Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

AT&T Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to AT&T	10,948)	14,400)	(8,524)	20,081)	(5,176)
Add: Net income attributable to noncontrolling interest	1,305)	1,223)	1,469)	1,398)	1,355)
Less: Loss from discontinued operations, net of tax	—)	—)	(181)	—)	—)
Add: Income tax expense	4,445)	4,225)	3,780)	5,468)	965)
Earnings before tax (EBT)	16,698)	19,848)	(3,094)	26,947)	(2,856)
Add: Interest expense	6,759)	6,704)	6,108)	6,884)	7,925)
Earnings before interest and tax (EBIT)	23,457)	26,552)	3,014)	33,831)	5,069)
Add: Depreciation and amortization	20,580)	18,777)	18,021)	22,862)	28,516)
Add: Amortization of film and television costs	—)	—)	—)	11,006)	8,603)
Earnings before interest, tax, depreciation and amortization (EBITDA)	44,037)	45,329)	21,035)	67,699)	42,188)

Based on: 10-K (reporting date: 2024-12-31), 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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	AT&T Inc. EBITDA increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Enterprise Value to EBITDA Ratio, Current

AT&T Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	325,190)
Earnings before interest, tax, depreciation and amortization (EBITDA)	44,037)
Valuation Ratio
EV/EBITDA	7.38
Benchmarks
EV/EBITDA, Competitors¹
T-Mobile US Inc.	12.18
Verizon Communications Inc.	6.76
EV/EBITDA, Sector
Telecommunication Services	9.24
EV/EBITDA, Industry
Communication Services	16.78

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

AT&T Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	316,146)	264,921)	278,467)	344,709)	369,254)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	44,037)	45,329)	21,035)	67,699)	42,188)
Valuation Ratio
EV/EBITDA³	7.18	5.84	13.24	5.09	8.75
Benchmarks
EV/EBITDA, Competitors⁴
T-Mobile US Inc.	10.99	9.74	12.39	9.78	10.37
Verizon Communications Inc.	6.56	7.90	6.48	7.60	7.61
EV/EBITDA, Sector
Telecommunication Services	—	7.51	9.38	6.75	8.58
EV/EBITDA, Industry
Communication Services	—	12.91	11.74	11.57	14.51

Based on: 10-K (reporting date: 2024-12-31), 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).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 316,146 ÷ 44,037 = 7.18

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	AT&T Inc. EV/EBITDA ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

AT&T Inc. (NYSE:T)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical