At&T Inc. (T)
Communication Services · Integrated Telecommunication Services · US stock · S&P 500 component
$22.74
▲ +0.83 (3.79%)
Fair valueUndervalued
$28 +23.9% to fair value
$14fair band $24–$34$42
Day's range
$22.03 – $22.91
52-week range
$19.89 – $29.44
About At&T Inc.
AT&T is a telecommunications company that provides mobile and fixed-line connectivity. It offers wireless service to consumers and businesses, fibre and other broadband internet, and network and voice services for corporate and government clients, mainly in the United States, with a wireless operation in Mexico. Its business is organised into communications and Latin America units, and it has focused on connectivity after separating its media businesses.
Revenue comes mostly from recurring monthly charges for wireless and broadband plans, plus device purchases and business services. Sales were $127.2 billion over the last twelve months, with growth of 1.3% a year over the last three years. The operating margin is 20.1%, and the business earns a profit of 9% on the capital invested in it. Net debt is 2.7 times EBITDA. A dividend is paid, with a yield of 4.9%. On the site's X-Ray Score it receives 51 out of 100.
Price chart
52-wk range $19.89 – $29.44Volume 53,918,238Daily, split-adjusted
Vitals
Market cap$158.0B
52-week range$19.89 – $29.44
Volume (last day)53,918,238
P/E (TTM)7.5
EBIT / EV yield8.5%
Free-cash-flow yield–
Dividend yield4.9%
Revenue (TTM)$127.2B
Net income (TTM)$21.6B
Operating margin20.1%
Return on capital8.9%
Debt incl. leases$144.0B
Cash & securities$17.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$28middle half of models $24 – $31
Undervalued
+23.9% to fair value
Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $23
Undervalued < $24Fair $24 – $34Overvalued > $34
P/E multiple
$24
P/B multiple
$23
P/S multiple
$25
EV/EBITDA multiple
$28
EV/EBIT multiple
$27
EV/revenue multiple
$24
10-year DCF, EBITDA exit
$35
5-year DCF, EBITDA exit
$31
10-year DCF, revenue exit
$35
5-year DCF, revenue exit
$30
10-year DCF, growth exit · not used
$57
5-year DCF, growth exit · not used
$56
Dividend discount, stable · not used
$49
Dividend discount, multi-stage · not used
$75
Earnings power value · not used
$53
Growth the price implies
-2.2%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Communication Services peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
83/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield8.5%
Fair value vs price1.2×
Growth
Weak
26/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)1.3%
Growth consistency70%
Profitability
Weak
46/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital8.9%
Operating margin20.1%
Financial health
Weak
44/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA2.7×
Interest cover3.6×
Dividends
Weak
44/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield4.9%
Dividend growth-6.0%
Quarterly results: last 6 quarters
+2.0%
Mar '25
+3.5%
Jun '25
+1.6%
Sep '25
+3.6%
Dec '25
+2.9%
Mar '26
+2.3%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $31.6B, diluted EPS $0.66.
Compare with peers
VZ Verizon Communications...49Other Integrated Telecommunication Services companies by X-Ray Score.
SWOT analysis: At&T Inc.
Strengthsinside the company
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Altman Z-score of 1.0 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Trades at 7.3x earnings, 65% below the 20.8x median of sector peers.
- The price is 24% below our fair value estimate, with the gap larger than the margin we allow for error.
- Our Market Compass rates the backdrop for Communication Services as favourable.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- The price trend is down on the daily and weekly signals.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare T with peers and sector
Medians of 17 Communication Services peers and of 17 Communication Services stocks in our universe.
Largest peers (X-Ray Score): GOOG 50, META 58, NFLX 58, CCZ 48, DIS 56, VZ 49.
| Metric | T | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 51 | 52 | 52 |
| Valuation | 83 | 50 | 50 |
| Growth | 26 | 55 | 55 |
| Profitability | 46 | 54 | 54 |
| Financial health | 44 | 52 | 52 |
| Dividends | 44 | 48 | 48 |
Sector leaders: highest X-Ray Score in Communication Services
T ranks #10 of 18 in Communication Services by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for T
Each factor is rated by where T stands among the 18 Communication Services stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 5 Average · 4 Bad of 15
Growth: 0 · 0 · 2
Profitability: 0 · 4 · 0
Financial strength: 1 · 1 · 2
Valuation: 4 · 0 · 0
Efficiency: 1 · 0 · 0
| Factor | T | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +1.3% | Bad beats 25% | +5.6% | – | – |
| Revenue growth, last year | +2.7% | Bad beats 31% | +7.7% | −0.1% | ▲ Better |
| Profitability | |||||
| Operating margin | 20.1% | Average beats 58% | 19.3% | 19.2% | ≈ In line |
| Net margin | 16.9% | Average beats 64% | 10.6% | 11.8% | ▲ Better |
| Return on invested capital | 8.9% | Average beats 47% | 10.4% | – | – |
| Return on equity | 17.1% | Average beats 47% | 17.9% | 10.9% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 2.7x | Bad beats 28% | 1.4x | 3.1x | ▲ Better |
| Interest cover | 3.6x | Bad beats 22% | 11.8x | 3.5x | ≈ In line |
| Current ratio | 0.97 | Average beats 42% | 1.10 | 0.71 | ▲ Better |
| Piotroski F-score | 7 / 9 | Good beats 75% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 7.3x | Good beats 85% | 20.8x | 8.3x | ≈ In line |
| Price / book | 1.2x | Good beats 92% | 2.8x | 1.3x | ≈ In line |
| Price / sales | 1.2x | Good beats 92% | 2.0x | 1.2x | ≈ In line |
| EV / EBITDA | 6.5x | Good beats 85% | 13.4x | 6.9x | ≈ In line |
| Efficiency | |||||
| Days sales outstanding | 24 days | Good beats 84% | 47 days | 31 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 4 Average · ● 4 BadCash quality
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 47/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $134.0B | $120.7B | $122.4B | $122.3B | $125.6B |
| Operating income | $25.9B | −$4.6B | $23.5B | $19.0B | $24.2B |
| Net income | $20.1B | −$8.5B | $14.4B | $10.9B | $22.0B |
| Operating cash flow | $42.0B | – | $38.3B | $38.8B | $40.3B |
| Operating margin | 19.3% | -3.8% | 19.2% | 15.6% | 19.2% |
| Free cash flow | $26.4B | – | $20.5B | $18.5B | $19.4B |
| Diluted EPS | $2.73 | $-1.13 | $1.97 | $1.49 | $3.04 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bearish
0 bullish · 4 neutral · 12 bearish
Weekly
Strongly bearish
1 bullish · 1 neutral · 10 bearish
Monthly
Bearish
2 bullish · 1 neutral · 5 bearish
Moving averages (daily)
| SMA 10 | 22.88 | Bearish |
| EMA 10 | 23.07 | Bearish |
| SMA 20 | 23.59 | Bearish |
| EMA 20 | 23.52 | Bearish |
| SMA 50 | 24.60 | Bearish |
| EMA 50 | 23.96 | Bearish |
| SMA 100 | 23.42 | Bearish |
| EMA 100 | 24.04 | Bearish |
| SMA 200 | 24.50 | Bearish |
| EMA 200 | 24.21 | Bearish |
Oscillators (daily)
| RSI (14) | 41.50 | Neutral |
| MACD (12, 26) | -0.53 | Bearish |
| Momentum (12) | -5.87 | Bearish |
| Stochastic %K (14) | 32.75 | Neutral |
| Williams %R (14) | -67.25 | Neutral |
| CCI (20) | -98.74 | Neutral |
Pivot points (classic, last session)
S3 21.33 | S2 21.68 | S1 22.21 | Pivot 22.56 | R1 23.09 | R2 23.44 | R3 23.97 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.11 USD
Yield on today's price
4.89%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.2780 | |
| 0.2780 | |
| 0.2780 | |
| 0.2780 | |
| 0.2780 | |
| 0.2780 | |
| 0.2780 | |
| 0.2780 | |
| 0.2780 | |
| 0.2780 | |
| 0.2780 | |
| 0.2780 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold T
| ETF | Share of the fund |
|---|---|
| GQGU The Advisors’ Inner Circle Fund III | 5.37% |
| FCOM Fidelity MSCI Communication Services I... | 4.51% |
| IYZ iShares U.S. Telecommunications | 4.16% |
| XLC Communication Services Select Sector S... | 4.09% |
| VOX Vanguard Communication Services | 3.68% |
| VLUE iShares MSCI USA Value Factor | 2.55% |
| GXPC Global X Purecap MSCI Communication Se... | 2.54% |
| SPHD Invesco S&P 500 High Dividend Low Vola... | 2.01% |
The eight funds with the largest weight in T among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
T stock splits
T has split its stock 2 times since 1993. The latest was a 2-for-1 split on 20 Mar 1998.
Full T stock split history →T SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.