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).
Historical Valuation Ratios (Summary)
AT&T Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The valuation ratios exhibit a distinct cyclical pattern characterized by a period of expansion between late 2023 and mid-2025, followed by a general contraction and normalization phase through September 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio remained relatively low and stable throughout 2022, fluctuating between 6.53 and 8.08. A significant upward trajectory began in late 2023, culminating in a peak of 17.98 by September 30, 2024. This expansion was followed by a sharp correction in 2025, where the ratio dropped to 7.92 in September before stabilizing in the 7.37 to 11.36 range during 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored the trends seen in the P/E ratio, starting at 6.52 in early 2022 and dipping to 5.12 by December 2023. A steady increase occurred throughout 2024, reaching a maximum of 10.36 in March 2025. Subsequent quarters show a regression toward the baseline, with values settling between 6.17 and 6.26 by the end of the observed period.
- Price to Sales (P/S) Ratio
- The P/S ratio maintained a narrow range between 0.85 and 1.14 from March 2022 through March 2024. A marked increase followed, with the ratio climbing to a peak of 1.61 in June 2025. Following this peak, a gradual decline is observed, bringing the ratio down to 1.15 by September 30, 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows the most consistent long-term shift, moving from a position of undervaluation (0.82 in March 2022) to a sustained premium. The ratio peaked at 1.90 in June 2025, representing a significant increase in market valuation relative to equity. A moderating trend emerged in 2026, with the ratio ending at 1.38.
Across all four metrics, a synchronized peak is observable between late 2024 and mid-2025, suggesting a period of heightened market optimism or a temporary price surge relative to fundamental earnings, sales, and book value. The subsequent decline across all ratios indicates a return to valuation levels more closely aligned with the historical averages seen in 2022.
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Price to Earnings (P/E)
AT&T Inc., historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 6,736,473,433 | 6,852,385,650 | 6,948,338,835 | 7,000,577,201 | 7,089,449,495 | 7,150,385,480 | 7,195,602,178 | 7,178,183,000 | 7,175,289,157 | 7,170,243,877 | 7,170,165,104 | 7,152,792,253 | 7,150,020,118 | 7,149,000,000 | 7,149,000,000 | 7,129,870,323 | 7,127,000,000 | 7,126,000,000 | 7,159,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to common stock (in millions) | 855) | 4,591) | 3,793) | 3,752) | 9,278) | 4,464) | 4,395) | 4,031) | (226) | 3,546) | 3,395) | 2,135) | 3,444) | 4,437) | 4,176) | (23,571) | 5,977) | 4,105) | 4,762) | ||||||
| Earnings per share (EPS)2 | 1.93 | 3.13 | 3.06 | 3.13 | 3.13 | 1.77 | 1.63 | 1.50 | 1.23 | 1.75 | 1.87 | 1.98 | -1.61 | -1.26 | -1.30 | -1.22 | 2.78 | 2.77 | 2.39 | ||||||
| Share price1, 3 | 21.91 | 23.04 | 25.52 | 27.11 | 24.75 | 27.92 | 27.30 | 25.36 | 22.18 | 19.19 | 16.82 | 16.80 | 15.40 | 14.51 | 17.50 | 19.26 | 18.17 | 18.27 | 19.33 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 11.36 | 7.37 | 8.33 | 8.67 | 7.92 | 15.76 | 16.72 | 16.94 | 17.98 | 10.99 | 8.99 | 8.47 | — | — | — | — | 6.53 | 6.60 | 8.08 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 17.31 | 19.17 | 21.00 | 20.73 | 21.55 | 24.98 | 23.46 | 24.72 | 22.49 | 21.96 | 23.09 | 20.96 | 26.78 | 47.13 | 69.44 | 113.98 | 104.43 | 56.69 | ||||||
| Verizon Communications Inc. | — | 12.03 | 11.59 | 12.02 | 8.55 | 9.98 | 9.94 | 9.75 | 17.78 | 14.95 | 14.60 | 14.38 | 6.94 | 6.80 | 7.55 | 7.91 | 7.93 | 9.20 | 9.51 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income (loss) attributable to common stockQ3 2026
+ Net income (loss) attributable to common stockQ2 2026
+ Net income (loss) attributable to common stockQ1 2026
+ Net income (loss) attributable to common stockQ4 2025)
÷ No. shares of common stock outstanding
= (855,000,000 + 4,591,000,000 + 3,793,000,000 + 3,752,000,000)
÷ 6,736,473,433 = 1.93
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 21.91 ÷ 1.93 = 11.36
5 Click competitor name to see calculations.
The valuation of the common stock exhibits significant volatility across the observed period, characterized by a cycle of earnings instability followed by a substantial recovery in both share price and profitability.
- Earnings per Share (EPS) Performance
- A period of negative earnings is observed between December 2022 and September 2023, with the lowest point reaching -1.61 US$ in September 2023. Profitability returned in December 2023 and trended upward, culminating in a sustained peak of 3.13 US$ per share between September 2025 and June 2026. A subsequent decline to 1.93 US$ is noted in the final quarter of the analysis.
- Share Price Trajectory
- The share price experienced a contraction in early 2023, reaching a minimum of 14.51 US$ in June 2023. This was followed by a sustained bullish trend throughout 2024 and into 2025, peaking at 27.92 US$ in June 2025. The price subsequently fluctuated, closing the period at 21.91 US$ in September 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio was absent during the period of negative earnings. Upon the return to profitability in late 2023, the ratio climbed from 8.47 to a peak of 17.98 in September 2024. This spike indicates a period where the share price expanded at a significantly faster rate than earnings. Following this peak, the ratio contracted to 7.92 by June 2025, as the growth in earnings per share outpaced the share price increase, suggesting a valuation normalization. The ratio ended the period with an increase to 11.36 in September 2026, which correlates with the simultaneous decline in EPS.
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Price to Operating Profit (P/OP)
AT&T Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 6,736,473,433 | 6,852,385,650 | 6,948,338,835 | 7,000,577,201 | 7,089,449,495 | 7,150,385,480 | 7,195,602,178 | 7,178,183,000 | 7,175,289,157 | 7,170,243,877 | 7,170,165,104 | 7,152,792,253 | 7,150,020,118 | 7,149,000,000 | 7,149,000,000 | 7,129,870,323 | 7,127,000,000 | 7,126,000,000 | 7,159,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (loss) (in millions) | 4,095) | 7,038) | 6,658) | 5,788) | 6,119) | 6,501) | 5,754) | 5,326) | 2,116) | 5,760) | 5,847) | 5,271) | 5,782) | 6,406) | 6,002) | (21,092) | 6,012) | 4,956) | 5,537) | ||||||
| Operating profit per share2 | 3.50 | 3.74 | 3.61 | 3.45 | 3.34 | 2.75 | 2.63 | 2.65 | 2.65 | 3.16 | 3.25 | 3.28 | -0.41 | -0.37 | -0.58 | -0.64 | 3.06 | 3.21 | 2.96 | ||||||
| Share price1, 3 | 21.91 | 23.04 | 25.52 | 27.11 | 24.75 | 27.92 | 27.30 | 25.36 | 22.18 | 19.19 | 16.82 | 16.80 | 15.40 | 14.51 | 17.50 | 19.26 | 18.17 | 18.27 | 19.33 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 6.26 | 6.17 | 7.07 | 7.85 | 7.40 | 10.14 | 10.36 | 9.56 | 8.38 | 6.07 | 5.17 | 5.12 | — | — | — | — | 5.94 | 5.68 | 6.52 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 10.02 | 11.24 | 12.63 | 12.86 | 13.57 | 15.82 | 14.77 | 15.17 | 13.54 | 12.92 | 13.46 | 12.05 | 14.67 | 22.12 | 27.49 | 36.01 | 34.75 | 24.23 | ||||||
| Verizon Communications Inc. | — | 6.82 | 6.80 | 7.05 | 5.35 | 6.16 | 6.06 | 5.95 | 7.97 | 7.18 | 7.24 | 7.30 | 4.91 | 4.78 | 5.39 | 5.52 | 4.96 | 6.00 | 6.27 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025)
÷ No. shares of common stock outstanding
= (4,095,000,000 + 7,038,000,000 + 6,658,000,000 + 5,788,000,000)
÷ 6,736,473,433 = 3.50
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 21.91 ÷ 3.50 = 6.26
5 Click competitor name to see calculations.
The valuation trajectory of the common stock exhibits three distinct phases: a period of operational instability, a phase of aggressive valuation expansion, and a subsequent trend toward normalization.
- Operational Volatility and Valuation Gap
- Between December 31, 2022, and September 30, 2023, operating profit per share entered negative territory, reaching a low of -0.64 USD. During this interval, the Price to Operating Profit (P/OP) ratio became unavailable, reflecting the absence of positive operating earnings. This period coincides with a significant decline in share price, which bottomed at 14.51 USD in June 2023.
- Valuation Expansion Phase
- A sharp increase in the P/OP ratio is observed starting in June 2024, rising from 6.07 to a peak of 10.36 by March 31, 2025. This expansion was primarily driven by a rapid increase in the share price, which climbed from 16.82 USD in March 2024 to 27.30 USD by December 2024. While operating profits recovered and stabilized between 2.63 USD and 2.75 USD during this window, the market price grew at a disproportionately faster rate, leading to the observed valuation peak.
- Normalization and Profit Growth
- From June 2025 through September 2026, the P/OP ratio demonstrates a corrective downward trend, returning to a range of 6.17 to 6.26. This normalization occurred as operating profit per share continued to climb steadily, reaching a high of 3.74 USD in June 2026, while the share price experienced a moderate decline from its peak of 27.92 USD. The convergence of rising operational efficiency and a stabilizing stock price suggests a return to historical valuation levels similar to those seen in early 2022.
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Price to Sales (P/S)
AT&T Inc., historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 6,736,473,433 | 6,852,385,650 | 6,948,338,835 | 7,000,577,201 | 7,089,449,495 | 7,150,385,480 | 7,195,602,178 | 7,178,183,000 | 7,175,289,157 | 7,170,243,877 | 7,170,165,104 | 7,152,792,253 | 7,150,020,118 | 7,149,000,000 | 7,149,000,000 | 7,129,870,323 | 7,127,000,000 | 7,126,000,000 | 7,159,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating revenues (in millions) | 32,322) | 31,558) | 31,506) | 33,466) | 30,709) | 30,847) | 30,626) | 32,298) | 30,213) | 29,797) | 30,028) | 32,022) | 30,350) | 29,917) | 30,139) | 31,343) | 30,043) | 29,643) | 29,712) | ||||||
| Sales per share2 | 19.13 | 18.57 | 18.21 | 17.95 | 17.56 | 17.34 | 17.08 | 17.04 | 17.01 | 17.04 | 17.06 | 17.12 | 17.03 | 16.99 | 16.95 | 16.93 | 18.29 | 19.68 | 21.60 | ||||||
| Share price1, 3 | 21.91 | 23.04 | 25.52 | 27.11 | 24.75 | 27.92 | 27.30 | 25.36 | 22.18 | 19.19 | 16.82 | 16.80 | 15.40 | 14.51 | 17.50 | 19.26 | 18.17 | 18.27 | 19.33 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 1.15 | 1.24 | 1.40 | 1.51 | 1.41 | 1.61 | 1.60 | 1.49 | 1.30 | 1.13 | 0.99 | 0.98 | 0.90 | 0.85 | 1.03 | 1.14 | 0.99 | 0.93 | 0.89 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 1.98 | 2.23 | 2.61 | 2.87 | 3.13 | 3.60 | 3.27 | 3.20 | 2.69 | 2.45 | 2.44 | 2.08 | 2.09 | 2.27 | 2.26 | 2.18 | 2.24 | 1.98 | ||||||
| Verizon Communications Inc. | — | 1.40 | 1.44 | 1.49 | 1.23 | 1.33 | 1.31 | 1.27 | 1.30 | 1.25 | 1.23 | 1.25 | 1.08 | 1.06 | 1.20 | 1.23 | 1.13 | 1.42 | 1.52 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (Operating revenuesQ3 2026
+ Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025)
÷ No. shares of common stock outstanding
= (32,322,000,000 + 31,558,000,000 + 31,506,000,000 + 33,466,000,000)
÷ 6,736,473,433 = 19.13
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 21.91 ÷ 19.13 = 1.15
5 Click competitor name to see calculations.
The valuation analysis of the price-to-sales (P/S) ratio over the period from March 2022 to September 2026 reveals three distinct phases: a period of initial volatility, a significant expansion of the valuation multiple, and a subsequent contraction.
- Revenue Performance and Share Price Correlation
- Sales per share experienced a marked decline from March 2022 ($21.60) to December 2022 ($16.93), after which revenue remained relatively stagnant, fluctuating around the $17.00 mark for nearly two years. Starting in June 2025, a consistent upward trend in sales per share emerged, reaching $19.13 by September 2026. During the same broader period, the share price exhibited significant volatility, hitting a low of $14.51 in June 2023 before rallying to a peak of $27.92 in June 2025.
- P/S Ratio Expansion
- The P/S ratio reached its lowest point in June 2023 at 0.85. Following this trough, a sustained increase in the multiple was observed, peaking at 1.61 in June 2025. This expansion was primarily driven by a rapid appreciation in the share price that significantly outpaced the growth in sales per share, indicating a period where the market assigned a higher premium to each dollar of revenue.
- Valuation Contraction and Normalization
- From June 2025 to September 2026, the P/S ratio entered a corrective phase, declining from 1.61 to 1.15. This contraction occurred despite the continued growth in sales per share, suggesting that the decrease in share price from $27.92 to $21.91 exerted more downward pressure on the valuation multiple than the revenue improvements could offset. By the end of the period, the P/S ratio trended back toward the historical averages seen in 2022 and 2023.
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Price to Book Value (P/BV)
AT&T Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 6,736,473,433 | 6,852,385,650 | 6,948,338,835 | 7,000,577,201 | 7,089,449,495 | 7,150,385,480 | 7,195,602,178 | 7,178,183,000 | 7,175,289,157 | 7,170,243,877 | 7,170,165,104 | 7,152,792,253 | 7,150,020,118 | 7,149,000,000 | 7,149,000,000 | 7,129,870,323 | 7,127,000,000 | 7,126,000,000 | 7,159,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T (in millions) | 106,775) | 110,444) | 109,660) | 110,533) | 110,708) | 105,272) | 103,744) | 104,372) | 102,351) | 105,310) | 104,540) | 103,297) | 103,703) | 101,903) | 99,396) | 97,500) | 122,406) | 117,746) | 169,036) | ||||||
| Book value per share (BVPS)2 | 15.85 | 16.12 | 15.78 | 15.79 | 15.62 | 14.72 | 14.42 | 14.54 | 14.26 | 14.69 | 14.58 | 14.44 | 14.50 | 14.25 | 13.90 | 13.67 | 17.17 | 16.52 | 23.61 | ||||||
| Share price1, 3 | 21.91 | 23.04 | 25.52 | 27.11 | 24.75 | 27.92 | 27.30 | 25.36 | 22.18 | 19.19 | 16.82 | 16.80 | 15.40 | 14.51 | 17.50 | 19.26 | 18.17 | 18.27 | 19.33 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 1.38 | 1.43 | 1.62 | 1.72 | 1.58 | 1.90 | 1.89 | 1.74 | 1.55 | 1.31 | 1.15 | 1.16 | 1.06 | 1.02 | 1.26 | 1.41 | 1.06 | 1.11 | 0.82 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| T-Mobile US Inc. | — | 3.25 | 3.62 | 3.90 | 4.07 | 4.31 | 4.87 | 4.31 | 3.99 | 3.40 | 3.10 | 2.97 | 2.52 | 2.50 | 2.69 | 2.58 | 2.49 | 2.56 | 2.27 | ||||||
| Verizon Communications Inc. | — | 1.87 | 1.94 | 1.98 | 1.61 | 1.76 | 1.75 | 1.72 | 1.81 | 1.75 | 1.75 | 1.81 | 1.48 | 1.50 | 1.76 | 1.84 | 1.75 | 2.22 | 2.43 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Stockholders’ equity attributable to AT&T ÷ No. shares of common stock outstanding
= 106,775,000,000 ÷ 6,736,473,433 = 15.85
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 21.91 ÷ 15.85 = 1.38
5 Click competitor name to see calculations.
The analyzed period is characterized by a significant shift in valuation dynamics, transitioning from a state where the equity was traded at a discount to its book value to a period of sustained premium valuation. This evolution is driven by the diverging trajectories of the share price and the book value per share (BVPS) between 2022 and 2026.
- Share Price Volatility and Recovery
- The share price exhibited significant fluctuations, beginning at 19.33 USD in March 2022 and reaching a trough of 14.51 USD by June 2023. Following this low, a strong recovery trend emerged throughout 2024, with the price peaking at 27.92 USD in June 2025. The latter part of the period shows a corrective phase, with prices stabilizing between 21.91 USD and 27.11 USD.
- Book Value per Share (BVPS) Trends
- A sharp contraction in BVPS occurred during 2022, falling from 23.61 USD in March to 13.67 USD by December. Subsequent to this decline, the BVPS entered a phase of relative stability, fluctuating within a narrow range between 14.25 USD and 16.12 USD from 2023 through September 2026, indicating a consistent baseline of net asset value per share.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio reflects the market's shifting perception of the company's intrinsic value. In March 2022, the ratio stood at 0.82, indicating the stock was undervalued relative to its book value. The ratio transitioned above 1.0 by June 2022 and reached a peak of 1.90 in June 2025, coinciding with the peak share price. This increase suggests a higher market premium attributed to the company's assets and future growth prospects. Toward the end of the sequence, the ratio moderated to 1.38 by September 2026, remaining well above the initial 2022 levels.
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