American Assets Trust, Inc. (AAT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+152.5%

$55.59

vs $22.02 price

Levered DCF

$11.81

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.58

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.58×	27.94×	21.24×	36.81×	79.85×	62.78×	54.64×	95.64×
P/B	1×	1.35×	1.13×	1.3×	1.82×	1.36×	1.89×	2.35×
P/S	2.63×	3.46×	3.07×	3.77×	5.99×	5.01×	6.77×	5.7×
EV / EBITDA	9.81×	11.65×	11.94×	13.49×	17.85×	15.34×	17.74×	16.72×
Gross margin	61.1%	63.4%	62.8%	63.9%	65.5%	64.8%	64.0%	63.3%
Operating margin	33.5%	28.2%	27.6%	27.1%	26.6%	25.7%	31.0%	24.0%
Net margin	16.4%	15.9%	14.7%	13.2%	9.7%	10.3%	16.4%	8.2%
Current ratio	2.04×	5.92×	2.54×	1.1×	2.32×	1.15×	1.73×	0.57×
Debt / equity	1.48×	1.73×	1.43×	1.37×	1.35×	1.13×	1.04×	1.61×
Interest coverage	1.87×	1.73×	1.88×	1.97×	1.7×	1.66×	2.1×	1.52×
Dividend yield	9.2%	6.5%	5.9%	4.9%	4.0%	4.4%	3.2%	2.7%
Payout ratio	147.5%	142.0%	124.0%	138.8%	243.0%	215.0%	133.9%	189.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	6.2%	5.4%	4.6%	3.0%	2.8%	4.6%	3.4%
Return on invested capital	5.1%	4.0%	4.2%	3.9%	3.4%	3.3%	4.2%	3.7%
Return on assets	2.4%	2.2%	2.2%	1.9%	1.2%	1.3%	2.2%	1.2%
Free cash flow yield	8.3%	8.6%	7.8%	4.1%	2.8%	3.7%	2.6%	4.3%
Earnings yield	6.2%	4.6%	4.8%	3.5%	1.6%	2.1%	2.4%	1.4%
Enterprise value	$2.7B	$3.2B	$3B	$3.2B	$3.8B	$3B	$3.7B	$3.1B
Net debt / EBITDA	5.68×	5.87×	6.52×	6.82×	7.25×	6.59×	5.98×	6.64×
Cash conversion cycle (days)	-76	-63	-58	-76	-94	-94	-109	-104