American Tower (AMT)

Real Estate · $87.0B market cap · SEC CIK 0001053507

Next reports on Feb 22, 2027, after the close, with analysts expecting $1.65 in earnings per share.

52-week range $160.06 to $202.50. 6% below its 52-week high and 19% above its low.

The case for AMT

• Generated $3.8B of free cash flow in FY2025, 36% of revenue.
• 30% of revenue drops through to net profit.
• Pays a 3.3% dividend while you wait.
• Gross margin of 74% absorbs cost shocks.

The case against

• Expensive for its growth: 26.3× earnings, where 6% a year of growth would justify about 17×.
• Long-term debt of $33.8B would take 6 years of operating cash flow to repay.
• Operating profit covers its interest bill only 2.7 times.
• Priced at 7.9× sales with revenue growing only 5.3%.
• Current liabilities exceed current assets (ratio 0.35).
• Dividend takes 99% of earnings, leaving little cushion.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Equity is a sliver of assets, so return on assets stands in for return on equity, and price-to-book and debt-to-equity are left out.
• Each factor except momentum is half fixed thresholds, half rank among the 30 Real Estate companies.

The financials

The financials, five years deep

Pulled from American Tower's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What American Tower says it does

Overview 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…

Risk factors AMT lists in its 10-K

• A significant decrease in leasing demand for our communications infrastructure would materially and adversely affect our business and operating results, and we cannot control that demand
• Our business, results of operations and financial condition could be negatively impacted by disputes with our customers
• A substantial portion of our current and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers
• Increasing competition within our industries may materially and adversely affect our revenue
• If our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth and revenue could be materially and adversely affected
• Competition to build or purchase assets could adversely affect our ability to achieve our return on investment criteria
• New technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results
• Our use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments
• Increased inflation and interest rates may adversely affect us by increasing costs beyond what we can recover through price increases
• Complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities
• We could have liability under environmental and occupational safety and health laws
• We may be adversely affected by regulations related to climate change
• If we are unable to protect our rights to the land under our towers and buildings in which our data centers are located, it could adversely affect our business and operating results
• Our business depends on effective data governance, and failures in our data governance frameworks could adversely affect our operations
• The transformation initiatives we undertake may not deliver the results we expect
• Our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk
• If we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from those towers will be eliminated

Filings

Other Real Estate companies