AT&T Inc. (T)

NYSE: T · USD

$20.7

-0.23 (-1.1%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-09-21

Our latest published analysis: T rated Hold

AT&T Inc.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$28.1 / share

Potential value

$38.5 / share

Upside to FV

+10.4%

from $20.7

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$174.1B
Revenue (ttm)	128.9B
Net income (ttm)	13B
EPS (ttm)	$1.86
Shares out	6.7B
P/E (trailing)	11.1x
P/E (forward)	10.0x
Dividend	$1.11 (5.36%)
Volume	42,620,850
Beta	0.44

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 128.9B
Net income (ttm): 13B
EPS (ttm): $1.86
P/E (trailing): 11.1x
P/E (forward): 10.0x
Market cap: $174.1B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$134.04B	$120.74B	$122.43B	$122.34B	$125.65B	-1.6%
Gross profit	$73.63B	$69.89B	$53.53B	$52.54B	$74.83B	+0.4%
Operating income	$25.90B	$-4.59B	$23.46B	$19.05B	$24.16B	-1.7%
Net income	$20.08B	$-8.52B	$14.40B	$10.95B	$21.95B	+2.3%
EPS (diluted)	$2.73	$-1.13	$1.97	$1.49	$3.04	+2.7%
EBITDA	$53.72B	$21.07B	$45.32B	$44.02B	$54.70B	+0.5%
R&D	$1.33B	$1.24B	$954.0M	$955.0M	—	-10.3%
SG&A	$29.67B	$28.96B	$28.87B	$28.41B	$28.94B	-0.6%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	Vendre
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	Réduire
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	Conserver
APP	AppLovin Corporation	87B	20.0x	12.7x	132.7%	+25.8%	-59.6%	Conserver
BIDU	Baidu, Inc.	27.1B	—	1.4x	3.4%	+1.5%	-38.7%	Acheter
CHTR	Charter Communications, Inc.	17.2B	2.7x	0.3x	8.5%	+1.7%	-57.3%	Achat fort

Base and Bull scenarios

Base60%

Price target

$28.10

+10.4% from spot

The central case targets $28.10 representing an expected return of 10.4% at 60.0% probability. This outcome reflects steady low single-digit revenue growth, durable operating margins near nineteen percent, and predictable cash flow generation supporting dividends and buybacks.

Communications revenue grows at a low single-digit rate
Operating margins remain stable near nineteen percent
Capital intensity tracks annual depreciation

Bull20%

Price target

$38.48

+51.2% from spot

The upside case targets $38.48 with an expected return of 51.2% at 20.0% probability. This trajectory requires accelerated fiber subscriber additions, margin expansion from enterprise artificial intelligence connectivity, and multiple expansion as debt levels decline.

Broadband fiber revenue growth exceeds historical baseline
Enterprise advanced connectivity expansion accelerates
Equity valuation multiple expands as balance sheet de-leverages

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($28.10). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	0.5%	1.0%	1.5%	2.0%	2.5%
4.8%	$31.0	$31.9	$33.1	$34.8	$37.1
5.8%	$28.8	$29.4	$30.1	$31.0	$32.2
6.8%	$27.3	$27.6	$28.1	$28.7	$29.3
7.8%	$26.0	$26.3	$26.6	$27.0	$27.4
8.8%	$24.9	$25.1	$25.4	$25.6	$25.9

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E10

P25 n/aP50 n/aP75 n/a

Trailing P/E8.4

P25 n/aP50 n/aP75 n/a

ROE11.6

P25 n/aP50 n/aP75 n/a

ROIC8.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All T indicators

Market & fundamental data

Available fields

282

Groups with data

Currency

USD

Showing 282 of 282 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000732717
Company name	AT&T Inc.
Country	United States
Country code	US
CUSIP number	00206R102
Earnings date	2026-10-21
Earnings time	bmo
Employees	133,030
Employees change	-16,870
Employees growth	-11.25%
Enterprise value	$309.4B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1983
In index	SP500
Industry	Telecom Services
Is primary listing	Yes
Is SPAC	No
ISIN number	US00206R1023
Last 10-K release date	2026-02-09
Last earnings date	2026-10-21
Last refreshed	2026-10-28
Last stock split date	1998-03-20
Last stock split type	Forward
Market cap	$139.5B
Market cap category	Large-Cap
Next earnings date	2027-01-27
Options	Yes
Price	$20.71
Price currency	USD
Sector	Communication Services
SIC code	4813
Stock price date	2026-10-28
Symbol	T
U.S. state	Texas
Website	https://www.att.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	8.67x
Average P/E ratio (10Y)	18.49x
Average P/E ratio (3Y)	11.82x
Average P/E ratio (5Y)	10.85x
Earnings yield	8.99%
EV/Earnings	23.99x
EV/EBIT	10.71x
EV/EBITDA	6.79x
EV/FCF	17.31x
EV/Sales	2.42x
FCF / EV yield	5.78%
FCF yield	12.7%
Forward EV/Sales	2.4x
Forward P/E	8.17x
Forward P/S	1.09x
Graham number	25.72622
Graham upside	22.16%
Industry forward P/E	9.27x
Industry P/E	17.06x
Lynch fair value	$46.57
Lynch upside	121.12%
P/B ratio	1.33x
P/E ratio	11.12x
P/FCF ratio	7.88x
P/OCF ratio	3.51x
P/S ratio	1.1x
PEG ratio	0.79x
Price/EBITDA ratio	3.09x
Sector forward P/E	18.4x
Sector P/E	19.11x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	22.59%
EBITDA margin	35.65%
Effective tax rate	19.04%
FCF margin	13.98%
Gross margin	59.74%
Operating margin	22.59%
Pretax margin	14.11%
Profit margin	10.19%
Profit per employee	$97,655
Profitable quarters	8
Profitable years	3
Revenue per employee	$968,594
ROA	4.19%
ROA (5Y)	4%
ROCE	7.55%
ROE	11.61%
ROE (5Y)	10.25%
ROIC	8.25%
ROIC (5Y)	8.13%
Tax / revenue	2.69%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-39.49%
EPS growth (Q)	-90.38%
EPS growth (QoQ)	-81.04%
EPS growth 10Y	-2.3%
EPS growth 5Y	69.84%
EPS growth years	1
FCF growth	-9.74%
FCF growth (Q)	6.82%
FCF growth (QoQ)	8.78%
FCF growth 3Y	-3.05%
FCF growth 5Y	-7.32%
Gross profit growth	3.63%
Gross profit growth (Q)	5.24%
Gross profit growth 3Y	2.27%
Gross profit growth 5Y	-0.65%
Net income growth	-40.95%
Net income growth (Q)	-90.43%
Net income growth (QoQ)	-81.38%
Net income growth 5Y	68.94%
Net income growth years	1
OCF growth	-1.05%
OCF growth (Q)	5.25%
OCF growth (QoQ)	-1.7%
OCF growth 10Y	0.52%
OCF growth 3Y	2.77%
OCF growth 5Y	-0.17%
Operating income growth	10.79%
Operating income growth (Q)	20.24%
Operating income growth 3Y	4.76%
Operating income growth 5Y	-1.06%
Revenue growth	3.51%
Revenue growth (Q)	5.25%
Revenue growth (QoQ)	2.42%
Revenue growth 10Y	-2.39%
Revenue growth 3Y	1.91%
Revenue growth 5Y	-2.82%
Revenue growth quarters	8
Revenue growth years	1

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-22.4B
Depreciation and amortization	$16.8B
EBIT	$29.1B
EBITDA	$45.9B
EPS	$1.86
FCF per share	$2.67
Financing cash flow	$892M
Free cash flow	$18B
Gross profit	$77B
Income taxes	$3.5B
Investing cash flow	$-50.5B
Net borrowing	$20.5B
Net cash flow	$-9.1B
Net income	$13B
Operating income	$29.1B
Revenue	$128.9B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	0.87
Book value per share	$15.79
Debt / EBITDA	3.47
Debt / equity	1.45
Debt / FCF	10.03
Goodwill	$63.9B
Interest coverage	3.9
Long-term assets	$393.5B
Long-term liabilities	$260.8B
Net cash (debt)	$-169.8B
Net cash / market cap	-119.72%
Net debt / EBITDA	3.7
Net debt / equity	1.36
Net debt / FCF	9.43
Piotroski F-Score	5
Property, plant and equipment	$154.5B
Shareholders' equity	$124.8B
Tangible book value	$-112.4B
Tangible book value per share	$-16.63
Total assets	$445.9B
Total cash	$10.8B
Total debt	$180.6B
Total liabilities	$321.1B
WACC	4.81%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.3
Current assets	$52.3B
Current liabilities	$60.3B
Current ratio	0.87
Inventory turnover	17.95
Net working capital	$-7.6B
Quick ratio	0.41
Working capital	$-7.9B
Working capital turnover	-35.66

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	3.14%
Dividend growth	0%
Dividend growth (10Y)	-5.33%
Dividend growth (3Y)	0%
Dividend growth (5Y)	-11.8%
Dividend growth years	0
Dividend payment date	2026-11-02
Dividend payment years	43
Dividend payout frequency	Quarterly
Dividend per share	$1.11
Dividend yield	5.36%
Ex-dividend date	2026-10-09
FCF payout ratio	41.51%
Last dividend	$0.28
Payout ratio	59.59%
Shareholder yield	8.41%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	-43.29%
10Y return CAGR	3.04%
10Y total return	34.89%
150-day SMA	$24.38
15Y price change	-29.73%
15Y return CAGR	5.3%
15Y total return	116.96%
1D price change	-1.1%
1M price change	-18.4%
1M total return	-17.48%
1W price change	-11.57%
1W total return	-11.57%
1Y price change	-18.88%
1Y return CAGR	-15.03%
1Y total return	-15.02%
20-day SMA	$22.94
200-day SMA	$25.01
20Y price change	-39.48%
20Y return CAGR	4.56%
20Y total return	144.12%
3M price change	-15.19%
3M total return	-14.24%
3Y price change	39.74%
3Y return CAGR	17.54%
3Y total return	62.4%
50-day SMA	$24.51
50-day SMA vs 200-day SMA	50under200
52-week high	$29.44
52-week high date	2026-03-24
52-week low	$19.89
52-week low date	2026-07-02
5Y price change	-17.36%
5Y return CAGR	7.69%
5Y total return	44.84%
6M price change	-18.85%
6M total return	-16.84%
All-time high	$59.94
All-time high date	1999-01-20
All-time low	$4.58
All-time low date	1984-05-30
Average true range (ATR)	$0.74
Average volume	52.9M
Beta (1Y)	-0.57
Beta (2Y)	0.06
Beta (5Y)	0.44
Change from 52-week high	-29.64%
Change from 52-week low	4.12%
Change from all-time high	-65.45%
Change from all-time low	351.89%
Change from open	-1.15%
Day's gap	0.05%
Dollar volume	$882.7M
High price	$21.12
Low price	$20.53
Monthly RSI	42.56
Open price	$20.95
Position in 52-week range	30.51%
Premarket change	-0.19%
Premarket close	$20.94
Premarket price	$20.90
Premarket volume	161.5K
Previous close	$20.94
Price vs 150-day SMA	-15.06%
Price vs 20-day SMA	-9.72%
Price vs 200-day SMA	-17.19%
Price vs 50-day SMA	-15.51%
Relative volume	0.81
RSI	30.6
Sharpe ratio	-0.57
Sharpe ratio (3Y)	0.61
Sharpe ratio (5Y)	0.24
Sortino ratio	-0.55
Sortino ratio (3Y)	1.08
Sortino ratio (5Y)	0.55
Volume	42.6M
Weekly RSI	36.15
YTD price change	-16.63%
YTD total return	-12.66%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	6.7B
Float percentage	99.78%
Shares change (QoQ)	-1.47%
Shares change (YoY)	-3.14%
Shares held by insiders	0.11%
Shares held by institutions	69.04%
Shares outstanding	6.7B
Short % of float	1.85%
Short % of shares	1.85%
Short ratio	3.3 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	633

Deeper analysis on T

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Scorecard

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this T report

What is the latest published T stock rating?

AT&T Inc. is shown with Hold in the latest published report, analyzed 2026-09-21. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full T analysis?

The full latest published report, analyzed 2026-09-21, lives at /stocks/T/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for T?

The latest published report analyzed 2026-09-21 gives T a fair value of USD 28 and a potential value of USD 38. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the T page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-21). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldT · Fair value $28.1+10.4%

Read full analysis →

AT&T Inc. (T)

Our latest published analysis: T rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · T

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All T indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on T

Frequently asked questions

Historique des notations

Category	Score	Reading
Valuation	6.0
Management	6.5
Balance Sheet	3.0
Profitability	6.5
Revenue Growth	4.5
Risk Assessment	5.5
Competitive Moat	6.5
Earnings Quality	8.0
Capital Efficiency	6.5