What is American Assets Tr Inc's earnings per share (EPS)?

American Assets Tr 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 Tr Inc Financials

AAT

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

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).

Rhea AI AAT FY2025 2026-05-05

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 to 61.1% from 63.4%. 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 $105.3M against $71.4M of net income. That means reported profit is being paid out rather than retained, so equity does not build through earnings and payout coverage depends more directly on steady operating cash flow.

Liquidity tightened materially in FY2025 as cash fell to $129.4M from $425.7M. Because equity still drifted lower, the balance-sheet improvement came mainly from reducing obligations and shrinking the asset base, leaving the company with less leverage but also less financial flexibility from cash on hand.

Financial Health Signals

Financial Health Score 39/100

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 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.

FFO Margin

FFO Growth

Leverage

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

6/8

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.

Earnings Quality Cash-Backed

2.34x

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

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Earnings & Revenue

Revenue

$436.2M

YoY-4.7%

5Y CAGR+4.8%

10Y CAGR+4.7%

American Assets Tr Inc generated $436.2M in revenue in fiscal year 2025. This represents a decrease of 4.7% from the prior year.

EBITDA

$273.2M

YoY+7.3%

5Y CAGR+6.8%

10Y CAGR+5.7%

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.

Net Income

$71.4M

YoY-2.0%

5Y CAGR+20.9%

10Y CAGR+6.4%

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.

EPS (Diluted)

$0.92

YoY-2.1%

5Y CAGR+14.9%

10Y CAGR+0.7%

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

Free Cash Flow

N/A

Cash & Debt

$129.4M

YoY-69.6%

5Y CAGR-1.2%

10Y CAGR+12.5%

American Assets Tr Inc held $129.4M in cash against $1.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.36

YoY+1.5%

5Y CAGR+6.3%

10Y CAGR+3.7%

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.

Shares Outstanding

61M

YoY+0.4%

5Y CAGR+0.3%

10Y CAGR+3.1%

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

Gross Margin

61.1%

YoY-2.3pp

5Y CAGR-3.7pp

10Y CAGR-3.3pp

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.

Operating Margin

33.5%

YoY+5.2pp

5Y CAGR+7.7pp

10Y CAGR-0.7pp

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.

Net Margin

16.4%

YoY+0.5pp

5Y CAGR+8.3pp

10Y CAGR+2.4pp

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.

Return on Equity

6.2%

YoY+0.0pp

5Y CAGR+4.0pp

10Y CAGR+1.4pp

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

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

AAT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$436.2M-4.7%	$457.9M+3.8%	$441.2M+4.4%	$422.6M+12.5%	$375.8M+9.1%	$344.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$266.6M-8.1%	$290.1M+4.7%	$277.2M+2.6%	$270.2M+9.8%	$246.1M+10.1%	$223.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$37.8M+6.7%	$35.5M-1.4%	$36.0M+11.9%	$32.1M+7.6%	$29.9M+12.4%	$26.6M
Operating Income	$145.9M+13.0%	$129.2M+6.1%	$121.7M+6.1%	$114.7M+14.9%	$99.9M+12.7%	$88.6M
Interest Expense	N/A	N/A	N/A	N/A	$58.6M+9.6%	$53.4M
Income Tax	$770K-13.1%	$886K-14.9%	$1.0M+22.5%	$850K+15.2%	$738K+8300.0%	-$9K
Net Income	$71.4M-2.0%	$72.8M+12.6%	$64.7M+15.8%	$55.9M+52.7%	$36.6M+32.3%	$27.7M
EPS (Diluted)	$0.92-2.1%	$0.94+11.9%	$0.84+16.7%	$0.72+53.2%	$0.47+2.2%	$0.46

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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.9B-10.8%	$3.3B+9.7%	$3.0B-0.1%	$3.0B-1.0%	$3.0B+7.1%	$2.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$129.4M-69.6%	$425.7M+413.5%	$82.9M+67.2%	$49.6M-64.5%	$139.5M+1.6%	$137.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$7.4M+7.3%	$6.9M+6.5%	$6.5M-17.4%	$7.8M+5.4%	$7.4M+7.3%	$6.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.8B-14.8%	$2.1B+17.4%	$1.8B+1.6%	$1.8B-0.3%	$1.8B+15.6%	$1.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
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
Total Equity	$1.2B-2.1%	$1.2B-1.8%	$1.2B-1.9%	$1.2B-1.4%	$1.2B-2.6%	$1.3B
Retained Earnings	-$331.1M-8.8%	-$304.3M-8.6%	-$280.2M-11.6%	-$251.2M-15.3%	-$217.8M-23.3%	-$176.6M

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	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$167.1M-19.3%	$207.1M+9.7%	$188.8M+5.4%	$179.1M+6.4%	$168.3M+32.6%	$127.0M
Capital Expenditures	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
Investing Cash Flow	-$30.5M+60.6%	-$77.4M+13.9%	-$89.9M+46.0%	-$166.3M+46.7%	-$312.3M-352.1%	-$69.1M
Financing Cash Flow	-$432.9M-303.2%	$213.1M+425.1%	-$65.5M+36.2%	-$102.7M-171.1%	$144.4M+610.2%	-$28.3M
Dividends Paid	$105.3M+1.8%	$103.4M+1.8%	$101.6M+3.4%	$98.2M+10.5%	$88.9M+16.2%	$76.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	61.1%-2.3pp	63.4%+0.5pp	62.8%-1.1pp	63.9%-1.5pp	65.5%+0.6pp	64.8%
Operating Margin	33.5%+5.2pp	28.2%+0.6pp	27.6%+0.5pp	27.2%+0.6pp	26.6%+0.9pp	25.7%
Net Margin	16.4%+0.5pp	15.9%+1.2pp	14.7%+1.4pp	13.2%+3.5pp	9.7%+1.7pp	8.0%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.48-0.2	1.72+0.3	1.42+0.1	1.33-0.0	1.34+0.3	1.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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.

How many shares does American Assets Tr Inc have outstanding?

American Assets Tr Inc (AAT) had 61M shares outstanding as of fiscal year 2025.

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.