What is AMERICAN ASSETS TRUST, INC.'s earnings per share (EPS)?

AMERICAN ASSETS TRUST, INC. (AAT) reported diluted earnings per share of $0.92 for fiscal year 2025. This represents a -2.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

AMERICAN ASSETS TRUST, INC. (AAT) Financials

AAT

Trailing 12 months to March 31, 2026

Revenue $438.2M -3.9% YoY

Net Income $19.9M -75.2% YoY

EPS (Diluted) $0.29 -78.2% YoY

Operating Cash Flow $168.8M -10.8% YoY

Market Cap $1.3B as of Oct 17, 2026

Price / Sales 3.0x on $438.2M revenue, trailing 12 months to March 31, 2026

Price / Earnings 65.8x on $19.9M net income, trailing 12 months to March 31, 2026

Price / Book 1.1x on $1.1B equity, Q1 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 17, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 1, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AAT SEC filings page.

AMERICAN ASSETS TRUST, INC. (AAT) reported $438.2M in revenue over the twelve months to Mar 31, 2026, down 3.9% from the prior twelve months. 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).

Rhea AI AAT FY2025 2026-10-04

The business remains asset-heavy and debt-funded: 2025 operating efficiency improved, but weaker cash generation and higher interest absorbed that gain.

FY2025's operating margin expanded to 33.5% while revenue fell and gross margin slipped, indicating operating-line changes—not simple scale—drove the improvement. Net income then edged down from $72.8M to $71.4M as interest expense increased, showing financing costs absorbed much of the operating gain.

Cash conversion weakened: operating cash flow fell to $167M while dividends continued rising, narrowing the internally generated cash cushion after distributions. The business still produced cash beyond its dividend outlay, but less of that cash remained for reinvestment or balance-sheet repair.

Long-term debt declined to $1.7B from $2.0B in FY2024, but debt-to-equity remained elevated at 1.5x as assets and equity contracted. That makes the financing shift partial deleveraging, not a wholesale move away from borrowed capital.

Financial Health Signals

Financial Health Score 52/100

Scored as: REITs peer group

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 TRUST, 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.

FFO Margin

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. AMERICAN ASSETS TRUST, INC. scores 64/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. AMERICAN ASSETS TRUST, INC. scores 26/100 on it among other REITs.

Leverage

AMERICAN ASSETS TRUST, INC.'s net debt of $1.6B, being $1.7B of long-term debt less $129.4M of cash, came to 5.75 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and AMERICAN ASSETS TRUST, INC. scores 41/100 among other REITs.

Interest Cov.

AMERICAN ASSETS TRUST, INC.'s operating income of $145.9M covered its interest expense of $78.1M 1.87 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and AMERICAN ASSETS TRUST, INC. scores 58/100 among other REITs.

AFFO Margin

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. AMERICAN ASSETS TRUST, INC. scores 67/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. AMERICAN ASSETS TRUST, INC. scores 53/100 on it among other REITs.

Piotroski F-Score Partial

6/8

AMERICAN ASSETS TRUST, 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.

Earnings Quality Cash-Backed

2.34x

For every $1 of reported earnings, AMERICAN ASSETS TRUST, 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.

Interest Coverage At Risk

1.87x

AMERICAN ASSETS TRUST, INC. earns $1.87 in operating income for every $1 of interest expense ($145.9M vs $78.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$110.6M

YoY+1.8%

QoQ+0.5%

5Y CAGR+5.7%

10Y CAGR+4.6%

AMERICAN ASSETS TRUST, INC. generated $110.6M in revenue in Q1 2026. This represents an increase of 1.8% from the same quarter a year earlier. Against the prior quarter it is up 0.5%.

EBITDA

$58.1M

YoY-43.3%

QoQ+5.3%

5Y CAGR+4.1%

10Y CAGR+3.5%

AMERICAN ASSETS TRUST, INC.'s EBITDA was $58.1M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 43.3% from the same quarter a year earlier. Against the prior quarter it is up 5.3%.

Net Income

$6.7M

YoY-84.2%

QoQ+114.1%

5Y CAGR+39.9%

10Y CAGR-1.3%

AMERICAN ASSETS TRUST, INC. reported $6.7M in net income in Q1 2026. This represents a decrease of 84.2% from the same quarter a year earlier. Against the prior quarter it is up 114.1%.

EPS (Diluted)

$0.08

YoY-88.6%

QoQ+60.0%

5Y CAGR+32.0%

10Y CAGR-7.3%

AMERICAN ASSETS TRUST, INC. earned $0.08 per diluted share (EPS) in Q1 2026. This represents a decrease of 88.6% from the same quarter a year earlier. Against the prior quarter it is up 60.0%.

Cash & Balance Sheet

Cash & Debt

$118.3M

YoY-17.8%

QoQ-8.5%

5Y CAGR-20.8%

10Y CAGR+10.4%

AMERICAN ASSETS TRUST, INC. held $118.3M in cash as of Q1 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.34

YoY0.0%

QoQ0.0%

5Y CAGR+4.0%

10Y CAGR+3.1%

AMERICAN ASSETS TRUST, INC. paid $0.34 per share in dividends in Q1 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

61M

YoY+0.4%

QoQ0.0%

5Y CAGR+0.3%

10Y CAGR+3.1%

AMERICAN ASSETS TRUST, INC. had 61M shares outstanding in Q1 2026. This represents an increase of 0.4% from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q1 2026.

Margins & Returns

Gross Margin

60.5%

YoY-1.5pp

AMERICAN ASSETS TRUST, INC.'s gross margin was 60.5% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the same quarter a year earlier.

Operating Margin

23.4%

YoY-42.9pp

QoQ+2.3pp

5Y change-0.5pp

10Y change-10.1pp

AMERICAN ASSETS TRUST, INC.'s operating margin was 23.4% in Q1 2026, reflecting core business profitability. This is down 42.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.3 percentage points.

Net Margin

6.1%

YoY-33.1pp

QoQ+3.2pp

5Y change+4.6pp

10Y change-4.7pp

AMERICAN ASSETS TRUST, INC.'s net profit margin was 6.1% in Q1 2026, showing the share of revenue converted to profit. This is down 33.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.2 percentage points.

Return on Equity

0.6%

YoY-3.0pp

QoQ+0.3pp

5Y change+0.5pp

10Y change-0.4pp

AMERICAN ASSETS TRUST, INC.'s ROE was 0.6% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.

Capital Allocation

None of these metrics is reported for Q1 2026.

AAT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AAT quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
EBITDA	N/A	$273.2M+7.3%	$254.7M+5.6%	$241.2M+1.3%	$238.1M+10.1%	$216.2M+9.8%	$196.9M-6.2%	$209.9M+12.5%	$186.6M+5.5%	$176.9M+4.5%	$169.3M+7.4%	$157.5M+4.9%	$150.2M+1.6%	$147.9M+10.6%	$133.8M+19.1%	$112.3M
Interest Expense	N/A	$78.1M+4.8%	$74.5M+15.2%	$64.7M+11.1%	$58.2M-0.6%	$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 (Basic)	N/A	$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%	$0.72-17.2%	$0.87+67.3%	$0.52+36.8%	$0.38-57.8%	$0.90+1025.0%	$0.08
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
Diluted Shares (Avg)	N/A	77M+0.3%	77M+0.2%	76M+0.1%	76M+0.1%	76M+0.1%	76M+7.5%	71M+10.4%	64M+0.1%	64M+1.4%	63M+1.4%	62M+4.0%	60M+4.2%	58M+0.8%	57M+5.2%	54M

Metric	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-Q	Q4'2410-K	Q3'2410-K	Q2'2410-K
Revenue	$110.6M+1.8%	$110.1M-3.0%	$109.6M-10.8%	$107.9M-2.7%	$108.6M-1.9%	$113.5M+0.9%	$122.8M+10.4%	$110.9M+1.1%
Gross Profit	$66.9M-0.6%	N/A	$66.3M-17.6%	$67.6M-4.2%	$67.3M-3.3%	N/A	$80.4M+15.1%	$70.5M+0.9%
SG&A Expenses	$8.8M-5.7%	N/A	$9.5M+4.8%	$8.8M+1.3%	$9.3M+5.3%	N/A	$9.1M+2.1%	$8.7M+1.5%
Operating Income	$25.8M-64.1%	$23.2M-22.7%	$24.8M-34.5%	$26.0M-15.6%	$72.0M+135.6%	$30.0M+2.2%	$37.8M+21.4%	$30.8M-2.2%
EBITDA	$58.1M-43.3%	$55.2M-9.1%	$56.8M-20.4%	$58.8M-4.9%	$102.5M+68.6%	$60.8M+2.4%	$71.3M+16.9%	$61.8M+0.8%
Interest Expense	$19.7M+4.9%	N/A	$19.8M+8.5%	$19.8M+21.5%	$18.8M+15.5%	N/A	$18.2M+11.7%	$16.3M-0.5%
Income Tax	$101K-75.8%	N/A	$156K-33.6%	$118K-41.3%	$417K+60.4%	N/A	$235K-19.8%	$201K+7.5%
Net Income	$6.7M-84.2%	$3.1M-64.9%	$4.5M-72.9%	$5.5M-54.2%	$42.5M+120.8%	$9.0M-14.3%	$16.7M+41.4%	$11.9M-0.7%
EPS (Basic)	$0.08-88.6%	$0.05-66.7%	$0.07-75.0%	$0.09-55.0%	$0.70+118.7%	$0.15-11.8%	$0.28+40.0%	$0.200.0%
EPS (Diluted)	$0.08-88.6%	$0.05-66.7%	$0.07-75.0%	$0.09-55.0%	$0.70+118.7%	$0.15-11.8%	$0.28+40.0%	$0.200.0%
Diluted Shares (Avg)	77M+0.2%	N/A	77M+0.3%	77M+0.3%	77M+0.3%	N/A	77M+0.2%	76M+0.2%

Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses.

AAT Balance Sheet

AAT quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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

Metric	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-Q	Q4'2410-K	Q3'2410-K	Q2'2410-K
Total Assets	$2.9B-2.3%	$2.9B-10.8%	$2.9B-13.4%	$3.0B-1.2%	$3.0B-0.7%	$3.3B+9.7%	$3.4B+12.8%	$3.0B-0.6%
Cash & Equivalents	$118.3M-17.8%	$129.4M-69.6%	$138.7M-74.0%	$143.7M+25.1%	$143.9M+46.0%	$425.7M+413.5%	$533.0M+492.4%	$114.9M+35.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$6.7M-5.3%	$7.4M+7.3%	$7.8M-11.2%	$6.5M-14.1%	$7.1M-6.6%	$6.9M+6.5%	$8.8M+11.9%	$7.6M+2.8%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$1.8B+0.7%	$1.8B-14.8%	$1.8B-19.1%	$1.8B-1.4%	$1.8B-0.9%	$2.1B+17.4%	$2.3B+22.6%	$1.8B+0.6%
Long-Term Debt	N/A	$1.7B-16.0%	N/A	N/A	N/A	$2.0B+19.1%	N/A	N/A
Total Equity	$1.1B-5.2%	$1.2B-2.1%	$1.2B-1.5%	$1.2B-0.7%	$1.2B-0.1%	$1.2B-1.8%	$1.2B-1.9%	$1.2B-1.9%
Retained Earnings	-$346.6M-22.7%	-$331.1M-8.8%	-$313.6M-7.0%	-$297.5M-2.8%	-$282.4M-0.4%	-$304.3M-8.6%	-$293.0M-8.2%	-$289.5M-10.2%

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Non-Current Liabilities.

AAT Cash Flow Statement

AAT quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$127.3M+1.5%	$125.5M+5.0%	$119.5M-3.1%	$123.3M+6.0%	$116.3M+7.4%	$108.3M+12.6%	$96.2M-10.2%	$107.1M+28.6%	$83.3M+16.8%	$71.3M+12.5%	$63.4M-4.8%	$66.6M-0.3%	$66.8M+8.0%	$61.9M+10.6%	$55.9M
Stock-Based Compensation	N/A	$7.4M+4.0%	$7.1M-19.6%	$8.8M+1.7%	$8.7M+2.3%	$8.5M+34.7%	$6.3M+40.9%	$4.5M+47.3%	$3.0M-35.8%	$4.7M+96.1%	$2.4M-16.1%	$2.9M-21.5%	$3.7M+28.9%	$2.8M-0.2%	$2.9M+9.1%	$2.6M
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

Metric	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-Q	Q4'2410-K	Q3'2410-K	Q2'2410-K
Operating Cash Flow	$38.6M+4.7%	$40.6M-0.2%	$40.5M-22.7%	$49.2M-17.1%	$36.9M-32.7%	$40.6M+4.6%	$52.4M+1.2%	$59.3M+28.5%
Depreciation & Amortization	$32.3M+6.0%	$32.0M+4.3%	$32.0M-4.5%	$32.8M+5.7%	$30.5M+0.9%	$30.7M+2.7%	$33.5M+12.3%	$31.0M+4.0%
Stock-Based Compensation	$1.7M+0.7%	N/A	N/A	N/A	$1.7M+3.3%	N/A	N/A	N/A
Investing Cash Flow	-$23.2M-171.1%	-$20.9M-1.2%	-$19.2M+27.0%	-$23.1M-34.6%	$32.7M+345.8%	-$20.6M-5.0%	-$26.3M-24.6%	-$17.1M+26.8%
Financing Cash Flow	-$26.4M+92.5%	-$29.0M+77.2%	-$26.3M-106.7%	-$26.3M-1.8%	-$351.3M-1260.5%	-$127.3M-384.8%	$392.1M+1644.4%	-$25.8M-1.7%
Dividends Paid	$26.4M+0.3%	$26.4M+1.8%	$26.3M+1.8%	$26.3M+1.8%	$26.3M+1.8%	$25.9M+1.8%	$25.8M+1.7%	$25.8M+1.7%

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

AAT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AAT quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	0.150.0x	0.140.0x	0.150.0x	0.140.0x	0.120.0x	0.120.0x	0.130.0x	0.150.0x	0.140.0x	0.150.0x	0.140.0x	0.130.0x	0.140.0x	0.130.0x	0.12

Metric	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-Q	Q4'2410-K	Q3'2410-K	Q2'2410-K
Gross Margin	60.5%-1.5pp	N/A	60.5%-5.0pp	62.6%-1.0pp	62.0%-0.9pp	N/A	65.5%+2.6pp	63.6%-0.1pp
Operating Margin	23.4%-42.9pp	21.1%-5.4pp	22.6%-8.2pp	24.1%-3.7pp	66.3%+38.7pp	26.5%+0.4pp	30.8%+2.8pp	27.8%-0.9pp
Net Margin	6.1%-33.1pp	2.9%-5.1pp	4.1%-9.4pp	5.1%-5.7pp	39.2%+21.8pp	7.9%-1.4pp	13.6%+3.0pp	10.7%-0.2pp
Return on Equity	0.6%-3.0pp	0.3%-0.5pp	0.4%-1.0pp	0.5%-0.5pp	3.5%+1.9pp	0.8%-0.1pp	1.4%+0.4pp	1.0%0.0pp
Return on Assets	0.2%-1.2pp	0.1%-0.2pp	0.1%-0.3pp	0.2%-0.2pp	1.4%+0.8pp	0.3%-0.1pp	0.5%+0.1pp	0.4%0.0pp
Debt-to-Equity	1.61+0.1x	1.48-0.2x	1.56-0.3x	1.540.0x	1.510.0x	1.72+0.3x	1.90+0.4x	1.550.0x
Asset Turnover	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.030.0x	0.040.0x	0.040.0x

Not reported in any period shown, so not listed: Current Ratio, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
AMERICAN ASSETS TRUST, INC. AAT	FY2025	$436.2M	$71.4M	16.4%	$1.3B	52/100
Global Net Lease, Inc. GNL	FY2025	$495.3M	-$225.5M	-45.5%	$1.7B	13/100
Safehold Inc. SAFE	FY2025	$385.6M	$114.5M	29.7%	$803.1M	46/100
Armada Hoffler Properties, Inc. AHH	FY2026	$209.9M	$3.9M	1.9%	$647.9M	48/100
Gladstone Commercial Corporation - REIT GOOD	FY2025	$161.3M	$19.3M	11.9%	$603.6M	43/100
CTO Realty Growth, Inc. CTO	FY2025	$149.5M	$2.6M	1.7%	$770.0M	55/100

Where AMERICAN ASSETS TRUST, INC. Ranks

Frequently Asked Questions

What is AMERICAN ASSETS TRUST, INC.'s annual revenue?

AMERICAN ASSETS TRUST, 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 TRUST, INC.'s revenue growing?

AMERICAN ASSETS TRUST, INC. (AAT) revenue declined by 4.7% year-over-year, from $457.9M to $436.2M in fiscal year 2025.

Is AMERICAN ASSETS TRUST, INC. profitable?

Yes, AMERICAN ASSETS TRUST, 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 TRUST, INC.'s EBITDA?

AMERICAN ASSETS TRUST, 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 TRUST, INC. have?

As of fiscal year 2025, AMERICAN ASSETS TRUST, INC. (AAT) had $129.4M in cash and equivalents against $1.7B in long-term debt.

What is AMERICAN ASSETS TRUST, INC.'s gross margin?

AMERICAN ASSETS TRUST, 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 TRUST, INC.'s operating margin?

AMERICAN ASSETS TRUST, 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 TRUST, INC.'s net profit margin?

AMERICAN ASSETS TRUST, 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 TRUST, INC. pay dividends?

Yes, AMERICAN ASSETS TRUST, INC. (AAT) paid $1.36 per share in dividends during fiscal year 2025.

What is AMERICAN ASSETS TRUST, INC.'s return on equity (ROE)?

AMERICAN ASSETS TRUST, 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 TRUST, INC.'s operating cash flow?

AMERICAN ASSETS TRUST, INC. (AAT) generated $167.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are AMERICAN ASSETS TRUST, INC.'s total assets?

AMERICAN ASSETS TRUST, INC. (AAT) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does AMERICAN ASSETS TRUST, INC. have outstanding?

AMERICAN ASSETS TRUST, INC. (AAT) had 61M shares outstanding as of fiscal year 2025.

What is AMERICAN ASSETS TRUST, INC.'s debt-to-equity ratio?

AMERICAN ASSETS TRUST, 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 TRUST, INC.'s return on assets (ROA)?

AMERICAN ASSETS TRUST, 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 TRUST, INC.'s P/E ratio?

AMERICAN ASSETS TRUST, INC. (AAT) trades at 65.8x earnings, its market capitalization divided by net income of $19.9M net income, trailing 12 months to March 31, 2026. The market capitalization is $1.3B as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is AMERICAN ASSETS TRUST, INC.'s price-to-sales ratio?

AMERICAN ASSETS TRUST, INC. (AAT) trades at 3.0x sales, its market capitalization divided by revenue of $438.2M revenue, trailing 12 months to March 31, 2026. The market capitalization is $1.3B as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is AMERICAN ASSETS TRUST, INC.'s Piotroski F-Score?

AMERICAN ASSETS TRUST, 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 TRUST, INC.'s earnings high quality?

AMERICAN ASSETS TRUST, 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.

Can AMERICAN ASSETS TRUST, INC. cover its interest payments?

AMERICAN ASSETS TRUST, INC. (AAT) has an interest coverage ratio of 1.87x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is AMERICAN ASSETS TRUST, INC.?

AMERICAN ASSETS TRUST, INC. (AAT) scores 52 out of 100 on our Financial Health Score, indicating moderate 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.