AT&T Inc., FCFE 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)
Net income attributable to noncontrolling interest	1,305)	1,223)	1,469)	1,398)	1,355)
Net noncash charges	28,937)	25,147)	44,716)	36,161)	60,268)
Changes in operating assets and liabilities	(2,419)	(2,456)	(1,849)	(15,683)	(13,317)
Net cash provided by operating activities	38,771)	38,314)	35,812)	41,957)	43,130)
Capital expenditures	(20,263)	(17,853)	(19,626)	(16,527)	(15,675)
Net change in short-term borrowings with original maturities of three months or less	—)	(914)	(519)	1,316)	(17)
Issuance of other short-term borrowings	491)	5,406)	3,955)	21,856)	9,440)
Repayment of other short-term borrowings	(2,487)	(3,415)	(18,345)	(7,510)	(9,467)
Issuance of long-term debt	19)	10,004)	2,979)	9,931)	31,988)
Repayment of long-term debt	(10,297)	(12,044)	(25,118)	(3,142)	(39,964)
Free cash flow to equity (FCFE)	6,234)	19,498)	(20,862)	47,881)	19,435)

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).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to AT&T Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	AT&T Inc. FCFE increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

AT&T Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	7,178,183,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	6,234)
FCFE per share	0.87
Current share price (P)	26.62
Valuation Ratio
P/FCFE	30.65
Benchmarks
P/FCFE, Competitors¹
T-Mobile US Inc.	24.96
Verizon Communications Inc.	12.96
P/FCFE, Sector
Telecommunication Services	16.81
P/FCFE, Industry
Communication Services	29.14

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

¹ Click competitor name to see calculations.

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

AT&T Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	7,178,183,000	7,152,792,253	7,129,870,323	7,142,892,741	7,131,763,496
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	6,234)	19,498)	(20,862)	47,881)	19,435)
FCFE per share³	0.87	2.73	-2.93	6.70	2.73
Share price^1, 4	25.36	16.80	19.26	23.94	28.63
Valuation Ratio
P/FCFE⁵	29.20	6.16	—	3.57	10.51
Benchmarks
P/FCFE, Competitors⁶
T-Mobile US Inc.	21.93	19.36	—	—	15.91
Verizon Communications Inc.	12.29	15.64	11.68	—	6.75
P/FCFE, Sector
Telecommunication Services	—	11.95	—	16.08	9.24
P/FCFE, Industry
Communication Services	—	21.97	31.82	26.52	20.51

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 6,234,000,000 ÷ 7,178,183,000 = 0.87

⁴ Closing price as at the filing date of AT&T Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 25.36 ÷ 0.87 = 29.20

⁶ Click competitor name to see calculations.

Download chart

AT&T Inc. (NYSE:T)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical