AMT Real Estate

American Tower Corporation

$187.29-0.54%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Real Estate
Industry: REIT - Specialty
Country: United States
Market cap: 87.3B USD
Enterprise value: 121.8B USD
Full-time employees: 4,866

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.35 vs a peer median of 1.20) and more debt relative to equity (10.00× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.35 vs peers 1.20) and more debt vs equity (10.00× vs peers 0.80×)
About average: valuation

Ranks #255 of 632 real estate companies (top 41%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $574M vs $365M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.1% from December 2022 to July 2026.
Over three fiscal years American Tower recorded $574M of stock-based pay expense and spent $365M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years American Tower recorded $574M of stock-based pay expense and spent $365M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Much more borrowing than peers. Debt is 10.0× equity vs a peer median of 0.8×.Debt is 10.0× equity vs peers 0.8×.
Debt is 10.0× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 10.0× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.
Profits growing faster than sales. Since 2022: revenue +10%, operating profit +77%.
Since 2022, American Tower's revenue grew 10% while operating profit grew 77%: each extra dollar of sales is adding more profit.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $8.0B in 2020 to $10.6B in 2025.
American Tower's fiscal-year revenue rose in each of the five years to 2025, from $8.0B to $10.6B.

StockQuotient Score

55/ 100▼ 1 since Oct 27 close

Oct 5 57 → Nov 4 55 (-2)

Valuation

Is the price right?

43/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 44 → 43

Share price +1.9%-2
Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Held back by:

▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.0%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.27Sector median: 0.0535 · MAD: 0.0484

EBITDA yield5.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.16Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield4.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.44Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield4.3%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

84/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth165.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 4.99Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth3.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.03Sector median: 0.0378 · MAD: 0.0744

Revenue growth6.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.40Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

92/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin44.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.80Sector median: 0.2683 · MAD: 0.2257

Return on assets5.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.56Sector median: 0.0211 · MAD: 0.0134

Return on invested capital9.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.29Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin73.8%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity94.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.89

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.42Sector median: 0.7490 · MAD: 0.3270

Current ratio0.35×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.17Sector median: 1.1950 · MAD: 0.7210

Debt / equity10.00×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -10.12Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about American Tower

Is American Tower getting weaker?: Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is 55/100, down 1 since Oct 28, 2026.
How is American Tower valued vs its peers?: Priced about in line with its peers. Valuation scores 43/100 against 762 real estate peers. Free cash flow yield 4.5% vs a peer median of 6.5% (weaker than 65% of peers).Free cash flow yield 4.5% vs peers 6.5% (weaker than 65% of peers).
Is American Tower growing?: Yes, faster than most of its peers. Growth scores 84/100 against 762 real estate peers. Earnings per share growth 165.8% vs a peer median of 11.2% (stronger than 92% of peers).Earnings per share growth 165.8% vs peers 11.2% (stronger than 92% of peers).
How profitable is American Tower?: More profitable than most of its peers. Profitability scores 92/100 against 762 real estate peers. Return on assets 5.6% vs a peer median of 2.1% (stronger than 93% of peers).Return on assets 5.6% vs peers 2.1% (stronger than 93% of peers).
How risky is American Tower?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Debt / equity 10.00× vs a peer median of 0.80× (weaker than 100% of peers).Debt / equity 10.00× vs peers 0.80× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	10.8B USD	10.9B USD	+1.1%
Net income (12 months)	3.0B USD	3.5B USD	+16.9%
Operating margin	44.7%	44.8%	+0.2 pts
Free cash flow (12 months)	3.8B USD	4.0B USD	+5.0%
Debt	37.3B USD	37.2B USD	−0.4%
Cash	1.6B USD	1.8B USD	+9.6%
Shares outstanding	465.9M	466.0M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Specialty companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	33.5%	28.4%	31.2%	44.6%	45.5%	▲ 0.9 pts
Net margin	27.4%	17.6%	13.7%	22.5%	24.7%	▲ 2.2 pts
Return on assets (ROA)	3.7%	2.5%	2.1%	3.7%	4.2%	▲ 0.4 pts
Return on equity (ROE)	50.5%	30.4%	32.6%	67.4%	72.0%	▲ 4.5 pts
Free cash flow margin	36.8%	18.9%	29.2%	36.5%	35.5%	▼ 1.0 pts
Current ratio	0.41×	0.44×	0.51×	0.45×	0.40×	▼ 12%
Debt to equity	8.56×	6.98×	9.24×	10.79×	10.19×	▼ 5.6%
Interest coverage	3.60×	2.41×	2.24×	3.22×	3.56×	▲ 11%

AMT price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.35 vs a peer median of 1.20) and more debt relative to equity (10.00× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.35 vs peers 1.20) and more debt vs equity (10.00× vs peers 0.80×)

About average: valuation

Ranks #255 of 632 real estate companies (top 41%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $574M vs $365M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.1% from December 2022 to July 2026.

Over three fiscal years American Tower recorded $574M of stock-based pay expense and spent $365M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years American Tower recorded $574M of stock-based pay expense and spent $365M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Much more borrowing than peers. Debt is 10.0× equity vs a peer median of 0.8×.Debt is 10.0× equity vs peers 0.8×.

Debt is 10.0× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 10.0× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

Profits growing faster than sales. Since 2022: revenue +10%, operating profit +77%.

Since 2022, American Tower's revenue grew 10% while operating profit grew 77%: each extra dollar of sales is adding more profit.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $8.0B in 2020 to $10.6B in 2025.

American Tower's fiscal-year revenue rose in each of the five years to 2025, from $8.0B to $10.6B.

Questions investors ask about American Tower

Is American Tower getting weaker?

Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is 55/100, down 1 since Oct 28, 2026.

How is American Tower valued vs its peers?

Priced about in line with its peers. Valuation scores 43/100 against 762 real estate peers. Free cash flow yield 4.5% vs a peer median of 6.5% (weaker than 65% of peers).Free cash flow yield 4.5% vs peers 6.5% (weaker than 65% of peers).

Is American Tower growing?

Yes, faster than most of its peers. Growth scores 84/100 against 762 real estate peers. Earnings per share growth 165.8% vs a peer median of 11.2% (stronger than 92% of peers).Earnings per share growth 165.8% vs peers 11.2% (stronger than 92% of peers).

How profitable is American Tower?

More profitable than most of its peers. Profitability scores 92/100 against 762 real estate peers. Return on assets 5.6% vs a peer median of 2.1% (stronger than 93% of peers).Return on assets 5.6% vs peers 2.1% (stronger than 93% of peers).

How risky is American Tower?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Debt / equity 10.00× vs a peer median of 0.80× (weaker than 100% of peers).Debt / equity 10.00× vs peers 0.80× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

10.8B USD

10.9B USD

+1.1%

Net income (12 months)

3.0B USD

3.5B USD

+16.9%

Operating margin

44.7%

44.8%

+0.2 pts

Free cash flow (12 months)

3.8B USD

4.0B USD

+5.0%

Debt

37.3B USD

37.2B USD

−0.4%

Cash

1.6B USD

1.8B USD

+9.6%

Shares outstanding

465.9M

466.0M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

33.5%

28.4%

31.2%

44.6%

45.5%

▲ 0.9 pts

Net margin

27.4%

17.6%

13.7%

22.5%

24.7%

▲ 2.2 pts

Return on assets (ROA)

3.7%

2.5%

2.1%

3.7%

4.2%

▲ 0.4 pts

Return on equity (ROE)

50.5%

30.4%

32.6%

67.4%

72.0%

▲ 4.5 pts

Free cash flow margin

36.8%

18.9%

29.2%

36.5%

35.5%

▼ 1.0 pts

Current ratio

0.41×

0.44×

0.51×

0.45×

0.40×

▼ 12%

Debt to equity

8.56×

6.98×

9.24×

10.79×

10.19×

▼ 5.6%

Interest coverage

3.60×

2.41×

2.24×

3.22×

3.56×

▲ 11%