Communication Services · Integrated Telecommunication Services · US stock · price as of 22 Oct 2026
Key indicators
Price
$22.74
52-week range
$19.89 – $29.44
Market cap
$158.0B
P/E (trailing)
7.5×
EV / EBITDA
6.2×
Free-cash-flow yield
–
Dividend yield
4.9%
Revenue (last 12 months)
$127.2B
Revenue growth (3y a year)
1.3%
Operating margin
20.1%
Return on invested capital
8.9%
Net debt / EBITDA
2.7×
Fair value
Fair value (average of valid models)$28.18 middle half of models $24 – $31
Versus priceUndervalued+24% to fair value
P/E multiple
$23.71
P/B multiple
$23.12
P/S multiple
$25.49
EV/EBITDA multiple
$28.04
EV/EBIT multiple
$27.32
EV/revenue multiple
$23.88
10-year DCF, EBITDA exit
$34.88
5-year DCF, EBITDA exit
$30.81
10-year DCF, revenue exit
$34.57
5-year DCF, revenue exit
$29.97
Model uncertainty
High
X-Ray Score
51/ 100 · Medium confidence · ahead of 44% of sector peers
Valuation83
Growth26
Profitability46
Financial health44
Dividends44
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives At&T Inc. an X-Ray Score of 51 out of 100 (medium confidence), ahead of 44% of the S&P 500 stocks in its sector. Its strongest lens is valuation (83) and its weakest is growth (26).
Our fair value (the average of the valid models) is $28.18 (range $24.28 to $30.60). At $22.74 the stock trades 19% below that value, so the label is "Undervalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
At&T Inc. (T)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$13.93
$14.84
$14.43
$20.80
$23.71
$22.74
Market cap
$104.5B
$112.6B
$104.7B
$149.8B
$170.2B
$158.0B
P/E
5.1×
–
7.3×
14.0×
7.8×
7.5×
EV / revenue
2.1×
2.1×
2.1×
2.3×
2.4×
2.4×
EV / EBITDA
6.5×
19.0×
6.0×
7.2×
6.7×
6.5×
Price / free cash flow
4.0×
–
5.1×
8.1×
8.8×
–
Free-cash-flow yield
25.3%
–
19.5%
12.4%
11.4%
–
Price / book
0.6×
1.1×
0.9×
1.3×
1.3×
1.2×
Dividend yield
14.93%
7.48%
7.69%
5.34%
4.68%
4.89%
Fundamentals checklist ● 3 Good · ● 4 Average · ● 4 Bad · each check graded against the sector
Risk models
Altman Z score1.0×Average
Piotroski F-Score7 of 9Good
Growth
Revenue growth (3y)1.3%Bad
Growth consistency70%Bad
Balance sheet
Current ratio1.0×Average
Net debt / EBITDA2.7×Bad
Interest cover3.6×Bad
Valuation
Fair value vs price1.2×Good
EBIT / EV yield8.5%Good
Profitability
Return on invested capital8.9%Average
Operating margin20.1%Average
XStocksXray
At&T Inc. (T)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
134,038
120,741
122,428
122,336
125,648
127,239
Gross profit
–
–
–
–
–
–
Operating income
25,897
-4,587
23,461
19,049
24,162
25,603
Net income
20,081
-8,524
14,400
10,948
21,953
21,558
Diluted EPS ($)
2.73
-1.13
1.97
1.49
3.04
3.04
Free cash flow
26,412
–
20,461
18,508
19,442
–
Gross margin
–
–
–
–
–
–
Operating margin
19.3%
−3.8%
19.2%
15.6%
19.2%
20.1%
Net margin
15.0%
−7.1%
11.8%
8.9%
17.5%
16.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
551,622
402,853
407,060
394,795
420,198
428,359
Cash
19,223
3,701
6,722
3,298
18,234
17,570
Total debt
182,217
136,756
139,422
123,532
136,100
143,954
Equity
183,855
106,457
117,442
118,245
126,491
126,434
Dividend per share ($)
2.08
1.11
1.11
1.11
1.11
1.11
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
