AT&T Inc. (TBB) intrinsic value & 10-year financials
AT&T Inc. (TBB) has a Graham intrinsic value of $44.32 per share. At $18.12 on Oct 17, 2026, the stock trades 59% below that value. Over the last 10 fiscal years revenue shrank 2.9% a year to $125.6B, with an average return on invested capital of 5.7%.
- Graham intrinsic value
- $44.32
- Share price (Oct 17, 2026)
- $18.12
- Price vs Graham value
- 59% below
- Market cap
- $130.1B
- Revenue (FY2025)
- $125.6B
- Revenue growth (10-yr CAGR)
- -2.9%
- ROIC (10-yr avg)
- 5.7%
- Free cash flow (FY2025)
- $19.4B
TBB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $125.6B | $22.0B | $3.04 | $19.4B | 19.2% | 8.6% |
| FY2024 | $122.3B | $10.9B | $1.49 | $18.5B | 15.6% | 5.6% |
| FY2023 | $122.4B | $14.4B | $1.97 | $20.5B | 19.2% | 7.5% |
| FY2022 | $120.7B | -$8.5B | -$1.13 | $16.2B | -3.8% | -1.6% |
| FY2021 | $168.9B | $20.1B | $2.76 | $25.4B | 13.8% | 5.6% |
| FY2020 | $171.8B | -$5.2B | -$0.75 | $27.5B | 3.7% | 1.9% |
| FY2019 | $181.2B | $13.9B | $1.89 | $29.2B | 15.4% | 6.3% |
| FY2018 | $170.8B | $19.4B | $2.85 | $22.8B | 15.3% | 7.3% |
| FY2017 | $160.5B | $29.4B | $4.76 | $18.5B | 13.0% | 9.3% |
| FY2016 | $163.8B | $13.0B | $2.10 | $17.8B | 14.9% | 7.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AT&T INC. is facing top-line stagnation, with revenue contracting over the decade.
AT&T INC. has historically struggled to out-earn its cost of capital, averaging just 5.7% ROIC.
AT&T INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AT&T INC. is modeled at 4.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $44.32 per share.