American Assets Tr Inc Financials
This page shows American Assets Tr Inc (AAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.
American Assets Tr Inc has an operating margin of 33.5%, meaning the company retains $33 of operating profit per $100 of revenue. This strong profitability earns a score of 90/100, reflecting efficient cost management and pricing power. This is up from 28.2% the prior year.
American Assets Tr Inc's revenue declined 4.7% year-over-year, from $457.9M to $436.2M. This contraction results in a growth score of 32/100.
American Assets Tr Inc carries a low D/E ratio of 1.48, meaning only $1.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.
American Assets Tr Inc generates a 6.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is up from 6.2% the prior year.
American Assets Tr Inc passes 6 of 9 financial strength tests. 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.
American Assets Tr Inc had 61M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.
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. This is up 0.0 percentage points from the prior year.
Capital Allocation
AAT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $110.6M+0.5% | $110.1M+0.5% | $109.6M+1.5% | $107.9M-0.6% | $108.6M-4.3% | $113.5M-7.6% | $122.8M+10.7% | $110.9M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $66.9M | N/A | $66.3M-2.0% | $67.6M+0.5% | $67.3M | N/A | $80.4M+14.0% | $70.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $8.8M | N/A | $9.5M+7.3% | $8.8M-5.0% | $9.3M | N/A | $9.1M+3.8% | $8.7M |
| Operating Income | $25.8M+11.3% | $23.2M-6.3% | $24.8M-4.7% | $26.0M-63.9% | $72.0M+139.5% | $30.0M-20.5% | $37.8M+22.8% | $30.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $101K | N/A | $156K+32.2% | $118K-71.7% | $417K | N/A | $235K+16.9% | $201K |
| Net Income | $6.7M+114.1% | $3.1M-30.2% | $4.5M-17.4% | $5.5M-87.2% | $42.5M+373.8% | $9.0M-46.1% | $16.7M+39.9% | $11.9M |
| EPS (Diluted) | $0.08+60.0% | $0.05-28.6% | $0.07-22.2% | $0.09-87.1% | $0.70+366.7% | $0.15-46.4% | $0.28+40.0% | $0.20 |
AAT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.9B-0.7% | $2.9B-0.7% | $2.9B-0.5% | $3.0B-0.4% | $3.0B-9.3% | $3.3B-3.6% | $3.4B+13.5% | $3.0B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $118.3M-8.5% | $129.4M-6.7% | $138.7M-3.5% | $143.7M-0.1% | $143.9M-66.2% | $425.7M-20.1% | $533.0M+364.0% | $114.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $6.7M-9.2% | $7.4M-5.3% | $7.8M+20.5% | $6.5M-8.6% | $7.1M+2.9% | $6.9M-21.6% | $8.8M+16.6% | $7.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.8B-0.1% | $1.8B+0.1% | $1.8B+0.3% | $1.8B+0.4% | $1.8B-15.5% | $2.1B-4.8% | $2.3B+22.3% | $1.8B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | $1.7B | N/A | N/A | N/A | $2.0B | N/A | N/A |
| Total Equity | $1.1B-1.2% | $1.2B-1.6% | $1.2B-1.3% | $1.2B-1.2% | $1.2B+1.9% | $1.2B-0.9% | $1.2B-0.5% | $1.2B |
| Retained Earnings | -$346.6M-4.7% | -$331.1M-5.6% | -$313.6M-5.4% | -$297.5M-5.4% | -$282.4M+7.2% | -$304.3M-3.9% | -$293.0M-1.2% | -$289.5M |
AAT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $38.6M-4.9% | $40.6M+0.2% | $40.5M-17.6% | $49.2M+33.4% | $36.9M-9.3% | $40.6M-22.4% | $52.4M-11.6% | $59.3M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$23.2M-11.2% | -$20.9M-8.7% | -$19.2M+16.6% | -$23.1M-170.6% | $32.7M+258.3% | -$20.6M+21.6% | -$26.3M-53.7% | -$17.1M |
| Financing Cash Flow | -$26.4M+9.1% | -$29.0M-10.4% | -$26.3M0.0% | -$26.3M+92.5% | -$351.3M-175.9% | -$127.3M-132.5% | $392.1M+1618.3% | -$25.8M |
| Dividends Paid | $26.4M0.0% | $26.4M+0.3% | $26.3M0.0% | $26.3M0.0% | $26.3M+1.5% | $25.9M+0.3% | $25.8M0.0% | $25.8M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AAT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.5% | N/A | 60.5%-2.1pp | 62.6%+0.7pp | 62.0% | N/A | 65.5%+1.9pp | 63.6% |
| Operating Margin | 23.4%+2.3pp | 21.1%-1.5pp | 22.6%-1.5pp | 24.1%-42.2pp | 66.3%+39.8pp | 26.5%-4.3pp | 30.8%+3.0pp | 27.8% |
| Net Margin | 6.1%+3.2pp | 2.9%-1.2pp | 4.1%-0.9pp | 5.1%-34.1pp | 39.2%+31.3pp | 7.9%-5.6pp | 13.6%+2.8pp | 10.7% |
| Return on Equity | 0.6%+0.3pp | 0.3%-0.1pp | 0.4%-0.1pp | 0.5%-3.1pp | 3.5%+2.8pp | 0.8%-0.6pp | 1.4%+0.4pp | 1.0% |
| Return on Assets | 0.2%+0.1pp | 0.1%-0.0pp | 0.1%-0.0pp | 0.2%-1.3pp | 1.4%+1.2pp | 0.3%-0.2pp | 0.5%+0.1pp | 0.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.61+0.1 | 1.48-0.1 | 1.56+0.0 | 1.54+0.0 | 1.51-0.2 | 1.72-0.2 | 1.90+0.4 | 1.55 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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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 9, indicating neutral financial health. 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 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.