Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

AT&T Inc., historical price multiples (quarterly data)

		Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

Ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	AT&T Inc.’s P/E ratio increased from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	AT&T Inc.’s P/OP ratio declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	AT&T Inc.’s P/S ratio declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	AT&T Inc.’s P/BV ratio increased from Q3 2018 to Q4 2018 but then declined significantly from Q4 2018 to Q1 2019.

AT&T Inc., historical P/E calculation (quarterly data)

		Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Net income attributable to AT&T (in millions)
	Earnings per share (EPS)³
	Share price^1, 2
	Ratio
	P/E ratio⁴

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of AT&T Inc.’s Quarterly or Annual Report.

Q1 2019 Calculations

³ EPS = (Net income attributable to AT&T_{Q1 2019} + Net income attributable to AT&T_{Q4 2018} + Net income attributable to AT&T_{Q3 2018} + Net income attributable to AT&T_{Q2 2018}) ÷ No. shares of common stock outstanding
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⁴ P/E ratio = Share price ÷ EPS
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Ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	AT&T Inc.’s P/E ratio increased from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

AT&T Inc., historical P/OP calculation (quarterly data)

		Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Operating income (in millions)
	Operating profit per share³
	Share price^1, 2
	Ratio
	P/OP ratio⁴

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of AT&T Inc.’s Quarterly or Annual Report.

Q1 2019 Calculations

³ Operating profit per share = (Operating income_{Q1 2019} + Operating income_{Q4 2018} + Operating income_{Q3 2018} + Operating income_{Q2 2018}) ÷ No. shares of common stock outstanding
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⁴ P/OP ratio = Share price ÷ Operating profit per share
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Ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	AT&T Inc.’s P/OP ratio declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

AT&T Inc., historical P/S calculation (quarterly data)

		Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Operating revenues (in millions)
	Sales per share³
	Share price^1, 2
	Ratio
	P/S ratio⁴

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of AT&T Inc.’s Quarterly or Annual Report.

Q1 2019 Calculations

³ Sales per share = (Operating revenues_{Q1 2019} + Operating revenues_{Q4 2018} + Operating revenues_{Q3 2018} + Operating revenues_{Q2 2018}) ÷ No. shares of common stock outstanding
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⁴ P/S ratio = Share price ÷ Sales per share
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Ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	AT&T Inc.’s P/S ratio declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

AT&T Inc., historical P/BV calculation (quarterly data)

		Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Stockholders’ equity attributable to AT&T (in millions)
	Book value per share (BVPS)³
	Share price^1, 2
	Ratio
	P/BV ratio⁴

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of AT&T Inc.’s Quarterly or Annual Report.

Q1 2019 Calculations

³ BVPS = Stockholders’ equity attributable to AT&T ÷ No. shares of common stock outstanding
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⁴ P/BV ratio = Share price ÷ BVPS
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Ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	AT&T Inc.’s P/BV ratio increased from Q3 2018 to Q4 2018 but then declined significantly from Q4 2018 to Q1 2019.

	AT&T Inc.	Other companies (not purchased previously)
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Long-term Trends
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AT&T Inc. (T)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

AT&T Inc. (T)

Common Stock Valuation Ratios (Price Multiples)Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data