MeritValue

American Assets Trust, Inc.

AATdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$24.9M1$38.1M2$42.9M3$43M3$39.9M3
Net income$36.6M4$55.9M5$64.7M6$72.8M6$71.4M6
Operating cash flow$168.3M7$179.1M8$188.8M9$207.1M9$167.1M9
Capital expenditure$104.6M10$113.8M11$83M12$70.2M12$72.3M12
Free cash flow (derived)$63.7M7$65.3M8$105.8M9$136.9M9$94.9M9
Total debt$1.66B13$1.63B14$1.7B15$2.03B16$1.7B17
Cash & equivalents$139.5M18$49.6M19$82.9M20$425.7M21$129.4M21
Diluted shares76.2M76.2M76.3M76.5M76.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000013%
of the whole company
Your share of last year’s profit
$9.3
Your share of its debt
$221.54
Your share of free cash flow
$12.36
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$54.65
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth18.4%
  • fcfBase$105.8M
DCF · Growth Exit 5Y
$22.86
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth18.4%
  • fcfBase$105.8M
Earnings Power Value
$8.88
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$64.7M
  • growthAssumed0.0%
Graham Number
$17.62
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years18.4%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $22.86

Default growth 18.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001500217-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001500217-25-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001500217-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001500217-24-000008 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001500217-25-000007 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001500217-26-000008 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001500217-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001500217-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001500217-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001500217-24-000008 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0001500217-25-000007 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001500217-26-000008 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0001500217-22-000011 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001500217-23-000010 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001500217-24-000008 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001500217-25-000007 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001500217-26-000008 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001500217-23-000010 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001500217-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001500217-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001500217-26-000008 (CashAndCashEquivalentsAtCarryingValue)