# American Assets Trust Inc. (AAT) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price $22.04, market value $1.7 billion.

## Valuation
- **P/E (trailing): 73.5×** (5-yr avg 31.9×, 3-yr avg 22.7×). American Assets Trust Inc. trades at 73.5× trailing earnings, well above its own five-year average of 31.9×: investors are paying up relative to the company's past. The Real Estate median in the September 2026 study was 25.2×.
- **Price / sales: 12.3×**. Each dollar of revenue is priced at 12.3×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 1.2×**. The shares trade at 1.2× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 14.3×**. Enterprise value is 14.3× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Earnings yield: 1.4%**. The inverse of the P/E: 1.4% of the price is earned each year.

## Profitability
- **Operating margin: 71.8%**. 71.8% of revenue is left after running the business, an exceptional level.
- **Net margin: 178.8%**. 178.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 6.2%**. 6.2% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 2.9%**. Return on all capital, debt included, is 2.9%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 0.8%**. Each dollar of assets produces 0.8% of profit.

## Growth
- **Revenue growth (1 yr): -7.2%** (3-yr 1.5%/yr, 5-yr 18.3%/yr). Revenue fell 7.2% over the last year, against 18.3% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -2.1%** (3-yr 8.5%/yr, 5-yr 14.9%/yr). Earnings per share fell 2.1%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 1.48**. Debt is 1.48 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 6.8×**. It would take 6.8 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Altman Z-score: 1.29**. A Z-score of 1.29 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 6.17%** ($1.36 per share, trailing). American Assets Trust Inc. yields 6.17%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 147%**. The dividend exceeds earnings (147% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 5**. 5 straight years of increases.
- **Dividend growth (5 yr): 6.3%/yr** (1-yr 1.5%). The dividend has grown 6.3% a year over five years.

## Price and momentum
- **Total return (1 yr): 12.4%** (YTD 20.2%, 3-mo -6.8%). The shares are up 12.4% over twelve months including dividends.
- **From 52-week high: -15.1%** (24.4% above the low). Trading 15% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 32**. An RSI of 32 is neutral.
- **Beta (1 yr): 0.42** (volatility 23%). Beta of 0.42 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=AAT · Page: https://foliofundamentals.com/stocks/aat

Not investment advice.