American Assets Trust Inc (AAT) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of American Assets Trust Inc stock $11.55, price $21.53, that is 46.4% below the price, quality 54 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $13.26 – $30.25 · fair‑value band $11.38 – $18.12 · the $21.53 price screens above the $11.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust.
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The company has over 55 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nations most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii.
Its office portfolio comprises approximately 4.3 million rentable square feet, and its retail portfolio comprises approximately 2.4 million rentable square feet.
In addition, the company owns one mixed-use property (including approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,302 multifamily units.
In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes.
American Assets Trust, Inc. is headquartered in San Diego, California. American Assets Trust, Inc. was incorporated in 1967 in Maryland and based in San Diego, California.
Stock analysis
American Assets Trust Inc (AAT) currently trades at $21.53, while our model-based Fair Value estimate is $11.55, 46% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $21.25 per share, and 4 of the 16 models we run sit above the $21.53 price.
Bear case: the Growth DCF group reads lowest at $6.65, and 12 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $11.38 (bear) to $18.12 (bull), the price of $21.53 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
American Assets Trust Inc reported revenue of $436M in FY2025 versus $376M in FY2021, a compound +3.8%/yr. Reported net income was $71.4M in FY2025, compounding +18.2%/yr from FY2021.
Key figures
Market cap $1.7B Small · P/E ratio 63.8 · P/S ratio 3.80 · EPS (TTM) $0.3500 · Dividend yield 6.3% · Net margin 4.8% · Return on equity 2.6% · Return on assets (EBIT) 4.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 15% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 5% fair-value upside, at −46%, AAT screens richer than that median.
Fair Value models
Bear$11.38Fair Value $11.55Bull$18.12
Price $21.53 · Downside -46.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director bought shares worth $31.3M, on Sep 14, 2026.
BuyErnest S RadyExecutive Chairman, Director, 10% owner20× since Feb 17, 2026: 1,655,317 shares, avg. $21.79$36.1MSep 14, 2026
Plus 4 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Start year 2020 (pandemic). Over 10 years: +4.7% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+20.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.1%
Dividend (yield on the price)6.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14.1% vs 2.6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 34%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+23.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +20.7% a year for the price and +0.6% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (84 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare American Assets Trust Inc with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Diversified · 138 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−46.4% · Bottom 25%
Profitability
Return on equity (12 months)2.6% · Below median
Return on assets2.4% · Below median
Net margin (12 months)4.8% · Bottom 25%
Operating margin (12 months)0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)5.3% · Above median
Dividend yield (12 months)6.3% · Above median
Balance sheet
Debt / equity1.47× · Highest 25%
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
P/E (12 months)63.8× · Priciest 25%
P/B1.44× · Priciest 25%
P/S (12 months)3.80× · Cheaper than median
Price / free cash flow (fiscal year)17.5× · Pricier than median
EV/EBITDA14.1× · Cheaper than median
PEG9.34× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 24
FUTURE (revenue growth)27· sector 16
PAST (return on equity)10· sector 21
HEALTH (low debt)27· sector 77
DIVIDEND (yield)100· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is American Assets Trust Inc (AAT) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $11.55 versus a price of $21.53, about 46% lower (overvalued).
What is the fair value of AAT?
Our model-based fair value for American Assets Trust Inc is $11.55 (as of Nov 5, 2026), built from audited fundamentals. The current price: $21.53.
What is the quality score of AAT?
American Assets Trust Inc has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for American Assets Trust Inc (AAT)?
Our model-based price target is the fair value of $11.55 (as of Nov 5, 2026) from 16 valuation models. Cautious scenario $11.38, optimistic scenario $18.12. It is a calculation from audited fundamentals, not an analyst target.
What is the American Assets Trust Inc stock forecast for 2026?
Our models put fair value at $11.55, about 46% lower versus a price of $21.53 (overvalued). Cautious scenario $11.38, optimistic scenario $18.12. The calculation is refreshed regularly with new filings.
What is the revenue of American Assets Trust Inc (AAT)?
American Assets Trust Inc reported trailing-twelve-month revenue of about $435M (latest available figure, as of Nov 5, 2026).
Does American Assets Trust Inc pay a dividend?
American Assets Trust Inc currently shows a dividend yield of 6.32% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of American Assets Trust Inc (AAT) and when is the ex-dividend date?
American Assets Trust Inc pays a dividend of $1.36 per share a year, a dividend yield of 6.3%. The next ex-dividend date is Dec 10, 2026. A dividend has been paid every year since at least 2011. Free cash flow covers the dividend 1.14 times. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
What growth is priced into American Assets Trust Inc (AAT)?
For today's price to be fair in a discounted-cash-flow model, American Assets Trust Inc would have to grow free cash flow by +23.6 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of AAT use?
Our models discount American Assets Trust Inc at 11.2 %: a base by market capitalisation (small), damped by beta 0.98, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For American Assets Trust Inc that is +23.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has American Assets Trust Inc (AAT) delivered so far?
Over the past 5 years revenue at American Assets Trust Inc grew +4.8 % a year. The price currently implies free-cash-flow growth of +23.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of American Assets Trust Inc (AAT) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into American Assets Trust Inc (+23.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of American Assets Trust Inc (AAT)?
The free-cash-flow yield on the price is 5.73 %: that much free cash flow American Assets Trust Inc produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of American Assets Trust Inc (AAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For American Assets Trust Inc it is $11.55 per share (as of Nov 5, 2026), against a price of $21.53. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is American Assets Trust Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, AAT trades above its calculated fair value: price $21.53, fair value $11.55, a gap of about −46% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AAT?
No. The price is what the market pays today ($21.53); the fair value is what the company's own numbers justify ($11.55). For American Assets Trust Inc the two are $9.98 per share apart. That gap is exactly why we show both numbers side by side.
How much is American Assets Trust Inc worth?
The market values American Assets Trust Inc at about $1.7B (market capitalisation, as of Nov 5, 2026). Per share that is $21.53; our models calculate a fair value of $11.55 per share.
What do the bullish and bearish scenarios say about AAT?
Our models span a range for American Assets Trust Inc: cautious scenario $11.38, base $11.55, optimistic $18.12 per share (as of Nov 5, 2026, price $21.53). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AAT?
American Assets Trust Inc trades at a price-to-earnings ratio of 63.8 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $11.55 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 50.5. Other multiples: PEG 9.3, P/B 1.4, P/S 3.8, EV/EBITDA 14.1.
What is the PEG ratio of AAT?
The PEG ratio of American Assets Trust Inc is 9.34 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of American Assets Trust Inc (AAT)?
Balance-sheet figures for American Assets Trust Inc (as of Nov 5, 2026): return on equity 2.6%, debt of 1.47 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is AAT from its 52-week high?
American Assets Trust Inc trades at $21.53, about 15% below its 52-week high of $25.46 and 27% above the low of $16.94 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $11.55 is for.
Which stocks are comparable to American Assets Trust Inc?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is American Assets Trust Inc stock attractive at the current price?
The data as of Nov 5, 2026: price $21.53, calculated fair value $11.55 (−46%), Quality Score 54/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AAT calculated?
We run American Assets Trust Inc through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $11.55 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. American Assets Trust Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of American Assets Trust Inc (AAT)?
The closing price on Nov 6, 2026 was $21.53. Our model-based fair value is $11.55, about 46% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with American Assets Trust Inc right now?
The price sits above even our optimistic bull case ($18.12). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of American Assets Trust Inc (AAT) come from?
Earnings per share at American Assets Trust Inc grew +2.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.9 %, EBIT margin −1.2 %, tax rate +0.0 %, residual (interest, one-offs) +1.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of American Assets Trust Inc
How large is the market capitalisation of American Assets Trust Inc (AAT)?
The market capitalisation of American Assets Trust Inc is $1.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of American Assets Trust Inc (AAT)?
The price-to-sales ratio of American Assets Trust Inc is 3.80 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of American Assets Trust Inc (AAT)?
Earnings per share at American Assets Trust Inc are $0.3500 (price ÷ EPS = P/E 63.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of American Assets Trust Inc (AAT)?
The dividend yield of American Assets Trust Inc is 6.3%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of American Assets Trust Inc (AAT)?
The net margin of American Assets Trust Inc is 4.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of American Assets Trust Inc (AAT)?
The return on equity (ROE) of American Assets Trust Inc is 2.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of American Assets Trust Inc (AAT)?
On an EBIT basis the return on assets of American Assets Trust Inc is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at American Assets Trust Inc (AAT)?
Revenue at American Assets Trust Inc is growing +5.3% versus a year earlier (3y avg +1.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at American Assets Trust Inc (AAT)?
Earnings per share at American Assets Trust Inc are growing +70.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does American Assets Trust Inc (AAT) carry?
The net debt of American Assets Trust Inc is $1.6B (fiscal year 2025, ≈ 16.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 5, 2026