American Assets Trust Inc (AAT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.11	$0.08	-27.3%	—	$110.6M	—
Q4 25	$0.08	$0.05	-37.5%	—	$110.1M	—
Q3 25	$0.09	$0.07	-22.2%	—	$109.6M	—
Q2 25	$0.1	$0.09	-10.0%	—	$107.9M	—
Q1 25	$0.06	$0.7	+1066.7%	—	$108.6M	—
Q4 24	$0.11	$0.15	+36.4%	—	$113.5M	—
Q3 24	$0.29	$0.28	-3.4%	—	$122.8M	—
Q2 24	$0.14	$0.2	+42.9%	—	$110.9M	—
Q1 24	$0.27	$0.32	+18.5%	—	$110.7M	—
Q4 23	$0.14	$0.17	+21.4%	—	$112.5M	—
Q3 23	$0.16	$0.2	+25.0%	—	$111.2M	—
Q2 23	$0.15	$0.2	+33.3%	—	$109.7M	—
Q1 23	$0.14	$0.27	+92.9%	—	$107.8M	—
Q4 22	$0.16	$0.16	0.0%	—	$106M	—
Q3 22	$0.16	$0.21	+31.2%	—	$111M	—
Q2 22	$0.14	$0.18	+28.6%	—	$104.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.92	—	—	$436.2M	—
FY24	—	$0.94	—	—	$457.9M	—
FY23	—	$0.84	—	—	$441.2M	—
FY22	—	$0.72	—	—	$422.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$295.1M	$315M	$330.9M	$366.7M	$344.6M	$375.8M	$422.6M	$441.2M	$457.9M	$436.2M
YoY change	+7.06%	+6.74%	+5.04%	+10.8%	-6.04%	+9.07%	+12.5%	+4.38%	+3.78%	-4.73%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	295.1M	315M	330.9M	366.7M	344.6M	375.8M	422.6M	441.2M	457.9M	436.2M
Cost of revenue	107.9M	116.7M	121.5M	132M	121.1M	129.8M	152.4M	164M	167.7M	169.6M
Gross profit	187.2M	198.3M	209.4M	234.8M	223.5M	246.1M	270.2M	277.2M	290.1M	266.6M
Gross margin	63.4%	63%	63.3%	64%	64.8%	65.5%	63.9%	62.8%	63.4%	61.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	17.9M	21.4M	22.8M	24.9M	26.6M	29.9M	32.1M	36M	35.5M	37.8M
Operating expenses	17.9M	21.4M	22.8M	24.9M	26.6M	29.9M	32.1M	36M	35.5M	37.8M
Operating income	97.9M	93.6M	79.5M	113.7M	88.6M	99.9M	114.7M	121.7M	129.2M	101.5M
Operating margin	33.2%	29.7%	24%	31%	25.7%	26.6%	27.1%	27.6%	28.2%	23.3%
Non-operating income, net	126K	—	4K	634K	2K	-4.3M	—	6.5M	10M	44.5M
Pretax income	46.2M	40.3M	27.5M	61M	35.6M	37.3M	56.7M	65.7M	73.7M	72.1M
Income tax	566K	214K	327K	819K	-9K	738K	850K	1M	886K	770K
Net income	45.6M	40.1M	27.2M	60.2M	35.6M	36.6M	55.9M	64.7M	72.8M	71.4M
Net margin	15.5%	12.7%	8.22%	16.4%	10.3%	9.74%	13.2%	14.7%	15.9%	16.4%
EBITDA	169.5M	177.5M	186.9M	210.6M	197.3M	216.5M	238.3M	249.9M	273.7M	233.1M
EPS	0.72	0.62	0.42	0.84	0.46	0.47	0.72	0.84	0.94	0.92
Diluted EPS	0.72	0.62	0.42	0.84	0.46	0.47	0.72	0.84	0.94	0.92

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	111.2M	112.5M	110.7M	110.9M	122.8M	113.5M	108.6M	107.9M	109.6M	110.1M	110.6M	109.5M
Cost of revenue	41.3M	43.7M	41.1M	40.3M	42.4M	43.9M	41.3M	40.3M	43.3M	44.7M	43.7M	41.6M
Gross profit	69.9M	68.8M	69.6M	70.5M	80.4M	69.6M	67.3M	67.6M	66.3M	65.4M	66.9M	67.9M
Gross margin	62.8%	61.1%	62.9%	63.6%	65.5%	61.3%	62%	62.6%	60.5%	59.4%	60.5%	62%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	8.9M	9.5M	8.8M	8.7M	9.1M	8.8M	9.3M	8.8M	9.5M	10.2M	8.8M	8.9M
Operating expenses	8.9M	9.5M	8.8M	8.7M	9.1M	8.8M	9.3M	8.8M	9.5M	10.2M	8.8M	8.9M
Operating income	31.1M	29.4M	30.5M	30.8M	37.8M	30M	27.5M	26M	24.8M	23.2M	25.8M	26.3M
Operating margin	28%	26.1%	27.6%	27.8%	30.8%	26.5%	25.3%	24.1%	22.6%	21.1%	23.4%	24%
Non-operating income, net	321K	-757K	10M	—	2K	0	44.5M	—	—	0	—	—
Pretax income	15.4M	14.5M	24.9M	15.5M	21.6M	11.8M	54.5M	7.2M	6.1M	4.3M	6.8M	6.9M
Income tax	293K	—	260K	201K	235K	190K	417K	118K	156K	79K	101K	118K
Net income	15.1M	13.5M	24.6M	15.3M	21.3M	11.6M	54.1M	7.1M	5.9M	4.2M	6.7M	6.8M
Net margin	13.6%	12%	22.2%	13.8%	17.4%	10.2%	49.8%	6.6%	5.4%	3.83%	6.09%	6.2%
EBITDA	61.6M	60.7M	71.4M	62.8M	73.3M	66.2M	59.3M	59.8M	57.9M	56.1M	58.9M	59.6M
EPS	0.2	0.17	0.32	0.2	0.28	0.15	0.7	0.09	0.07	0.05	0.08	0.09
Diluted EPS	0.2	0.17	0.32	0.2	0.28	0.15	0.7	0.09	0.07	0.05	0.08	0.09

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2B	1.8B	1.9B	—	—	2.3B	1.6B	1.4B	1.6B	1.1B	1.7B
Enterprise value	3B	3B	3.1B	—	—	3.8B	3.2B	3B	3.2B	2.7B	2.9B
Shares outstanding	45.3M	46.7M	47M	54.1M	59.8M	60M	60M	60.2M	60.3M	60.6M	60.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	42.8	44.5	69.3	—	—	61.5	28.5	20.9	21.8	16.1	71.7
P/S	6.62	5.67	5.7	—	—	5.99	3.77	3.07	3.46	2.63	3.83
P/B	2.33	2.12	2.35	—	—	1.86	1.34	1.17	1.41	1.05	1.18
EV/EBITDA	17.5	17.1	16.7	—	—	17.5	13.5	11.9	11.7	11.7	12.5
EV/Sales	10.1	9.62	9.46	—	—	10.1	7.61	6.76	6.97	6.24	6.55
Earnings yield	2.34%	2.25%	1.44%	—	—	1.63%	3.51%	4.78%	4.6%	6.23%	1.39%
FCF yield	3.13%	5.51%	4.35%	—	—	2.83%	4.1%	7.81%	8.64%	8.28%	5.85%
PEG	—	—	—	—	—	—	—	—	—	—	29.9

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	63.4%	63%	63.3%	64%	64.8%	65.5%	63.9%	62.8%	63.4%	61.1%	62%
Operating margin	33.2%	29.7%	24%	31%	25.7%	26.6%	27.1%	27.6%	28.2%	23.3%	24.3%
Net margin	15.5%	12.7%	8.22%	16.4%	10.3%	9.74%	13.2%	14.7%	15.9%	16.4%	4.13%
ROE	5.44%	4.75%	3.39%	4.65%	2.84%	3.02%	4.71%	5.61%	6.48%	6.54%	2.16%
ROA	2.3%	1.78%	1.24%	2.16%	1.26%	1.21%	1.87%	2.17%	2.22%	2.44%	2.14%
ROIC	5.21%	4.46%	3.84%	4.39%	3.47%	3.56%	4.02%	4.3%	4.68%	3.76%	3.71%
Return on tangible assets	2.33%	1.79%	1.25%	2.21%	1.29%	1.24%	1.9%	2.2%	2.25%	2.46%	0.82%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.01	1.87	0.54	1.73	1.15	2.32	1.1	1.94	5.92	2.04	0.62
Quick ratio	1.01	1.87	0.54	1.73	1.15	2.32	1.1	1.94	5.92	2.04	1.68
Debt / equity	1.27	1.57	1.61	1.05	1.15	1.39	1.41	1.48	1.81	1.56	1.62
Debt / assets	0.53	0.59	0.59	0.49	0.51	0.56	0.56	0.57	0.62	0.58	0.59
Net debt / EBITDA	6	7	6.65	6	6.59	7.1	6.82	6.52	5.87	6.77	6.87
Interest coverage	1.89	1.75	1.53	2.13	1.67	1.64	1.97	2.02	1.99	1.92	1.3
Effective tax rate	1.23%	0.53%	1.19%	1.34%	0%	1.98%	1.5%	1.58%	1.2%	1.07%	1.88%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.51	6.74	7.05	6.78	5.76	6.26	7.04	7.33	7.59	7.2	7.18
EPS (basic)	0.72	0.62	0.42	0.84	0.46	0.47	0.72	0.84	0.94	0.92	0.92
EPS (diluted)	0.72	0.62	0.42	0.84	0.46	0.47	0.72	0.84	0.94	0.92	0.3
Book value per share	18.5	18.1	17.1	23.9	21	20.2	19.7	19.2	18.6	18	18.3
FCF per share	1.35	2.11	1.75	1.21	1.06	1.06	1.09	1.76	2.27	1.57	1.15
Cash per share	0.99	1.77	1.02	1.84	2.3	2.33	0.83	1.38	7.06	2.14	1.81
Capex per share	—	—	—	—	—	—	—	—	—	1.19	1.04

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	16.6%	18.2%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	43.2%	47.4%
Payout ratio	140.4%	168.3%	258.2%	133.9%	215%	243%	175.8%	157%	142%	147.5%	453.3%
Dividend yield	3.28%	3.78%	3.72%	—	—	3.95%	6.17%	7.5%	6.52%	9.18%	6.29%

Yield

6.29%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.34

ex-dividend Sep 3, 2026

Payout ratio

453%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 3, 2026	$0.34
Jun 4, 2026	$0.34
Mar 5, 2026	$0.34

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$111.2M	$112.5M	$110.7M	$110.9M	$122.8M	$113.5M	$108.6M	$107.9M	$109.6M	$110.1M	$110.6M	$109.5M
YoY change	+0.16%	+6.12%	+2.73%	+1.07%	+10.4%	+0.86%	-1.89%	-2.67%	-10.8%	-2.97%	+1.83%	+1.44%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	44.8M	82.6M	48M	99.3M	137.3M	139.5M	49.6M	82.9M	425.7M	129.4M
Receivables	9.3M	9.9M	9.3M	12M	6.9M	7.4M	7.8M	7.6M	6.9M	7.4M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	69.9M	107.8M	73.2M	180.9M	227.2M	238.8M	153.9M	190.2M	598.1M	221.4M
Property, plant & equipment	—	—	—	4.9M	29.4M	26.3M	23.9M	21.5M	19M	17.2M
Goodwill & intangibles	24.3M	19.6M	19.6M	68.6M	57.8M	63.4M	51.6M	40.9M	31.2M	23.4M
Total assets	2B	2.3B	2.2B	2.8B	2.8B	3B	3B	3B	3.3B	2.9B
Accounts payable	32.4M	38.1M	46.6M	62.6M	59.3M	64.5M	66M	61.3M	63.7M	71.1M
Short-term debt	20M	—	62.3M	—	99.2M	—	34.1M	—	—	—
Total current liabilities	69.3M	57.5M	136.8M	104.8M	197.6M	103M	139.5M	98.1M	101M	108.7M
Long-term debt	1B	1.3B	1.2B	1.4B	1.3B	1.7B	1.6B	1.7B	2B	1.7B
Total liabilities	1.1B	1.4B	1.4B	1.5B	1.6B	1.8B	1.8B	1.8B	2.1B	1.8B
Shareholders' equity	838.6M	844.1M	802.5M	1.3B	1.3B	1.2B	1.2B	1.2B	1.1B	1.1B
Total debt	1.1B	1.3B	1.3B	1.4B	1.4B	1.7B	1.7B	1.7B	2B	1.7B
Net debt	1B	1.2B	1.2B	1.3B	1.3B	1.5B	1.6B	1.6B	1.6B	1.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	138.7M	129.4M	118.3M	109.7M
Receivables	—	—	—	—	—	—	—	—	7.8M	7.4M	6.7M	5.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	232.4M	221.4M	209.4M	199.7M
Property, plant & equipment	—	—	—	—	—	—	—	—	17.9M	17.2M	16.5M	15.8M
Goodwill & intangibles	—	—	—	—	—	—	—	—	25.3M	23.4M	21.5M	19.6M
Total assets	2.8B	2.7B	2.8B	2.8B	2.8B	2.7B	2.7B	2.7B	2.9B	2.9B	2.9B	2.9B
Accounts payable	—	—	—	—	—	—	—	—	69.6M	71.1M	68.9M	81.2M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	105.8M	108.7M	107.1M	118.9M
Long-term debt	—	—	—	—	—	—	—	—	1.7B	1.7B	1.7B	1.7B
Total liabilities	—	—	—	—	—	—	—	—	1.8B	1.8B	1.8B	1.8B
Shareholders' equity	—	—	—	—	—	—	—	—	1.1B	1.1B	1.1B	1.1B
Total debt	—	—	—	—	—	—	—	—	1.7B	1.7B	1.7B	1.7B
Net debt	—	—	—	—	—	—	—	—	1.6B	1.6B	1.6B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	45.6M	40.1M	27.2M	60.2M	35.6M	36.6M	55.9M	64.7M	72.8M	71.4M
Depreciation & amortization	71.3M	83.3M	107.1M	96.2M	108.3M	116.3M	123.3M	119.5M	125.5M	127.3M
Stock-based compensation	2.4M	4.7M	3M	4.5M	6.3M	8.5M	8.7M	8.8M	7.1M	7.4M
Change in working capital	1.6M	6.1M	-1.5M	-7.1M	-9.2M	19.2M	-1.2M	-1.2M	2.7M	-2M
Operating cash flow	121.8M	134.5M	134.5M	147.2M	109.2M	165.9M	176.1M	187.1M	205.4M	167.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	-72.3M
Investing cash flow	-3.6M	-4.9M	-9.9M	-11.3M	-5.6M	-3.2M	-7.4M	-6.9M	-7.2M	-80.4M
Dividends paid	-64.1M	-67.5M	-70.2M	-80.6M	-76.5M	-88.9M	-98.2M	-101.6M	-103.4M	-105.3M
Share repurchases	—	—	-236K	—	—	—	—	—	—	—
Financing cash flow	-98.3M	28.9M	-126.8M	374.5M	-28.3M	44.4M	-102.7M	-101.5M	213.1M	-432.9M
Net change in cash	20M	158.5M	-2.3M	510.4M	75.3M	207.1M	66M	78.7M	411.3M	-346.2M
Free cash flow	61M	98.4M	82.1M	65.5M	63.5M	63.7M	65.3M	105.8M	136.9M	94.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	5.9M	4.2M	6.7M	6.8M
Depreciation & amortization	—	—	—	—	—	—	—	—	32M	32M	32.3M	32.7M
Stock-based compensation	—	—	—	—	—	—	—	—	1.8M	2.2M	1.7M	1.7M
Change in working capital	—	—	—	—	—	—	—	—	-1.8M	-1.4M	-2.9M	7.5M
Operating cash flow	—	—	—	—	—	—	—	—	40.5M	40.6M	38.6M	48.9M
Capital expenditure	—	—	—	—	—	—	—	—	-17.4M	-17.6M	-20.4M	-24.5M
Investing cash flow	—	—	—	—	—	—	—	—	-19.2M	-20.9M	-23.2M	-26.4M
Dividends paid	—	—	—	—	—	—	—	—	-26.3M	-26.4M	-26.4M	-26.4M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	-26.3M	-26.4M	-26.4M	-26.4M
Net change in cash	—	—	—	—	—	—	—	—	-5M	-6.7M	-11M	-3.9M
Free cash flow	32M	20.1M	43.8M	43.6M	28M	21.5M	20.4M	28.4M	23.1M	23M	18.2M	24.4M

American Assets Trust Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement