Question 1

What is AT&T's P/FCF ratio?

Accepted Answer

AT&T (T) P/FCF ratio is 9.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for AT&T?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For AT&T specifically, the relevant sector benchmark is the current sector median of 18.1×.

Question 5

Is AT&T's P/FCF ratio high or low?

Accepted Answer

AT&T's P/FCF ratio of 9.1× is above its own 5-year average of 8.2× and below the sector median of 18.1×. That places the current reading at the 64th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is AT&T's historical P/FCF ratio range?

Accepted Answer

In the available daily series, AT&T (T) P/FCF ratio has ranged from a low of 4.9× in 2021 to a high of 23.3× in 2007. The 5-year average is 8.2× and the 5-year median is 8.1×.

Question 7

What was AT&T's P/FCF ratio in 2025?

Accepted Answer

AT&T (T) P/FCF ratio at the end of 2025 was 9.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does AT&T's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$178B	$19.4B	9.2×	+0.3×	Dec 31, 2025
2024	$164B	$18.5B	8.9×	+3.0×	Dec 31, 2024
2023	$121B	$20.5B	5.9×	-4.9×	Dec 31, 2023
2022	$132B	$12.2B	10.8×	+5.5×	Dec 31, 2022
2021	$133B	$25.4B	5.2×	-0.4×	Dec 31, 2021
2020	$155B	$27.5B	5.7×	-1.7×	Dec 31, 2020
2019	$216B	$29.2B	7.4×	+0.5×	Dec 31, 2019
2018	$157B	$22.8B	6.9×	-3.5×	Dec 31, 2018
2017	$181B	$17.4B	10.4×	-0.7×	Dec 31, 2017
2016	$198B	$17.8B	11.1×	+1.5×	Dec 31, 2016
2015	$160B	$16.7B	9.6×	-3.4×	Dec 31, 2015
2014	$132B	$10.1B	13.0×	+2.9×	Dec 31, 2014
2013	$140B	$13.9B	10.1×	+2.8×	Dec 31, 2013
2012	$144B	$19.7B	7.3×	-2.0×	Dec 31, 2012
2011	$135B	$14.5B	9.3×	+0.8×	Dec 31, 2011
2010	$131B	$15.5B	8.5×	+1.5×	Dec 31, 2010
2009	$125B	$17.9B	7.0×	-2.1×	Dec 31, 2009
2008	$127B	$14B	9.1×	-2.5×	Dec 31, 2008
2007	$190B	$16.4B	11.6×	-2.8×	Dec 31, 2007
2006	$105B	$7.3B	14.4×	+5.5×	Dec 31, 2006
2005	$66B	$7.4B	8.9×	-2.1×	Dec 31, 2005
2004	$64.3B	$5.86B	11.0×	+3.1×	Dec 31, 2004
2003	$65.1B	$8.3B	7.8×	-0.2×	Dec 31, 2003
2002	$67.9B	$8.4B	8.1×	—	Dec 31, 2002


Telephone and Data Systems (TDS)	85.4×
DoorDash (DASH)	37.3×
Meta (META)	30.0×
Reddit (RDDT)	29.7×
Warner Bros. Discovery (WBD)	29.6×
Live Nation Entertainment (LYV)	28.7×
Netflix (NFLX)	27.2×
Spotify (SPOT)	27.0×
News (NWSA)	24.7×
Paramount Skydance (PSKY)	24.5×
Walt Disney (DIS)	23.0×
Roku (ROKU)	21.4×
T-Mobile US (TMUS)	14.8×
Snap (SNAP)	12.8×
John Wiley & Sons (WLY)	12.2×
Verizon (VZ)	10.5×
Fox (FOXA)	10.5×
Pinterest (PINS)	9.7×
TKO Group Holdings (TKO)	8.9×
Match Group (MTCH)	7.3×
Charter Communications (CHTR)	6.7×
Omnicom Group (OMC)	5.2×
Comcast (CMCSA)	5.1×
Versant Media Group, Inc. Class A (VSNT)	2.7×

P/FCF Ratio for AT&T (T) 2002-2026

P/FCF Ratio daily chart for AT&T (T)

Historical P/FCF Ratio for AT&T (T) from 2002 to 2025

About P/FCF Ratio at AT&T (T)

AT&T P/FCF Ratio by Year

AT&T P/FCF Ratio 2025: 9.2×

AT&T P/FCF Ratio 2024: 8.9×

AT&T P/FCF Ratio 2023: 5.9×

AT&T P/FCF Ratio 2022: 10.8×

AT&T P/FCF Ratio 2021: 5.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

AT&T (T) Key Financials