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)

		Jun 30, 2021	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020		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
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

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 Q4 2020 to Q1 2021 but then decreased significantly from Q1 2021 to Q2 2021.
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 Q4 2020 to Q1 2021 but then decreased significantly from Q1 2021 to Q2 2021.
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 Q4 2020 to Q1 2021 but then decreased significantly from Q1 2021 to Q2 2021.

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

		Jun 30, 2021	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020		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
	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 price^1, 3
	Valuation Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors⁵
	T-Mobile US Inc.
	Verizon Communications Inc.

¹ Data adjusted for splits and stock dividends.

² Q2 2021 Calculation
EPS = (Net income (loss) attributable to common stock_{Q2 2021} + Net income (loss) attributable to common stock_{Q1 2021} + Net income (loss) attributable to common stock_{Q4 2020} + Net income (loss) attributable to common stock_{Q3 2020}) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

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

⁴ Q2 2021 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =

⁵ Click competitor name to see calculations.

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

		Jun 30, 2021	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020		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
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Operating income (in millions)
	Operating profit per share²
	Share price^1, 3
	Valuation Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors⁵
	T-Mobile US Inc.
	Verizon Communications Inc.

¹ Data adjusted for splits and stock dividends.

² Q2 2021 Calculation
Operating profit per share = (Operating income_{Q2 2021} + Operating income_{Q1 2021} + Operating income_{Q4 2020} + Operating income_{Q3 2020}) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

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

⁴ Q2 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =

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 Q4 2020 to Q1 2021 but then decreased significantly from Q1 2021 to Q2 2021.

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

		Jun 30, 2021	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020		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
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Operating revenues (in millions)
	Sales per share²
	Share price^1, 3
	Valuation Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors⁵
	T-Mobile US Inc.
	Verizon Communications Inc.

¹ Data adjusted for splits and stock dividends.

² Q2 2021 Calculation
Sales per share = (Operating revenues_{Q2 2021} + Operating revenues_{Q1 2021} + Operating revenues_{Q4 2020} + Operating revenues_{Q3 2020}) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

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

⁴ Q2 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =

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 Q4 2020 to Q1 2021 but then decreased significantly from Q1 2021 to Q2 2021.

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

		Jun 30, 2021	Mar 31, 2021		Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020		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
	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 price^1, 3
	Valuation Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors⁵
	T-Mobile US Inc.
	Verizon Communications Inc.

¹ Data adjusted for splits and stock dividends.

² Q2 2021 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.’s Quarterly or Annual Report.

⁴ Q2 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =

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 Q4 2020 to Q1 2021 but then decreased significantly from Q1 2021 to Q2 2021.

	AT&T Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

AT&T Inc. (NYSE: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. (NYSE: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