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Friday 6 November 2026 Export AMT’s income statement to Excel — free account

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
+2.50%
EPS
−7.80%
Free cash flow
+0.09%
Total debt
+0.91%

Quarter to September 2026, against a year earlier

194.03 0.04 +0.02%
Market cap
$90.0B
P/E
27.1×
Fwd P/E
27.0×
Dividend yield
3.65%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

American Tower Corporation (AMT) valuation and DCF model

What the price implies · reverse DCF

At $194.03 the price implies FFO a share growing 3.2% a year for ten years.

FFO a share grew 8.2% a year over the last ten years, 3.0% over the last five. The price asks for less than its ten-year rate. The industry’s median company is priced for 4.1%.

In December 2017 the price assumed 6.8% a year; American Tower Corporation went on to grow FFO a share 4.1% a year to FY2025.

FFO a share is worked out from American Tower Corporation’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales. It reported AFFO of $2.87 a share for Q3 2026.

Price implies
3.2%
Last 5 years, reported
3.0%
Last 10 years, reported
8.2%
Industry median implies
4.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
3.2% a year for ten years
$194.03
today’s price
Its base case
8.2% a year for five years, then 4.9%
$254.57
31.2% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record American Tower Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 3.2% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against American Tower Corporation’s own cost of capital: risk-free 4.3% + beta 0.84 × equity premium 4.5% = 8.1% cost of equity; weighted, 8.1%.

Use 8.1%
Base case value per share $254.57 ten years discounted, and what follows
Current price $194.03 market price per share
Above today’s price 31.2% upside at the base case’s assumptions

How we got there$107.60 10 years of FFO+$146.96 terminal value=$254.57 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Specialty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 27.14× 44.43× 49.52× 45% below 27.75× 2% below
P/FCF 22.76× 31.37× 32.00× 29% below 19.50× 17% above
P/B 9.23× 8.68× 11.89× 22% below 1.96× 372% above
EV/EBITDA 17.81× 19.39× 22.59× 21% below 17.39× 2% above
EV/Sales 11.42× 12.45× 13.69× 17% below 8.49× 35% above
P/FFO 16.58× 16.67× 20.07× 17% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
24.61×33.89×43.16×52.44×10Y avg 32.00×2017201820192020202120222023202420252026

AMT trades at 22.76× P/FCF, against a 10-year average of 32.00× (range 21.71×–54.36×). That is cheaper than 89% of the last 9 year-end readings; re-rating to the average implies $272.80 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.