AT&T Inc. (NYSE:T)


Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

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)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 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
Price to earnings (P/E) 19.92 17.48 14.08 11.87 11.60 6.62 7.26 6.40 7.67 15.91 17.88 18.48 19.63 15.47 18.65 17.18 17.05
Price to operating profit (P/OP) 9.91 9.94 8.69 8.23 8.61 10.94 11.90 9.67 10.78 8.23 9.46 9.70 10.46 8.14 9.76 9.05 9.18
Price to sales (P/S) 1.53 1.57 1.33 1.26 1.32 1.35 1.46 1.23 1.41 1.27 1.45 1.44 1.56 1.37 1.63 1.54 1.55
Price to book value (P/BV) 1.50 1.56 1.33 1.21 1.22 1.21 1.26 1.34 1.60 1.64 1.88 1.89 2.07 1.82 2.15 1.93 1.85 1.67 2.42 2.02

Based on: 10-K (filing date: 2020-02-20), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-05), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-11-02), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-20), 10-Q (filing date: 2017-11-03), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-17), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-07), 10-Q (filing date: 2015-05-05).

Valuation 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 Q2 2019 to Q3 2019 and from Q3 2019 to Q4 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 increased from Q2 2019 to Q3 2019 but then slightly decreased from Q3 2019 to Q4 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 increased from Q2 2019 to Q3 2019 but then slightly decreased from Q3 2019 to Q4 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 Q2 2019 to Q3 2019 but then slightly decreased from Q3 2019 to Q4 2019.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 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
No. shares of common stock outstanding1 7,172,884,070 7,305,000,000 7,307,000,000 7,298,000,000 7,284,589,883 7,278,000,000 7,262,000,000 6,141,000,000 6,141,532,706 6,139,000,000 6,140,000,000 6,148,000,000 6,141,570,142 6,141,000,000 6,152,000,000 6,156,000,000 6,151,208,898 6,152,000,000 6,151,000,000 5,193,000,000
Selected Financial Data (US$)
Net income attributable to common stock (in millions) 2,391  3,700  3,713  4,096  4,858  4,718  5,132  4,662  19,037  3,029  3,915  3,469  2,437  3,328  3,408  3,803  4,006  2,994  3,082  3,263 
Earnings per share (EPS)2 1.94 2.24 2.38 2.58 2.66 4.61 4.39 4.99 4.80 2.09 2.14 2.06 2.11 2.37 2.31 2.26 2.17 0.00 0.00 0.00
Share price1, 3 38.61 39.17 33.49 30.59 30.85 30.52 31.85 31.94 36.77 33.30 38.28 38.01 41.48 36.63 43.08 38.74 36.99 33.16 34.21 33.72
Valuation Ratio
P/E ratio4 19.92 17.48 14.08 11.87 11.60 6.62 7.26 6.40 7.67 15.91 17.88 18.48 19.63 15.47 18.65 17.18 17.05
Benchmarks
P/E Ratio, Competitors5
Verizon Communications Inc. 12.49 15.61 14.58 14.61 14.68 7.45 6.89 6.47 6.54 12.52 12.45 15.52 15.35 13.85 15.64 11.57 11.54

Based on: 10-K (filing date: 2020-02-20), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-05), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-11-02), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-20), 10-Q (filing date: 2017-11-03), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-17), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-07), 10-Q (filing date: 2015-05-05).

1 Data adjusted for splits and stock dividends.

2 Q4 2019 Calculation
EPS = (Net income attributable to common stockQ4 2019 + Net income attributable to common stockQ3 2019 + Net income attributable to common stockQ2 2019 + Net income attributable to common stockQ1 2019) ÷ No. shares of common stock outstanding
= (2,391,000,000 + 3,700,000,000 + 3,713,000,000 + 4,096,000,000) ÷ 7,172,884,070 = 1.94

3 Closing price as at the filing date of AT&T Inc.’s Quarterly or Annual Report.

4 Q4 2019 Calculation
P/E ratio = Share price ÷ EPS
= 38.61 ÷ 1.94 = 19.92

5 Click competitor name to see calculations.

Valuation 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 Q2 2019 to Q3 2019 and from Q3 2019 to Q4 2019.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 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
No. shares of common stock outstanding1 7,172,884,070 7,305,000,000 7,307,000,000 7,298,000,000 7,284,589,883 7,278,000,000 7,262,000,000 6,141,000,000 6,141,532,706 6,139,000,000 6,140,000,000 6,148,000,000 6,141,570,142 6,141,000,000 6,152,000,000 6,156,000,000 6,151,208,898 6,152,000,000 6,151,000,000 5,193,000,000
Selected Financial Data (US$)
Operating income (in millions) 5,321  7,901  7,500  7,233  6,160  7,269  6,466  6,201  359  6,403  7,323  6,864  4,248  6,408  6,560  7,131  7,532  5,923  5,773  5,557 
Operating profit per share2 3.90 3.94 3.85 3.72 3.58 2.79 2.68 3.30 3.41 4.05 4.05 3.92 3.96 4.50 4.41 4.28 4.03 0.00 0.00 0.00
Share price1, 3 38.61 39.17 33.49 30.59 30.85 30.52 31.85 31.94 36.77 33.30 38.28 38.01 41.48 36.63 43.08 38.74 36.99 33.16 34.21 33.72
Valuation Ratio
P/OP ratio4 9.91 9.94 8.69 8.23 8.61 10.94 11.90 9.67 10.78 8.23 9.46 9.70 10.46 8.14 9.76 9.05 9.18
Benchmarks
P/OP Ratio, Competitors5
Verizon Communications Inc. 7.92 10.32 9.67 10.34 10.23 9.09 8.22 7.31 7.19 6.51 6.62 7.24 7.45 6.75 7.59 6.29 6.24

Based on: 10-K (filing date: 2020-02-20), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-05), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-11-02), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-20), 10-Q (filing date: 2017-11-03), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-17), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-07), 10-Q (filing date: 2015-05-05).

1 Data adjusted for splits and stock dividends.

2 Q4 2019 Calculation
Operating profit per share = (Operating incomeQ4 2019 + Operating incomeQ3 2019 + Operating incomeQ2 2019 + Operating incomeQ1 2019) ÷ No. shares of common stock outstanding
= (5,321,000,000 + 7,901,000,000 + 7,500,000,000 + 7,233,000,000) ÷ 7,172,884,070 = 3.90

3 Closing price as at the filing date of AT&T Inc.’s Quarterly or Annual Report.

4 Q4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 38.61 ÷ 3.90 = 9.91

5 Click competitor name to see calculations.

Valuation 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 increased from Q2 2019 to Q3 2019 but then slightly decreased from Q3 2019 to Q4 2019.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 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
No. shares of common stock outstanding1 7,172,884,070 7,305,000,000 7,307,000,000 7,298,000,000 7,284,589,883 7,278,000,000 7,262,000,000 6,141,000,000 6,141,532,706 6,139,000,000 6,140,000,000 6,148,000,000 6,141,570,142 6,141,000,000 6,152,000,000 6,156,000,000 6,151,208,898 6,152,000,000 6,151,000,000 5,193,000,000
Selected Financial Data (US$)
Operating revenues (in millions) 46,821  44,588  44,957  44,827  47,993  45,739  38,986  38,038  41,676  39,668  39,837  39,365  41,841  40,890  40,520  40,535  42,119  39,091  33,015  32,576 
Sales per share2 25.26 24.96 25.12 24.33 23.44 22.59 21.81 25.93 26.14 26.18 26.37 26.45 26.67 26.72 26.38 25.14 23.87 0.00 0.00 0.00
Share price1, 3 38.61 39.17 33.49 30.59 30.85 30.52 31.85 31.94 36.77 33.30 38.28 38.01 41.48 36.63 43.08 38.74 36.99 33.16 34.21 33.72
Valuation Ratio
P/S ratio4 1.53 1.57 1.33 1.26 1.32 1.35 1.46 1.23 1.41 1.27 1.45 1.44 1.56 1.37 1.63 1.54 1.55
Benchmarks
P/S Ratio, Competitors5
Verizon Communications Inc. 1.83 1.91 1.76 1.78 1.74 1.84 1.65 1.58 1.56 1.60 1.60 1.54 1.60 1.52 1.74 1.58 1.57

Based on: 10-K (filing date: 2020-02-20), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-05), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-11-02), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-20), 10-Q (filing date: 2017-11-03), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-17), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-07), 10-Q (filing date: 2015-05-05).

1 Data adjusted for splits and stock dividends.

2 Q4 2019 Calculation
Sales per share = (Operating revenuesQ4 2019 + Operating revenuesQ3 2019 + Operating revenuesQ2 2019 + Operating revenuesQ1 2019) ÷ No. shares of common stock outstanding
= (46,821,000,000 + 44,588,000,000 + 44,957,000,000 + 44,827,000,000) ÷ 7,172,884,070 = 25.26

3 Closing price as at the filing date of AT&T Inc.’s Quarterly or Annual Report.

4 Q4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= 38.61 ÷ 25.26 = 1.53

5 Click competitor name to see calculations.

Valuation 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 increased from Q2 2019 to Q3 2019 but then slightly decreased from Q3 2019 to Q4 2019.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 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
No. shares of common stock outstanding1 7,172,884,070 7,305,000,000 7,307,000,000 7,298,000,000 7,284,589,883 7,278,000,000 7,262,000,000 6,141,000,000 6,141,532,706 6,139,000,000 6,140,000,000 6,148,000,000 6,141,570,142 6,141,000,000 6,152,000,000 6,156,000,000 6,151,208,898 6,152,000,000 6,151,000,000 5,193,000,000
Selected Financial Data (US$)
Stockholders’ equity attributable to AT&T (in millions) 184,221  183,049  184,257  185,112  184,089  183,848  182,980  145,920  140,861  124,960  124,725  123,841  123,135  123,611  123,402  123,432  122,671  121,824  86,859  86,499 
Book value per share (BVPS)2 25.68 25.06 25.22 25.36 25.27 25.26 25.20 23.76 22.94 20.36 20.31 20.14 20.05 20.13 20.06 20.05 19.94 19.80 14.12 16.66
Share price1, 3 38.61 39.17 33.49 30.59 30.85 30.52 31.85 31.94 36.77 33.30 38.28 38.01 41.48 36.63 43.08 38.74 36.99 33.16 34.21 33.72
Valuation Ratio
P/BV ratio4 1.50 1.56 1.33 1.21 1.22 1.21 1.26 1.34 1.60 1.64 1.88 1.89 2.07 1.82 2.15 1.93 1.85 1.67 2.42 2.02
Benchmarks
P/BV Ratio, Competitors5
Verizon Communications Inc. 3.92 4.27 4.08 4.19 4.29 4.41 4.10 3.97 4.57 7.43 7.87 8.10 8.95 9.49 11.74 11.16 12.56 14.30 16.34 22.08

Based on: 10-K (filing date: 2020-02-20), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-05), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-11-02), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-20), 10-Q (filing date: 2017-11-03), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-17), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-07), 10-Q (filing date: 2015-05-05).

1 Data adjusted for splits and stock dividends.

2 Q4 2019 Calculation
BVPS = Stockholders’ equity attributable to AT&T ÷ No. shares of common stock outstanding
= 184,221,000,000 ÷ 7,172,884,070 = 25.68

3 Closing price as at the filing date of AT&T Inc.’s Quarterly or Annual Report.

4 Q4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= 38.61 ÷ 25.68 = 1.50

5 Click competitor name to see calculations.

Valuation 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 Q2 2019 to Q3 2019 but then slightly decreased from Q3 2019 to Q4 2019.