American Assets Trust (AAT)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $1.7B, American Assets Trust's free cash flow of $95M (fiscal 2025) would need to grow about 3% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from American Assets Trust's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from AAT's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from American Assets Trust's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $376M | $423M | $441M | $458M | $436M |
| Net income | $28M | $44M | $50M | $57M | $56M |
| Free cash flow | $64M | $65M | $106M | $137M | $95M |
| EPS (diluted) | $0.47 | $0.72 | $0.84 | $0.94 | $0.92 |
| Operating margin | 26.6% | 27.1% | 27.6% | 28.2% | 33.5% |
Where the revenue comes from
Revenue by segments, fiscal 2025. Every breakdown, year by year.
Superinvestors who own AAT
From each investor's latest 13F filing (what a 13F shows). 1 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $9M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by American Assets Trust's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you. Every purchase since records began.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Sep 14, 2026 | Ernest S Rady Executive Chairman |
50,000 | $21.65 | $1M |
| Sep 2, 2026 | Ernest S Rady Executive Chairman |
96,636 | $22.50 | $2M |
| Sep 1, 2026 | Ernest S Rady Executive Chairman |
50,000 | $22.40 | $1M |
| Aug 31, 2026 | Ernest S Rady Executive Chairman |
20,000 | $22.33 | $446,600 |
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In the full deep dive
Questions
What growth does American Assets Trust's stock price imply?
At a market value of $1.7B, American Assets Trust would need its free cash flow to grow about 3% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 5% a year.
Are American Assets Trust insiders buying the stock?
4 open-market insider purchases of AAT in the last 12 months, from SEC Form 4 filings.
Which superinvestors own American Assets Trust?
1 of the superinvestors Investingly tracks hold AAT in their latest 13F, including Cliff Asness.
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Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.