AAT
American Assets Trust, Inc.
AAT's fundamentals are weak and it looks expensive: trading at 61x earnings, about twice its usual 33x. Analysts expect earnings to decline.
AAT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
AAT's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like AAT.
AAT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 22x | $7.64 | -64% |
| Fair | 33x | $11.48 | -47% |
| Forward | 60x | $21.50 | — |
| Current | 61x | $21.50 | — |
| Expensive | 77x | $26.80 | +25% |
Historical ranges are pointers, not guarantees.
AAT's PE is in its expensive range at 61x. On analysts' estimates for next year's earnings, today's price would be 60x.
AAT Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Decline | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect AAT's revenue to grow, but its earnings and profitability to decline.
AAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.36 | +2.9% |
| Q3 2026 | $0.35 | -65% |
| Q2 2026 | $0.29 | -76% |
| Q1 2026 | $0.29 | -78% |
| Q4 2025 | $0.91 | -4.2% |
| Q3 2025 | $1.01 | +4.1% |
| Q2 2025 | $1.22 | +37% |
| Q1 2025 | $1.33 | +49% |
| Q4 2024 | $0.95 | +13% |
AAT's earnings per share have fallen from their peak: $0.35 over the past year, against $1.33 in early 2025.
AAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $114.3M | +4.3% |
| Q2 2026 | $109.5M | +1.4% |
| Q1 2026 | $110.6M | +1.8% |
| Q4 2025 | $110.1M | -3% |
| Q3 2025 | $109.6M | -11% |
| Q2 2025 | $107.9M | -2.7% |
| Q1 2025 | $108.6M | -1.9% |
| Q4 2024 | $113.5M | +0.9% |
AAT's revenue grew through 2022 and has held roughly level since: $114M last quarter, up 4.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | +3.2 points |
| Q2 2026 | 24% | -0.1 points |
| Q1 2026 | 23% | -43 points |
| Q4 2025 | 21% | -5.4 points |
| Q3 2025 | 23% | -8.2 points |
| Q2 2025 | 24% | -3.7 points |
| Q1 2025 | 66% | +39 points |
| Q4 2024 | 26% | +0.4 points |
AAT's operating margin was 26% last quarter, up 3.2 points from the same quarter a year ago.
AAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $9.6M | -59% |
| Q2 2026 | $24.4M | -14% |
| Q1 2026 | $18.2M | -11% |
| Q4 2025 | $23M | +7% |
| Q3 2025 | $23.1M | -17% |
| Q2 2025 | $28.4M | -35% |
| Q1 2025 | $20.4M | -53% |
| Q4 2024 | $21.5M | +6.9% |
AAT's free cash flow was $75M over the past year, down 19% from the year before. Free cash flow isn't a meaningful measure for real estate companies like AAT.
AAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +12.1K shares |
| 1 year | +0.2% | +169K shares |
| 3 years | +0.7% | +571K shares |
| 5 years | +1% | +782K shares |
AAT has 77M diluted shares, about the same as a year ago.
AAT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.8x | High |
| Q2 2026 | 6.9x | High |
| Q1 2026 | 6.9x | High |
| Q4 2025 | 5.8x | High |
| Q3 2025 | 5.6x | High |
| Q2 2025 | 5.3x | High |
| Q1 2025 | 5.2x | High |
| Q4 2024 | 6.3x | High |
AAT's net debt is about 6.8 years of its operating earnings (EBITDA), up from 5.5 years a year ago. Net leverage isn't a meaningful measure for real estate companies like AAT.
AAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.4 | Neutral |
| Stochastic | 35.4 | Neutral |
AAT's weekly RSI is 45 (neutral) and its Stochastic is 35 (neutral).
AAT PE vs Real Estate Sector
| Metric | AAT | Sector median | Relative |
|---|---|---|---|
| PE | 61x | 24x | 157% above |
| PE % | 75 | 23 | 52 pts above |
AAT is trading at 61x earnings, a 157% premium to the Real Estate sector's median of 24x.
AAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $21.5 | 0.1% below |
| 20 week MA | $22.6 | 5% below |
| 50 week MA | $21.1 | 1.8% above |
| 100 week MA | $20.9 | 2.7% above |
| 200 week MA | $21.7 | 0.7% below |
AAT's trend is mixed: it's above two of its five weekly moving averages, and 0.7% below its 200-week average.
AAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $45.3 | $28.5 | -37% |
| 2021 | $28.5 | $36.4 | +28% |
| 2022 | $36.4 | $26.5 | -27% |
| 2023 | $26.5 | $22.5 | -15% |
| 2024 | $22.5 | $26.1 | +16% |
| 2025 | $26.1 | $18.9 | -28% |
| 2026 YTD | $18.9 | $21.5 | +14% |
AAT has finished lower in four of the last six years. It's up 14% so far in 2026.