AMERICAN ASSETS TRUST INC (AAT) Fundamental Analysis & Valuation

NYSE:AAT • US0240131047

19.09 USD
-0.51 (-2.6%)
At close: Mar 6, 2026
19.09 USD
0 (0%)
After Hours: 3/6/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This AAT fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to AAT. AAT was compared to 122 industry peers in the Diversified REITs industry. Both the profitability and the financial health of AAT get a neutral evaluation. Nothing too spectacular is happening here. AAT has a valuation in line with the averages, but on the other hand it scores bad on growth. AAT also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

5

1. AAT Profitability Analysis

1.1 Basic Checks

  • In the past year AAT was profitable.
  • In the past year AAT had a positive cash flow from operations.
  • AAT had positive earnings in each of the past 5 years.
  • Each year in the past 5 years AAT had a positive operating cash flow.
AAT Yearly Net Income VS EBIT VS OCF VS FCFAAT Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M -400M

1.2 Ratios

  • The Return On Assets of AAT (1.90%) is better than 60.66% of its industry peers.
  • Looking at the Return On Equity, with a value of 4.84%, AAT is in the better half of the industry, outperforming 60.66% of the companies in the same industry.
  • AAT has a Return On Invested Capital of 2.84%. This is comparable to the rest of the industry: AAT outperforms 50.82% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for AAT is in line with the industry average of 3.10%.
Industry RankSector Rank
ROA 1.9%
ROE 4.84%
ROIC 2.84%
ROA(3y)1.78%
ROA(5y)1.54%
ROE(3y)4.62%
ROE(5y)3.95%
ROIC(3y)3.13%
ROIC(5y)3.04%
AAT Yearly ROA, ROE, ROICAAT Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4

1.3 Margins

  • With a decent Profit Margin value of 12.76%, AAT is doing good in the industry, outperforming 60.66% of the companies in the same industry.
  • In the last couple of years the Profit Margin of AAT has grown nicely.
  • The Operating Margin of AAT (23.26%) is comparable to the rest of the industry.
  • In the last couple of years the Operating Margin of AAT has declined.
  • AAT has a worse Gross Margin (61.12%) than 65.57% of its industry peers.
  • AAT's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 23.26%
PM (TTM) 12.76%
GM 61.12%
OM growth 3Y-5.02%
OM growth 5Y-1.98%
PM growth 3Y7.42%
PM growth 5Y9.68%
GM growth 3Y-1.49%
GM growth 5Y-1.18%
AAT Yearly Profit, Operating, Gross MarginsAAT Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60

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4

2. AAT Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), AAT is destroying value.
  • AAT has more shares outstanding than it did 1 year ago.
  • AAT has more shares outstanding than it did 5 years ago.
  • AAT has a better debt/assets ratio than last year.
AAT Yearly Shares OutstandingAAT Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M
AAT Yearly Total Debt VS Total AssetsAAT Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

2.2 Solvency

  • Based on the Altman-Z score of 0.53, we must say that AAT is in the distress zone and has some risk of bankruptcy.
  • AAT has a Altman-Z score of 0.53. This is comparable to the rest of the industry: AAT outperforms 50.82% of its industry peers.
  • The Debt to FCF ratio of AAT is 62.55, which is on the high side as it means it would take AAT, 62.55 years of fcf income to pay off all of its debts.
  • With a decent Debt to FCF ratio value of 62.55, AAT is doing good in the industry, outperforming 68.03% of the companies in the same industry.
  • A Debt/Equity ratio of 1.47 is on the high side and indicates that AAT has dependencies on debt financing.
  • AAT's Debt to Equity ratio of 1.47 is in line compared to the rest of the industry. AAT outperforms 40.16% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.47
Debt/FCF 62.55
Altman-Z 0.53
ROIC/WACC0.46
WACC6.16%
AAT Yearly LT Debt VS Equity VS FCFAAT Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B 1.5B 2B

2.3 Liquidity

  • A Current Ratio of 1.48 indicates that AAT should not have too much problems paying its short term obligations.
  • The Current ratio of AAT (1.48) is better than 77.87% of its industry peers.
  • A Quick Ratio of 1.48 indicates that AAT should not have too much problems paying its short term obligations.
  • The Quick ratio of AAT (1.48) is better than 78.69% of its industry peers.
Industry RankSector Rank
Current Ratio 1.48
Quick Ratio 1.48
AAT Yearly Current Assets VS Current LiabilitesAAT Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. AAT Growth Analysis

3.1 Past

  • The earnings per share for AAT have decreased strongly by -81.05% in the last year.
  • Measured over the past years, AAT shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -17.11% on average per year.
  • The Revenue has decreased by -4.73% in the past year.
  • AAT shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.83% yearly.
EPS 1Y (TTM)-81.05%
EPS 3Y-37.29%
EPS 5Y-17.11%
EPS Q2Q%-66.67%
Revenue 1Y (TTM)-4.73%
Revenue growth 3Y1.06%
Revenue growth 5Y4.83%
Sales Q2Q%-2.97%

3.2 Future

  • Based on estimates for the next years, AAT will show a very strong growth in Earnings Per Share. The EPS will grow by 51.68% on average per year.
  • The Revenue is expected to grow by 1.51% on average over the next years.
EPS Next Y141.28%
EPS Next 2Y51.68%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year3.45%
Revenue Next 2Y1.51%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
AAT Yearly Revenue VS EstimatesAAT Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 100M 200M 300M 400M
AAT Yearly EPS VS EstimatesAAT Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.2 0.4 0.6 0.8

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4

4. AAT Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 106.06, which means the current valuation is very expensive for AAT.
  • AAT's Price/Earnings is on the same level as the industry average.
  • Compared to an average S&P500 Price/Earnings ratio of 26.29, AAT is valued quite expensively.
  • Based on the Price/Forward Earnings ratio of 43.96, the valuation of AAT can be described as expensive.
  • Based on the Price/Forward Earnings ratio, AAT is valued a bit cheaper than the industry average as 65.57% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.57, AAT is valued quite expensively.
Industry RankSector Rank
PE 106.06
Fwd PE 43.96
AAT Price Earnings VS Forward Price EarningsAAT Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80 100

4.2 Price Multiples

  • 72.95% of the companies in the same industry are more expensive than AAT, based on the Enterprise Value to EBITDA ratio.
  • AAT's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. AAT is cheaper than 71.31% of the companies in the same industry.
Industry RankSector Rank
P/FCF 43.44
EV/EBITDA 12.07
AAT Per share dataAAT EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

  • AAT's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • A more expensive valuation may be justified as AAT's earnings are expected to grow with 51.68% in the coming years.
PEG (NY)0.75
PEG (5Y)N/A
EPS Next 2Y51.68%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. AAT Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 6.78%, AAT is a good candidate for dividend investing.
  • AAT's Dividend Yield is a higher than the industry average which is at 7.04.
  • AAT's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 6.78%

5.2 History

  • The dividend of AAT is nicely growing with an annual growth rate of 6.25%!
  • AAT has paid a dividend for at least 10 years, which is a reliable track record.
  • AAT has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)6.25%
Div Incr Years4
Div Non Decr Years4
AAT Yearly Dividends per shareAAT Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • AAT pays out 189.14% of its income as dividend. This is not a sustainable payout ratio.
  • The dividend of AAT is growing, but earnings are growing more, so the dividend growth is sustainable.
DP189.14%
EPS Next 2Y51.68%
EPS Next 3YN/A
AAT Yearly Income VS Free CF VS DividendAAT Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100M -100M -200M -300M -400M
AAT Dividend Payout.AAT Dividend Payout, showing the Payout Ratio.AAT Dividend Payout.PayoutRetained Earnings

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AAT Fundamentals: All Metrics, Ratios and Statistics

AMERICAN ASSETS TRUST INC

NYSE:AAT (3/6/2026, 8:04:00 PM)

After market: 19.09 0 (0%)

19.09

-0.51 (-2.6%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-03
Earnings (Next)04-27
Inst Owners95.67%
Inst Owner Change-0.37%
Ins Owners1.97%
Ins Owner Change18.81%
Market Cap1.17B
Revenue(TTM)436.20M
Net Income(TTM)55.65M
Analysts46
Price Target18.36 (-3.82%)
Short Float %2.51%
Short Ratio3.05
Dividend
Industry RankSector Rank
Dividend Yield 6.78%
Yearly Dividend1.72
Dividend Growth(5Y)6.25%
DP189.14%
Div Incr Years4
Div Non Decr Years4
Ex-Date03-05
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-30.56%
Min EPS beat(2)-38.12%
Max EPS beat(2)-22.99%
EPS beat(4)0
Avg EPS beat(4)-65.17%
Min EPS beat(4)-188.67%
Max EPS beat(4)-10.89%
EPS beat(8)3
Avg EPS beat(8)-11.2%
EPS beat(12)7
Avg EPS beat(12)5.19%
EPS beat(16)9
Avg EPS beat(16)7.44%
Revenue beat(2)0
Avg Revenue beat(2)-2.03%
Min Revenue beat(2)-3.2%
Max Revenue beat(2)-0.87%
Revenue beat(4)0
Avg Revenue beat(4)-2.77%
Min Revenue beat(4)-6.2%
Max Revenue beat(4)-0.82%
Revenue beat(8)3
Avg Revenue beat(8)-0.19%
Revenue beat(12)7
Avg Revenue beat(12)0.91%
Revenue beat(16)10
Avg Revenue beat(16)1.38%
PT rev (1m)-5.26%
PT rev (3m)-12.2%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)-6.52%
Revenue NQ rev (1m)-4.27%
Revenue NQ rev (3m)-1.89%
Revenue NY rev (1m)-1.24%
Revenue NY rev (3m)-0.98%
Valuation
Industry RankSector Rank
PE 106.06
Fwd PE 43.96
P/S 2.69
P/FCF 43.44
P/OCF 7.01
P/B 1.02
P/tB 1.03
EV/EBITDA 12.07
EPS(TTM)0.18
EY0.94%
EPS(NY)0.43
Fwd EY2.28%
FCF(TTM)0.44
FCFY2.3%
OCF(TTM)2.72
OCFY14.26%
SpS7.11
BVpS18.75
TBVpS18.56
PEG (NY)0.75
PEG (5Y)N/A
Graham Number8.71
Profitability
Industry RankSector Rank
ROA 1.9%
ROE 4.84%
ROCE 3.6%
ROIC 2.84%
ROICexc 2.98%
ROICexgc 3.04%
OM 23.26%
PM (TTM) 12.76%
GM 61.12%
FCFM 6.19%
ROA(3y)1.78%
ROA(5y)1.54%
ROE(3y)4.62%
ROE(5y)3.95%
ROIC(3y)3.13%
ROIC(5y)3.04%
ROICexc(3y)3.37%
ROICexc(5y)3.23%
ROICexgc(3y)3.44%
ROICexgc(5y)3.3%
ROCE(3y)3.96%
ROCE(5y)3.85%
ROICexgc growth 3Y-2.55%
ROICexgc growth 5Y1.76%
ROICexc growth 3Y-2.3%
ROICexc growth 5Y1.91%
OM growth 3Y-5.02%
OM growth 5Y-1.98%
PM growth 3Y7.42%
PM growth 5Y9.68%
GM growth 3Y-1.49%
GM growth 5Y-1.18%
F-Score6
Asset Turnover0.15
Health
Industry RankSector Rank
Debt/Equity 1.47
Debt/FCF 62.55
Debt/EBITDA 7.38
Cap/Depr 110.07%
Cap/Sales 32.13%
Interest Coverage 1.28
Cash Conversion 73.05%
Profit Quality 48.49%
Current Ratio 1.48
Quick Ratio 1.48
Altman-Z 0.53
F-Score6
WACC6.16%
ROIC/WACC0.46
Cap/Depr(3y)78.49%
Cap/Depr(5y)126.02%
Cap/Sales(3y)22.09%
Cap/Sales(5y)37.22%
Profit Quality(3y)166.49%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-81.05%
EPS 3Y-37.29%
EPS 5Y-17.11%
EPS Q2Q%-66.67%
EPS Next Y141.28%
EPS Next 2Y51.68%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-4.73%
Revenue growth 3Y1.06%
Revenue growth 5Y4.83%
Sales Q2Q%-2.97%
Revenue Next Year3.45%
Revenue Next 2Y1.51%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-21.47%
EBIT growth 3Y-4.01%
EBIT growth 5Y2.75%
EBIT Next Year120.98%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-80.29%
FCF growth 3Y10.13%
FCF growth 5Y-15.73%
OCF growth 1Y-19.31%
OCF growth 3Y-2.28%
OCF growth 5Y5.64%

AMERICAN ASSETS TRUST INC / AAT FAQ

What is the fundamental rating for AAT stock?

ChartMill assigns a fundamental rating of 4 / 10 to AAT.


What is the valuation status of AMERICAN ASSETS TRUST INC (AAT) stock?

ChartMill assigns a valuation rating of 4 / 10 to AMERICAN ASSETS TRUST INC (AAT). This can be considered as Fairly Valued.


What is the profitability of AAT stock?

AMERICAN ASSETS TRUST INC (AAT) has a profitability rating of 5 / 10.


Can you provide the financial health for AAT stock?

The financial health rating of AMERICAN ASSETS TRUST INC (AAT) is 4 / 10.


What is the expected EPS growth for AMERICAN ASSETS TRUST INC (AAT) stock?

The Earnings per Share (EPS) of AMERICAN ASSETS TRUST INC (AAT) is expected to grow by 141.28% in the next year.