What is American Assets Trust's net debt?

American Assets Trust (AAT) reported net debt of -$100.29M in Q1 2026.

How has American Assets Trust's net debt changed year-over-year?

American Assets Trust's net debt increased by 19.1% year-over-year, from -$123.96M to -$100.29M.

What is the long-term trend for American Assets Trust's net debt?

Over 5 years (2020 to 2025), American Assets Trust's net debt has grown at a 0.6% compound annual growth rate (CAGR), from -$107.27M to -$110.59M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

American Assets Trust AAT Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$110.6M+1.8%

Gross profit$66.9M-0.6%

Operating income$25.8M-64.1%

Net income$6.7M-84.2%

EPS (diluted)$0.08-88.6%

Balance sheet

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Cash & equivalents$118.3M-17.8%

Total debt$18.0M-9.6%

Total equity$1.1B-5.2%

Total assets$2.9B-2.3%

Cash flow

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Operating cash flow$38.6M+4.7%

CapEx$20.4M+24.3%

Free cash flow$18.2M-11.1%

Valuation

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Market cap$1.5B+21.0%

Enterprise value$1.4B+25.4%

P/E75.4×+59.9×

P/S3.4×+0.7×

Profitability

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Gross margin60.8%-2.4pp

Operating margin22.8%-14.7pp

Net margin4.5%-13.0pp

FCF margin21.1%-3.8pp

Returns & leverage

See full

Return on equity1.7%-5.0pp

Debt / equity0×0.0×

Where this comes from

Calculated from American Assets Trust’s reported figures.

$18.0Mtotal debt−$118.3Mcash and equivalents=-$100.29M

The official record: American Assets Trust’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is American Assets Trust's net debt?: American Assets Trust (AAT) reported net debt of -$100.29M in Q1 2026.
How has American Assets Trust's net debt changed year-over-year?: American Assets Trust's net debt increased by 19.1% year-over-year, from -$123.96M to -$100.29M.
What is the long-term trend for American Assets Trust's net debt?: Over 5 years (2020 to 2025), American Assets Trust's net debt has grown at a 0.6% compound annual growth rate (CAGR), from -$107.27M to -$110.59M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.