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American Tower Corporation

AMT Real Estate Reit Specialty

American Tower Corporation’s revenue for fiscal 2025 (year ended December 2025) was $10.6 billion, up 5.11% from fiscal 2024.

Revenue
+4.65%
EPS
+138.5%
Free cash flow
+19.4%
Total debt
−0.79%

Quarter to June 2026, against a year earlier

187.78 1.90 +1.02%
Market cap
$86.2B
P/E
25.9×
Fwd P/E
27.0×
Dividend yield
3.76%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2018

  • U.S. & Canada
  • Asia Pacific Property
  • Latin America
  • Africa & APAC
  • Europe Property
  • Network Development Services

Every year since 2017 →

Insider Decisions last twelve months

Bought, $m 1.00
Sold, $m 23.12
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — 1 — — —
Sell — — 2 3 1 — — 2 — — — —
Insider Ownership 0.66%

Capital & Financial Ratios $m

Size
Market Cap 86,200.00
Revenue ttm 10,941.50
Net income ttm 3,515.40
Free cash flow ttm 3,959.80
Net debt Q 35,297.00
Valuation
P/E 25.86
Forward P/E 27.00
Price / sales 8.02
Forward P/S Powerpack
Price / FCF 22.15
Price / book 8.56
Financial health
Current ratio Q 0.52
Debt / equity Q 3.63
Interest coverage Q 3.58
Growth
Revenue growth Q +4.65% (above 0%: growing)
Operating income growth Q +5.94% (above 0%: growing)
EPS, this year +28.95% (at or above 15%: strong)
EPS, next year A −0.24% (below 0%: weak)
Revenue, next year A +3.73%
EPS, past 5 yrs +7.34%
EPS, next 5 yrs A +12.81%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.2×, against a ten-year median of 12.9×; over the ten years it ranged from 10.2× in 2026 to 19.2× in 2021.
P/E against its own 10 years 3.16%
10-year low 10-year high
P/S against its own 10 years 10.36%
10-year low 10-year high
P/B against its own 10 years 40.98%
10-year low 10-year high
EV/Sales against its own 10 years 8.34%
10-year low 10-year high
EV/FCF against its own 10 years 5.14%
10-year low 10-year high

Dividends raised every year since 2016

Yield
3.76%
Annual rate
7.07
Payout ratio
97.3%
Growth, 2016–25
+13.5%/yr
  1. 2.17 ’16
  2. 2.62 ’17 +21%
  3. 3.15 ’18 +20%
  4. 3.78 ’19 +20%
  5. 4.53 ’20 +20%
  6. 5.21 ’21 +15%
  7. 5.86 ’22 +12%
  8. 6.45 ’23 +10%
  9. 6.48 ’24 +0%
  10. 6.80 ’25 +5%
  11. 7.14 ’26e +5%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,873 2,108 1,605 1,893
Receivables 548 540 650 651
Inventory — — — —
Other — — — —
3,176 3,325 3,132 3,572
2023 2024 2025 Q'26
Payables 251 241 260 203
ST’ Debt 3,067 3,693 3,388 5,227
Other — — — —
4,756 5,389 5,185 6,877

Compound Annual Growth %

10y 5y 3y
Sales 8.35% 5.77% 3.34%
Cash Flow 9.69% 7.08% 13.92%
Earnings 15.57% 8.39% 12.73%
Book Value 4.43% 17.78% (5.85%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.84 Actual 2.87

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.54 2.63 Beat by 0.09
Q1 FY26 2.50 2.84 Beat by 0.34
Q2 FY26 2.71 2.71 Met by 0.00
Q3 FY26 2.84 2.87 Beat by 0.03
Q4 FY26 2.74 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.84 1.86 — — —
’25 1.04 0.78 1.82 1.75 5.40
’24 1.96 1.92 (1.69) 2.62 4.82
’23 0.72 1.02 1.26 0.18 3.18
’22 1.56 1.95 1.80 (1.47) 3.82
’21 1.45 1.65 1.58 0.99 5.66
’20 0.93 1.00 1.04 0.82 3.79
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,738 2,749 — — —
’25 2,563 2,627 2,717 2,738 10,645
’24 2,513 2,545 2,522 2,548 10,127
’23 2,767 2,772 2,521 1,952 10,012
’22 2,660 2,674 2,672 1,639 9,645
’21 2,159 2,299 2,454 2,445 9,357
’20 1,993 1,913 2,013 2,123 8,042
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,401 1,487 — — —
’25 1,295 1,282 1,460 1,428 5,464
’24 1,284 1,339 1,469 1,199 5,291
’23 1,071 1,209 1,301 1,142 4,722
’22 664 915 932 1,185 3,696
’21 1,093 952 2,096 679 4,820
’20 800 989 960 1,132 3,881
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 951 1,166 — — —
’25 964 977 995 848 3,784
’24 887 1,013 1,045 756 3,701
’23 609 789 910 617 2,924
’22 278 545 473 527 1,823
’21 768 674 1,782 219 3,443
’20 586 778 716 769 2,850
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,786 6,664 7,440 7,580 8,042 9,357 9,645 10,012 10,127 10,645 10,942 +7.0% 11,042 11,432 12,157 +4.5%
Gross margin, % 69.05 69.14 70.73 70.76 72.30 71.34 73.36 74.42 74.58 74.18 73.77 +5.1 pt
EBT 1,126 1,256 1,155 1,916 1,821 2,829 2,086 1,529 3,625 3,044 3,942 +11.7%
EBT margin, % 19.46 18.85 15.52 25.28 22.65 30.24 21.63 15.27 35.79 28.60 36.03 +9.1 pt
Net income 970 1,225 1,265 1,917 1,692 2,568 1,697 1,367 2,280 2,629 3,515 +11.7%
Per share, $
Per share, $ Revenue 13.61 15.56 16.92 17.14 18.13 20.72 20.90 21.48 21.69 22.75 23.48 +5.9%
Earnings 2.00 2.69 2.79 4.27 3.81 5.69 3.83 3.18 4.83 5.41 7.28 +11.7%
Cash flow 6.35 6.83 8.53 8.48 8.75 10.68 8.01 10.13 11.33 11.68 12.39 +7.0%
Capex (1.61) (1.88) (2.08) (2.24) (2.33) (3.05) (4.06) (3.86) (3.40) (3.59) (3.90) +9.4%
Free cash flow 4.75 4.96 6.45 6.24 6.42 7.63 3.95 6.27 7.92 8.09 8.50 +6.1%
Book value 16.41 15.95 13.42 12.41 10.30 20.09 26.89 23.31 20.66 22.13 22.00 +3.4%
Shares, m 425 428 440 442 444 451 462 466 467 468 467 +1.1%
Valuation, ×
Valuation, × P/E 52.81 52.27 56.90 53.82 58.76 51.32 55.76 68.81 37.97 32.45 25.86 52.1
P/S 7.80 9.07 9.35 13.41 12.38 14.11 10.27 10.19 8.46 7.72 8.02 10.3
P/B 6.47 8.85 11.79 18.51 21.80 14.56 7.98 9.39 8.88 7.93 8.56 11.6
EV/Sales 10.84 11.96 12.02 16.38 15.79 18.49 14.06 13.87 11.85 11.06 11.24 13.6
EV/FCF 31.06 37.55 31.53 44.95 44.57 50.24 74.40 47.50 32.44 31.13 31.07 42.5
Cash, $m
Cash, $m Operating cash flow 2,702 2,926 3,748 3,753 3,881 4,820 3,696 4,722 5,291 5,464 5,775 +8.1%
Capex (682) (804) (913) (991) (1,032) (1,377) (1,874) (1,798) (1,590) (1,680) (1,815) +10.5%
Free cash flow 2,019 2,122 2,835 2,761 2,850 3,443 1,823 2,924 3,701 3,784 3,960 +7.2%
Balance, $m
Balance, $m Working capital 955 481 (1,282) (1,797) 593 (3,035) (2,892) (1,579) (2,064) (2,053) (3,305) n/m
Net debt 17,593 19,249 19,855 22,477 27,426 40,911 36,530 36,928 34,394 35,615 35,297 +8.2%
Shareholders’ equity 6,976 6,828 5,900 5,490 4,568 9,070 12,409 10,865 9,649 10,355 10,253 +4.5%
Returns, %
Returns, % ROA 2.94 3.59 3.71 4.98 3.76 4.38 2.58 2.23 3.55 4.07 5.35 +1.1 pt
ROIC 4.71 4.79 4.62 6.01 5.64 3.92 3.50 4.09 6.41 6.59 6.73 +1.9 pt
ROE 12.41 16.68 19.28 33.15 33.61 37.66 16.44 12.75 21.98 25.29 32.81 +12.9 pt
People
People Employees 4,507 4,752 5,026 5,454 5,618 6,378 6,391 5,643 4,691 2,388 — (6.8%)
Revenue/emp, $m 1.28 1.40 1.48 1.39 1.43 1.47 1.51 1.77 2.16 4.46 — +14.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

American Tower Corporation is a real estate investment trust that owns, operates and develops shared communications real estate. Founded in 1995 and headquartered in Boston, it leases space on towers and other communications sites to wireless carriers, broadcasters, wireless-data providers, government agencies, municipalities and other tenants.

A tenant installs and maintains its own radios, antennas and related equipment at an American Tower site. The company also operates distributed antenna system networks for wireless coverage in buildings and outdoor areas, manages rooftop and tower sites for property owners, and leases certain fiber, land and power-related infrastructure. Its U.S. data centers provide space, power, cooling and network connectivity for enterprises, network operators, cloud providers and supporting service providers; facilities at network-convergence points can serve as interconnection hubs.

Where the money comes from and where it goes Fiscal 2018

Fiscal 2018: revenue by segment, and margins
U.S. & Canada 3,822 51.37%
Asia Pacific Property 1,541 20.71%
Latin America 1,265 17.00%
Africa & APAC 546 7.33%
Europe Property 142 1.91%
Network Development Services 125 1.69%
Gross margin 70.73%
Operating margin 25.60%
Pre-tax margin 15.52%

Revenue by segment since 2017

American Tower Corporation vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EQIX Equinix, Inc. $102.6B 65.0× 56.0× +16.36% (above 0%: growing) +29.26% (above 0%: growing) −311.02% (below 0%: shrinking) 53.14% 25.33% Compare
AMT American Tower Corporation $86.2B 25.9× 27.0× +4.65% (above 0%: growing) +138.46% (above 0%: growing) +19.35% (above 0%: growing) 73.03% 46.15%
DLR Digital Realty Trust, Inc. $67.9B 82.9× 64.4× +28.86% (above 0%: growing) −58.75% (below 0%: shrinking) −25.86% (below 0%: shrinking) 61.14% 24.28% Compare
CCI Crown Castle Inc. $37.8B 44.9× 46.0× −4.91% (below 0%: shrinking) −67.16% (below 0%: shrinking) −40.40% (below 0%: shrinking) 73.41% 46.63% Compare
IRM Iron Mountain Incorporated $35.2B 83.2× 63.1× +18.52% (above 0%: growing) n/m +58.56% (above 0%: growing) 52.76% 18.41% Compare
SBAC SBA Communications Corporation $19.6B 20.1× 24.3× +2.33% (above 0%: growing) −10.95% (below 0%: shrinking) +11.32% (above 0%: growing) 75.39% 49.19% Compare
LAMR Lamar Advertising Company $16.2B 28.7× 26.7× +6.46% (above 0%: growing) +3.95% (above 0%: growing) +8.91% (above 0%: growing) 68.51% 33.72% Compare
WY Weyerhaeuser Company $14.2B 30.9× 43.9× −0.90% (below 0%: shrinking) +91.67% (above 0%: growing) +29.41% (above 0%: growing) 16.66% 11.94% Compare
GLPI Gaming and Leisure Properties, Inc. $11.5B 11.4× 12.0× +9.03% (above 0%: growing) +45.45% (above 0%: growing) −42.77% (below 0%: shrinking) 100.00% 77.21% Compare
Median of peers $27.4B 37.9× 45.0× +7.75% +3.95% −8.47% 64.83% 29.53%

All 19 Reit Specialty stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bernstein Oct 23, 2026 Target cut Outperform 214.00 → 212.00

Pay and ownership Proxy statement filed 8 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 13.08%
BlackRock, Inc. 9.23%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

American Tower Corporation (AMT) Latest News

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 4 · · PR Newswire
Impact 3 · · Simply Wall St.

27 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks earnings
Impact 3 · · Zacks
Impact 3 · · Zacks earnings
Impact 3 · · Associated Press

25 Oct

Impact 4 · · The Motley Fool

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

23 Oct

Impact 4 · · Investopedia
Impact 4 · · Zacks
Impact 4 ·
Impact 4 · · Stocktwits
Impact 3 · · The Motley Fool
Impact 3 · · Zacks

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · Zacks

14 Oct

Impact 4 · · Zacks

12 Oct

Impact 3 · · Zacks

9 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

8 Oct

Impact 3 · · Barchart

6 Oct

Impact 3 · · Insider Monkey
Impact 3 · · Zacks

AMT metrics, ten years each

stockrow.com/AMT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com