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This stock no longer trades (delisted December 12, 2024)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Stock

AT&T Inc. 5.625% Global Notes d

TBC
60
Telecommunications Services · Communication Services
Price
$24.97
-0.17 (-0.68%)
Market Cap
$179.83B
Exchange
New York Stock Exchange
Winston Score
60
Historical score — this stock no longer trades, so the score is frozen at the last available data.
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
Weak
2/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

60 of 100 counted points = Winston Score 60.

Share count falling — buybacks

−4.5% over 4y

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

Diluted shares outstanding: 7.50B (2021) → 7.17B (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 broadband to over 100 million consumers and millions of businesses. The company also operates one of the biggest fiber-optic networks in the country.

AT&T makes money primarily through monthly wireless and internet subscriptions. It operates mainly in the United States and generates over $120 billion in annual revenue. Its massive network infrastructure acts as a competitive moat, since building a nationwide wireless and fiber network from scratch would cost tens of billions of dollars. Note that this ticker (TBC) represents AT&T's 5.625% corporate bond rather than common stock, meaning holders receive fixed interest payments instead of equity ownership. AT&T's key growth driver is expanding its fiber internet footprint, while its main risk remains the heavy debt load carried from past acquisitions.

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

100.0%ownership

Insiders own a meaningful stake in the company

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. 5.625% Global Notes d 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
8.8%
Below par — 8.8% 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
+71.2%
Earnings growing fast (+71.2% 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
182%
Turns 182% 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
1.29
Elevated debt (1.29)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
8.3x
Attractive valuation — P/E 8.3

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

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
5.64%
Healthy income — 5.64% yield

Generous yield. Worth checking whether the payout is sustainable.

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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