Stock Analysis on Net
Stock Analysis on Net

AT&T Inc. (NYSE:T)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

AT&T Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.30 0.30 0.31 0.33 0.33
Adjusted 0.30 0.30 0.31 0.33 0.33
Liquidity Ratio
Current Ratio
Reported 0.71 0.59 0.70 0.82 0.79
Adjusted 0.72 0.60 0.71 0.84 0.81
Solvency Ratios
Debt to Equity
Reported 1.33 1.39 1.07 0.97 0.89
Adjusted 0.89 0.96 0.81 0.76 0.72
Debt to Capital
Reported 0.57 0.58 0.52 0.49 0.47
Adjusted 0.47 0.49 0.45 0.43 0.42
Financial Leverage
Reported 3.94 4.13 3.32 3.25 2.99
Adjusted 2.28 2.46 2.21 2.19 2.11
Profitability Ratios
Net Profit Margin
Reported 11.76% -7.06% 11.89% -3.01% 7.67%
Adjusted 13.50% -3.84% 15.24% -2.24% 10.05%
Return on Equity (ROE)
Reported 13.94% -8.74% 12.07% -3.20% 7.55%
Adjusted 9.26% -2.83% 10.31% -1.60% 6.94%
Return on Assets (ROA)
Reported 3.54% -2.12% 3.64% -0.98% 2.52%
Adjusted 4.06% -1.15% 4.66% -0.73% 3.29%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. AT&T Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. AT&T Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. AT&T Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. AT&T Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 AT&T Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. AT&T Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. AT&T Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. AT&T Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

AT&T Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Operating revenues 122,428 120,741 168,864 171,760 181,193
Total assets 407,060 402,853 551,622 525,761 551,669
Activity Ratio
Total asset turnover1 0.30 0.30 0.31 0.33 0.33
Adjusted
Selected Financial Data (US$ in millions)
Operating revenues 122,428 120,741 168,864 171,760 181,193
Adjusted total assets2 407,476 403,355 552,163 526,784 552,736
Activity Ratio
Adjusted total asset turnover3 0.30 0.30 0.31 0.33 0.33

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Operating revenues ÷ Total assets
= 122,428 ÷ 407,060 = 0.30

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Operating revenues ÷ Adjusted total assets
= 122,428 ÷ 407,476 = 0.30

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. AT&T Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 36,458 33,108 59,997 52,008 54,761
Current liabilities 51,127 56,173 85,588 63,438 68,911
Liquidity Ratio
Current ratio1 0.71 0.59 0.70 0.82 0.79
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 36,957 33,696 60,768 53,229 55,996
Current liabilities 51,127 56,173 85,588 63,438 68,911
Liquidity Ratio
Adjusted current ratio3 0.72 0.60 0.71 0.84 0.81

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 36,458 ÷ 51,127 = 0.71

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 36,957 ÷ 51,127 = 0.72

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. AT&T Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 137,331 135,890 177,354 157,245 163,147
Stockholders’ equity attributable to AT&T 103,297 97,500 166,332 161,673 184,221
Solvency Ratio
Debt to equity1 1.33 1.39 1.07 0.97 0.89
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 158,423 158,096 202,321 182,984 188,402
Adjusted total stockholders’ equity3 178,497 163,991 249,622 240,735 262,503
Solvency Ratio
Adjusted debt to equity4 0.89 0.96 0.81 0.76 0.72

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity attributable to AT&T
= 137,331 ÷ 103,297 = 1.33

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity
= 158,423 ÷ 178,497 = 0.89

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. AT&T Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 137,331 135,890 177,354 157,245 163,147
Total capital 240,628 233,390 343,686 318,918 347,368
Solvency Ratio
Debt to capital1 0.57 0.58 0.52 0.49 0.47
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 158,423 158,096 202,321 182,984 188,402
Adjusted total capital3 336,920 322,087 451,943 423,719 450,905
Solvency Ratio
Adjusted debt to capital4 0.47 0.49 0.45 0.43 0.42

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 137,331 ÷ 240,628 = 0.57

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 158,423 ÷ 336,920 = 0.47

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. AT&T Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 407,060 402,853 551,622 525,761 551,669
Stockholders’ equity attributable to AT&T 103,297 97,500 166,332 161,673 184,221
Solvency Ratio
Financial leverage1 3.94 4.13 3.32 3.25 2.99
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 407,476 403,355 552,163 526,784 552,736
Adjusted total stockholders’ equity3 178,497 163,991 249,622 240,735 262,503
Solvency Ratio
Adjusted financial leverage4 2.28 2.46 2.21 2.19 2.11

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity attributable to AT&T
= 407,060 ÷ 103,297 = 3.94

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity
= 407,476 ÷ 178,497 = 2.28

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 AT&T Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to AT&T 14,400 (8,524) 20,081 (5,176) 13,903
Operating revenues 122,428 120,741 168,864 171,760 181,193
Profitability Ratio
Net profit margin1 11.76% -7.06% 11.89% -3.01% 7.67%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 16,524 (4,633) 25,728 (3,848) 18,207
Operating revenues 122,428 120,741 168,864 171,760 181,193
Profitability Ratio
Adjusted net profit margin3 13.50% -3.84% 15.24% -2.24% 10.05%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to AT&T ÷ Operating revenues
= 100 × 14,400 ÷ 122,428 = 11.76%

2 Adjusted net income (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Operating revenues
= 100 × 16,524 ÷ 122,428 = 13.50%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. AT&T Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to AT&T 14,400 (8,524) 20,081 (5,176) 13,903
Stockholders’ equity attributable to AT&T 103,297 97,500 166,332 161,673 184,221
Profitability Ratio
ROE1 13.94% -8.74% 12.07% -3.20% 7.55%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 16,524 (4,633) 25,728 (3,848) 18,207
Adjusted total stockholders’ equity3 178,497 163,991 249,622 240,735 262,503
Profitability Ratio
Adjusted ROE4 9.26% -2.83% 10.31% -1.60% 6.94%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to AT&T ÷ Stockholders’ equity attributable to AT&T
= 100 × 14,400 ÷ 103,297 = 13.94%

2 Adjusted net income (loss). See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total stockholders’ equity
= 100 × 16,524 ÷ 178,497 = 9.26%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. AT&T Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to AT&T 14,400 (8,524) 20,081 (5,176) 13,903
Total assets 407,060 402,853 551,622 525,761 551,669
Profitability Ratio
ROA1 3.54% -2.12% 3.64% -0.98% 2.52%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 16,524 (4,633) 25,728 (3,848) 18,207
Adjusted total assets3 407,476 403,355 552,163 526,784 552,736
Profitability Ratio
Adjusted ROA4 4.06% -1.15% 4.66% -0.73% 3.29%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to AT&T ÷ Total assets
= 100 × 14,400 ÷ 407,060 = 3.54%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 16,524 ÷ 407,476 = 4.06%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. AT&T Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.