AT&T Inc. (T) fair value: what the stock is really worth
We calculate from audited financials what AT&T Inc. is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Communication Services · US · Market cap $184B · ISIN US00206R1023
At a glance
ATAT&T Inc.T · US
Price$25.60
Fair Value$43.97
Upside+71.8%
Quality61/100
A solid business, trading 42% below our fair value of $43.97.
As of Sep 9, 2026, the fair value of AT&T Inc. is $43.97 per share against a price of $25.60, so the fair value sits 72% above the price. A model estimate from reported figures, not an analyst target.
!Weak Growth (revenue 5y −6.1 %/yr)
✓Solidly profitable · 16.9% net margin
✓Moderate debt · generates free cash flow
·4.34% dividend yield
✓Ranks above peers (10/15)
!Moderate moat 62/100
!Weak on future: 15 out of 100
Evidence: HighRange $22.74 to $66.94
Fair value as of: Sep 9, 2026
From 25 valuation models · updated yesterday
Share price +7.6% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
The model range is unusually wide ($22.74 to $66.94). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 9, 2026.
How to read this chart
60‑month range $11.48 – $28.42 · fair‑value band $22.74 – $66.94 · the $25.60 price screens below the $43.97 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 9, 2026.
AT&T Inc. (T) currently trades at $25.60, while our model-based Fair Value estimate is $43.97, implying the stock looks roughly 41.8% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of $56.86 per share, and 19 of the 25 models we run sit above the $25.60 price. Bear case: the Asset-Based group reads lowest at $10.66, and 6 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, AT&T Inc. generated revenue of $127B at a net margin of 16.9%. Revenue grew 2.9% year over year. It earns a return on equity of 18.4%. Net debt stands at $156B. Fundamentals as of Sep 9, 2026
Scenario range: $22.74 (bear) to $66.94 (bull), the price of $25.60 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 12% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 14% fair-value upside, at 72%, T screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then ($1.33 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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.Evidence
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Key figures & financial health
P/E ratio8.6
P/S ratio1.50P/E × margin
EPS (TTM)$2.97price ÷ EPS = P/E 8.6
Dividend yield4.3%payout 37.4%
Net margin17.4%FY2025
Return on equity18.4%TTM
More key figures
Profitability
Return on assets (EBIT)4.3%avg 5y
Operating margin22.7%TTM
Growth
Revenue (TTM)$127BTTM
Revenue growth (YoY)+2.9%3y avg +1.3%
EPS growth (YoY)−11.3%
Balance sheet & cash flow
Free cash flow$19.4BFY2025
Net debt$156BFY2025 · ≈ 8.0 yrs of FCF
Figures from reported company fundamentals · as of Sep 9, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality61/100
Of which business quality 58
· Market factors (momentum, volatility) 55
Profitability49
Margins and returns on capital today
Quality Growth69
Are margins and returns improving?
Cashflow70
Earnings quality: real cash, not paper profit
Fin. Strength21
Balance sheet, leverage, solvency risk
Investment64
Disciplined investing over empire-building
Low Volatility89
Calm price path (market factor)
Momentum38
Price trend over the last 3–12 months (market factor)
52W Momentum44
Distance to the 52-week high (market factor)
Net Issuance92
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
AT&T Inc. provides telecommunications and technology services worldwide. It operates through two segments, Communications and Latin America.
Full company description
AT&T Inc. provides telecommunications and technology services worldwide. It operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores. It also provides AT&T Dedicated Internet, fiber ethernet and broadband, fixed wireless, and hosted and managed professional services; and copper-based voice and data, Virtual Private Networks (VPN), wholesale, outsourcing, and IP, as well as customer premises equipment for multinational corporations, small and mid-sized businesses, governmental, and wholesale customers. In addition, this segment offers broadband services, including fiber connections, legacy telephony voice communication services, and other VoIP services and equipment to residential customers. This segment markets its communications services and products under the AT&T, AT&T Business, Cricket, AT&T PREPAID, AT&T Fiber, and AT&T Internet Air brand names. Its Latin America segment provides postpaid and prepaid wireless services in Mexico under the AT&T and Unefon brand names, as well as sells smartphones through its stores, agents and third-party retail stores. The company was formerly known as SBC Communications Inc. and changed its name to AT&T Inc. in 2005. AT&T Inc. was incorporated in 1983 and is based in Dallas, Texas.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
AT&T Inc. reported revenue of $126B in FY2025 versus $134B in FY2021, a compound −1.6%/yr. Reported net income was $21.9B in FY2025, compounding +2.2%/yr from FY2021.
Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
$126B
Latest YoY
+2.7%
Avg. revenue growth/yr (3Y) ⓘ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.
+1.3%
Avg. revenue growth/yr (5Y) ⓘ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.
−6.1%
Avg. revenue growth/yr (40Y) ⓘ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.
+7.2%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
+9.2%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+4.9%
Dividend yield4.3%
Trend ⓘ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.5Y 5.9% vs 10Y 3.8%, steady
Operating margin (EBIT) ⓘ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.15.0% (2020) → 19.2% (2025) · rising
Worst earnings drop123% (2008) (loss year, drop beyond 100%) · in USD
⚠ Revenue per share shrinking 3.9%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue−1.6%/yr
FY21$134B
FY22$121B
FY23$122B
FY24$122B
FY25$126B
Net income+2.2%/yr
FY21$20.1B
FY22−$8.5B
FY23$14.4B
FY24$10.9B
FY25$21.9B
Character of growth · EPS growth decomposed (2014-2025)+1.4 % p.a.
Revenue per share−4.5 %
of which total revenue −2.0 % · buybacks/dilution −2.6 %
EBIT margin+3.1 %
Tax rate+2.1 %
Residual (interest, one-offs)+0.9 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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.
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.
Valuation
Quality Score61 · Above median
Fair Value upside+71% · Top 25%
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets4% · Above median
Net margin (TTM)17% · Top 25%
Operating margin (TTM)23% · Top 25%
Growth and dividend
Revenue growth3% · Above median
Dividend yield (TTM)4.3% · Above median
Balance sheet
Debt / equity1.15× · Highest 25%
Valuation Multiples vs Telecom Services median · lower = cheaper
P/E (TTM)8.6× · Cheapest 25%
P/B1.32× · Cheaper than median
P/S (TTM)1.16× · Pricier than median
P/FCF7.5× · Pricier than median
EV/EBITDA5.7× · Cheaper than median
PEG1.47× · Pricier than median
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must AT&T Inc. deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+1.0 % per year
Achieved revenue growth, 5 years-6.1 % p.a.
Sector median revenue growth+1.9 %
FCF yield on price10.58 %
Discount rate (WACC) in the models8.1 %
The price demands an acceleration versus past growth: a high bar the company still has to clear. Ranking of the largest stocks →
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE100· sector 28
FUTURE15· sector 15
PAST73· sector 28
HEALTH43· sector 89
DIVIDEND87· sector 74
Insider activity: 35/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Sep 9, 2026).
As of Sep 9, 2026, our model estimates a fair value of $43.97 versus a price of $25.60, about +72% upside (undervalued).
What is the fair value of T?
Our model-based fair value for AT&T Inc. is $43.97 (as of Sep 9, 2026), built from audited fundamentals. The current price: $25.60.
What is the quality score of T?
AT&T Inc. has a Quality Score of 61/100. 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 AT&T Inc. (T)?
Our model-based price target is the fair value of $43.97 (as of Sep 9, 2026) from 25 valuation models. Cautious scenario $22.74, optimistic scenario $66.94. It is a calculation from audited fundamentals, not an analyst target.
What is the AT&T Inc. stock forecast for 2026?
Our models put fair value at $43.97, about +72% upside versus a price of $25.60 (undervalued). Cautious scenario $22.74, optimistic scenario $66.94. The calculation is refreshed regularly with new filings.
What is the revenue of AT&T Inc. (T)?
AT&T Inc. reported trailing-twelve-month revenue of about $127B (latest available figure, as of Sep 9, 2026).
What is the net profit margin of T?
The net profit margin of AT&T Inc. is about 16.9%, meaning it keeps roughly 16.9% of revenue as net income. Based on the latest reported figures.
Does AT&T Inc. pay a dividend?
AT&T Inc. currently shows a dividend yield of about 4.34% relative to its recent price (as of Sep 9, 2026).
What growth is priced into AT&T Inc. (T)?
For today's price to be fair in a discounted-cash-flow model, AT&T Inc. would have to grow free cash flow by +1.0 % per year for ten years (discount rate 8.1 %, then 2 % perpetual growth). Over the last 5 years revenue grew -6.1 % per year. As of Sep 9, 2026.
What discount rate (WACC) does the fair value of T use?
Our models discount AT&T Inc. at 8.1 %: a base by market capitalisation (large), damped by beta 0.42, country premium for USA. The same rate applies in all 26 models.
What is the intrinsic value of AT&T Inc. (T)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AT&T Inc. it is $43.97 per share (as of Sep 9, 2026), against a price of $25.60. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is AT&T Inc. stock overvalued or undervalued in 2026?
As of Sep 9, 2026, T trades below its calculated fair value: price $25.60, fair value $43.97, a gap of about +72% (undervalued). 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 T?
No. The price is what the market pays today ($25.60); the fair value is what the company's own numbers justify ($43.97). For AT&T Inc. the two are $18.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is AT&T Inc. worth?
The market values AT&T Inc. at about $184B (market capitalisation, as of Sep 9, 2026). Per share that is $25.60; our models calculate a fair value of $43.97 per share.
What do the bullish and bearish scenarios say about T?
Our models span a range for AT&T Inc.: cautious scenario $22.74, base $43.97, optimistic $66.94 per share (as of Sep 9, 2026, price $25.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of T?
AT&T Inc. trades at a price-to-earnings ratio of 8.6 (as of Sep 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $43.97 is built from several models across several years. Other multiples: PEG 1.5, P/B 1.3, P/S 1.2, EV/EBITDA 5.7.
What is the PEG ratio of T?
The PEG ratio of AT&T Inc. is 1.47 (P/E divided by earnings growth, as of Sep 9, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of AT&T Inc. (T)?
Balance-sheet figures for AT&T Inc. (as of Sep 9, 2026): return on equity 18.4%, debt of 1.15 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is T from its 52-week high?
AT&T Inc. trades at $25.60, about 12% below its 52-week high of $29.14 and 15% above the low of $22.33 (as of Sep 9, 2026). Distance from the high says nothing about value: that is what the fair value of $43.97 is for.
Which stocks are comparable to AT&T Inc.?
From the same area (Communication Services) we also value China Mobile Limited, T-Mobile US, Inc, Verizon Communications Inc, Bharti Airtel Limited, 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 AT&T Inc. stock attractive at the current price?
The data as of Sep 9, 2026: price $25.60, calculated fair value $43.97 (+72%), Quality Score 61/100, from 25 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 T calculated?
We run AT&T Inc. through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $43.97, with the spread shown as a cautious and an optimistic scenario.
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AT&T Inc.
T · US