A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
AMERICAN TOWER CORP /MA/
AMT
$78.1B
Mkt Cap
$166.67
+1.23%
AMERICAN TOWER CORP /MA/ (AMT) has a current P/E ratio of 26.8, compared to its historical median P/E of 44.9. The stock is currently considered Cheap based on its historical valuation range.
AMERICAN TOWER CORP /MA/ (AMT) has a 5-year average return on invested capital (ROIC) of 7.5%. This is below average and may indicate limited pricing power.
AMERICAN TOWER CORP /MA/ (AMT) has a market capitalization of $77.7B. It is classified as a large-cap stock.
Yes, AMERICAN TOWER CORP /MA/ (AMT) pays a dividend with a trailing twelve-month yield of 4.14%. The company also returns capital through share buybacks, with a buyback yield of 0.47%.
Based on historical P/E analysis, AMERICAN TOWER CORP /MA/ (AMT) appears cheap. The current P/E of 26.8 is 40% below its historical median of 44.9. The estimated fair value CAGR (P/E method) is 0.7%.
AMERICAN TOWER CORP /MA/ (AMT) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
AMERICAN TOWER CORP /MA/ (AMT) reported annual revenue of $10.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
American Tower is one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate, with a portfolio of 149,686 communications sites as of December 31, 2025, distributed across the U.S. & Canada (42,224 sites), Africa & APAC (27,857 sites), Europe (32,524 sites), and Latin America (47,081 sites), plus 30 operating data center facilities across eleven U.S. markets. The company's primary business is leasing space on communications sites to wireless service providers, broadcast companies, and other tenants, generating 97% of total revenues through property operations characterized by long-term tenant leases with contractual rent escalations (averaging approximately 3% annually in the U.S.), high lease renewal rates (approximately 2% churn in 2025), and high operating margins where incremental revenue from new tenants flows substantially to gross margin and operating profit. Beyond tower leasing, the company operates distributed antenna system networks, manages rooftop and tower sites for third parties, leases fiber and other telecommunications infrastructure, and operates data center facilities providing space to enterprises, network operators, and cloud providers; services operations, representing 3% of revenues, include site application, zoning and permitting, structural analyses, and construction management to support customer deployment and new tenant additions. The company operates as a REIT, enabling it to avoid U.S. federal income taxes on REIT-qualified operations while using taxable REIT subsidiaries for certain businesses and jurisdictions, and maintains significant customer concentration with the top three U.S. wireless carriers (AT&T, T-Mobile, Verizon) representing 85% of U.S. & Canada segment revenue.
【Durable secular demand growth】 Management expects continued strong demand for communications infrastructure driven by rising mobile data consumption, 5G network densification, and emerging AI applications requiring greater bandwidth and network capacity; the company anticipates wireless network capacity must double between now and 2030, with carriers continuing to invest in coverage and capacity-driven activities across the tower portfolio. In developed markets including the U.S., Canada, and Europe, the company expects mid-single-digit organic growth supported by ongoing 5G rollout, spectrum extensions, and coverage obligations, while emerging markets are positioned for faster growth as less mature portfolios lease up over time and consolidation normalizes, particularly in Brazil where management expects accelerated organic growth to commence in 2027. Management is prioritizing operational efficiency through AI-driven process automation, predictive maintenance, and workflow optimization, with expectations for 200-300 basis points of tower cash EBITDA margin expansion over the next five years, and remains focused on capital allocation to developed markets and the CoreSite data center business, which has exceeded underwriting assumptions and is expected to achieve mid-teens or higher stabilized yields.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.8B | 10.6B | 10.1B | 10.0B | 9.6B | 9.4B |
| Net Income | 2.9B | 2.5B | 2.3B | 1.5B | 1.8B | 2.6B |
| EPS | $6.21 | $5.40 | $4.82 | $3.18 | $3.82 | $5.66 |
| Free Cash Flow | 3.8B | 3.8B | 3.7B | 2.9B | 1.8B | 3.4B |
| ROIC | 10.7% | 9.8% | 9.4% | 6.4% | 5.3% | 6.6% |
| Gross Margin | - | 57.2% | 55.8% | 47.1% | 42.3% | 48.9% |
| Debt/Equity | 10.59 | 12.31 | 13.00 | 11.03 | 8.44 | 10.24 |
| Dividends/Share | $6.90 | $6.72 | $6.56 | $6.31 | $4.30 | $5.01 |
| Operating Income | 4.8B | 4.8B | 4.5B | 3.1B | 2.7B | 3.1B |
| Operating Margin | 44.7% | 45.5% | 44.6% | 31.2% | 28.4% | 33.5% |
| ROE | 82.3% | 71.9% | 59.5% | 30.4% | 33.1% | 56.0% |
| Shares Outstanding | 466M | 468M | 468M | 466M | 462M | 454M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.1B | 4.8B | 5.8B | 6.7B | 7.4B | 7.6B | 8.0B | 9.4B | 9.6B | 10.0B | 10.1B | 10.6B | 10.8B |
| Gross Margin | 36.1% | 44.3% | 41.6% | 50.8% | 46.6% | 55.8% | 50.1% | 48.9% | 42.3% | 47.1% | 55.8% | 57.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 447M | 498M | 543M | 637M | 733M | 730M | 779M | 812M | 902M | 946M | 933M | 941M | 961M |
| EBIT | 1.5B | 1.6B | 1.9B | 2.0B | 1.9B | 2.7B | 2.9B | 3.1B | 2.7B | 3.1B | 4.5B | 4.8B | 4.8B |
| Op. Margin | 36.3% | 33.8% | 32.0% | 30.0% | 25.6% | 35.5% | 35.9% | 33.5% | 28.4% | 31.2% | 44.6% | 45.5% | 44.7% |
| Net Income | 801M | 595M | 849M | 1.2B | 1.2B | 1.9B | 1.7B | 2.6B | 1.8B | 1.5B | 2.3B | 2.5B | 2.9B |
| Net Margin | 19.5% | 12.5% | 14.7% | 17.3% | 16.5% | 24.9% | 21.0% | 27.4% | 18.3% | 14.8% | 22.3% | 23.8% | 26.8% |
| Non-Recurring | 30M | 45M | 79M | 454M | 874M | 234M | 240M | 196M | 684M | 820M | 97M | 184M | 184M |
| Returns on Capital | |||||||||||||
| ROIC | 7.7% | 6.2% | 6.4% | 7.7% | 7.5% | 9.0% | 8.1% | 6.6% | 5.3% | 6.4% | 9.4% | 9.8% | 10.7% |
| ROE | 21.4% | 11.2% | 12.7% | 17.7% | 21.2% | 36.3% | 37.0% | 56.0% | 33.1% | 30.4% | 59.5% | 71.9% | 82.3% |
| ROA | 3.9% | 2.5% | 2.9% | 3.6% | 3.7% | 5.0% | 3.8% | 4.4% | 2.6% | 2.2% | 3.5% | 4.1% | 4.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.1B | 2.2B | 2.7B | 2.9B | 3.7B | 3.8B | 3.9B | 4.8B | 3.7B | 4.7B | 5.3B | 5.5B | 5.6B |
| Free Cash Flow | 1.2B | 1.4B | 2.0B | 2.1B | 2.8B | 2.8B | 2.8B | 3.4B | 1.8B | 2.9B | 3.7B | 3.8B | 3.8B |
| Owner Earnings | 1.1B | 847M | 1.2B | 1.2B | 1.6B | 1.9B | 1.9B | 2.5B | 427M | 1.7B | 3.1B | 3.3B | -7.9B |
| CapEx | 974M | 729M | 683M | 804M | 913M | 991M | 1.0B | 1.4B | 1.9B | 1.8B | 1.6B | 1.7B | 1.8B |
| Maint. CapEx | 964M | 1.2B | 1.5B | 1.6B | 2.0B | 1.7B | 1.8B | 2.2B | 3.1B | 2.8B | 2.0B | 2.0B | 13.3B |
| Growth CapEx | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 964M | 1.2B | 1.5B | 1.6B | 2.0B | 1.7B | 1.8B | 2.2B | 3.1B | 2.8B | 2.0B | 2.0B | 13.3B |
| CapEx/OCF | 45.6% | 33.4% | 25.3% | 27.5% | 24.4% | 26.4% | 26.6% | 28.6% | 50.7% | 38.1% | 30.1% | 30.8% | 32.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 405M | 711M | 886M | 1.1B | 1.3B | 1.6B | 1.9B | 2.3B | 2.7B | 3.0B | 3.0B | 3.2B | 3.2B |
| Dividend Yield | 1.5% | 2.3% | 2.5% | 2.4% | 2.5% | 2.1% | 2.1% | 2.2% | 2.8% | 3.7% | 3.4% | 3.5% | 4.1% |
| Share Buybacks | 0 | 0 | 0 | 766M | 233M | 20M | 56M | 0 | 19M | 0 | 0 | 365M | 365M |
| Buyback Yield | N/A | N/A | N/A | 1.5% | 0.4% | 0.0% | 0.1% | N/A | 0.0% | N/A | N/A | 0.4% | 0.5% |
| Stock-Based Comp | 80M | 91M | 90M | 109M | 138M | 111M | 121M | 120M | 169M | 196M | 204M | 174M | 179M |
| Debt Repayment | 3.9B | 6.4B | 5.1B | 6.5B | 4.9B | 9.2B | 13.9B | 13.2B | 9.6B | 13.2B | 12.4B | 9.5B | 9.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 14.2B | 16.8B | 17.7B | 19.4B | 20.0B | 29.2B | 35.0B | 50.1B | 45.5B | 44.6B | 42.0B | 43.5B | 35.7B |
| Cash & Equiv. | 313M | 321M | 787M | 802M | 1.2B | 1.5B | 1.7B | 1.9B | 1.5B | 1.8B | 2.0B | 1.5B | 1.6B |
| Long-Term Debt | 13.6B | 17.1B | 18.3B | 19.4B | 18.4B | 21.1B | 28.5B | 38.7B | 34.2B | 35.7B | 32.8B | 33.8B | 31.2B |
| Debt/Equity | 3.68 | 2.57 | 2.74 | 3.24 | 3.97 | 6.14 | 8.97 | 10.24 | 8.44 | 11.03 | 13.00 | 12.31 | 10.59 |
| Interest Coverage | 2.6 | 504.0 | 201.4 | 2.7 | 2.3 | 3.3 | 3.6 | 3.6 | 2.4 | 2.2 | 3.2 | 3.6 | 162.7 |
| Equity | 4.0B | 6.7B | 6.8B | 6.2B | 5.3B | 5.1B | 4.1B | 5.1B | 5.6B | 4.2B | 3.4B | 3.7B | 3.5B |
| Total Assets | 21.3B | 26.9B | 30.9B | 33.2B | 33.0B | 42.8B | 47.2B | 69.9B | 67.2B | 66.0B | 61.1B | 63.2B | 63.2B |
| Total Liabilities | 17.2B | 20.2B | 22.8B | 25.3B | 26.1B | 36.2B | 42.5B | 60.8B | 54.8B | 55.2B | 51.4B | 52.8B | 53.1B |
| Intangibles | 6.8B | 9.8B | 11.3B | 11.8B | 11.2B | 12.3B | 13.8B | 20.7B | 18.0B | 15.9B | 14.5B | 14.5B | 14.2B |
| Retained Earnings | -837M | -999M | -1.1B | -1.1B | -1.2B | -1.0B | -1.3B | -1.1B | -2.1B | -3.6B | -4.4B | -5.1B | -5.1B |
| Working Capital | -972M | -204M | 59M | -474M | -2.3B | -2.9B | -750M | -5.3B | -4.7B | -3.5B | -3.9B | -4.2B | -6.8B |
| Current Assets | 958M | 996M | 1.7B | 2.0B | 2.4B | 2.6B | 2.9B | 3.7B | 3.6B | 3.7B | 3.2B | 2.7B | 3.0B |
| Current Liabilities | 1.9B | 1.2B | 1.6B | 2.5B | 4.7B | 5.5B | 3.7B | 9.1B | 8.3B | 7.2B | 7.1B | 6.9B | 9.7B |
| Per Share Data | |||||||||||||
| EPS | 2.00 | 1.41 | 1.98 | 2.67 | 2.77 | 4.24 | 3.79 | 5.66 | 3.82 | 3.18 | 4.82 | 5.40 | 6.21 |
| Owner EPS | 2.72 | 2.01 | 2.69 | 2.77 | 3.58 | 4.37 | 4.34 | 5.51 | 0.92 | 3.70 | 6.62 | 7.07 | -16.93 |
| Book Value | 9.87 | 15.77 | 15.77 | 14.47 | 12.05 | 11.35 | 9.18 | 11.20 | 12.05 | 9.00 | 7.23 | 7.80 | 7.56 |
| Cash Flow/Share | 5.33 | 5.14 | 6.30 | 6.78 | 8.46 | 8.43 | 8.70 | 10.62 | 8.00 | 10.12 | 11.31 | 11.66 | 34.72 |
| Dividends/Share | 1.01 | 1.68 | 2.07 | 2.49 | 2.99 | 3.60 | 4.32 | 5.01 | 4.30 | 6.31 | 6.56 | 6.72 | 6.90 |
| Shares Out. | 400.5M | 421.9M | 428.9M | 431.3M | 443.0M | 445.2M | 446.1M | 453.7M | 462.3M | 466.4M | 467.8M | 468.4M | 466.0M |
| Valuation | |||||||||||||
| P/E Ratio | 38.2 | 54.1 | 42.3 | 43.2 | 47.3 | 45.3 | 49.9 | 44.4 | 49.2 | 63.2 | 36.1 | 32.0 | 26.8 |
| P/FCF | 26.4 | 22.4 | 17.8 | 23.4 | 20.5 | 31.0 | 29.6 | 33.1 | 47.7 | 32.0 | 22.0 | 21.4 | 20.6 |
| EV/EBIT | 30.8 | 30.4 | 29.1 | 35.0 | 41.7 | 43.4 | 41.0 | 53.2 | 57.1 | 44.7 | 27.7 | 26.1 | 23.5 |
| Price/Book | 7.7 | 4.8 | 5.3 | 8.0 | 10.9 | 16.9 | 20.6 | 22.5 | 15.6 | 22.3 | 24.1 | 22.2 | 22.0 |
| Price/Sales | 6.6 | 6.5 | 6.1 | 6.7 | 7.1 | 9.9 | 11.3 | 10.8 | 9.1 | 8.2 | 8.8 | 8.6 | 7.2 |
| FCF Yield | 3.8% | 4.5% | 5.6% | 4.3% | 4.9% | 3.2% | 3.4% | 3.0% | 2.1% | 3.1% | 4.5% | 4.7% | 4.9% |
| Market Cap | 30.6B | 32.2B | 35.9B | 49.7B | 58.0B | 85.6B | 84.3B | 114.1B | 86.9B | 93.7B | 81.4B | 81.0B | 77.7B |
| Avg. Price | 68.00 | 73.40 | 82.60 | 103.45 | 118.48 | 168.47 | 204.14 | 222.71 | 211.87 | 175.89 | 191.28 | 194.32 | 166.67 |
| Year-End Price | 76.49 | 76.23 | 83.69 | 115.27 | 130.94 | 192.21 | 189.00 | 251.51 | 187.98 | 200.92 | 173.97 | 172.98 | 166.67 |
AMERICAN TOWER CORP /MA/ passes 5 of 9 quality checks, suggesting mixed fundamentals.
AMERICAN TOWER CORP /MA/ trades at 26.8x trailing earnings, compared to its 15-year median P/E of 44.9x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 20.6x vs a median of 26.5x. The company's 5-year average ROIC is 7.5% with a gross margin of 50.3%. Total shareholder yield (dividends + buybacks) is 4.6%. At current prices, the estimated annualized return to fair value is +2.7%.
AMERICAN TOWER CORP /MA/ (AMT) has a net profit margin of 23.8%. This is a strong margin indicating high profitability.
AMERICAN TOWER CORP /MA/ (AMT) generated $3.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
AMERICAN TOWER CORP /MA/ (AMT) has a debt-to-equity ratio of 12.31. This indicates higher leverage, which may increase financial risk.
AMERICAN TOWER CORP /MA/ (AMT) reported earnings per share (EPS) of $5.40 in its most recent fiscal year.
AMERICAN TOWER CORP /MA/ (AMT) has a return on equity (ROE) of 71.9%. This indicates the company generates strong returns for shareholders.
AMERICAN TOWER CORP /MA/ (AMT) has a 5-year average gross margin of 50.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for AMERICAN TOWER CORP /MA/ (AMT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AMERICAN TOWER CORP /MA/ (AMT) has a book value per share of $7.80, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong demand for communications infrastructure driven by rising mobile data consumption, 5G network densification, and emerging AI applications requiring greater bandwidth and network capacity; the company anticipates wireless network capacity must double between now and 2030, with carriers continuing to invest in coverage and capacity-driven activities across the tower portfolio. In developed markets including the U.S., Canada, and Europe, the company expects mid-single-digit organic growth supported by ongoing 5G rollout, spectrum extensions, and coverage obligations, while emerging markets are positioned for faster growth as less mature portfolios lease up over time and consolidation normalizes, particularly in Brazil where management expects accelerated organic growth to commence in 2027. Management is prioritizing operational efficiency through AI-driven process automation, predictive maintenance, and workflow optimization, with expectations for 200-300 basis points of tower cash EBITDA margin expansion over the next five years, and remains focused on capital allocation to developed markets and the CoreSite data center business, which has exceeded underwriting assumptions and is expected to achieve mid-teens or higher stabilized yields.
No recent press releases.