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Stock

AT&T

0QZ1.L
60
Telecommunications Services · Communication Services
Price
$24.54
+0.25 (+1.03%)
Market Cap
$168.72B
Exchange
London Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 8, 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
8/15
Dividends
Good
3/5

60 of 100 counted points = Winston Score 60.

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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 business communication services to tens of millions of customers across the country. The company is best known for its mobile network, which competes directly with Verizon and T-Mobile for American consumers and businesses.

AT&T makes most of its money through monthly subscription fees — customers pay recurring bills for wireless plans and fiber internet service called AT&T Fiber. The company operates almost entirely in the US and generates roughly $120 billion in annual revenue. Its large, established network infrastructure is difficult and expensive for new competitors to replicate, giving it some protection. However, AT&T carries a significant amount of debt from past acquisitions, and its main growth bet is expanding its fiber internet footprint to more homes — a capital-intensive effort that requires heavy ongoing investment to succeed.

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

5.0%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 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)
8.1x
Attractive valuation — P/E 8.1

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
4.51%
Healthy income — 4.51% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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