AT&T Inc. (T) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	25.4	22.8	16.8	18.4	18.6	21.7	29.5	21.5	29.4	32.1	26
Total Shares Outstanding	7,089.4	7,175.9	7,150.1	7,127.6	7,141.1	7,125.9	7,254.6	7,281.6	6,139.4	6,139	6,144.9
Market Cap	180,142.9	163,395.1	119,978.1	131,219	132,609.6	154,703.8	214,009.4	156,846.3	180,192.1	197,061.7	159,584.1
Total Enterprise Value (TEV)	336,394.9	316,873.1	284,273.1	291,154	326,741.6	341,977.8	404,543.4	337,942.3	295,186.1	315,761.7	281,583.1
Dividend Yield	4.5%	5%	6.8%	7.5%	11.3%	9.6%	6.9%	9.2%	6.7%	6%	7%
Buyback Yield	1.5%	0.1%	0.2%	0.7%	0.1%	3.5%	0.8%	-0.1%	0.2%	0.2%	0.1%
Debt Paydown Yield	-5%	7.5%	0.9%	29.2%	-18%	4.6%	6.4%	5.6%	-20.2%	0.3%	-15%
Shareholder Yield	-3.4%	7.9%	1.5%	30.2%	-17.3%	8.5%	7.5%	5.9%	-19.8%	0.7%	-14.6%
P/S	1.4	1.3	1	1.1	1	1.1	1.2	0.9	1.1	1.2	1.1
P/Gross Profit	2.4	2.2	1.7	1.9	1.8	2	2.2	1.7	2.2	2.3	2
P/E	8.3	15.3	8.5	-16.7	6.8	-28.9	15.6	7.6	6.2	15.3	11
Earnings Yield	12.1%	6.5%	11.7%	-6%	14.7%	-3.5%	6.4%	13.2%	16.2%	6.5%	9.1%
P/OCF	4.4	4.2	3.1	4.1	3.2	3.6	4.4	3.6	4.7	5.1	4.4
P/FCF	9	8.8	5.9	10.6	5	5.4	7.4	7	10.9	12.3	10.1
FCF Yield	11.1%	11.3%	17.1%	9.4%	19.9%	18.4%	13.6%	14.3%	9.1%	8.1%	9.9%
P/B	1.6	1.6	1.2	1.3	0.8	1	1.2	0.9	1.3	1.6	1.3
EV/Sales	2.7	2.6	2.3	2.4	2.4	2.4	2.2	2	1.8	1.9	1.9
EV/Gross Profit	4.5	4.3	3.9	4.2	4.4	4.4	4.2	3.7	3.6	3.6	3.5
EV/EBITDA	7.5	8	6.7	21.7	7.5	11.1	7.2	6.2	6.7	6.4	6
EV/EBIT	14.2	16.6	12.1	-63.5	12.6	40.8	14.5	12.9	14.8	13.4	11.4
EV/OCF	8.2	8.2	7.4	9.1	7.8	7.9	8.3	7.8	7.8	8.2	7.8
EV/FCF	16.9	17.1	13.9	23.5	12.4	12	13.9	15.1	17.9	19.7	17.7

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Dividend Yield	4.5%	5%	6.8%	7.5%	11.3%	9.6%	6.9%	9.2%	6.7%	6%	7%
DPS	1.1	1.1	1.1	1.4	2.1	2.1	2	2	2	1.9	1.8
Payout Ratio	37%	76.4%	57.3%	-113%	75.8%	-278.6%	107.1%	69.2%	40.9%	90.9%	76.4%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	59.7%	59.8%	59.1%	57.9%	54.9%	54.1%	53.6%	53.5%	51.5%	52.9%	54.3%
Operating Margin	19%	15.6%	19.2%	-3.8%	19.3%	5.9%	15.4%	15.3%	12.4%	14.4%	16.9%
EBITDA Margin	36%	32.4%	34.5%	11.1%	32.6%	21.6%	31%	31.9%	27.6%	30.2%	31.9%
Net Profit Margin	19%	10%	12.8%	-5.7%	17.7%	-1.1%	8.3%	11.7%	18.6%	8.1%	9.3%
Effective Tax Rate	15.7%	26.6%	21.3%	-122.2%	18.5%	-329.9%	18.9%	19.8%	-97.2%	32.7%	33.9%
Pre-Tax Profit Margin	22.5%	13.6%	16.2%	-2.6%	21.8%	-0.2%	10.2%	14.6%	9.4%	12.1%	14.1%
Free Cash Flow Margin	16%	15.1%	16.7%	10.3%	19.7%	19.9%	16%	13.1%	10.3%	9.8%	10.8%
OCF / Sales	32.8%	31.7%	31.3%	26.5%	31.3%	30.1%	26.9%	25.5%	23.7%	23.5%	24.4%
OCF / Net Income	172.9%	316.4%	245.2%	-465.9%	176.5%	-2,833.7%	325%	218.5%	127.3%	288.3%	262.1%
FCF / OCF	48.8%	47.7%	53.4%	38.7%	63%	65.9%	59.7%	51.3%	43.3%	41.7%	44.2%
FCF / Net Income	84.4%	151%	131%	-180.3%	111.1%	-1,868.5%	193.9%	112%	55.1%	120.3%	115.9%
FCF / EBITDA	44.5%	46.7%	48.4%	92.3%	60.4%	92.1%	51.7%	41%	37.1%	32.5%	33.9%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	5.2%	3.7%	4.8%	-2.3%	4.3%	7.2%	4.4%	4.6%	9.9%	4.1%	5%
Return on Assets	4.9%	3.5%	4.6%	-2.1%	3.9%	6.7%	4.2%	4.3%	9.3%	3.9%	4.7%
Return on Equity	19.3%	10.4%	14%	-4.7%	13.1%	-0.8%	7.6%	11.9%	22.4%	10.8%	12.8%
Return on Total Capital	10.8%	8.1%	10.6%	-5.2%	9.9%	17.4%	11.2%	11.4%	26%	12%	14.7%
Return on Capital Employed	6.4%	5.4%	6.7%	-1.2%	5.7%	1.8%	5.9%	6.3%	5.6%	6.6%	8.1%
Return on Tangible Assets	10.4%	6%	7.6%	-2.5%	8.1%	-0.6%	6.4%	8.9%	14.7%	7.4%	8.1%
Receivables Turnover	13.4	12.3	11.3	10.2	8.2	6.7	7.4	7.9	9.6	9.8	9.5
Days Sales Outstanding	27.2	29.7	32.4	35.9	44.3	54.7	49.5	46	37.9	37.1	38.6
Payables Turnover	1.4	1.4	1.3	1.2	1.4	1.4	1.9	2	2.4	2.5	2.5
Days Payables Outstanding	262.7	265.1	285.8	293.4	269.3	266.9	193.3	178.4	153.9	145.4	146.9
Inventory Turnover	19.5	22.1	18.9	15.8	17.2	35.5	—	—	—	—	—
Days Inventory Outstanding	18.7	16.5	19.3	23.1	21.2	10.3	—	—	—	—	—
Cash Conversion Cycle	-216.7	-218.9	-234.1	-234.3	-203.8	-201.9	-143.9	-132.5	-116	-108.3	-108.3
Asset Turnover	0.3	0.3	0.3	0.3	0.2	0.3	0.3	0.3	0.4	0.4	0.4
Fixed Asset Turnover	0.8	0.8	0.8	0.8	0.9	0.9	1.3	1.3	1.3	1.3	1.2
Operating Cycle	46	46.2	51.7	59.1	65.5	64.9	49.5	46	37.9	37.1	38.6
CapEx to OCF	0.5	0.5	0.5	0.6	0.4	0.3	0.4	0.5	0.6	0.6	0.6
CapEx to Revenue	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
CapEx to Depreciation	1	1	1	1.1	0.9	0.7	0.7	0.7	0.9	0.9	0.9

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	158,493	140,923	154,899	154,679	195,832	179,447	184,951	176,505	164,346	123,513	126,151
Net Debt	138,221	137,625	148,177	150,978	176,609	169,707	172,821	171,301	113,848	117,725	121,030
Current Ratio	1	0.7	0.7	0.6	1.6	0.8	0.8	0.8	1	0.8	0.8
Quick Ratio	0.5	0.3	0.3	0.3	0.3	0.5	0.5	0.5	0.8	0.4	0.5
Cash Ratio	0.4	0.1	0.1	0.1	0.2	0.2	0.2	0.1	0.6	0.1	0.1
Debt Ratio	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.4	0.3	0.3
Assets to Equity	3.3	3.3	3.5	3.8	3	2.9	2.7	2.7	3.1	3.3	3.3
Cash Flow to Debt Ratio	0.3	0.3	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.3	0.3
Long-term Debt to Assets	0.3	0.3	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Intangibles to Total Assets	0.5	0.5	0.5	0.5	0.4	0.5	0.6	0.6	0.5	0.5	0.6
Net Current Asset Value	-257,926	-259,255	-267,305	-272,245	-214,522	-312,080	-312,687	-296,348	-224,090	-242,317	-244,009
Goodwill / Assets	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.2	0.3	0.3
Debt / Equity	1.3	1.2	1.3	1.5	1.1	1	0.9	0.9	1.2	1	1
Total Debt / Capitalization	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	1	0.9	0.9
Long Term Debt / Capitalization	0.8	0.8	0.8	0.9	0.8	0.9	0.8	0.9	0.7	0.9	0.9
Long-Term Debt / Equity	1.2	1.1	1.2	1.4	0.9	1	0.9	0.9	0.9	0.9	1
Net Debt / EBITDA	3.1	3.5	3.5	11.2	4	5.5	3.1	3.1	2.6	2.4	2.6
EBIT / Interest Expense	3.6	2.8	3.5	-0.8	3.9	1.1	3.3	3.3	3.2	4.8	6
EBITDA / Interest Expense	6.7	5.9	6.3	2.2	6.5	4	6.7	6.9	7	10.1	11.4
(EBITDA - Capex) / Interest Expense	3.6	2.9	3.6	-1	4.2	2.1	4.3	4.2	3.6	5.5	6.5

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	17.3	17	16.9	15.9	17.9	19.2	24.7	25.1	26	26.5	26
Basic EPS	3.1	1.5	2	-1.1	2.8	-0.8	1.9	2.9	4.8	2.1	2.4
Diluted EPS	3.1	1.5	2	-1.1	2.7	-0.8	1.9	2.9	4.8	2.1	2.4
Book Value per Share	15.4	14.5	14.2	12.9	22.2	21.7	25.1	27	22.8	19.9	21.7
Tangible Book Value per Share	-11.9	-12.7	-13.4	-13.2	-6.1	-16.1	-16.3	-18.5	-12.8	-16	-18.2
Cash per Share	2.8	0.5	0.9	0.5	2.6	1.3	1.7	0.8	8.2	0.9	0.9
Operating Cash Flow per Share	5.7	5.4	5.3	4.2	5.6	5.8	6.6	6.4	6.1	6.2	6.4
Free Cash Flow per Share	2.8	2.6	2.8	1.6	3.5	3.8	4	3.3	2.7	2.6	2.8
CapEx per Share	2.9	2.8	2.5	2.6	2.1	2	2.7	3.1	3.5	3.6	3.5
Weighted Avg. Shares Outstanding	7,196.3	7,199	7,181	7,166	7,168	7,157	7,319	6,778	6,164	6,168	5,628
Weighted Avg. Shares Outstanding Diluted	7,206.5	7,204	7,258	7,587	7,503	7,466	7,348	6,806	6,183	6,189	5,646

Common Size