Current EV
Historical EV

AT&T Inc., current enterprise value calculation

Current share price (P)	$26.94
No. shares of common stock outstanding	7,195,602,178
US$ in millions
Common equity (market value)¹	193,850)
Add: Preferred stock, $1 par value (per books)	—)
Add: Noncontrolling interest (per books)	13,873)
Total equity	207,723)
Add: Debt maturing within one year (per books)	5,089)
Add: Long-term debt, excluding maturing within one year (per books)	118,443)
Total equity and debt	331,255)
Less: Cash and cash equivalents	3,298)
Enterprise value (EV)	327,957)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 26.94 × 7,195,602,178

AT&T Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$25.36	$16.80	$19.26	$23.94	$28.63
No. shares of common stock outstanding¹	7,178,183,000	7,152,792,253	7,129,870,323	7,142,892,741	7,131,763,496
US$ in millions
Common equity (market value)³	182,039)	120,167)	137,321)	171,001)	204,182)
Add: Preferred stock, $1 par value (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	13,873)	14,145)	8,957)	17,523)	17,567)
Total equity	195,912)	134,312)	146,278)	188,524)	221,749)
Add: Debt maturing within one year (book value)	5,089)	9,477)	7,467)	24,630)	3,470)
Add: Long-term debt, excluding maturing within one year (book value)	118,443)	127,854)	128,423)	152,724)	153,775)
Total equity and debt	319,444)	271,643)	282,168)	365,878)	378,994)
Less: Cash and cash equivalents	3,298)	6,722)	3,701)	21,169)	9,740)
Enterprise value (EV)	316,146)	264,921)	278,467)	344,709)	369,254)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of AT&T Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 25.36 × 7,178,183,000

Common equity (market value): The common equity market value exhibited a downward trend from 204,182 million USD in 2020 to 120,167 million USD in 2023, representing a significant decline over four years. However, in 2024, there was a notable recovery, with the value increasing to 182,039 million USD, indicating a potential restoration of market confidence or positive valuation adjustments.
Total equity: Total equity followed a similar trajectory to common equity market value, declining steadily from 221,749 million USD in 2020 to 134,312 million USD in 2023. In 2024, total equity increased substantially to 195,912 million USD. The parallel movements suggest that book equity and market equity were influenced by common underlying factors during this period.
Total equity and debt: The combined total of equity and debt experienced a general decline from 378,994 million USD in 2020 to 271,643 million USD in 2023. This decreased figure reflects a contraction in the company’s overall capital base. In 2024, an increase to 319,444 million USD indicates partial recovery or possible changes in financing strategy, such as increased debt or equity financing.
Enterprise value (EV): Enterprise value mirrored the decline observed in other valuation measures, decreasing from 369,254 million USD in 2020 to 264,921 million USD in 2023. The subsequent rise to 316,146 million USD in 2024 aligns with improvements seen in total equity and common equity market values, reflecting an overall positive shift in the company's valuation and perceived market worth.

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AT&T Inc. (NYSE:T)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)