Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
AT&T Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio displays a notable fluctuation over the periods observed. Initially, from the earliest data points, the ratio is missing but sharply peaks at 187.6 before declining substantially to values between 6.53 and 8.6 by the end of 2021. Following this, the P/E ratio remains relatively stable throughout 2022, maintaining a range generally between 6.5 and 10. Toward the end of the observed timeline, from early 2024 through mid-2025, the ratio shows an upward trend, increasing from approximately 8.47 to a peak near 17.98 and then gradually tapering off to around 15.76. This pattern suggests periods of investor optimism followed by stabilization and a later resurgence in valuation multiples.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio exhibits a decreasing trend following an initial peak in mid-2020, with values declining from over 31 to approximately 5.68 by late 2022. After reaching this trough, the ratio stabilizes at a low level throughout early 2023 and into 2024, before beginning to rise again in the later quarters, climbing from about 5.12 to upwards of 10.36 in mid-2025. This suggests an improvement in operating profit relative to stock price initially, followed by appreciation in valuation multiples against operating profits later on.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio demonstrates modest variability around approximately 1.0. From mid-2020 to late 2021, the ratio shows a slight decreasing trend from a peak of around 1.34 to close to 0.89, indicating a potential decline in valuation relative to sales during this period. Subsequently, the ratio gradually increases from just below 1.0 at the start of 2023, rising consistently to about 1.61 by mid-2025. This upward movement may reflect increased market valuation relative to sales, possibly due to improved sales performance or optimistic market expectations.
- Price to Book Value (P/BV) Ratio
- Throughout the periods, the Price to Book Value ratio starts near parity (around 1.15) and remains relatively stable with some fluctuations until late 2021. Thereafter, it shows a significant upward trend starting in early 2022, rising from approximately 0.82 to reach values close to 1.9 by mid-2025. This steady increase indicates a growing premium by the market over the book value, suggesting enhanced investor confidence in the company’s asset value and possibly reflecting improvements in asset quality or expectations of future profitability.
Price to Earnings (P/E)
AT&T Inc., historical P/E calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common stock (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| T-Mobile US Inc. | |||||||||||||||||||||||||||||
| Verizon Communications Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income (loss) attributable to common stockQ2 2025
+ Net income (loss) attributable to common stockQ1 2025
+ Net income (loss) attributable to common stockQ4 2024
+ Net income (loss) attributable to common stockQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited significant volatility over the observed period. Initially, it remained relatively stable around the high 20s USD from early 2020 through late 2020, peaking at 32.41 in March 2021. This was followed by a marked decline through 2021 and into 2022, reaching a low near 14.51 in June 2023. Subsequently, the share price began a steady recovery from mid-2023 onward, climbing back to approximately 27.92 USD by June 2025.
- Earnings Per Share (EPS) Patterns
- EPS data shows fluctuations with notable periods of negative earnings. Starting from early 2021, EPS turned negative with a low point around -1.61 in December 2023. Prior to this, modest positive earnings were recorded in late 2020 and early 2021, including a peak of 2.78 in December 2020. After the negative trailing period, earnings returned to positive territory from early 2024 onwards, though with moderate growth, ending at 1.77 by June 2025.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio exhibited considerable variability, reflecting changes in price and EPS values. Initially absent in the dataset, it appeared at an extremely high level of 187.6 in December 2020, signaling potentially distorted valuation due to low or negative EPS. Subsequently, the ratio stabilized within a lower range between 6.5 and 10.9 from early 2021 through late 2022. From 2024 onward, the P/E ratio increased again, reaching values near 15.76 by mid-2025, consistent with EPS returning to profitability and increasing share price.
- Overall Financial Insights
- The financial data reveals a period of financial stress and recovery. The time frame from late 2020 through 2023 corresponded with negative earnings and declining share price, culminating in depressed valuation multiples. The recovery in profitability starting in early 2024 was mirrored by improving share price and recovering P/E multiples, indicating restored investor confidence and improved financial health. The share price trend suggests renewed optimism in the company's prospects over the most recent periods analyzed.
Price to Operating Profit (P/OP)
AT&T Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| T-Mobile US Inc. | |||||||||||||||||||||||||||||
| Verizon Communications Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price experienced notable volatility over the observed period. Initially, the price hovered between $23.94 and $32.41 from March 2020 to December 2021, peaking at $32.41 in March 2021. However, a significant decline occurred from early 2022, where the share price dropped to a low of $14.51 in June 2023. Following this trough, the share price demonstrated a recovery trend, rising steadily to $27.92 by June 2025. This pattern indicates an initial period of stability and moderate fluctuation, followed by a sharp decline and subsequent recovery.
- Operating Profit Per Share (OPPS) Trends
- Operating profit per share data starts from March 2021, showing a rise from $0.9 to a peak around $3.27 in the first quarter of 2022. This was followed by a sharp decline into negative territory during 2023, with the lowest point at -$0.64 in March 2023. After this downturn, OPPS recovered strongly throughout late 2023 and stabilized around $2.63 to $3.28 in the quarters through June 2025. This indicates a period of strong operational performance early on, a subsequent operational challenge or restructuring reflected by negative profits, and a recovery phase returning to positive profitability.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio fluctuated significantly over the data horizon. Initially available from March 2021, the ratio indicated a high valuation relative to operating profit, peaking at 35.17 in June 2021. This ratio sharply declined to under 6 by December 2021 and remained low through the latter part of 2022. The absence of P/OP data during early 2023 corresponds with a phase where OPPS was negative, making the ratio calculation non-meaningful. Resuming P/OP data in 2024 shows a rising trend, increasing from around 5.12 in March 2024 to over 10 by June 2025, implying that the share price began to increase faster than operating profit in this later stage. This could suggest growing market optimism or valuation adjustments despite relatively stable operating profits.
- Overall Observations
- The company exhibited a volatile financial performance influenced by external or internal factors markedly evident in early 2023 with pronounced operating losses and share price depreciation. The subsequent recovery in profitability and share price by 2025 reflects successful turnaround measures or improving market conditions. The rising P/OP ratio in the later years signals increased market valuation relative to earnings, which may warrant further investigation into market sentiment or anticipated future growth prospects.
Price to Sales (P/S)
AT&T Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| T-Mobile US Inc. | |||||||||||||||||||||||||||||
| Verizon Communications Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited fluctuations over the observed periods. Initially, it peaked at $32.41 in March 2021 before declining steadily to a low of $14.51 by June 2023. From this trough, a recovery phase is notable, with the share price increasing to $27.92 by June 2025.
- Sales per Share Dynamics
- Sales per share started at $24.08 in March 2021 and demonstrated a consistent downward trend until December 2022, reaching a low of $16.93. Thereafter, sales per share stabilized and showed minor growth, ending at $17.34 by June 2025.
- Price-to-Sales (P/S) Ratio Behavior
- The price-to-sales ratio followed a somewhat volatile path. It rose from 1.19 in March 2021 to a peak of 1.34 in June 2021, then declined to 0.85 by September 2023. From that low, the ratio steadily increased, reaching 1.61 in June 2025, the highest level recorded in the series.
- Interrelation Insights
- The share price and P/S ratio both show a recovery trend starting mid-2023, while sales per share remain relatively stable with slight growth. This suggests improved market valuation relative to sales despite stable operating performance. The earlier decline in sales per share alongside falling share prices and P/S ratios points to potential operational challenges or market concerns between 2021 and 2023.
Price to Book Value (P/BV)
AT&T Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| T-Mobile US Inc. | |||||||||||||||||||||||||||||
| Verizon Communications Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Stockholders’ equity attributable to AT&T ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analyzed quarterly data reveals notable fluctuations in share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the examined periods.
- Share Price
- The share price exhibited a peak around the first quarter of 2021 at $32.41, after which it underwent a significant decline, bottoming near $14.51 in the second quarter of 2023. Following this trough, there was a clear recovery trend, with the share price rising steadily to $27.92 by the second quarter of 2025. The overall movement shows an initial increase, a pronounced dip over roughly two years, and subsequent recovery nearing previous highs.
- Book Value Per Share (BVPS)
- BVPS remained relatively stable from early 2020 through early 2022, fluctuating mostly between approximately $22 and $24. However, there was a marked decline beginning in early 2022, dropping from $23.61 to as low as $13.67 by the fourth quarter of 2022. Following this decline, the BVPS stabilized and demonstrated a moderate upward trend from early 2023, modestly increasing to $14.72 by mid-2025. This pattern suggests a period of asset value reduction or balance sheet adjustments followed by some recovery.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio showed considerable volatility. Early 2020 through late 2021 displayed ratios generally near or above 1, peaking at 1.4 in the first quarter of 2021. In early 2022, the ratio declined sharply to 0.82, reflecting the drop in share price relative to the book value. After this low, a significant rise occurred, with the ratio climbing to 1.9 by mid-2025. This rise indicates that the market began valuing the shares increasingly higher relative to their book value, possibly reflecting improved market sentiment or growth expectations despite the relatively stable BVPS during this period.
In summary, the financial indicators reflect an environment of initial growth, notable challenges reflected in a sharp drop in both share price and BVPS in 2022, followed by stabilization and gradual recovery. The increasing P/BV ratio towards the end of the period analyzed suggests enhanced investor confidence or anticipation of future value creation beyond the current book value.