Explain this page
Arphra AIPlain-English read on AT&T Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
BMixed
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin79.8%
Operating margin19.2%
Net margin17.4%
ROE17.0%
ROA5.2%
ROIC7.4%
Liquidity & leverage
Current ratio0.91×
Quick ratio0.86×
Debt / equity1.35×
Net debt / EBITDA2.85×
Interest coverage4×
Efficiency & per-share
Asset turnover0.30×
Inventory days35
Days sales out.26
FCF / share$2.71
Book value / share$17.90
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $163.92B | $178.08B | — | — | — | — |
| Enterprise value | — | — | — | $301.55B | $333.83B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 2.46 | 2.66 | — | — | — | — |
| EV / FCF | — | — | — | 16.29 | 17.17 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +6.68% | +12.29% | — | — | — | — |
| Free cash flow yield | — | — | — | +11.29% | +10.92% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +54.93% | +57.89% | +43.72% | +42.94% | +79.77% | +55.78% | +56.97% | +57.06% | +57.02% |
| Operating margin | +19.32% | -3.80% | +20.23% | +19.83% | +19.23% | +19.45% | +20.00% | +20.05% | +20.23% |
| EBITDA margin | +40.08% | +17.45% | +37.02% | +35.99% | +43.53% | +38.82% | +39.70% | +39.38% | +38.73% |
| EBIT margin | +26.76% | +2.50% | +21.68% | +19.16% | +26.91% | +22.25% | +22.30% | +22.69% | +22.31% |
| Pre-tax margin | +21.76% | -2.56% | +16.21% | +13.65% | +21.49% | +16.99% | +17.33% | +17.30% | +16.96% |
| Net margin | +14.98% | -7.06% | +11.76% | +8.95% | +17.42% | +12.71% | +12.79% | +13.00% | +12.45% |
| Cost structure | |||||||||
| Cost of revenue / sales | +45.07% | +42.11% | +56.28% | +57.06% | +20.23% | +43.58% | +44.95% | +44.66% | +45.44% |
| R&D intensity | +0.99% | +1.02% | +0.78% | +0.78% | 0.00% | +0.51% | +0.52% | +0.53% | +0.51% |
| SG&A intensity | +22.13% | +23.99% | +22.71% | +22.33% | +23.03% | +22.26% | +23.13% | +22.48% | +22.47% |
| Effective tax rate | +18.49% | — | +21.29% | +26.62% | +13.41% | +20.50% | +20.75% | +20.63% | +20.41% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +10.92% | -8.01% | +12.06% | +9.11% | +17.04% | +12.57% | +13.04% | +13.32% | +12.76% |
| Return on assets (ROA) | +3.64% | -2.12% | +3.54% | +2.77% | +5.21% | +3.89% | +3.81% | +3.85% | +3.70% |
| Return on capital (ROC) | +6.82% | -1.76% | +9.03% | +9.29% | +7.99% | +8.60% | +9.03% | +9.01% | +8.96% |
| Return on invested capital (ROIC) | +5.29% | -1.32% | +5.25% | +4.19% | +7.24% | +5.62% | +5.77% | +5.84% | +5.51% |
| Asset turnover | +24.30% | +29.97% | +30.08% | +30.99% | +29.90% | +30.60% | +29.80% | +29.60% | +29.71% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +14.98% | -7.06% | +11.76% | +8.95% | +17.42% | +12.71% | +12.79% | +13.00% | +12.45% |
| Asset turnover (× revenue / assets) | +24.30% | +29.97% | +30.08% | +30.99% | +29.90% | +30.60% | +29.80% | +29.60% | +29.71% |
| Equity multiplier (× assets / equity) | +300.03% | +378.42% | +340.88% | +328.38% | +327.02% | +323.33% | +342.14% | +346.02% | +344.77% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.24 | 0.30 | 0.30 | 0.31 | 0.30 | 0.31 | 0.30 | 0.30 | 0.30 |
| Fixed-asset turnover | 0.93 | 0.81 | 0.82 | 0.82 | 0.81 | — | — | — | — |
| Inventory turnover | 18.17 | 16.28 | 31.65 | 30.75 | 10.51 | — | — | — | — |
| Receivables turnover | 10.89 | 10.53 | 11.90 | 12.69 | 14.21 | — | — | — | — |
| Payables turnover | 2.05 | 1.63 | 2.52 | 2.54 | 0.66 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 33.53 | 34.66 | 30.68 | 28.76 | 25.69 | — | — | — | — |
| Days inventory outstanding (DIO) | 20.09 | 22.42 | 11.53 | 11.87 | 34.74 | — | — | — | — |
| Days payables outstanding (DPO) | 178.32 | 223.25 | 144.67 | 143.45 | 552.93 | — | — | — | — |
| Cash conversion cycle | -124.70 | -166.17 | -102.46 | -102.83 | -492.50 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.09 | -3.76 | 2.66 | 3.54 | 1.84 | 2.50 | 2.46 | 2.49 | 2.58 |
| FCF / Net income | 1.27 | -1.45 | 1.42 | 1.69 | 0.89 | 1.26 | 1.23 | 1.23 | 1.28 |
| FCF margin | +18.97% | +10.27% | +16.71% | +15.13% | +15.47% | +16.06% | +15.69% | +15.95% | +15.94% |
| OCF margin | +31.30% | +26.52% | +31.30% | +31.69% | +32.06% | +31.76% | +31.44% | +32.33% | +32.13% |
| CapEx / Revenue | +12.33% | +16.25% | +14.58% | +16.56% | +16.59% | +16.10% | +15.52% | +15.59% | +15.78% |
| CapEx / D&A | 0.93 | 1.09 | 0.95 | 0.98 | 1.00 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | +0.43% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.73 | -1.13 | 1.97 | 1.49 | 3.04 | 2.31 | 2.54 | 2.87 | 3.21 |
| EPS · basic | 2.77 | -1.22 | 1.97 | 1.49 | 3.04 | 2.31 | 2.55 | 2.86 | 3.23 |
| Book value / share | 24.50 | 14.03 | 16.45 | 16.69 | 17.90 | 18.19 | 18.12 | 18.16 | 18.86 |
| Tangible BV / share | -3.75 | -11.98 | -11.15 | -10.48 | 8.33 | 18.19 | 18.12 | 18.16 | 18.86 |
| Sales / share | 17.86 | 15.91 | 16.87 | 16.98 | 17.50 | 18.00 | 18.48 | 18.60 | 19.32 |
| Operating CF / share | 5.59 | 4.22 | 5.28 | 5.38 | 5.61 | 5.72 | 5.81 | 6.01 | 6.21 |
| Free cash flow / share | 3.39 | 1.63 | 2.82 | 2.57 | 2.71 | 2.89 | 2.90 | 2.97 | 3.08 |
| Dividends / share | 2.01 | 1.30 | 1.12 | 1.14 | 1.14 | 1.16 | 1.21 | 1.21 | 1.30 |
| Payout ratio | +75.04% | -115.66% | +56.50% | +74.97% | +37.37% | +50.82% | +51.08% | +50.06% | +53.94% |
| Retention ratio | +24.96% | +215.66% | +43.50% | +25.03% | +62.63% | +49.18% | +48.92% | +49.94% | +46.06% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -9.92% | +1.40% | -0.08% | +2.71% | +3.05% | +2.27% | +1.73% | +2.64% | +0.39% |
| Gross profit · YoY | — | -5.08% | -23.41% | -1.86% | +90.78% | -27.94% | +4.46% | +1.89% | +2.57% | +0.86% |
| Profit | ||||||||||
| Operating income · YoY | — | -117.71% | +639.96% | -2.05% | -0.41% | +4.25% | +5.15% | +1.97% | +3.56% | +0.97% |
| EBITDA · YoY | — | -60.78% | +115.12% | -2.86% | +24.25% | -8.11% | +4.60% | +0.91% | +0.96% | -0.04% |
| Net income · YoY | — | -142.45% | +268.93% | -23.97% | +99.94% | -24.82% | +2.90% | +3.45% | -1.70% | -1.90% |
| Operating | ||||||||||
| EBIT · YoY | — | -91.60% | +780.56% | -11.67% | +44.23% | -14.78% | +2.51% | +3.50% | +0.91% | -1.87% |
| R&D · YoY | — | -6.72% | -22.82% | +0.10% | -100.00% | — | +4.65% | +4.57% | -0.75% | -7.50% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -141.39% | +274.34% | -24.37% | +104.03% | -24.00% | +10.04% | +12.90% | +11.98% | +2.06% |
| EPS · basic · YoY | — | -144.04% | +261.48% | -24.37% | +104.03% | -23.86% | +10.07% | +12.35% | +12.79% | +1.93% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $195.83B | $154.68B | $154.9B | $140.92B | $173.99B | $162.16B | $163.42B | $168.31B | $177.32B |
| Net debt | $176.61B | $150.98B | $148.18B | $137.63B | $155.75B | $152.58B | $153.12B | $158.13B | $166.76B |
| Net debt / EBITDA | 3.29 | 7.17 | 3.27 | 3.13 | 2.85 | 3.04 | 2.91 | 2.98 | 3.11 |
| Debt / equity | 1.07 | 1.45 | 1.30 | 1.17 | 1.35 | 1.24 | 1.26 | 1.28 | 1.31 |
| Debt / assets | +35.50% | +38.40% | +38.05% | +35.70% | +41.41% | +38.32% | +36.78% | +36.98% | +38.10% |
| Equity / assets | +33.33% | +26.43% | +29.34% | +30.45% | +30.58% | +30.93% | +29.23% | +28.90% | +29.00% |
| Coverage | |||||||||
| EBITDA / interest expense | 8.02 | 3.43 | 6.77 | 6.53 | 8.04 | 7.00 | 7.23 | 7.04 | 7.05 |
| Operating income / interest | 3.87 | -0.75 | 3.70 | 3.60 | 3.55 | 3.51 | 3.64 | 3.58 | 3.68 |
| Interest expense | $6.7B | $6.14B | $6.69B | $6.75B | $6.8B | $7.18B | $7.27B | $7.54B | $7.6B |
| Liquidity | |||||||||
| Current ratio | 1.61 | 0.59 | 0.71 | 0.66 | 0.91 | — | — | — | — |
| Quick ratio | 0.30 | 0.27 | 0.33 | 0.28 | 0.50 | — | — | — | — |
| Cash ratio | 0.18 | 0.07 | 0.13 | 0.07 | 0.34 | — | — | — | — |
| Working capital | $64.54B | -$23.07B | -$14.67B | -$15.7B | -$5.05B | — | — | — | — |
| Working capital / revenue | +48.15% | -19.10% | -11.98% | -12.84% | -4.02% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 2.66x | 2.46x |
| Earnings yield | 12.3% | 6.7% |
| FCF yield | 10.9% | 11.3% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 19.8% | 10.5% |
| ROA | 5.2% | 2.8% |
| ROIC | 5.6% | 5.0% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 2.85 | 3.13 |
| Interest coverage | — | — |
| Current ratio | 0.91x | 0.66x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).