A Business at a Glance
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We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. We refer to this business, inclusive of our data center business discussed below, as our property operations, which accounted for 97% of our total revenues for the year ended December 31, 2025. We also offer tower-related services in the United States, which we refer to as our services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.6B | 10.6B | 10.1B | 10.0B | 10.7B | 9.4B |
| Net Income | 2.5B | 2.5B | 2.3B | 1.5B | 1.8B | 2.6B |
| EPS | $5.40 | $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 | 8.2% | 9.4% | 8.6% | 5.9% | 4.4% | 4.9% |
| Gross Margin | 56.6% | 56.6% | 54.5% | 44.2% | 39.2% | 47.4% |
| Debt/Equity | 13.24 | 13.24 | 14.09 | 11.76 | 9.25 | 11.13 |
| Dividends/Share | $6.74 | $6.72 | $6.56 | $1.70 | $1.56 | $5.01 |
| Operating Income | 4.8B | 4.8B | 4.5B | 3.1B | 2.4B | 3.1B |
| Operating Margin | 45.5% | 45.5% | 44.6% | 31.2% | 22.0% | 33.5% |
| ROE | 69.3% | 71.9% | 66.7% | 35.3% | 31.7% | 50.5% |
| Shares Outstanding | 468M | 468M | 468M | 466M | 462M | 454M |
AMERICAN TOWER CORP /MA/ passes 4 of 9 quality checks, suggesting mixed fundamentals.
AMERICAN TOWER CORP /MA/ trades at 33.5x trailing earnings, compared to its 15-year median P/E of 45.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 22.4x vs a median of 26.8x. The company's 5-year average ROIC is 6.6% with a gross margin of 48.4%. Total shareholder yield (dividends + buybacks) is 4.2%. At current prices, the estimated annualized return to fair value is +2.2%.
AMERICAN TOWER CORP /MA/ (AMT) has a current P/E ratio of 33.5, compared to its historical median P/E of 45.3. 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 6.6%. This is below average and may indicate limited pricing power.
AMERICAN TOWER CORP /MA/ (AMT) has a market capitalization of $84.8B. It is classified as a large-cap stock.
Yes, AMERICAN TOWER CORP /MA/ (AMT) pays a dividend with a trailing twelve-month yield of 3.73%. The company also returns capital through share buybacks, with a buyback yield of 0.43%.
Based on historical P/E analysis, AMERICAN TOWER CORP /MA/ (AMT) appears cheap. The current P/E of 33.5 is 26% below its historical median of 45.3. The estimated fair value CAGR (P/E method) is 4.0%.
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 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 13.24. 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 48.4%. This indicates decent pricing power.
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.
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