AT&T Inc. 5.35% GLB NTS 66 (TBB) 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

+935.6%

$222.05

vs $21.44 price

Levered DCF

$127.79

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.78

Distress zone

Rating

A-

Overall 4 / 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	8.17×	15.28×	8.52×	-15.09×	8.88×	-38.33×	20.56×	9.97×
P/B	1.61×	1.57×	1.17×	1.35×	1.06×	1.27×	1.55×	1.05×
P/S	1.42×	1.34×	0.98×	1.09×	1.31×	1.2×	1.58×	1.13×
EV / EBITDA	6.1×	6.85×	5.93×	13.43×	6.57×	11.19×	8.33×	5.96×
Gross margin	59.6%	42.9%	43.7%	57.9%	54.9%	36.9%	38.0%	36.9%
Operating margin	19.9%	19.8%	20.2%	-3.8%	19.3%	15.0%	16.8%	16.0%
Net margin	17.4%	8.9%	11.8%	-7.1%	15.0%	-3.0%	7.7%	11.3%
Current ratio	0.91×	0.66×	0.71×	0.59×	1.61×	0.82×	0.79×	0.8×
Debt / equity	1.57×	1.35×	1.5×	1.59×	1.18×	1.11×	1×	0.96×
Interest coverage	3.67×	3.6×	3.7×	-0.75×	3.87×	3.25×	3.61×	3.45×
Dividend yield	4.6%	5.0%	6.8%	7.5%	8.5%	7.3%	5.2%	6.9%
Payout ratio	37.4%	75.0%	56.5%	-115.7%	75.0%	-288.9%	107.1%	69.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.8%	10.5%	13.9%	-8.7%	12.1%	-3.2%	7.5%	10.5%
Return on invested capital	5.8%	5.0%	5.3%	-1.3%	4.5%	5.5%	5.0%	4.6%
Return on assets	5.2%	2.8%	3.5%	-2.1%	3.6%	-1.0%	2.5%	3.6%
Free cash flow yield	10.9%	11.3%	17.0%	9.4%	14.4%	13.3%	10.2%	11.8%
Earnings yield	12.3%	6.7%	12.0%	-6.5%	11.4%	-2.5%	4.9%	10.0%
Enterprise value	$333.8B	$301.5B	$268.7B	$282.9B	$352.8B	$375.6B	$458.7B	$364.6B
Net debt / EBITDA	2.85×	3.13×	3.27×	7.17×	3.29×	5.06×	3.14×	2.8×
Cash conversion cycle (days)	-234	-103	-102	-166	-125	-52	-51	-35