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: 2026-06-30), 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 multiples exhibit a period of significant expansion beginning in early 2024 and peaking in mid-2025, followed by a corrective phase that returns most metrics toward historical baselines by mid-2026. This cycle suggests a period of increased market optimism or asset appreciation that subsequently moderated.
- Price to Earnings (P/E) Ratio
- The P/E ratio remained relatively stable and low throughout 2022, ranging between 6.53 and 8.08. A sharp upward trajectory began in early 2024, peaking at 17.98 in September 2024. This valuation peak was followed by a sustained high through early 2025 before a precipitous drop occurred in September 2025, with the ratio falling to 7.92. The period concludes with a gradual decline to 7.37 by June 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the movement of the P/E ratio, characterized by a steady increase from 5.17 in March 2024 to a peak of 10.36 in March 2025. Similar to the earnings multiple, a correction occurred in the second half of 2025, with a notable decline to 7.40 in September 2025, eventually reaching 6.17 by June 2026.
- Price to Sales (P/S) Ratio
- A gradual expansion in the sales multiple is observed, moving from a low of 0.85 in June 2023 to a peak of 1.61 in June 2025. This represents a consistent upward trend in how the market valued revenue over a two-year period. Following the peak, the ratio experienced a moderate contraction, ending the period at 1.24 in June 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrates the most consistent growth trend, rising from 0.82 in March 2022 to a peak of 1.90 in June 2025. This indicates a significant increase in the premium paid over the accounting value of the assets. A correction followed this peak, with the ratio retreating to 1.43 by June 2026, although it remained substantially higher than the 2022 levels.
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Price to Earnings (P/E)
AT&T Inc., historical P/E calculation (quarterly data)
| 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 | 6,852,385,650 | 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) | 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 | 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 | 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 | 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. | — | 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: 2026-06-30), 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 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to common stockQ2 2026
+ Net income (loss) attributable to common stockQ1 2026
+ Net income (loss) attributable to common stockQ4 2025
+ Net income (loss) attributable to common stockQ3 2025)
÷ No. shares of common stock outstanding
= (4,591,000,000 + 3,793,000,000 + 3,752,000,000 + 9,278,000,000)
÷ 6,852,385,650 = 3.13
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 23.04 ÷ 3.13 = 7.37
5 Click competitor name to see calculations.
The valuation metrics indicate a cyclical transition from a period of earnings instability to a phase of significant earnings growth and subsequent valuation normalization. The relationship between share price and earnings per share shifted markedly across the analyzed timeframe, resulting in high volatility in the Price-to-Earnings (P/E) ratio.
- Earnings Per Share (EPS) Performance
- Earnings exhibited a notable inversion between 2022 and 2023, moving from positive territory in early 2022 to a period of sustained losses from December 2022 through September 2023. A recovery was initiated in December 2023, with earnings demonstrating an upward trajectory that culminated in a plateau of approximately 3.06 to 3.13 per share throughout the 2025 and 2026 periods.
- Share Price Dynamics
- The share price followed a U-shaped recovery pattern, declining from 19.33 in March 2022 to a low of 14.51 in June 2023. This was followed by a period of appreciation, reaching a peak of 27.92 in June 2025. A moderate correction occurred in the final year of the period, with the price settling at 23.04 by June 2026.
- P/E Ratio Analysis
- The P/E ratio was absent during the period of negative earnings, reflecting a lack of positive bottom-line results. Upon the return to profitability in December 2023, the ratio expanded rapidly, peaking at 17.98 in September 2024. This expansion suggests that share price appreciation initially outpaced earnings growth. However, as EPS increased more aggressively in 2025 and 2026, the P/E ratio contracted, returning to a range between 7.37 and 8.67.
The convergence of the P/E ratio toward lower levels in 2026, despite a relatively high share price compared to 2023, is attributed to the substantial increase in earnings capacity. The data suggests a transition from a speculative valuation peak in late 2024 to a more fundamental-driven valuation based on stabilized and higher earnings per share.
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Price to Operating Profit (P/OP)
AT&T Inc., historical P/OP calculation (quarterly data)
| 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 | 6,852,385,650 | 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) | 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 | 3.74 | 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 | 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 | 6.17 | 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. | — | 6.80 | 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: 2026-06-30), 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 Q2 2026 Calculation
Operating profit per share
= (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= (7,038,000,000 + 6,658,000,000 + 5,788,000,000 + 6,119,000,000)
÷ 6,852,385,650 = 3.74
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 23.04 ÷ 3.74 = 6.17
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through June 2026 reveals a period of significant volatility in operating profitability followed by a valuation expansion and subsequent normalization. The most prominent feature of the period is a sharp contraction in operating profit per share between December 2022 and September 2023, which disrupted the Price to Operating Profit (P/OP) ratio until a recovery was established in late 2023.
- Operating Profitability Trends
- Operating profit per share remained stable at approximately $3.00 during the first three quarters of 2022 before entering a period of negative earnings starting in December 2022. This deficit persisted through the first three quarters of 2023, with losses ranging from -$0.37 to -$0.58. A significant reversal occurred in December 2023, where profit returned to $3.28 per share. From 2024 through June 2026, a consistent upward trajectory in operating profit is observed, peaking at $3.74 per share.
- Share Price Dynamics
- The share price experienced a decline during the profitability trough, reaching a low of $14.51 in June 2023. However, a strong bullish trend emerged throughout 2024, with the price ascending from $16.82 in March to a peak of $25.36 by December. Prices remained elevated throughout 2025, fluctuating between $24.75 and $27.92, before beginning a gradual descent toward $23.04 by mid-2026.
- P/OP Ratio Interpretation
- The P/OP ratio was unavailable during the period of negative operating profit, reflecting the absence of positive earnings to support the valuation. Upon the return to profitability in December 2023, the ratio stood at 5.12. A rapid expansion in the valuation multiple followed, peaking at 10.36 in December 2024, suggesting that the share price grew faster than the operating profit during this phase. From 2025 onward, the ratio entered a contraction phase, declining to 6.17 by June 2026. This downward trend indicates a normalization of the valuation as operating profit growth began to outpace the growth in share price.
The overall correlation suggests that the market initially reacted to the recovery of operating profits with an aggressive valuation premium in 2024. The subsequent decline in the P/OP ratio, despite generally rising operating profits, indicates a shift toward a more conservative valuation multiple in the later stages of the analyzed period.
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Price to Sales (P/S)
AT&T Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 6,852,385,650 | 6,948,338,835 | 7,000,577,201 | 7,089,449,495 | 7,150,385,480 | 7,195,602,178 | 7,178,183,000 | 7,175,289,157 | 7,170,243,877 | 7,170,165,104 | 7,152,792,253 | 7,150,020,118 | 7,149,000,000 | 7,149,000,000 | 7,129,870,323 | 7,127,000,000 | 7,126,000,000 | 7,159,000,000 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating revenues (in millions) | 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 | 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 | 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 | 1.24 | 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. | — | 1.44 | 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: 2026-06-30), 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 Q2 2026 Calculation
Sales per share
= (Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025)
÷ No. shares of common stock outstanding
= (31,558,000,000 + 31,506,000,000 + 33,466,000,000 + 30,709,000,000)
÷ 6,852,385,650 = 18.57
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 23.04 ÷ 18.57 = 1.24
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio for the period between March 2022 and June 2026 demonstrates a pattern of moderate volatility, characterized by an initial contraction followed by a significant expansion and a subsequent gradual decline.
- Price to Sales (P/S) Ratio Trend
- The P/S ratio began at 0.89 in March 2022, fluctuating between 0.85 and 1.14 through the end of 2023. A sustained upward trajectory commenced in late 2023, resulting in a peak valuation of 1.61 by June 2025. Following this peak, the ratio entered a corrective phase, descending to 1.24 by June 2026.
- Share Price Correlation
- Fluctuations in the P/S ratio are heavily correlated with share price movements. The ratio reached its minimum of 0.85 in June 2023, coinciding with the period's lowest share price of 14.51 USD. Conversely, the peak P/S ratio observed in June 2025 aligns with the highest recorded share price of 27.92 USD.
- Sales per Share Analysis
- Sales per share exhibited greater stability than the share price. After an initial decrease from 21.60 USD in March 2022 to a baseline of approximately 17.00 USD throughout 2023 and 2024, a gradual recovery is observed, with values rising to 18.57 USD by June 2026. This relative stability suggests that the primary driver of the P/S ratio's variance was market valuation of the equity rather than significant volatility in revenue generation per share.
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Price to Book Value (P/BV)
AT&T Inc., historical P/BV calculation (quarterly data)
| 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 | 6,852,385,650 | 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) | 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 | 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 | 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 | 1.43 | 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. | — | 1.94 | 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: 2026-06-30), 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 Q2 2026 Calculation
BVPS = Stockholders’ equity attributable to AT&T ÷ No. shares of common stock outstanding
= 110,444,000,000 ÷ 6,852,385,650 = 16.12
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 23.04 ÷ 16.12 = 1.43
5 Click competitor name to see calculations.
The valuation trajectory of the common stock reflects a transition from a discounted position relative to book value to a significant premium, followed by a period of moderation. Between March 2022 and June 2026, the Price to Book Value (P/BV) ratio exhibited considerable volatility, shifting from a low of 0.82 to a peak of 1.90.
- Share Price Movements
- The share price experienced an initial decline, reaching a trough of 14.51 in June 2023. This was followed by a sustained upward trend that peaked at 27.92 in June 2025. A subsequent correction is observed toward the end of the period, with the price settling at 23.04 by June 2026.
- Book Value Per Share (BVPS) Trends
- A sharp contraction in book value per share occurred between March 2022 (23.61) and December 2022 (13.67). Following this decline, the BVPS entered a phase of relative stability, fluctuating within a narrow range between 13.90 and 14.72 through mid-2025. A gradual recovery began in late 2025, with the value increasing to 16.12 by June 2026.
- P/BV Ratio Analysis
- The P/BV ratio indicates that the stock traded below its accounting value in early 2022. The ratio surpassed the 1.0 threshold in June 2022 and remained above this level for the remainder of the analyzed timeframe. A notable expansion in the valuation multiple occurred from March 2024 (1.15) to June 2025 (1.90), driven by rapid share price appreciation while book value remained largely stagnant. The ratio subsequently moderated to 1.43 by June 2026.
The overall pattern suggests that the increase in the P/BV ratio was primarily driven by market sentiment and share price growth rather than an increase in the underlying book value. The convergence of a rising BVPS and a declining share price in the final quarters contributed to the compression of the P/BV ratio from its 2025 peak.
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