AT&T INC.
T · NYSE, NYSE, NYSE, NYSE · CIK 0000732717
SIC 4813
Telephone Communications (No Radiotelephone)
Category
Telecom
Entity
operating
Incorp.
DE
Fiscal Y/E
1231
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$24.88
-0.28 (-1.11%)
Open
$25.23
High
$25.34
Low
$24.66
Prev Close
$25.16
Volume
30,002,125
52W High
$29.14
52W Low
$22.71
50-day MA
$27.44
Quote as of: 2026-05-11
Market Cap
$179.96B
P/E
8.52
P/B
1.64
PEG
1.82
EPS
3.04
BPS
15.71
Dividend Yield
4.25%
Beta
0.42
ROE
17.36%
ROA
5.22%
D/E Ratio
2.21
Current Ratio
0.91
Operating Margin
19.23%
Net Margin
17.47%
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (7 methods)
$329.30B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $249.96B | -28% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | $1.28T | -86% |
Justified P/E 순이익 × 산업 평균 P/E | $329.30B | -45% |
P/B 배수 자본 × 산업 평균 P/B | $189.74B | -5% |
P/S 배수 매출 × 산업 평균 P/S | $251.30B | -28% |
DCF (Gordon) CF × (1+g) / (r − g) | $693.84B | -74% |
DDM (Gordon) D × (1+g) / (r − g) | $359.41B | -50% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 7 were applicable. Their median fair-value lands -45.3% above the current market cap → the stock trades below most formulas' estimates (undervalued). 0 methods flag overvalued, 6 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Undervalued -28.0%√(22.5 × 순이익 × 자본)
Current
$179.96B
Implied fair
$249.96B
Gap (current − fair)
$-70.00B(-28.0%)
NetIncome = $21.95B Equity = $126.49B √(22.5 × $21.95B × $126.49B) = $249.96B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
Undervalued -86.0%순이익 × (8.5 + 2 × 성장률%)
Current
$179.96B
Implied fair
$1.28T
Gap (current − fair)
$-1.10T(-86.0%)
NetIncome = $21.95B Growth g = 100.5% → cap 25.0% Multiple = 8.5 + 2 × 25.0 = 58.5× $21.95B × 58.5 = $1.28T
- EPS 성장률 100.5%/년 가정 (직전 1년 기준)
- 무성장 기업 P/E = 8.5
- 현재 적용 배수: 58.5x
Justified P/E
Undervalued -45.3%순이익 × 산업 평균 P/E
Current
$179.96B
Implied fair
$329.30B
Gap (current − fair)
$-149.33B(-45.3%)
NetIncome = $21.95B Industry P/E = 15× $21.95B × 15 = $329.30B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Fair -5.2%자본 × 산업 평균 P/B
Current
$179.96B
Implied fair
$189.74B
Gap (current − fair)
$-9.77B(-5.2%)
Equity = $126.49B Industry P/B = 1.5× $126.49B × 1.5 = $189.74B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Undervalued -28.4%매출 × 산업 평균 P/S
Current
$179.96B
Implied fair
$251.30B
Gap (current − fair)
$-71.33B(-28.4%)
Revenue = $125.65B Industry P/S = 2× $125.65B × 2 = $251.30B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Undervalued -74.1%CF × (1+g) / (r − g)
Current
$179.96B
Implied fair
$693.84B
Gap (current − fair)
$-513.88B(-74.1%)
FCF = $19.64B Discount r = 4.0% + 5.0% = 9.0% Growth g = 6.0% $19.64B × (1 + 6.0%) / (9.0% − 6.0%) = $693.84B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon)
Undervalued -49.9%D × (1+g) / (r − g)
Current
$179.96B
Implied fair
$359.41B
Gap (current − fair)
$-179.45B(-49.9%)
Dividend D = $10.17B Discount r = 9.0% Growth g = 6.0% $10.17B × (1 + 6.0%) / (9.0% − 6.0%) = $359.41B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 6.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | -45.6% | -36.5% | -27.4% | -18.3% | -9.3% |
| 2% | -55.1% | -46.1% | -37.1% | -28.1% | -19.1% |
| 3% | -64.4% | -55.5% | -46.6% | -37.7% | -28.8% |
| 4% | -73.6% | -64.8% | -55.9% | -47.1% | -38.3% |
| 5% | -82.5% | -73.8% | -65.1% | -56.4% | -47.6% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +5.1% | +22.6% | +40.1% | +57.7% | +75.2% |
| 2% | -13.3% | +4.1% | +21.4% | +38.8% | +56.1% |
| 3% | -31.3% | -14.1% | +3.1% | +20.2% | +37.4% |
| 4% | -49.0% | -32.0% | -14.9% | +2.1% | +19.1% |
| 5% | -66.3% | -49.5% | -32.6% | -15.8% | +1.1% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-02-09
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 125,648 | 122,336 | 122,428 | 120,741 | 168,864 |
| Operating Income | 24,162 | 19,049 | 23,461 | -4,587 | 23,347 |
| Net Income | 21,953 | 10,948 | 14,400 | -8,524 | 20,081 |
| EPS (Basic) | 3.04 | 1.49 | 1.97 | -1.13 | 2.77 |
| EPS (Diluted) | 3.04 | 1.49 | 1.97 | -1.13 | 2.76 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 420,198 | 394,795 | 407,060 | 402,853 | 551,622 |
| Current Assets | 48,732 | 31,168 | 36,458 | 33,108 | 59,997 |
| Cash & Equivalents | 18,234 | 3,298 | 6,722 | 3,701 | 21,169 |
| Current Liabilities | 53,780 | 46,872 | 51,127 | 56,173 | 85,588 |
| Long-term Debt | 134,718 | 122,116 | 133,402 | 133,207 | 169,147 |
| Total Equity | 126,491 | 118,245 | 117,442 | 106,457 | 183,855 |
Cash Flow
| FY | 2025 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| Operating CF | 40,284 | 41,957 | 43,130 | 48,668 | 43,602 |
| Investing CF | -18,777 | -32,089 | -13,548 | -16,690 | -63,145 |
| Financing CF | -6,386 | 1,578 | -32,007 | -25,083 | -25,989 |
📄 SEC Filings
Current Report
8-K
2026-04-30
Open →
Quarterly Report
10-Q AT&T INC. 1ST QUARTER 2026 FORM 10-Q INLINE
2026-04-27
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Current Report
8-K 2.02 AT&T 1ST QUARTER 2026 EARNINGS RELEASE
2026-04-22
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Current Report
8-K 8.01 AT&T 1ST QUARTER 2026 EARNINGS RELEASE
2026-04-22
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Proxy Statement
DEF 14A
2026-03-23
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Current Report
8-K
2026-03-12
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Annual Report
10-K AT&T INC. 2025
2026-02-09
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Current Report
8-K
2026-02-05
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Current Report
8-K 2.02 AT&T 4TH QUARTER 2025 EARNINGS RELEASE
2026-01-28
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Current Report
8-K 8.01 AT&T 4TH QUARTER 2025 EARNINGS RELEASE
2026-01-28
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Other filings (90)
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2026-05-04
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DEFA14A
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PRE 14A
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2026-03-13
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