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: 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), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits significant fluctuations over the observed periods. It reached an unusually high level of 187.6 in December 2021, indicating a possible anomaly or extraordinary event during that quarter. Subsequently, the ratio declined sharply to values between 6.53 and 8.99 through mid-2023, reflecting a normalization or correction in earnings expectations. From the first quarter of 2024 onwards, the ratio demonstrated an upward trend, peaking near 17.98 in December 2024, before gradually declining again to 7.92 by September 2025. This pattern suggests cyclical changes in market valuation relative to earnings, with notable volatility in late 2021 and late 2024.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a decreasing trend from the beginning of the period into mid-2022, dropping from 35.17 in March 2021 to around 5.68 in June 2022. This decline may indicate improving operating profitability or a reduction in market price relative to operating profit. Following this, the ratio remained relatively stable around 5 to 6 during late 2022. However, starting in early 2024, there was a gradual increase peaking at 10.36 in June 2025, before slightly declining to 7.4 in September 2025. The initial drop suggests improving operational efficiency or valuation adjustment, while the later rise could reflect changing market perceptions of operating performance or potential pressure on profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio generally decreased from 1.34 in March 2021 to its lowest point around 0.85 in June 2023, indicating that the market price declined relative to sales over these periods. This trend might suggest cautious investor sentiment or a lag in sales growth relative to market valuation. Following mid-2023, the ratio reversed course, steadily increasing to 1.61 by September 2025. This upward movement implies increasing confidence in sales growth or enhanced market valuation relative to sales revenue in recent quarters.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed a declining trend from 1.4 in March 2021 to a low around 0.82 in March 2022, suggesting a decrease in market valuation relative to book value during this timeframe. Thereafter, the ratio recovered and trended upward, reaching peaks near 1.89 in September 2025. This gradual increase reflects an improving market perception of the company's net asset value or increased investor confidence in equity valuation. The ratio's volatility is moderate, with recovery phases after mid-2022, indicating steady improvement in investor appraisal relative to book value.
Price to Earnings (P/E)
AT&T Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 7,142,892,741 | 7,141,000,000 | 7,140,000,000 | 7,140,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to common stock (in millions) | 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) | 4,992) | 5,868) | 1,514) | 7,500) | ||||||
| Earnings per share (EPS)2 | 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 | 2.78 | 0.13 | -0.30 | -0.34 | ||||||
| Share price1, 3 | 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 | 23.94 | 24.80 | 27.94 | 32.41 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 7.92 | 15.76 | 16.72 | 16.94 | 17.98 | 10.99 | 8.99 | 8.47 | — | — | — | — | 6.53 | 6.60 | 8.08 | 8.60 | 187.60 | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| T-Mobile US Inc. | 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 | 51.43 | 43.15 | 46.07 | 52.59 | ||||||
| Verizon Communications Inc. | 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 | 10.14 | 9.97 | 11.54 | 12.34 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income (loss) attributable to common stockQ3 2025
+ Net income (loss) attributable to common stockQ2 2025
+ Net income (loss) attributable to common stockQ1 2025
+ Net income (loss) attributable to common stockQ4 2024)
÷ No. shares of common stock outstanding
= (9,278,000,000 + 4,464,000,000 + 4,395,000,000 + 4,031,000,000)
÷ 7,089,449,495 = 3.13
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 24.75 ÷ 3.13 = 7.92
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated a downward trend from March 2021, starting at $32.41, falling steadily to a low of $14.51 by June 2023. Subsequently, the price exhibited a recovery phase, increasing to a peak of $27.92 by June 2025 before experiencing a slight decline to $24.75 in September 2025. This pattern suggests an initial period of diminished market confidence or adverse conditions, followed by renewed investor optimism and partial price restoration.
- Earnings per Share (EPS)
- The EPS showed significant volatility throughout the observed periods. Early quarters were characterized by negative earnings, including a notable dip to -1.30 in March 2023 and -1.61 in September 2023. There was, however, intermittent positive performance, particularly around December 2021 with a sharp increase to 2.78, which then reverted to negative territory. From December 2023 onward, EPS stabilized mostly in positive territory, with increasing values culminating at 3.13 by September 2025. This pattern indicates fluctuations in profitability with a trend toward improving earnings and potential operational stabilization in recent quarters.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio data is sporadic but reveals notable changes during specific periods. The ratio was exceptionally high at 187.6 in September 2021, coinciding with low positive EPS, indicative of market expectations possibly being inflated or earnings under pressure. Following this, the P/E ratio decreased steadily to around 6.5 in late 2022, reflecting improved earnings relative to price. Recent quarters show an increasing P/E ratio ranging from 7.92 to 17.98, peaking in December 2024, which may signal growing investor confidence anticipating future earnings growth despite moderate current EPS figures. The upward movement in P/E aligns with the share price recovery and improving EPS, suggesting a revaluation of the company's market prospects.
Price to Operating Profit (P/OP)
AT&T Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 7,142,892,741 | 7,141,000,000 | 7,140,000,000 | 7,140,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (loss) (in millions) | 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) | 5,308) | 7,109) | 3,269) | 7,661) | ||||||
| Operating profit per share2 | 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 | 3.27 | 1.02 | 0.88 | 0.92 | ||||||
| Share price1, 3 | 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 | 23.94 | 24.80 | 27.94 | 32.41 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 7.40 | 10.14 | 10.36 | 9.56 | 8.38 | 6.07 | 5.17 | 5.12 | — | — | — | — | 5.94 | 5.68 | 6.52 | 7.32 | 24.28 | 31.58 | 35.17 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| T-Mobile US Inc. | 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 | 22.56 | 19.18 | 21.16 | 22.14 | ||||||
| Verizon Communications Inc. | 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 | 6.90 | 6.86 | 7.49 | 7.78 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024)
÷ No. shares of common stock outstanding
= (6,119,000,000 + 6,501,000,000 + 5,754,000,000 + 5,326,000,000)
÷ 7,089,449,495 = 3.34
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 24.75 ÷ 3.34 = 7.40
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a declining trend from the first quarter of 2021 through mid-2023, dropping from $32.41 to a low of $14.51 in June 2023. Following this trough, the share price experienced a gradual recovery, increasing to $27.92 by June 2025 before showing a slight decrease to $24.75 in the third quarter of 2025. The overall pattern reveals a significant depreciation in value during the initial period, followed by a moderate rebound.
- Operating Profit Per Share (OPPS)
- Operating profit per share showed considerable volatility. From March 2021, OPPS fluctuated moderately, reaching a peak of 3.27 in December 2021. Subsequently, there was a sharp decline to negative values starting in December 2022, with the lowest point around -0.64. From early 2023, OPPS rebounded strongly to positive levels, stabilizing between approximately 2.63 and 3.34 in the subsequent quarters up to September 2025. This suggests periods of operational challenges followed by recovery and stabilization in profitability.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored the inverse of the OPPS and share price trends. Initially high at about 35.17 in March 2021, it decreased sharply until mid-2022, indicating improving value relative to operating profit. Data for certain periods are missing, but from early 2024 onwards, this ratio stabilized in a moderate range between 5.12 and 10.36 with a slight upward trend toward mid-2025, before declining again slightly by September 2025. This pattern reflects fluctuating market valuation relative to operating profitability, with a trend toward normalization in recent periods.
- Overall Insights
- The financial data indicate a period of declining market valuation and profitability leading up to mid-2023, followed by a phase of recovery in both operating profit per share and share price. The negative operating profit in late 2022 suggests operational difficulties during that period. The improving P/OP ratio post-2023 suggests enhanced market perception of earnings quality or expectations. The recovery in share price and operating profit indicates regained operational effectiveness and investor confidence, though recent slight declines suggest some caution remains in the market outlook.
Price to Sales (P/S)
AT&T Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 7,142,892,741 | 7,141,000,000 | 7,140,000,000 | 7,140,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating revenues (in millions) | 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) | 40,958) | 39,922) | 44,045) | 43,939) | ||||||
| Sales per share2 | 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 | 23.64 | 24.31 | 24.65 | 24.22 | ||||||
| Share price1, 3 | 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 | 23.94 | 24.80 | 27.94 | 32.41 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 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 | 1.01 | 1.02 | 1.13 | 1.34 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| T-Mobile US Inc. | 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 | 1.94 | 1.82 | 2.27 | 2.08 | ||||||
| Verizon Communications Inc. | 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 | 1.68 | 1.64 | 1.74 | 1.80 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024)
÷ No. shares of common stock outstanding
= (30,709,000,000 + 30,847,000,000 + 30,626,000,000 + 32,298,000,000)
÷ 7,089,449,495 = 17.56
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 24.75 ÷ 17.56 = 1.41
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general declining trend from early 2021 through mid-2023, falling from $32.41 in March 2021 to a low of $14.51 in June 2023. After this period, the price recovered significantly, increasing to a peak of $27.92 by June 2025 before a minor decline to $24.75 by September 2025. This pattern indicates initial market challenges followed by renewed investor confidence and upward momentum in later periods.
- Sales Per Share Trend
- Sales per share demonstrated a steady decrease from $24.22 in March 2021 to approximately $16.93 by December 2021. Thereafter, sales per share stabilized around the $17 range, with slight fluctuations observed from early 2023 to mid-2025, ending approximately at $17.56 in September 2025. This suggests a reduction in sales efficiency initially, followed by stabilization and modest improvement over the later quarters.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio showed a declining trend from 1.34 in March 2021 to a low of 0.85 in June 2023, indicating that the share price fell disproportionately relative to sales per share. However, the ratio subsequently increased significantly, reaching a peak of 1.61 in June 2025 before declining slightly to 1.41 in September 2025. This rise corresponds with the recovery in the share price and suggests that market valuation improved relative to sales, reflecting enhanced investor sentiment or expectations of future growth.
- Overall Insights
- The initial period from 2021 to mid-2023 was marked by declining share prices and sales per share, leading to a reduced P/S ratio. This reflects a challenging phase possibly due to operational or market factors. From mid-2023 onwards, the share price and P/S ratio recovered strongly, while sales per share stabilized, indicating improved market perception and possibly more effective sales or revenue management. The later increase in valuation ratios despite stable sales points to strengthened market confidence and improved financial outlook over the analyzed periods.
Price to Book Value (P/BV)
AT&T Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 7,142,892,741 | 7,141,000,000 | 7,140,000,000 | 7,140,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T (in millions) | 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) | 166,332) | 163,771) | 162,296) | 165,488) | ||||||
| Book value per share (BVPS)2 | 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 | 23.29 | 22.93 | 22.73 | 23.18 | ||||||
| Share price1, 3 | 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 | 23.94 | 24.80 | 27.94 | 32.41 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 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 | 1.03 | 1.08 | 1.23 | 1.40 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| T-Mobile US Inc. | 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 | 2.25 | 2.11 | 2.67 | 2.41 | ||||||
| Verizon Communications Inc. | 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 | 2.74 | 2.85 | 3.13 | 3.27 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Stockholders’ equity attributable to AT&T ÷ No. shares of common stock outstanding
= 110,708,000,000 ÷ 7,089,449,495 = 15.62
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 24.75 ÷ 15.62 = 1.58
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general downward trajectory from March 2021 through June 2023, declining from $32.41 to a low of $14.51. From mid-2023 onwards, the share price showed a consistent recovery, rising to $27.92 by June 2025, before a slight dip to $24.75 in September 2025.
- Book Value Per Share (BVPS)
- Book value per share showed some volatility during the period. It started at $23.18 in March 2021 and dropped significantly to $13.67 by December 2022. Subsequently, BVPS stabilized and showed a modest upward trend from 2023 onwards, reaching $15.62 in September 2025.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio fluctuated in line with the share price and book value changes. Initially, it declined from 1.40 in March 2021 to a low of 0.82 by March 2022, indicating the market valued the stock below book value at that point. Following this, the ratio generally increased, peaking around 1.90 in June 2025, which reflects improving market sentiment and/or increasing investor confidence relative to the book value. The ratio declined slightly to 1.58 by September 2025.
- Overall Insights
- The period shows an initial phase of declining market valuation, as evidenced by decreasing share price and P/BV ratios dropping below 1. During December 2021 to December 2022, the book value per share also fell sharply, indicating possible asset write-downs or losses. From early 2023 onward, an upward reversal is apparent in the share price and market valuation multiples, while book value per share stabilizes with slight recovery. This suggests restoration of investor confidence, possible operational improvements, or favorable market conditions impacting the company’s valuation positively in the latter part of the timeline.