Stocktoria

American Assets Trust, Inc. AAT

NYSE · reit · Real Estate Investment Trusts · website · IPO 2011-01-13

American Assets Trust, Inc. statistics & valuation

Market cap$1.5B
P / S3.5×
P / B1.3×
Dividend yield6.90%
Net debt$1.6B
Net debt / EBITDA5.7×
Enterprise value USD$3.1B
EV / EBITDA11.3×
Earnings yield EBIT/EV4.7%
Graham number -22.8%$17.62

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($17.62); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
63.40% 63.00% 63.30% 64.00% 64.80% 65.50% 63.90% 62.80% 63.40% 61.10% 2016201720182019202020212022202320242025
Operating margin (%)
33.20% 29.70% 24.00% 31.00% 25.70% 26.60% 27.10% 27.60% 28.20% 33.50% 2016201720182019202020212022202320242025
Return on equity (%)
3.90% 3.40% 2.50% 3.50% 2.20% 2016201720182019202020212022202320242025
Shares outstanding
63.2M 64.1M 64.1M 70.8M 76.1M 76.2M 76.2M 76.3M 76.5M 76.7M 2016201720182019202020212022202320242025
Net debt ($)
$1.00B $1.25B $1.18B $1.26B $1.17B $1.52B $1.58B $1.62B $1.60B $1.57B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.60% 1.30% 0.90% 1.60% 1.00% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
1.25× 1.58× 1.54× 1.04× 1.03× 1.34× 1.33× 1.42× 1.72× 1.48× 2016201720182019202020212022202320242025
EPS ($)
$0.72 $0.62 $0.42 $0.84 $0.46 $0.47 $0.72 $0.84 $0.94 $0.92 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

American Assets Trust, Inc. trades at about 24.8× earnings — below its 10-year norm (10-year range 19.6×–102.2×, median 56.9×).

19.6× 102.2×

Shaded band = 10-year range (19.6×–102.2×); dot = today's 24.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin61.1%63.4%62.8%63.9%65.5%64.8%64.0%63.3%63.0%63.4%
Operating margin33.5%28.2%27.6%27.1%26.6%25.7%31.0%24.0%29.7%33.2%
Net margin—————8.0%12.5%5.9%9.2%11.0%
Return on assets—————1.0%1.6%0.9%1.3%1.6%
Return on equity—————2.2%3.5%2.5%3.4%3.9%
Debt / equity1.48×1.72×1.42×1.33×1.34×1.03×1.04×1.54×1.58×1.25×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.