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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
AT&T Inc., historical price multiples (quarterly data)
Based on: 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 demonstrates significant volatility over the observed periods. Initially, data is missing up to December 2020. A peak is observed at 187.6 during December 2020, followed by a sharp decline to values around 6.5-8.6 in 2021 and early 2022. Subsequently, there is a gradual increase from mid-2023 through to the end of the period in March 2025, rising from approximately 8.5 to nearly 17.0 before slightly moderating to 16.7. This pattern indicates periods of fluctuating investor sentiment or earnings changes affecting valuation multiples.
- Price to Operating Profit (P/OP) Ratio
- This ratio shows a downward trend beginning in early 2020. Starting relatively high in the range of 31.58 to 35.17 in mid-to-late 2020, it declines sharply to values around 5.12 to 5.94 from 2022 to early 2023. After this low plateau, the ratio experiences a gradual increase from 5.12 in mid-2023 to 10.36 at the start of 2025, indicating improved market valuation or operating profitability changes over time.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio fluctuates moderately across the timeline. In 2020 and early 2021, it ranges roughly between 1.0 and 1.34, followed by a decline to a low of 0.85 in late 2023. Starting from early 2024, a steady increase is evident with the ratio climbing from 0.98 to 1.6 by March 2025. This suggests that the market's valuation relative to sales weakened before improving steadily in the more recent quarters.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio exhibits variability throughout the period. Early observations in 2020 show ratios around 1.1 to 1.4, followed by a dip to a low near 0.82 in March 2022. Thereafter, the ratio trends upward with some fluctuations, reaching a peak of 1.89 by March 2025. This upward movement suggests growing investor confidence in the book value or an increase in market valuation relative to the company's accounting value over time.
Price to Earnings (P/E)
AT&T Inc., historical P/E calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 2025 Calculation
EPS
= (Net income (loss) attributable to common stockQ1 2025
+ Net income (loss) attributable to common stockQ4 2024
+ Net income (loss) attributable to common stockQ3 2024
+ Net income (loss) attributable to common stockQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the period examined.
- Share Price
- The share price demonstrated a downward trend from March 2020 through December 2022, declining from $28.79 to a low point near $18.17. Beginning in early 2023, the share price showed a gradual recovery, climbing from $17.50 in March 2023 to $27.30 by March 2025. Notably, the lowest prices were observed during the mid to late 2022 period, after which the price steadily appreciated.
- Earnings Per Share (EPS)
- EPS data became available starting December 2020 and showed a negative EPS (losses) initially from December 2020 through December 2022. The values ranged from -0.75 to -1.61 during this interval, indicating periods of unprofitability or challenges affecting earnings. Beginning in 2023, EPS returned to positive territory, with values consistently above $1 from March 2023 onward, suggesting a recovery in profitability. This improvement in earnings aligns with the rebound observed in the share price.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio data available from December 2020 onward indicates extremely high valuation in December 2020 at 187.6, likely due to the very low or negative EPS reported in the adjacent quarters. Subsequently, the ratio stabilized between 6.53 and 10.99 throughout much of 2021 and 2022, reflecting more normalized valuation levels as EPS became positive or less negative intermittently. In the period from March 2024 to March 2025, the P/E ratio increased notably to the range of approximately 16.72 to 17.98, which corresponds with improved earnings and rising share prices, indicating the market's expectation of sustained earnings growth.
Overall, the data suggest the company experienced significant earnings challenges during the 2020-2022 period, reflected in negative EPS and declining share prices. From 2023 onwards, a recovery phase is evident, with EPS turning positive, share prices increasing, and P/E ratios reflecting renewed investor confidence and expectations for continued growth.
Price to Operating Profit (P/OP)
AT&T Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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: 2025-03-31), 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 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data presents a series of quarterly observations over several years, illustrating fluctuations in share price, operating profit per share, and the price-to-operating profit (P/OP) ratio. The analysis of these trends provides insight into the company's financial performance and market valuation dynamics over the given periods.
- Share Price Trends
- The share price shows significant variability across the reported quarters. Initially, from March 2020 through December 2021, the price generally declines from a high near $29.85 down to approximately $23.94. This decline continues more sharply from early 2022 into mid-2023, reaching a low near $14.51 in June 2023. Following this trough, the share price exhibits a notable recovery phase, climbing steadily through late 2023 and into early 2025, ascending back to around $27.30 by March 2025. This trend suggests a period of prolonged market pressure followed by regained investor confidence or improved market conditions.
- Operating Profit per Share
- The operating profit per share data begins from March 2021. Initially, the values fluctuate modestly between $0.88 and $1.02, indicating relatively stable profitability. A significant surge occurs beginning in March 2022, with operating profits rising sharply to above $3.00 per share. This elevated level is sustained with minor fluctuations through December 2022. However, a pronounced dip into negative figures appears from March to December 2023, with losses per share reaching nearly -$0.64. Post this dip, the operating profit per share recovers strongly to values above $3.00 from March 2024 onwards, maintaining a steady level through early 2025. This pattern indicates a period of exceptional profitability interrupted by a temporary operational challenge, followed by a robust recovery.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio indicates valuation relative to operating profit. Early in the data, from March to December 2021, the ratio decreases markedly from over 35 down to approximately 24, consistent with improving operational profitability or a declining stock price. From March to December 2022, the ratio further shrinks dramatically, falling to below 6, reflecting high operating profits relative to share price. During the loss period in 2023, no ratio values are provided, likely due to negative operating profits making the ratio calculation inappropriate. From March 2024 onward, the ratio rises gradually from about 5.12 to 10.36, signaling an increase in share price relative to operating profits or slight reductions in operating profits. This increasing trend could suggest a market expectation of future growth or a normalization of valuation multiples after the unusual fluctuations.
- General Insights
- The data reflects a company experiencing significant volatility in both market valuation and profitability. The operating profit per share's sharp increase followed by a negative correction and subsequent recovery points to one or more episodic events impacting financial performance. The share price movements align partially with these profitability changes but also suggest other external or market factors influencing investor perceptions. The P/OP ratio's fluctuations confirm changes in valuation expectations, alternating between periods of undervaluation and more normalized pricing. Overall, the trends reveal a cyclical performance pattern with a recent trajectory towards recovery and potentially stabilizing valuation metrics.
Price to Sales (P/S)
AT&T Inc., historical P/S calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 2025 Calculation
Sales per share
= (Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024
+ Operating revenuesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price shows notable fluctuations during the observed periods. From March 2020 to December 2021, the price experiences a downward trend, falling from $28.79 to $23.94, with intermediate peaks and declines. This downtrend becomes more pronounced throughout 2022, reaching its lowest points around mid-2023 (as low as $14.51 in June 2023). However, starting in the latter half of 2023 and continuing into 2024 and early 2025, the share price demonstrates a recovery trend, increasing steadily to reach $27.30 by March 2025.
- Sales per Share
- Sales per share data commences from March 2021. Initially, the figure is relatively stable at around $24.0 but then follows a consistent downward trend throughout most of the subsequent periods. The value declines from $24.31 in December 2020 to approximately $16.93 by March 2023. Thereafter, sales per share stabilize somewhat, hovering near $17.0 from mid-2023 through to March 2025, indicating a period of relative stability after an extended decline.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio fluctuates throughout the period under review. Early in the observed timeline (2021), the ratio is above 1.0, peaking at 1.34 in mid-2021, but then declines below 1.0 during 2022 and mid-2023, demonstrating a relatively undervalued price relative to sales during these periods. From late 2023 onward, the P/S ratio climbs steadily, reaching a high of 1.60 by March 2025. This upward movement in the ratio correlates with the recovery of the share price, despite relatively stable sales per share, suggesting improved market sentiment or valuation multiples over time.
- Overall Analysis
- The initial segment shows a decline in share price accompanied by decreasing sales per share, which may indicate operational challenges or broader market conditions affecting valuation. Despite the decline in sales per share, the price-to-sales ratio remains near or above 1.0 initially, reflecting market expectations. The subsequent recovery in share price coupled with a stable sales per share level and increasing P/S ratio suggests an improving market perception or other factors positively impacting the stock’s valuation independent of sales growth. This pattern could imply that investors anticipate future growth or improved profitability, or that other qualitative factors contribute to the enhanced valuation.
Price to Book Value (P/BV)
AT&T Inc., historical P/BV calculation (quarterly data)
| 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: 2025-03-31), 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 Q1 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 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data shows notable fluctuations in the share price over the observed periods. Initially, from March 2020 to December 2021, the share price displays a general downward trend, falling from $28.79 to $23.94. This decline continues more sharply through 2022 and the first half of 2023, reaching a low of $14.51 in June 2023. However, a gradual recovery is evident from the third quarter of 2023 onward, with the share price rising to $27.30 by March 2025.
Book value per share (BVPS) exhibits relative stability in the early periods, maintaining a range close to $22.5 to $25 up to December 2021. A stark decline occurs starting in the first quarter of 2022, dropping from $23.61 to a low of $13.67 by December 2022. Following this decline, BVPS remains fairly stable with slight increases, fluctuating around $14 to $14.7 throughout 2023 and into early 2025.
The price-to-book value ratio (P/BV) reflects these movements and underlying market perceptions. Initially, the P/BV ratio hovers close to or slightly above 1.0, suggesting the share price was aligned with or marginally above book value. In the first quarter of 2022, a dip to 0.82 indicates the market valued the shares below their book value, coinciding with the significant drop in BVPS. Subsequently, the ratio climbs, peaking at 1.89 by March 2025, indicating growing market confidence and that the share price increasingly exceeds the book value per share.
- Share Price
- Decreased steadily from early 2020 through mid-2023, with the lowest point observed mid-2023, followed by a recovery through early 2025.
- Book Value per Share (BVPS)
- Relatively stable until late 2021, then sharply decreased during 2022, stabilizing at a lower level thereafter with mild upward adjustments.
- Price-to-Book Value Ratio (P/BV)
- Mostly around or above 1.0 until early 2022, dropped below 1.0 briefly, then progressively increased to reach nearly 1.9 by early 2025.
Overall, the data suggests a period of financial strain or asset revaluation around 2022 reflected in the BVPS decline, with market confidence waning accordingly as seen in the share price fall and P/BV dip below one. The subsequent stabilization of book value and strong share price recovery indicate renewed investor confidence and value appreciation in later periods.