Stock

AT&T Inc. 5.35% GLB NTS 66

TBB
62
Telecommunications Services · Communication Services
Price
$18.12
-0.06 (-0.31%)
Market Cap
$160.55B
Exchange
New York Stock Exchange
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Good
11/20
Cash Flow
Exceptional
9/10
Stability
Mixed
4/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

62 of 100 counted points = Winston Score 62.

Share count falling — buybacks

−4.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 7.50B (2021) → 7.18B (2025)

§Winston Score History

The full picture

AT&T is one of the largest telecommunications companies in the United States. It provides wireless phone service, home internet, and fiber-optic broadband to millions of everyday consumers and businesses across the country. The ticker TBB represents a specific bond — a 5.35% Global Note due 2066 — issued by AT&T to borrow money from investors, rather than a share of common stock.

This security pays bondholders a fixed 5.35% interest rate and is traded on public exchanges like a stock, but it behaves like debt. AT&T operates almost entirely in the US, generating revenue through monthly wireless and internet subscriptions from roughly 100 million wireless connections. The company carries a very large debt load from past acquisitions, which is a key risk; its main growth driver is expanding its fiber internet network, which now reaches tens of millions of homes and competes directly with cable providers like Comcast and Charter.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+6.5% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (12%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

18.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$18.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

AT&T Inc. 5.35% GLB NTS 66 is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
61.8%
Premium pricing power — 61.8% gross margin
Profit after running costs
Operating Margin
22.3%
Excellent — 22.3% operating margin
Return on the money invested
ROCE
10.2%
Below par — 10.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+2.6%
Nearly flat sales (+2.6% YoY)
Profit growth
EPS YoY
+72.3%
Earnings growing fast (+72.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
186%
Turns 186% of profit into real cash
Spare cash per sale
FCF Margin
13.9%
Converts sales into free cash efficiently (13.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.30
Elevated debt (1.30)
Covers its interest
Interest Cover
3.59x
Tight — interest eats into profit (3.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
6.0x
Attractive valuation — P/E 6.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-2.8
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
7.10%
Healthy income — 7.10% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
37%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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