowest P/S ratio. The subsequent increases in both share price and P/S ratio in 2024 and 2025 suggest a potential correlation between these metrics and a renewed positive outlook.
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Comparison to Competitors
AT&T Inc., P/S, long-term trends, comparison to competitors
| AT&T Inc. | T-Mobile US Inc. | Verizon Communications Inc. | |
|---|---|---|---|
| Feb 9, 2026 | 1.51 | 2.61 | 1.49 |
| Feb 12, 2025 | 1.49 | 3.27 | 1.27 |
| Feb 23, 2024 | 0.98 | 2.44 | 1.25 |
| Feb 13, 2023 | 1.14 | 2.26 | 1.23 |
| Feb 16, 2022 | 1.01 | 1.94 | 1.68 |
| Feb 25, 2021 | 1.19 | 2.17 | 1.82 |
| Feb 20, 2020 | 1.53 | 1.58 | 1.83 |
| Feb 20, 2019 | 1.32 | 1.34 | 1.74 |
| Feb 20, 2018 | 1.41 | 1.24 | 1.56 |
| Feb 17, 2017 | 1.56 | 1.37 | 1.60 |
| Feb 18, 2016 | 1.55 | 0.94 | 1.57 |
| Feb 20, 2015 | 1.34 | 0.87 | 1.59 |
| Feb 21, 2014 | 1.33 | 1.00 | 1.63 |
| Feb 22, 2013 | 1.54 | — | 1.14 |
| Feb 24, 2012 | 1.42 | — | 0.98 |
| Mar 1, 2011 | 1.34 | — | 0.98 |
| Feb 25, 2010 | 1.19 | — | 0.76 |
| Feb 25, 2009 | 1.13 | — | 0.83 |
| Feb 27, 2008 | 1.79 | — | 1.14 |
| Feb 26, 2007 | 3.71 | — | 1.22 |
| Mar 1, 2006 | 2.48 | — | 1.34 |
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/S, long-term trends, comparison to sector (telecommunication services)
| AT&T Inc. | Telecommunication Services | |
|---|---|---|
| Feb 9, 2026 | 1.51 | 1.78 |
| Feb 12, 2025 | 1.49 | 1.83 |
| Feb 23, 2024 | 0.98 | 1.43 |
| Feb 13, 2023 | 1.14 | 1.44 |
| Feb 16, 2022 | 1.01 | 1.44 |
| Feb 25, 2021 | 1.19 | 1.59 |
| Feb 20, 2020 | 1.53 | 1.64 |
| Feb 20, 2019 | 1.32 | 1.48 |
| Feb 20, 2018 | 1.41 | 1.45 |
| Feb 17, 2017 | 1.56 | 1.55 |
| Feb 18, 2016 | 1.55 | 1.49 |
| Feb 20, 2015 | 1.34 | 1.40 |
| Feb 21, 2014 | 1.33 | 1.43 |
| Feb 22, 2013 | 1.54 | 1.35 |
| Feb 24, 2012 | 1.42 | 1.21 |
| Mar 1, 2011 | 1.34 | 1.17 |
| Feb 25, 2010 | 1.19 | 0.99 |
| Feb 25, 2009 | 1.13 | 1.00 |
| Feb 27, 2008 | 1.79 | 1.50 |
| Feb 26, 2007 | 3.71 | 2.26 |
| Mar 1, 2006 | 2.48 | 1.76 |
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/S, long-term trends, comparison to industry (communication services)
| AT&T Inc. | Communication Services | |
|---|---|---|
| Feb 9, 2026 | 1.51 | 5.87 |
| Feb 12, 2025 | 1.49 | 4.95 |
| Feb 23, 2024 | 0.98 | 4.00 |
| Feb 13, 2023 | 1.14 | 2.93 |
| Feb 16, 2022 | 1.01 | 3.98 |
| Feb 25, 2021 | 1.19 | 4.24 |
| Feb 20, 2020 | 1.53 | 3.56 |
| Feb 20, 2019 | 1.32 | 3.21 |
| Feb 20, 2018 | 1.41 | 3.59 |
| Feb 17, 2017 | 1.56 | 3.11 |
| Feb 18, 2016 | 1.55 | 3.03 |
| Feb 20, 2015 | 1.34 | 2.68 |
| Feb 21, 2014 | 1.33 | 2.72 |
| Feb 22, 2013 | 1.54 | 2.08 |
| Feb 24, 2012 | 1.42 | 1.65 |
| Mar 1, 2011 | 1.34 | 1.84 |
| Feb 25, 2010 | 1.19 | 1.54 |
| Feb 25, 2009 | 1.13 | 1.29 |
| Feb 27, 2008 | 1.79 | 2.05 |
| Feb 26, 2007 | 3.71 | 2.85 |
| Mar 1, 2006 | 2.48 | 2.32 |
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).