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American Assets TrustAAT -1.32%72 Graham Number is $10.94 as of Mar. 2026, which is 418% above its 10-year median of 2.11. GuruFocus rates AAT with a GF Score™ of 72/100 and a GF Value™ of $20.61 (Modestly Overvalued). The stock has 13 warning signs investors should review. Among 736 REITs companies, American Assets Trust ranks worse than 89.81% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for American Assets Trust's Graham Number or its related term are showing as below:
AAT'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.96 Med: 2.11 Max: 3.19
Current: 2.33
During the past 13 years, the highest Price to Graham Number ratio of American Assets Trust was 3.19. The lowest was 0.96. And the median was 2.11.
AAT's Price-to-Graham-Number is ranked worse than 89.81% of 736
companies
in the REITs industry
Industry Median: 0.745
vs AAT: 2.33
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
American Assets Trust (NYSE:AAT) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
American Assets Trust's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
25.51
/
10.94
=
2.33
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
American Assets Trust Graham Number Related Terms
American Assets Trust Graham Number Historical Data
* Premium members only.
The historical data trend for American Assets Trust's Graham Number can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the REIT - Diversified subindustry, American Assets Trust's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
American Assets Trust Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, American Assets Trust's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where American Assets Trust's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
American Assets Trust (AAT) has a Graham Number of $10.94 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on American Assets Trust and its competitors. This is 418% above median its historical median of 2.11. Over the past decade, American Assets Trust's Graham Number has ranged from 0.96 to 3.19. According to the industry distribution chart, American Assets Trust ranks #661 out of 736 companies in the REITs industry, placing it in the top 89.8%.
Is American Assets Trust's Graham Number too high?
American Assets Trust's current Graham Number of $10.94 is 418% above median its 10-year median of 2.11. Over the past 10 years, this metric has ranged from a low of 0.96 to a high of 3.19. The REITs industry median Graham Number is 0.75. American Assets Trust's value of $10.94 is 1368.5% above this industry median. Based on the distribution chart, American Assets Trust ranks #661 out of 736 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, American Assets Trust has a GF Score™ of 72/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does American Assets Trust's Graham Number compare to GNL and SAFE?
According to the REITs industry distribution chart, American Assets Trust ranks #661 out of 736 companies for Graham Number. This places American Assets Trust in the lower half of its industry. The industry median Graham Number is 0.75. American Assets Trust's value of $10.94 is 1368.5% above this benchmark. Historically, American Assets Trust's own Graham Number has ranged from 0.96 to 3.19 over the past decade. While the company's 10-year median is 2.11 vs. the industry median of 0.75, American Assets Trust has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a REITs company?
The median Graham Number among REITs companies is 0.75, based on 736 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. American Assets Trust's current Graham Number of $10.94 is 1368.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on American Assets Trust and its competitors. For the REITs industry, the median Graham Number is 0.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. American Assets Trust's current Graham Number is $10.94, which is 418% above median its own 10-year median of 2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is American Assets Trust stock overvalued right now?
Based on GuruFocus' analysis, American Assets Trust (AAT) is currently considered Modestly Overvalued. The stock's GF Value™ is $20.61, compared to a current price of $25.51 — trading 23.8% above its estimated fair value. The current Graham Number is $10.94, which is 418% above median its 10-year median of 2.11 and 1368.5% above the REITs industry median of 0.75. American Assets Trust's overall GF Score™ is 72/100 with 13 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For American Assets Trust (AAT), the current Graham Number is $10.94 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is American Assets Trust (AAT) Overvalued in 2026?
Based on GuruFocus' analysis, American Assets Trust stock appears to be overvalued.
The current stock price of $25.51 is trading 23.8% above its estimated GF Value™ of $20.61.
GuruFocus considers American Assets Trust to be Modestly Overvalued.
Key valuation signals for AAT:
Graham Number: $10.94 (418% above median its 10-year median of 2.11)
GF Value™: $20.61 vs. price of $25.51 (23.8% above fair value)
Industry Position: 1368.5% above the REITs median (#661 of 736)
No single metric tells the full story. See the AAT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
American Assets Trust Inc is a self-administered real estate investment trust based in the United States. The company invests in, operates, and develops retail, office, residential, and mixed-use properties. Properties are predominantly located in South California, Northern California, Oregon, Washington, and Hawaii. American Assets operates through four segments based on property type: retail; office; mixed-use, which consists of retail and hotel components; and multifamily, which includes the company's apartment properties. The retail and office segments collectively contribute the majority of the total revenue.
72GF Score
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