Saturday 17 October 2026 Export AAT’s income statement to Excel — free account

American Assets Trust, Inc.

American Assets Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $436.2 million, down 4.73% from fiscal 2024. In the quarter to June 2026, revenue grew 1.44%, EPS was flat, free cash flow fell 13.9% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.

21.28 0.17 −0.79%

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Market cap: $1.3B
P/E: 73.4×
Fwd P/E: 51.4×
Dividend yield: 6.39%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 37.67

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	4	—	—	5	3	—	8	1	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 24.35%

Capital & Financial Ratios $m

Market Cap 1,320.00

Revenue 439.74

Net Income 23.67

Free Cash Flow 88.65

Net Debt 1,588.76

Current Ratio 2.46

Debt/Equity 1.61

P/E ratio 73.38

Fwd P/E 51.40

P/S ratio 2.94

P/B ratio 1.23

Past 5Y EPS Growth 14.87%

This Y EPS Growth (57.61%)

Next Y EPS Growth (5.13%)

Next Y revenue growth 2.41%

Next 5Y EPS Growth (23.00%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 77.52%

10-year low 10-year high

P/S against its own 10 years 19.79%

10-year low 10-year high

P/B against its own 10 years 28.05%

10-year low 10-year high

EV/Sales against its own 10 years 18.98%

10-year low 10-year high

EV/FCF against its own 10 years 38.48%

10-year low 10-year high

Dividends

Payout Ratio 4.69

Annual Dividend Rate 1.36

Annual Dividend Yield 6.39%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.36	0.34 0.34 0.34
2025	1.36	0.34 0.34 0.34 0.34
2024	1.34	0.34 0.34 0.34 0.34
2023	1.32	0.33 0.33 0.33 0.33
2022	1.28	0.32 0.32 0.32 0.32
2021	1.16	0.28 0.28 0.30 0.30
2020	1.00	0.30 0.20 0.25 0.25
2019	1.14	0.28 0.28 0.28 0.30
2018	1.09	0.27 0.27 0.27 0.28
2017	1.05	0.26 0.26 0.26 0.27
2016	1.01	0.25 0.25 0.25 0.26

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	83	426	129	110
Receivables	94	95	92	90
Inventory	—	—	—	—
Other	—	—	—	—
	177	521	221	200

	2023	2024	2025	Q'26
Payables	61	64	71	81
ST’ Debt	—	—	—	—
Other	—	—	—	—
	61	64	71	81

Compound Annual Growth %

	10y	5y	3y
Sales	4.70%	4.83%	1.06%
Cash Flow	4.23%	5.65%	(2.28%)
Earnings	3.75%	15.01%	8.55%
Book Value	2.79%	(2.73%)	(2.73%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	111	109	—	—	—
’25	109	108	110	110	436
’24	111	111	123	113	458
’23	108	110	111	112	441
’22	101	104	111	106	423
’21	84	92	98	102	376
’20	97	82	84	81	345

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	39	49	—	—	—
’25	37	49	41	41	167
’24	55	59	52	41	207
’23	52	46	52	39	189
’22	39	47	55	38	179
’21	43	34	53	39	168
’20	45	24	40	18	127

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	18	24	—	—	—
’25	138	28	23	23	213
’24	44	44	28	21	137
’23	27	26	32	20	106
’22	9	14	30	13	65
’21	31	10	32	(9)	64
’20	25	9	27	3	63

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.08	0.09	—	—	—
’25	0.70	0.09	0.07	0.05	0.92
’24	0.32	0.20	0.22	0.15	0.94
’23	0.27	0.20	0.20	0.17	0.84
’22	0.18	0.18	0.21	0.16	0.72
’21	0.02	0.15	0.17	0.14	0.47
’20	0.20	0.13	0.08	0.05	0.46

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	34.07	36.79	30.62	38.94	20.15	27.21	24.01	16.04	20.03	16.69	Analyst estimates 2026–2028 Powerpack
	High	46.38	44.83	42.85	49.26	48.15	40.83	39.20	29.73	29.15	26.40
People
People	Employees	164	194	189	206	189	208	216	228	226	232
	Revenue/emp, $m	1.80	1.62	1.75	1.78	1.82	1.81	1.96	1.93	2.03	1.88
Income, $m
Income, $m	Revenue	295	315	331	367	345	376	423	441	458	436
	Gross margin, %	73.04	73.33	73.86	74.92	77.02	76.86	74.53	73.07	73.03	71.44
	EBT	46	40	27	60	36	37	56	65	73	71
	EBT margin, %	15.47	12.74	8.22	16.41	10.33	9.74	13.22	14.66	15.90	16.36
	Net income	46	40	27	60	36	37	56	65	73	71
	Depreciation	76	86	109	98	110	119	126	123	129	130
Per share, $
Per share, $	Revenue	6.51	6.74	7.05	6.78	5.76	6.26	7.04	7.33	7.59	7.20
	Earnings	0.72	0.62	0.42	0.84	0.46	0.47	0.72	0.84	0.94	0.92
	Cash flow	2.66	3.12	2.91	2.84	2.12	2.81	2.98	3.14	3.43	2.76
	Capex	(1.32)	(1.02)	(1.16)	(1.48)	(1.06)	(1.74)	(1.89)	(1.38)	(1.16)	0.75
	Free cash flow	1.35	2.11	1.75	1.36	1.06	1.06	1.09	1.76	2.27	3.51
	Book value	18.50	18.07	17.09	23.91	20.96	20.17	19.74	19.18	18.64	18.02
	Shares, m	45	47	47	54	60	60	60	60	60	61
Valuation, ×
Valuation, ×	P/E	59.78	61.55	96.73	53.37	62.78	78.19	36.32	27.31	27.64	20.80
	P/S	6.61	5.66	5.70	6.77	5.01	5.99	3.77	3.13	3.46	2.63
	P/B	2.33	2.11	2.35	1.92	1.38	1.86	1.34	1.20	1.41	1.05
	EV/Sales	10.04	9.60	9.46	10.20	8.71	10.03	7.57	6.79	6.94	6.22
	EV/FCF	48.55	30.73	38.11	50.76	47.27	59.13	49.00	28.32	23.21	12.77
Cash, $m
Cash, $m	Operating cash flow	121	146	137	154	127	168	179	189	207	167
	Capex	(60)	(47)	(54)	(80)	(63)	(105)	(114)	(83)	(70)	46
	Free cash flow	61	98	82	74	63	64	65	106	137	213
Balance, $m
Balance, $m	Working capital	70	103	60	111	159	165	79	116	457	150
	Total debt	1,068	1,332	1,300	1,366	1,413	1,657	1,657	1,698	2,019	1,698
	Net debt	1,013	1,240	1,242	1,257	1,274	1,518	1,607	1,616	1,594	1,568
	Shareholders’ equity	839	844	802	1,294	1,253	1,210	1,186	1,154	1,124	1,091
Returns, %
Returns, %	ROA	1.65	1.37	0.88	1.83	0.99	0.97	1.45	1.69	1.82	1.80
	ROIC	3.31	2.81	2.43	2.79	2.19	2.29	2.57	2.75	2.97	3.43
	ROE	3.91	3.46	2.39	4.36	2.17	2.30	3.63	4.31	4.99	5.02

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
GNL Global Net Lease, Inc.	$1.7B	— (loss-making)	— (loss-making)	−9.95% (below 0%: shrinking)	n/m	+54.71% (above 0%: growing)	88.09%	48.66%	Compare
AAT American Assets Trust, Inc.	$1.3B	73.4×	51.4×	+1.44% (above 0%: growing)	0.00%	−13.90% (below 0%: shrinking)	70.98%	24.02%
JBGS JBG SMITH Properties	$826.8M	— (loss-making)	— (loss-making)	+2.29% (above 0%: growing)	n/m	+71.92% (above 0%: growing)	62.69%	2.98%	Compare
ESRT Empire State Realty Trust, Inc.	$818.9M	154×	110×	+2.95% (above 0%: growing)	n/m	+42.29% (above 0%: growing)	74.97%	(70.45%)	Compare
SAFE Safehold Inc.	$817.9M	7.0×	9.3×	+22.17% (above 0%: growing)	+7.69% (above 0%: growing)	−181.89% (below 0%: shrinking)	87.18%	73.05%	Compare
CTO CTO Realty Growth, Inc.	$772.2M	15.1×	45.6×	+16.45% (above 0%: growing)	n/m	+162.11% (above 0%: growing)	74.62%	30.23%	Compare
GOOD Gladstone Commercial Corporation	$616.6M	48.0×	56.2×	+11.27% (above 0%: growing)	+266.67% (above 0%: growing)	+112.75% (above 0%: growing)	79.76%	40.36%	Compare
AHRT AH Realty Trust Inc	$572.6M	— (loss-making)	— (loss-making)	+3.60% (above 0%: growing)	n/m	+105.02% (above 0%: growing)	67.20%	18.62%	Compare
FVR FrontView REIT, Inc.	$507.4M	572×	1,309×	+2.57% (above 0%: growing)	n/m	+23.47% (above 0%: growing)	87.38%	20.53%	Compare
Median of peers	$795.1M	48.0×	56.2×	+3.28%	—	+63.32%	77.37%	25.38%

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