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
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
AT&T Inc., historical price multiples (quarterly data)
Based on: 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 period of significant expansion between 2024 and early 2025, followed by a general correction and stabilization toward the end of the observed period. This suggests a cyclical shift in market sentiment or a temporary spike in equity valuation relative to fundamentals during the 2024 fiscal year.
- Price to Earnings (P/E)
- The P/E ratio shows substantial volatility. After maintaining a low range between 6.53 and 8.08 in 2022, the ratio climbed sharply throughout 2024, reaching a peak of 17.98 in September 2024. This acceleration was followed by a precipitous decline in September 2025 to 7.92, eventually stabilizing around 8.33 by March 2026, returning to levels similar to the 2022 baseline.
- Price to Operating Profit (P/OP)
- A similar trajectory is observed in the P/OP ratio. Initially fluctuating between 5.68 and 6.52, the ratio saw a steady ascent beginning in late 2023, peaking at 10.36 in March 2025. Subsequently, the ratio contracted, ending the period at 7.07 in March 2026, indicating a normalization of the price relative to operating earnings.
- Price to Sales (P/S)
- The P/S ratio remained relatively stable under 1.14 from March 2022 through March 2024. A clear upward trend emerged in the latter half of 2024, with the ratio increasing from 1.13 in June 2024 to a peak of 1.61 in June 2025. The ratio subsequently moderated to 1.40 by March 2026, yet it remains notably higher than the 2022-2023 average.
- Price to Book Value (P/BV)
- The P/BV ratio demonstrates the most consistent growth over the timeline. Starting from a discounted position of 0.82 in March 2022, the ratio trended upward to peak at 1.90 in June 2025. Despite a slight decline to 1.62 by March 2026, the overall trend indicates a significant increase in the market's valuation of the company's net asset value over the four-year period.
Price to Earnings (P/E)
AT&T Inc., historical P/E calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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: 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 Q1 2026 Calculation
EPS
= (Net income (loss) attributable to common stockQ1 2026
+ Net income (loss) attributable to common stockQ4 2025
+ Net income (loss) attributable to common stockQ3 2025
+ Net income (loss) attributable to common stockQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation ratios reveal a period of significant volatility in earnings followed by a distinct expansion and subsequent normalization of the price-to-earnings (P/E) multiple between March 2022 and March 2026.
- Earnings per Share (EPS) Performance
- A transition from positive earnings in early 2022 to a period of net losses is observed starting in December 2022 and continuing through September 2023. Profitability returned in the fourth quarter of 2023. A substantial increase in earnings occurred in the latter half of 2025, where EPS rose from $1.77 in June to $3.13 in September and December, maintaining a level above $3.00 into early 2026.
- Share Price Trajectory
- The share price experienced a decline from $19.33 in March 2022 to a low of $14.51 in June 2023. This was followed by a sustained upward trend throughout 2024, with the price reaching $25.36 by December 2024. The valuation peaked at $27.92 in June 2025 before fluctuating and closing at $25.52 in March 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio was non-calculable during the period of negative earnings from December 2022 to September 2023. Following the return to profitability, a significant valuation expansion took place throughout 2024, with the ratio climbing from 8.99 in March to a peak of 17.98 in September. This increase indicates that share price growth significantly outpaced earnings growth during this period. A sharp compression of the P/E ratio occurred in the second half of 2025, dropping to 7.92 by September. This correction was driven by a sharp increase in EPS, which realigned the stock's valuation with the historical range of approximately 6x to 9x observed in early 2022 and late 2023.
Price to Operating Profit (P/OP)
AT&T Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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: 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 Q1 2026 Calculation
Operating profit per share
= (Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the Price to Operating Profit (P/OP) ratio reveals a period of significant volatility followed by a valuation expansion and subsequent normalization. The metric experienced a notable disruption between December 2022 and September 2023, during which operating profit per share turned negative, rendering the P/OP ratio inapplicable for several consecutive quarters.
- Operating Profit Performance
- Operating profit per share exhibited a sharp decline starting in the fourth quarter of 2022, dropping to -0.64 US$ and remaining negative through the first three quarters of 2023. A recovery was established in December 2023 with a return to 3.28 US$. From that point forward, operating profit showed a general upward trajectory, reaching a peak of 3.61 US$ by March 2026, indicating a strengthening of core operational efficiency.
- Share Price Trajectory
- The share price underwent a period of depreciation from March 2022 (19.33 US$) to a low of 14.51 US$ in June 2023. Following this trough, a sustained bullish trend emerged, with the price ascending to 27.92 US$ by June 2025. The final period shows a stabilization phase, with the price fluctuating between 24.75 US$ and 27.11 US$ through March 2026.
- P/OP Ratio Dynamics
- Upon the restoration of positive operating profits in December 2023, the P/OP ratio began at 5.12. A period of rapid valuation expansion followed, with the ratio peaking at 10.36 in March 2025. This peak suggests that share price appreciation significantly outpaced the growth of operating profits during this window. Subsequently, the ratio moderated to 7.07 by March 2026, as the continued growth in operating profit per share acted as a counterbalance to the share price, leading to a more normalized valuation multiple.
Price to Sales (P/S)
AT&T Inc., historical P/S calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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: 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 Q1 2026 Calculation
Sales per share
= (Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AT&T Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics between March 2022 and March 2026 exhibit a period of initial contraction followed by a significant expansion in market valuation relative to revenue. The Price to Sales (P/S) ratio shows a cyclical pattern, moving from a low of 0.85 in mid-2023 to a peak of 1.61 by mid-2025, indicating a shift in investor sentiment and valuation premiums.
- Share Price Dynamics
- The share price experienced a notable decline from 19.33 in March 2022 to a period low of 14.51 in June 2023. Following this trough, a sustained recovery trend occurred, with the price ascending to a peak of 27.92 in June 2025. The period concluded with a slight correction to 25.52 by March 2026.
- Sales per Share Trends
- Revenue per share showed an initial downward trajectory, falling from 21.60 in March 2022 to 16.93 by December 2022. For the subsequent 15 months, sales per share remained nearly stagnant, fluctuating narrowly around the 17.00 mark. A gradual recovery began in June 2024, with a steady increase leading to 18.21 by March 2026.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio was primarily driven by share price volatility rather than revenue fluctuations. After reaching a minimum of 0.85 in June 2023, the ratio expanded consistently for two years, peaking at 1.61 in June 2025. This suggests that the market valuation of the company grew at a significantly faster rate than its actual sales growth during this window. The ratio ended the period at 1.40, remaining substantially higher than the 2022-2023 average.
Price to Book Value (P/BV)
AT&T Inc., historical P/BV calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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: 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 Q1 2026 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 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits a general upward trajectory over the analyzed period, shifting from a position of undervaluation relative to book value to a consistent premium valuation. The ratio began at 0.82 in March 2022, reached a peak of 1.90 in June 2025, and concluded at 1.62 in March 2026. This progression indicates a significant shift in market valuation dynamics over the observed timeframe.
- Price to Book Value (P/BV) Trend
- The ratio demonstrated three distinct phases: an initial period of volatility and undervaluation (below 1.0 in early 2022), a period of stabilization around parity (1.02 to 1.15 between June 2023 and March 2024), and a period of valuation expansion where the ratio climbed to a peak of 1.90 by June 2025. The final quarters show a consolidation of the ratio between 1.58 and 1.72.
- Book Value per Share (BVPS) Analysis
- A significant contraction in BVPS occurred during 2022, with the value dropping from 23.61 in March to 13.67 by December. Following this sharp decline, the BVPS entered a phase of relative stability, fluctuating within a tight range between 14.25 and 15.79 from 2023 through March 2026. The lack of significant growth in the book value during the latter half of the period suggests that the increasing P/BV ratio was not driven by an increase in net assets.
- Share Price Influence
- The share price followed a U-shaped recovery pattern. After declining from 19.33 in March 2022 to a low of 14.51 in June 2023, the price entered a sustained recovery phase, peaking at 27.92 in June 2025. Because the share price rose while the BVPS remained relatively flat, the market price became the primary driver of the P/BV expansion, reflecting increased investor willingness to pay a premium over the accounting value of the company.