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American Assets Tr Inc 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
Free Cash Flow Not reported for the trailing 12 months
Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Currency USD FYE December

American Assets Tr 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

Asset-heavy, debt-backed operations convert depreciation-supported earnings into cash while 2025 revenue weakened.

2025 operating margin expansion did not come from gross economics: revenue fell to $436M and gross margin narrowed to 61.1%, yet operating income rose to $146M. That combination points to cost changes below gross profit or other operating-line effects, rather than stronger underlying revenue economics.

Cash conversion remains a defining feature: operating cash flow of $167M was more than twice net income of $71M in FY2025, consistent with depreciation of $127M materially widening the gap between accounting profit and cash generation. However, operating cash flow declined from $207M while dividends increased to $105M, leaving less internal cash flexibility.

The balance sheet is structurally leveraged and asset-intensive: $1.70B of long-term debt supported $2.92B of assets, with debt-to-equity at 1.5x. Compared with FY2024, liabilities and debt both fell, but equity also declined, so the lower leverage ratio reflects balance-sheet contraction as well as debt reduction.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 41 / 100
Financial Health Score 41/100
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
64
FFO Growth
23
Leverage
40
Interest Cov.
0

Not available for American Assets Tr Inc, and counted as zero in the overall score.

AFFO Margin
68
Dividend Cov.
53
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

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.

Free Cash Flow

Not reported for fiscal year 2025.

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%
YoY0.0pp
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. 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.

AAT quarterly income statement
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
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
Gross Profit$66.9MN/A$66.3M-2.0%$67.6M+0.5%$67.3MN/A$80.4M+14.0%$70.5M
SG&A Expenses$8.8MN/A$9.5M+7.3%$8.8M-5.0%$9.3MN/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
Income Tax$101KN/A$156K+32.2%$118K-71.7%$417KN/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

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

AAT Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AAT quarterly balance sheet
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
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
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
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
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
Long-Term DebtN/A$1.7BN/AN/AN/A$2.0BN/AN/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

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.

AAT quarterly cash flow statement
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
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
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

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.

AAT quarterly financial ratios
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
Gross Margin60.5%N/A60.5%-2.1pp62.6%+0.7pp62.0%N/A65.5%+1.9pp63.6%
Operating Margin23.4%+2.3pp21.1%-1.5pp22.6%-1.5pp24.1%-42.2pp66.3%+39.8pp26.5%-4.3pp30.8%+3.0pp27.8%
Net Margin6.1%+3.2pp2.9%-1.2pp4.1%-0.9pp5.1%-34.1pp39.2%+31.3pp7.9%-5.6pp13.6%+2.8pp10.7%
Return on Equity0.6%+0.3pp0.3%-0.1pp0.4%-0.1pp0.5%-3.1pp3.5%+2.8pp0.8%-0.6pp1.4%+0.4pp1.0%
Return on Assets0.2%+0.1pp0.1%0.0pp0.1%0.0pp0.2%-1.3pp1.4%+1.2pp0.3%-0.2pp0.5%+0.1pp0.4%
Debt-to-Equity1.61+0.1x1.48-0.1x1.560.0x1.540.0x1.51-0.2x1.72-0.2x1.90+0.4x1.55

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

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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%.

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 (AAT) had EBITDA of $273.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, American Assets Tr Inc (AAT) had $129.4M in cash and equivalents against $1.7B in long-term debt.

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.

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.

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.

Yes, American Assets Tr Inc (AAT) paid $1.36 per share in dividends during fiscal year 2025.

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.

American Assets Tr Inc (AAT) generated $167.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

American Assets Tr Inc (AAT) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.

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

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.

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.

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.

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.

American Assets Tr Inc (AAT) scores 41 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.

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