American Assets Tr Inc Financials
American Assets Tr Inc (AAT) reported $436.2M in revenue for fiscal year 2025, down 4.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
American Assets Trust shows a cash-distributing, leveraged asset base where cost relief below gross profit can offset softer revenue.
FY2025’s margin improvement did not come from better economics at the gross-profit layer: revenue declined while gross margin slipped to61.1% from63.4% . Even with a wider operating margin, operating cash flow fell to$167.1M from$207.1M , so the year looked more like cost relief than stronger cash earning power.
Distributions exceeded earnings again, which helps explain why retained earnings kept moving further negative despite annual profitability; in FY2025, dividends paid were
Liquidity tightened materially in FY2025 as cash fell to
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of American Assets Tr Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for American Assets Tr Inc, and counted as zero in the overall score.
American Assets Tr Inc passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, American Assets Tr Inc generates $2.34 in operating cash flow ($167.1M OCF vs $71.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
American Assets Tr Inc generated $436.2M in revenue in fiscal year 2025. This represents a decrease of 4.7% from the prior year.
American Assets Tr Inc's EBITDA was $273.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.3% from the prior year.
American Assets Tr Inc reported $71.4M in net income in fiscal year 2025. This represents a decrease of 2.0% from the prior year.
American Assets Tr Inc earned $0.92 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2.1% from the prior year.
Cash & Balance Sheet
American Assets Tr Inc held $129.4M in cash against $1.7B in long-term debt as of fiscal year 2025.
American Assets Tr Inc paid $1.36 per share in dividends in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
American Assets Tr Inc's gross margin was 61.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.3 percentage points from the prior year.
American Assets Tr Inc's operating margin was 33.5% in fiscal year 2025, reflecting core business profitability. This is up 5.2 percentage points from the prior year.
American Assets Tr Inc's net profit margin was 16.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.5 percentage points from the prior year.
American Assets Tr Inc's ROE was 6.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. That is unchanged from the prior year.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
AAT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $438.2M | $436.2M-4.7% | $457.9M+3.8% | $441.2M+4.4% | $422.6M+12.5% | $375.8M+9.1% | $344.6M-6.0% | $366.7M+10.8% | $330.9M+5.0% | $315.0M+6.7% | $295.1M+7.1% | $275.6M+6.0% | $260.0M+1.9% | $255.1M+8.3% | $235.5M+16.1% | $202.8M |
| Gross Profit | N/A | $266.6M-8.1% | $290.1M+4.7% | $277.2M+2.6% | $270.2M+9.8% | $246.1M+10.1% | $223.5M-4.8% | $234.8M+12.1% | $209.4M+5.6% | $198.3M+6.0% | $187.2M+5.4% | $177.6M+5.2% | $168.8M+2.2% | $165.1M+10.5% | $149.4M+18.6% | $125.9M |
| SG&A Expenses | N/A | $37.8M+6.7% | $35.5M-1.4% | $36.0M+11.9% | $32.1M+7.6% | $29.9M+12.4% | $26.6M+6.9% | $24.9M+9.2% | $22.8M+6.6% | $21.4M+19.5% | $17.9M-10.8% | $20.1M+8.3% | $18.5M+7.8% | $17.2M+10.3% | $15.6M+14.4% | $13.6M |
| Operating Income | $99.8M | $145.9M+13.0% | $129.2M+6.1% | $121.7M+6.1% | $114.7M+14.9% | $99.9M+12.7% | $88.6M-22.1% | $113.7M+42.9% | $79.5M-15.1% | $93.6M-4.4% | $97.9M+4.0% | $94.2M+12.5% | $83.7M+3.2% | $81.1M+12.8% | $71.9M+27.6% | $56.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $58.6M+9.6% | $53.4M-1.1% | $54.0M+3.4% | $52.2M-3.0% | $53.8M+3.7% | $51.9M+9.9% | $47.3M-10.8% | $53.0M-8.7% | $58.0M+1.2% | $57.3M+5.0% | $54.6M |
| Income Tax | N/A | $770K-13.1% | $886K-14.9% | $1.0M+22.5% | $850K+15.2% | $738K+8300.0% | -$9K-101.1% | $819K+150.5% | $327K+52.8% | $214K-62.2% | $566K+91.9% | $295K-35.9% | $460K-28.7% | $645K-36.5% | $1.0M+77.3% | $573K |
| Net Income | $19.9M | $71.4M-2.0% | $72.8M+12.6% | $64.7M+15.8% | $55.9M+52.7% | $36.6M+32.3% | $27.7M-39.5% | $45.7M+132.2% | $19.7M-32.3% | $29.1M-10.8% | $32.6M-15.4% | $38.5M+77.0% | $21.8M+42.9% | $15.2M-56.4% | $34.9M+1097.7% | $2.9M |
| EPS (Diluted) | $0.29 | $0.92-2.1% | $0.94+11.9% | $0.84+16.7% | $0.72+53.2% | $0.47+2.2% | $0.46-45.2% | $0.84+100.0% | $0.42-32.3% | $0.62-13.9% | $0.72-16.3% | $0.86+68.6% | $0.51+34.2% | $0.38-57.8% | $0.90+1025.0% | $0.08 |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AAT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.9B-10.8% | $3.3B+9.7% | $3.0B-0.1% | $3.0B-1.0% | $3.0B+7.1% | $2.8B+1.0% | $2.8B+26.9% | $2.2B-2.7% | $2.3B+13.7% | $2.0B+0.6% | $2.0B+1.7% | $1.9B+6.0% | $1.8B+0.3% | $1.8B+6.9% | $1.7B |
| Cash & Equivalents | $129.4M-69.6% | $425.7M+413.5% | $82.9M+67.2% | $49.6M-64.5% | $139.5M+1.6% | $137.3M+38.3% | $99.3M+107.1% | $48.0M-41.9% | $82.6M+84.4% | $44.8M+12.2% | $39.9M-32.7% | $59.4M+21.2% | $49.0M+15.3% | $42.5M-62.3% | $112.7M |
| Accounts Receivable | $7.4M+7.3% | $6.9M+6.5% | $6.5M-17.4% | $7.8M+5.4% | $7.4M+7.3% | $6.9M-42.3% | $12.0M+29.4% | $9.3M-5.9% | $9.9M+5.8% | $9.3M+24.1% | $7.5M+11.8% | $6.7M-7.8% | $7.3M+13.3% | $6.4M-5.4% | $6.8M |
| Total Liabilities | $1.8B-14.8% | $2.1B+17.4% | $1.8B+1.6% | $1.8B-0.3% | $1.8B+15.6% | $1.6B+4.5% | $1.5B+7.2% | $1.4B-1.4% | $1.4B+23.3% | $1.1B+0.3% | $1.1B-2.5% | $1.2B+2.6% | $1.1B+0.4% | $1.1B+10.9% | $1.0B |
| Long-Term Debt | $1.7B-16.0% | $2.0B+19.1% | $1.7B+4.6% | $1.6B-2.2% | $1.7B+26.7% | $1.3B-3.7% | $1.4B+10.5% | $1.2B-7.3% | $1.3B+27.0% | $1.0B+1.3% | $1.0B-3.4% | $1.1B+12.4% | $952.2M-8.9% | $1.0B+10.7% | $943.5M |
| Total Equity | $1.2B-2.1% | $1.2B-1.8% | $1.2B-1.9% | $1.2B-1.4% | $1.2B-2.6% | $1.3B-3.2% | $1.3B+63.6% | $803.0M-3.7% | $833.7M+3.0% | $809.6M+1.2% | $799.6M+8.7% | $735.3M+13.4% | $648.5M+1.6% | $638.4M+2.0% | $626.0M |
| Retained Earnings | -$331.1M-8.8% | -$304.3M-8.6% | -$280.2M-11.6% | -$251.2M-15.3% | -$217.8M-23.3% | -$176.6M-22.3% | -$144.4M-12.1% | -$128.8M-32.4% | -$97.3M-25.9% | -$77.3M-20.7% | -$64.1M-6.3% | -$60.3M-36.7% | -$44.1M-72.1% | -$25.6M+8.5% | -$28.0M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities.
AAT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $168.8M | $167.1M-19.3% | $207.1M+9.7% | $188.8M+5.4% | $179.1M+6.4% | $168.3M+32.6% | $127.0M-17.4% | $153.8M+12.7% | $136.5M-6.4% | $145.9M+20.9% | $120.7M+9.3% | $110.5M+4.6% | $105.6M+13.9% | $92.7M+22.1% | $75.9M+16.2% | $65.4M |
| Investing Cash Flow | -$86.4M | -$30.5M+60.6% | -$77.4M+13.9% | -$89.9M+46.0% | -$166.3M+46.7% | -$312.3M-352.1% | -$69.1M+88.5% | -$599.2M-831.2% | -$64.3M+80.5% | -$330.6M-423.0% | -$63.2M+50.0% | -$126.4M+17.3% | -$152.8M-162.4% | -$58.3M+70.0% | -$194.3M+16.1% | -$231.7M |
| Financing Cash Flow | -$108.0M | -$432.9M-303.2% | $213.1M+425.1% | -$65.5M+36.2% | -$102.7M-171.1% | $144.4M+610.2% | -$28.3M-105.7% | $497.5M+565.7% | -$106.8M-148.1% | $221.9M+508.9% | -$54.3M-1779.9% | -$2.9M-105.0% | $57.6M+305.9% | -$28.0M-158.1% | $48.1M-79.7% | $237.1M |
| Dividends Paid | $105.3M | $105.3M+1.8% | $103.4M+1.8% | $101.6M+3.4% | $98.2M+10.5% | $88.9M+16.2% | $76.5M-5.1% | $80.6M+14.8% | $70.2M+4.0% | $67.5M+5.4% | $64.1M+7.9% | $59.4M+9.4% | $54.3M+9.7% | $49.5M+2.2% | $48.5M+5.0% | $46.1M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AAT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.1%-2.3pp | 63.4%+0.5pp | 62.8%-1.1pp | 63.9%-1.5pp | 65.5%+0.6pp | 64.8%+0.8pp | 64.0%+0.7pp | 63.3%+0.3pp | 63.0%-0.5pp | 63.4%-1.0pp | 64.4%-0.5pp | 64.9%+0.2pp | 64.7%+1.3pp | 63.4%+1.3pp | 62.1% |
| Operating Margin | 33.5%+5.2pp | 28.2%+0.6pp | 27.6%+0.5pp | 27.2%+0.6pp | 26.6%+0.9pp | 25.7%-5.3pp | 31.0%+7.0pp | 24.0%-5.7pp | 29.7%-3.5pp | 33.2%-1.0pp | 34.2%+2.0pp | 32.2%+0.4pp | 31.8%+1.3pp | 30.5%+2.8pp | 27.8% |
| Net Margin | 16.4%+0.5pp | 15.9%+1.2pp | 14.7%+1.4pp | 13.2%+3.5pp | 9.7%+1.7pp | 8.0%-4.4pp | 12.5%+6.5pp | 5.9%-3.3pp | 9.2%-1.8pp | 11.0%-2.9pp | 14.0%+5.6pp | 8.4%+2.4pp | 6.0%-8.9pp | 14.8%+13.4pp | 1.4% |
| Return on Equity | 6.2%0.0pp | 6.2%+0.8pp | 5.4%+0.8pp | 4.6%+1.6pp | 2.9%+0.8pp | 2.2%-1.3pp | 3.5%+1.0pp | 2.5%-1.0pp | 3.5%-0.5pp | 4.0%-0.8pp | 4.8%+1.9pp | 3.0%+0.6pp | 2.4%-3.1pp | 5.5%+5.0pp | 0.5% |
| Return on Assets | 2.4%+0.2pp | 2.2%+0.1pp | 2.2%+0.3pp | 1.9%+0.7pp | 1.2%+0.2pp | 1.0%-0.7pp | 1.6%+0.7pp | 0.9%-0.4pp | 1.3%-0.4pp | 1.6%-0.3pp | 1.9%+0.8pp | 1.1%+0.3pp | 0.8%-1.1pp | 1.9%+1.7pp | 0.2% |
| Debt-to-Equity | 1.48-0.2x | 1.72+0.3x | 1.42+0.1x | 1.330.0x | 1.34+0.3x | 1.030.0x | 1.04-0.5x | 1.54-0.1x | 1.60+0.3x | 1.290.0x | 1.29-0.2x | 1.460.0x | 1.47-0.2x | 1.64+0.1x | 1.51 |
Not reported in any period shown, so not listed: Current Ratio, FCF Margin.
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Where American Assets Tr Inc Ranks
Frequently Asked Questions
What is American Assets Tr Inc's annual revenue?
American Assets Tr Inc (AAT) reported $436.2M in total revenue for fiscal year 2025. This represents a -4.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is American Assets Tr Inc's revenue growing?
American Assets Tr Inc (AAT) revenue declined by 4.7% year-over-year, from $457.9M to $436.2M in fiscal year 2025.
Is American Assets Tr Inc profitable?
Yes, American Assets Tr Inc (AAT) reported a net income of $71.4M in fiscal year 2025, with a net profit margin of 16.4%.
What is American Assets Tr Inc's EBITDA?
American Assets Tr Inc (AAT) had EBITDA of $273.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does American Assets Tr Inc have?
As of fiscal year 2025, American Assets Tr Inc (AAT) had $129.4M in cash and equivalents against $1.7B in long-term debt.
What is American Assets Tr Inc's gross margin?
American Assets Tr Inc (AAT) had a gross margin of 61.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is American Assets Tr Inc's operating margin?
American Assets Tr Inc (AAT) had an operating margin of 33.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is American Assets Tr Inc's net profit margin?
American Assets Tr Inc (AAT) had a net profit margin of 16.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does American Assets Tr Inc pay dividends?
Yes, American Assets Tr Inc (AAT) paid $1.36 per share in dividends during fiscal year 2025.
What is American Assets Tr Inc's return on equity (ROE)?
American Assets Tr Inc (AAT) has a return on equity of 6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is American Assets Tr Inc's operating cash flow?
American Assets Tr Inc (AAT) generated $167.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are American Assets Tr Inc's total assets?
American Assets Tr Inc (AAT) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is American Assets Tr Inc's debt-to-equity ratio?
American Assets Tr Inc (AAT) had a debt-to-equity ratio of 1.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is American Assets Tr Inc's return on assets (ROA)?
American Assets Tr Inc (AAT) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is American Assets Tr Inc's Piotroski F-Score?
American Assets Tr Inc (AAT) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are American Assets Tr Inc's earnings high quality?
American Assets Tr Inc (AAT) has an earnings quality ratio of 2.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is American Assets Tr Inc?
American Assets Tr Inc (AAT) scores 39 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.