Is the business good?
A genuinely good business: earnings fully cash-backed (2.1×) and margins widening.
Operating profit is fully backed by cash.
Operating profit is falling even as sales grow, costs are outrunning the top line.
A balanced mix of margins, efficiency, and leverage. ROE 16% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is T?
AT&T earns 6.9% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 2.1 points below what the capital costs: growth destroys value
- Operating margin
- 18%
Operating margin · Communication Services median 9.2% · 12 months to Q3 2026
- Cash conversion
- 2.11×
Cash conversion · 2.05× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −4.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 5.9% |
| FY2021 | 19% |
| FY2022 | −3.8% |
| FY2023 | 19% |
| FY2024 | 16% |
| FY2025 | 19% |
Details›
- Gross margin12 months to Q3 2026
- 80%
- Operating margin12 months to Q3 2026
- 18%
- Net margin12 months to Q3 2026
- 10%
- Free cash flow margin
- 14%
- Revenue, trailing twelve months
- $128.9B
- Free cash flow, trailing twelve months
- $17.8B
- Net income, trailing twelve months
- $13.1B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from T and who it buys from, as the companies report it.
None disclosed.
- CCICrown Castle27%
T is 27% of its revenue · FY2025 10-K
- DYDycom Industries, Inc.25%
T is 25% of its revenue · FY2026 10-K
- SBACSBA Communications20%
T is 20% of its revenue · FY2025 10-K
- AMTAmerican Tower17%
T is 17% of its revenue · FY2025 10-K
- MTZMasTec, Inc.10%
T is 10% of its revenue · FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; T’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Communication Services
Ranks #46 of 118 by RyuScore