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-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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| 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. P/S ratio increased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | AT&T Inc. P/BV ratio increased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Price to Earnings (P/E)
AT&T Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 7,131,763,496 | 7,126,000,000 | 7,125,000,000 | 7,125,000,000 | 7,172,884,070 | 7,305,000,000 | 7,307,000,000 | 7,298,000,000 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (loss) attributable to common stock (in millions) | 2,135) | 3,444) | 4,437) | 4,176) | (23,571) | 5,977) | 4,105) | 4,762) | 4,992) | 5,868) | 1,514) | 7,500) | (13,938) | 2,762) | 1,229) | 4,578) | 2,391) | 3,700) | 3,713) | 4,096) | ||||||
| Earnings per share (EPS)2 | 1.98 | -1.61 | -1.26 | -1.30 | -1.22 | 2.78 | 2.77 | 2.39 | 2.78 | 0.13 | -0.30 | -0.34 | -0.75 | 1.54 | 1.67 | 2.02 | 1.94 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 16.80 | 15.40 | 14.51 | 17.50 | 19.26 | 18.17 | 18.27 | 19.33 | 23.94 | 24.80 | 27.94 | 32.41 | 28.63 | 27.51 | 29.85 | 28.79 | 38.61 | 39.17 | 33.49 | 30.59 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | 8.47 | — | — | — | — | 6.53 | 6.60 | 8.08 | 8.60 | 187.60 | — | — | — | 17.89 | 17.88 | 14.26 | 19.92 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| T-Mobile US Inc. | 23.09 | 20.96 | 26.78 | 47.13 | 69.44 | 113.98 | 104.43 | 56.69 | 51.43 | 43.15 | 46.07 | 52.59 | 48.36 | 47.49 | 49.89 | 30.48 | 20.45 | — | — | — | ||||||
| Verizon Communications Inc. | 14.38 | 6.94 | 6.80 | 7.55 | 7.91 | 7.93 | 9.20 | 9.51 | 10.14 | 9.97 | 11.54 | 12.34 | 13.13 | 12.97 | 12.42 | 13.01 | 12.49 | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
EPS
= (Net income (loss) attributable to common stockQ4 2023
+ Net income (loss) attributable to common stockQ3 2023
+ Net income (loss) attributable to common stockQ2 2023
+ Net income (loss) attributable to common stockQ1 2023)
÷ No. shares of common stock outstanding
= (2,135,000,000 + 3,444,000,000 + 4,437,000,000 + 4,176,000,000)
÷ 7,152,792,253 = 1.98
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 16.80 ÷ 1.98 = 8.47
5 Click competitor name to see calculations.
Price to Operating Profit (P/OP)
AT&T Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 7,131,763,496 | 7,126,000,000 | 7,125,000,000 | 7,125,000,000 | 7,172,884,070 | 7,305,000,000 | 7,307,000,000 | 7,298,000,000 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (loss) (in millions) | 5,271) | 5,782) | 6,406) | 6,002) | (21,092) | 6,012) | 4,956) | 5,537) | 5,308) | 7,109) | 3,269) | 7,661) | (10,745) | 6,132) | 3,532) | 7,486) | 5,321) | 7,901) | 7,500) | 7,233) | ||||||
| Operating profit per share2 | 3.28 | -0.41 | -0.37 | -0.58 | -0.64 | 3.06 | 3.21 | 2.96 | 3.27 | 1.02 | 0.88 | 0.92 | 0.90 | 3.15 | 3.40 | 3.96 | 3.90 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 16.80 | 15.40 | 14.51 | 17.50 | 19.26 | 18.17 | 18.27 | 19.33 | 23.94 | 24.80 | 27.94 | 32.41 | 28.63 | 27.51 | 29.85 | 28.79 | 38.61 | 39.17 | 33.49 | 30.59 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | 5.12 | — | — | — | — | 5.94 | 5.68 | 6.52 | 7.32 | 24.28 | 31.58 | 35.17 | 31.88 | 8.72 | 8.77 | 7.27 | 9.91 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| T-Mobile US Inc. | 13.46 | 12.05 | 14.67 | 22.12 | 27.49 | 36.01 | 34.75 | 24.23 | 22.56 | 19.18 | 21.16 | 22.14 | 22.33 | 23.63 | 26.42 | 18.50 | 12.40 | — | — | — | ||||||
| Verizon Communications Inc. | 7.30 | 4.91 | 4.78 | 5.39 | 5.52 | 4.96 | 6.00 | 6.27 | 6.90 | 6.86 | 7.49 | 7.78 | 8.12 | 8.40 | 8.27 | 8.18 | 7.92 | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Operating profit per share
= (Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023)
÷ No. shares of common stock outstanding
= (5,271,000,000 + 5,782,000,000 + 6,406,000,000 + 6,002,000,000)
÷ 7,152,792,253 = 3.28
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 16.80 ÷ 3.28 = 5.12
5 Click competitor name to see calculations.
Price to Sales (P/S)
AT&T Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 7,131,763,496 | 7,126,000,000 | 7,125,000,000 | 7,125,000,000 | 7,172,884,070 | 7,305,000,000 | 7,307,000,000 | 7,298,000,000 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating revenues (in millions) | 32,022) | 30,350) | 29,917) | 30,139) | 31,343) | 30,043) | 29,643) | 29,712) | 40,958) | 39,922) | 44,045) | 43,939) | 45,691) | 42,340) | 40,950) | 42,779) | 46,821) | 44,588) | 44,957) | 44,827) | ||||||
| Sales per share2 | 17.12 | 17.03 | 16.99 | 16.95 | 16.93 | 18.29 | 19.68 | 21.60 | 23.64 | 24.31 | 24.65 | 24.22 | 24.08 | 24.26 | 24.58 | 25.14 | 25.26 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 16.80 | 15.40 | 14.51 | 17.50 | 19.26 | 18.17 | 18.27 | 19.33 | 23.94 | 24.80 | 27.94 | 32.41 | 28.63 | 27.51 | 29.85 | 28.79 | 38.61 | 39.17 | 33.49 | 30.59 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | 0.98 | 0.90 | 0.85 | 1.03 | 1.14 | 0.99 | 0.93 | 0.89 | 1.01 | 1.02 | 1.13 | 1.34 | 1.19 | 1.13 | 1.21 | 1.15 | 1.53 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| T-Mobile US Inc. | 2.44 | 2.08 | 2.09 | 2.27 | 2.26 | 2.18 | 2.24 | 1.98 | 1.94 | 1.82 | 2.27 | 2.08 | 2.17 | 2.43 | 2.59 | 2.38 | 1.58 | — | — | — | ||||||
| Verizon Communications Inc. | 1.25 | 1.08 | 1.06 | 1.20 | 1.23 | 1.13 | 1.42 | 1.52 | 1.68 | 1.64 | 1.74 | 1.80 | 1.82 | 1.85 | 1.83 | 1.82 | 1.83 | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Sales per share
= (Operating revenuesQ4 2023
+ Operating revenuesQ3 2023
+ Operating revenuesQ2 2023
+ Operating revenuesQ1 2023)
÷ No. shares of common stock outstanding
= (32,022,000,000 + 30,350,000,000 + 29,917,000,000 + 30,139,000,000)
÷ 7,152,792,253 = 17.12
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 16.80 ÷ 17.12 = 0.98
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. P/S ratio increased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Price to Book Value (P/BV)
AT&T Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 7,131,763,496 | 7,126,000,000 | 7,125,000,000 | 7,125,000,000 | 7,172,884,070 | 7,305,000,000 | 7,307,000,000 | 7,298,000,000 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Stockholders’ equity attributable to AT&T (in millions) | 103,297) | 103,703) | 101,903) | 99,396) | 97,500) | 122,406) | 117,746) | 169,036) | 166,332) | 163,771) | 162,296) | 165,488) | 161,673) | 175,553) | 175,896) | 177,779) | 184,221) | 183,049) | 184,257) | 185,112) | ||||||
| Book value per share (BVPS)2 | 14.44 | 14.50 | 14.25 | 13.90 | 13.67 | 17.17 | 16.52 | 23.61 | 23.29 | 22.93 | 22.73 | 23.18 | 22.67 | 24.64 | 24.69 | 24.95 | 25.68 | 25.06 | 25.22 | 25.36 | ||||||
| Share price1, 3 | 16.80 | 15.40 | 14.51 | 17.50 | 19.26 | 18.17 | 18.27 | 19.33 | 23.94 | 24.80 | 27.94 | 32.41 | 28.63 | 27.51 | 29.85 | 28.79 | 38.61 | 39.17 | 33.49 | 30.59 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | 1.16 | 1.06 | 1.02 | 1.26 | 1.41 | 1.06 | 1.11 | 0.82 | 1.03 | 1.08 | 1.23 | 1.40 | 1.26 | 1.12 | 1.21 | 1.15 | 1.50 | 1.56 | 1.33 | 1.21 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| T-Mobile US Inc. | 2.97 | 2.52 | 2.50 | 2.69 | 2.58 | 2.49 | 2.56 | 2.27 | 2.25 | 2.11 | 2.67 | 2.41 | 2.27 | 2.26 | 2.12 | 3.69 | 2.46 | 2.54 | 2.67 | 2.37 | ||||||
| Verizon Communications Inc. | 1.81 | 1.48 | 1.50 | 1.76 | 1.84 | 1.75 | 2.22 | 2.43 | 2.74 | 2.85 | 3.13 | 3.27 | 3.45 | 3.65 | 3.79 | 3.97 | 3.92 | 4.27 | 4.08 | 4.19 | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
BVPS = Stockholders’ equity attributable to AT&T ÷ No. shares of common stock outstanding
= 103,297,000,000 ÷ 7,152,792,253 = 14.44
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 16.80 ÷ 14.44 = 1.16
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 required rate of return and its actual rate of return. | AT&T Inc. P/BV ratio increased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |