tradmap

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 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
$0 $36M $73M 2011 2013 2015 2017 2019 2021 2023 2025
RevenueNet income
Margins (gross / operating / net)
0% 649% 1298% 2011 2013 2015 2017 2019 2021 2023 2025
GrossOperatingNet
Free cash flow (CFO − capex)
$0 $1 $1 2011 2013 2015 2017 2019 2021 2023 2025
Free cash flow
Cash vs total debt
$0 $1B $2B 2011 2013 2015 2017 2019 2021 2023 2025
CashTotal debt
Cash flow: operating / investing / financing
-$599M -$51M $498M $0 2011 2013 2015 2017 2019 2021 2023 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2025 $40M $71M 668.0% 365.6% — $1.7B $129M
2024 $43M $73M 674.2% 300.3% — $2.0B $426M
2023 $43M $65M 646.5% 283.9% — $1.7B $83M
2022 $38M $56M 708.9% 301.0% — $1.6B $50M
2021 $25M $37M 986.8% 400.5% — $1.7B $140M
2020 $17M $36M 1298.5% 514.7% — $1.3B $137M
2019 $40M $60M 582.6% 282.1% — $1.4B $99M
2018 $40M $27M 522.9% 198.6% — $1.2B $48M
2017 $40M $40M 501.5% 236.8% — $1.3B $83M
2016 $39M $46M 475.4% 248.8% — $1.0B $45M
2015 — $54M — — — $1.0B $40M
2014 — $31M — — — $1.1B $59M
2013 — $23M — — — $952M $49M
2012 — $52M — — — $1.0B $42M
2011 — $19M — — — $943M $113M

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.

Price / earnings (P/E)
0.0 13.5 27.0 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/E
Price / sales (P/S)
0.0 20.4 40.7 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/S
Dividend yield (%)
0.0 4.7 9.5 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
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?

As of Jun '26, American Assets Trust, Inc. traded at a price-to-earnings ratio of about 21.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.