AAT Financials American Assets Trust, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:30 UTC Overview →

Growth & profitability

Revenue has grown 18.3% per year over the past 5 years.
Net income has grown slower than revenue (14.9% vs 18.3% per year).
Operating margin has contracted, at 365.6% in the latest year.

Financial health

Total debt ($1.7B) exceeds cash ($129M); net debt is $1.6B.
Total debt has grown slower than revenue (5.3% vs 18.3% per year).
Total debt is 6.2× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 147.5% of earnings.
The dividend has grown 6.6% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$40M	$71M	668.0%	365.6%	6.2%	2.4%	—	$1.7B	$129M
2024	$43M	$73M	674.2%	300.3%	6.2%	2.2%	—	$2.0B	$426M
2023	$43M	$65M	646.5%	283.9%	5.4%	2.2%	—	$1.7B	$83M
2022	$38M	$56M	708.9%	301.0%	4.6%	1.9%	—	$1.6B	$50M
2021	$25M	$37M	986.8%	400.5%	3.0%	1.2%	—	$1.7B	$140M
2020	$17M	$36M	1298.5%	514.7%	2.8%	1.3%	—	$1.3B	$137M
2019	$40M	$60M	582.6%	282.1%	4.6%	2.2%	—	$1.4B	$99M
2018	$40M	$27M	522.9%	198.6%	3.4%	1.2%	—	$1.2B	$48M
2017	$40M	$40M	501.5%	236.8%	4.8%	1.8%	—	$1.3B	$83M
2016	$39M	$46M	475.4%	248.8%	5.6%	2.3%	—	$1.0B	$45M
2015	—	$54M	—	—	6.7%	2.7%	—	$1.0B	$40M
2014	—	$31M	—	—	4.2%	1.6%	—	$1.1B	$59M
2013	—	$23M	—	—	3.5%	1.2%	—	$952M	$49M
2012	—	$52M	—	—	8.1%	2.8%	—	$1.0B	$42M
2011	—	$19M	—	—	3.1%	1.1%	—	$943M	$113M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$11M	$10M	620.9%	257.0%	0.9%	0.3%	—	—	$90M
Jun '26	—	$7M	—	—	—	—	—	—	—
Mar '26	$10M	$7M	661.3%	255.3%	0.6%	0.2%	—	—	$118M
Dec '25	$10M	$4M	678.0%	240.6%	0.4%	0.1%	—	$1.7B	$129M
Sep '25	$10M	$6M	655.6%	245.0%	0.5%	0.2%	—	—	$139M
Jun '25	$10M	$7M	659.7%	253.5%	0.6%	0.2%	—	—	$144M
Mar '25	$10M	$54M	679.3%	726.4%	4.5%	1.8%	—	—	$144M
Dec '24	$10M	$12M	681.3%	294.2%	1.0%	0.4%	—	$2.0B	$426M
Sep '24	$11M	$21M	702.5%	330.3%	1.8%	0.6%	—	—	$533M
Jun '24	$11M	$15M	663.1%	289.4%	1.3%	0.5%	—	—	$115M
Mar '24	$11M	$25M	648.5%	284.6%	2.1%	0.8%	—	—	$99M
Dec '23	$10M	$13M	656.4%	280.6%	1.1%	0.5%	—	$1.7B	$83M
Sep '23	$12M	$15M	587.6%	261.8%	1.3%	0.5%	—	—	$90M
Jun '23	$10M	$15M	666.5%	300.2%	1.3%	0.5%	—	—	$85M
Mar '23	$10M	$21M	684.9%	296.6%	1.7%	0.7%	—	—	$87M
Dec '22	$9M	$12M	714.3%	292.1%	1.0%	0.4%	—	$1.6B	$50M
Sep '22	$11M	$16M	624.9%	272.5%	1.3%	0.5%	—	—	$63M
Jun '22	$9M	$14M	711.9%	300.8%	1.1%	0.5%	—	—	$61M
Mar '22	$8M	$14M	818.1%	351.9%	1.1%	0.4%	—	—	$74M
Dec '21	$7M	$10M	896.1%	351.8%	0.8%	0.3%	—	$1.7B	$140M

Valuation over time

How the market has priced AAT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 20.4× (Mar '23) to 18.7× (Nov '26).
The price-to-sales ratio has risen from 29.9× (Mar '23) to 33.4× (Nov '26).
The dividend yield has fallen from 8.6% (Mar '23) to 7.9% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is AAT growing its revenue and profit?

Over the past 5 years, American Assets Trust, Inc.'s revenue has grown 18.3% per year, and net income grown 14.9% per year. These are computed facts, not advice.

How much debt does AAT have?

As of FY2025, American Assets Trust, Inc. reported $1.7B of total debt against $129M of cash.

What is AAT's profit margin?

In FY2025, gross margin was 668.0%, operating margin 365.6%, and net margin 178.8%.

What is AAT's P/E ratio?

American Assets Trust, Inc.'s P/E (TTM) is 48.02 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the AAT stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 18.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.