Question 1

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

Accepted Answer

AT&T (T) P/B ratio is 1.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For AT&T specifically, the relevant sector benchmark is the current sector median of 3.1×.

Question 5

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

Accepted Answer

AT&T's P/B ratio of 1.3× is below its own 5-year average of 1.3× and below the sector median of 3.1×. That places the current reading at the 53th 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/B ratio range?

Accepted Answer

In the available daily series, AT&T (T) P/B ratio has ranged from a low of 0.7× in 2022 to a high of 3.0× in 2002. The 5-year average is 1.3× and the 5-year median is 1.3×.

Question 7

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

Accepted Answer

AT&T (T) P/B ratio at the end of 2025 was 1.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$111B	1.6×	+0.0×	Dec 31, 2025
2024	$164B	$104B	1.6×	+0.4×	Dec 31, 2024
2023	$121B	$103B	1.2×	-0.2×	Dec 31, 2023
2022	$132B	$97.5B	1.4×	+0.6×	Dec 31, 2022
2021	$133B	$166B	0.8×	-0.2×	Dec 31, 2021
2020	$155B	$162B	1.0×	-0.2×	Dec 31, 2020
2019	$216B	$184B	1.2×	+0.3×	Dec 31, 2019
2018	$157B	$184B	0.9×	-0.4×	Dec 31, 2018
2017	$181B	$141B	1.3×	-0.3×	Dec 31, 2017
2016	$198B	$123B	1.6×	+0.3×	Dec 31, 2016
2015	$160B	$123B	1.3×	-0.2×	Dec 31, 2015
2014	$132B	$89.7B	1.5×	-0.1×	Dec 31, 2014
2013	$140B	$91B	1.5×	-0.0×	Dec 31, 2013
2012	$144B	$92.4B	1.6×	+0.3×	Dec 31, 2012
2011	$135B	$106B	1.3×	+0.1×	Dec 31, 2011
2010	$131B	$112B	1.2×	-0.1×	Dec 31, 2010
2009	$125B	$102B	1.2×	-0.1×	Dec 31, 2009
2008	$127B	$96.3B	1.3×	-0.3×	Dec 31, 2008
2007	$190B	$115B	1.6×	+0.7×	Dec 31, 2007
2006	$105B	$116B	0.9×	-0.3×	Dec 31, 2006
2005	$66B	$54.7B	1.2×	-0.4×	Dec 31, 2005
2004	$64.3B	$40.5B	1.6×	-0.1×	Dec 31, 2004
2003	$65.1B	$38.2B	1.7×	-0.3×	Dec 31, 2003
2002	$67.9B	$33.2B	2.0×	—	Dec 31, 2002


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

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

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

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

AT&T P/B Ratio by Year

AT&T P/B Ratio 2025: 1.6×

AT&T P/B Ratio 2024: 1.6×

AT&T P/B Ratio 2023: 1.2×

AT&T P/B Ratio 2022: 1.4×

AT&T P/B Ratio 2021: 0.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

AT&T (T) Key Financials