What is AT&T Inc. worth?
With the base-case assumptions below, a discounted cash flow model on AT&T Inc.'s reported free cash flow gives $12.32 per share. The share price was $21.94 on November 10, 2026, 78% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -7.5% | 10.0% | $0.59 | -97% |
| Base | -2.5% | 9.0% | $12.32 | -44% |
| Bull | 2.5% | 8.0% | $35.15 | +60% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $20.28 | $22.64 | $25.52 | $29.13 | $33.77 |
| 8.0% | $14.40 | $15.93 | $17.74 | $19.91 | $22.56 |
| 9.0% | $10.07 | $11.12 | $12.32 | $13.73 | $15.40 |
| 10.0% | $6.75 | $7.50 | $8.34 | $9.31 | $10.42 |
| 11.0% | $4.13 | $4.68 | $5.28 | $5.97 | $6.75 |
Where the presets come from
Base: years 1 to 5 grow at AT&T Inc.'s revenue growth rate over the last 5 fiscal years (-2.6% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions