American Tower (AMT)
Real Estate · $82.0B market cap · SEC CIK 0001053507
fundamentals score out of 100
Next reports on Oct 22, 2026, with analysts expecting $1.66 in earnings per share.
The case for AMT
- Generated $3.8B of free cash flow in FY2025, 404% of revenue.
- 31% of revenue drops through to net profit.
- Earnings per share up 164.1%.
- Pays a 3.3% dividend while you wait.
- Gross margin of 74% absorbs cost shocks.
The case against
- Priced at 7.5× sales with revenue growing only 6.7%.
- Current liabilities exceed current assets (ratio 0.35).
- Dividend takes 95% of earnings, leaving little cushion.
- The price trend is weak (41/100): -9.7% over a year, -0.8% over three months, 41% of the way up its 52-week range.
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. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 54 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 58 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 83 |
| Momentumhow the price has behaved lately | 41 |
| Stabilityhow violently it moves, what it owes and what it pays you | 58 |
- 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 31 Real Estate companies.
Key numbers
| Price / earnings | 24.1× |
|---|---|
| Price / book | n/m (equity a sliver of assets) |
| Price / sales | 7.5× |
| Revenue growth (YoY) | +6.7% |
| EPS growth (YoY) | +164.1% |
| Gross margin | 74% |
| Operating margin | 45% |
| Net margin | 31% |
| Return on assets | 5.4% (ROE not meaningful: equity a sliver of assets) |
| Debt / equity | n/m (equity a sliver of assets) |
| Current ratio | 0.35 |
| Dividend yield | 3.25% |
| Beta | 0.88 |
| 52-week range | $160.06 – $197.41 |
| Position in that range | 41% of the way up |
| 3-month return | -0.8% |
| 1-year return | -9.7% |
Five years of financials, as filed
Pulled from American Tower's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $936M | $775M | $747M | $841M | $717M |
| Operating income | $4.8B | $4.5B | $3.1B | $2.7B | $3.1B |
| Operating cash flow | $5.5B | $5.3B | $4.7B | $3.7B | $4.8B |
| Capital expenditure | $1.7B | $1.6B | $1.8B | $1.9B | $1.4B |
| Total assets | $63.2B | $61.1B | $66.0B | $67.2B | $69.9B |
| Total liabilities | $52.8B | $51.4B | $55.2B | $54.8B | $60.8B |
| Shareholder equity | $3.7B | $3.4B | $4.2B | $5.6B | $5.1B |
| Cash | $1.5B | $2.0B | $1.8B | $1.5B | $1.9B |
| Long-term debt | — | — | — | $38.9B | $43.5B |
| Free cash flow | $3.8B | $3.7B | $2.9B | $1.8B | $3.4B |
| Operating margin | 517.8% | 583.1% | 418.2% | 325.8% | 436.7% |
| Diluted shares | 469M | 468M | 467M | 463M | 453M |
Share count is up 3.4% over 4 years. Mild issuance.
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
- Risks Related to Our Business Strategy
- 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
- Divestitures may materially and adversely affect our financial condition, results of operations or cash flows
- Our use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments
- Risks Related to Our Financial Performance or General Economic Conditions
- Increased inflation and interest rates may adversely affect us by increasing costs beyond what we can recover through price increases
- Risks Related to Laws and Regulations
- Complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities