AT&T Valuation Multiples

AT&T Overview

About AT&T

The wireless business contributes nearly 70% of AT&T’s revenue. The company is the third-largest US wireless carrier, connecting 74 million postpaid and 17 million prepaid phone customers. Fixed-line enterprise services, which account for about 14% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential services, about 11% of revenue, primarily consist of in-home broadband internet access, serving 15 million customers. AT&T also has a sizable presence in Mexico, with 25 million wireless customers, but this business only accounts for 3% of revenue. The company recently sold its 70% equity stake in satellite television provider DirecTV to its partner, private equity firm TPG.

Founded

1983

HQ

Employees

133.0K

Website

att.com

Sectors

Telecom Service Providers

Financials (LTM)

Revenue: $127B

EBITDA: $47B

EV

$320B

Valuation Multiples

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AT&T Financials

AT&T reported last 12-month revenue of $127B and EBITDA of $47B.

In the same LTM period, AT&T generated $74B in gross profit, $47B in EBITDA, and $21B in net income.

AT&T P&L

In the most recent fiscal year, AT&T reported revenue of $126B and EBITDA of $55B.

AT&T expects next 12-month revenue of XXX and NTM EBITDA of XXX

AT&T Stock Performance

AT&T has current market cap of $183B, and enterprise value of $320B.

AT&T's stock price is $26.18.

AT&T Valuation Multiples

AT&T trades at 2.5x EV/Revenue multiple, and 6.8x EV/EBITDA.

AT&T Financial Valuation Multiples

As of April 21, 2026, AT&T has market cap of $183B and EV of $320B.

Equity research analysts estimate AT&T's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

AT&T has a P/E ratio of 8.6x.

AT&T Margins & Growth Rates

AT&T's revenue in the last 12 month grew by 2%.

AT&T's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.4M for the same period.

AT&T's rule of 40 is 40% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

AT&T's rule of X is 43% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

AT&T Public Comps

See public comps and valuation multiples for other Telecom Service Providers comps.

AT&T M&A Activity

AT&T acquired XXX companies to date.

Last acquisition by AT&T was on XXXXXXXX, XXXXX. AT&T acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

AT&T Investment Activity

AT&T invested in XXX companies to date.

AT&T made its latest investment on XXXXXXXX, XXXXX. AT&T invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).