— Know what they know.
/
Not Investment Advice

AMT

NYSE · USD
American Tower Corporation
Real Estate · REIT - Specialty
CEO Steven O. Vondran Employees 4,866 R&D / revenue 0.0%
Last price
$185.27+2.16%last session
Market cap
$86.3B
P/E (TTM)
25.4x
From 52w high
−5.5%
From 52w low
+15.8%
1-year return
−3.2%
RSI 14 · vs SMA200
68.6 · +4.9%
IS score
57.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

AMT   SPY   XLRE (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLRE 101AMT 97

Score DNA

Each bar is a 0-100 score within the scored universe
85
Profitability
72
Growth
47
Value
89
Momentum
15
Risk (safety)
64
Quality
18
Balance sheet
84
Earnings quality

Flags

Strengths
✓ Insider buying✓ Congress buying
Warnings
▲ Altman distress zone
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 1.1Beta 0.904 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.50M bought
Form 144 notices (12m): 8, $26.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+3
177 new holders, 149 closed
1,754 filers hold 95.5% · 689 added, 668 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+284
1,388 funds adding shares
1,104 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
39.8%
20-day avg 40.2%, 50-day avg 39.0%
Latest 0.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$10.6B
Revenue growth YoY+5.1%
Gross margin73.7%
Operating income$4.9B
Operating margin45.8%
Net income$2.5B
Net margin23.8%
EPS (diluted)$5.39
Cash flow
Operating cash flow$5.5B
Capital expenditure$1.7B
Free cash flow$3.8B
FCF conversion (FCF / OCF)69.2%
Stock-based compensation$174.2M
FCF less SBC$3.6B
Buybacks$364.6M
Dividends$3.2B
Balance sheet & returns
Cash & short-term investments$1.5B
Total debt$37.8B
Net debt$36.3B
Shareholders' equity$10.4B
Goodwill & intangibles$26.8B
Debt / equity12.09
ROE (TTM)91.0%
ROIC (TTM)7.2%
Operating margin by fiscal year
33.5%FY202122.0%FY202230.2%FY202343.9%FY202445.8%FY2025
Revenue $9.4B (FY2021) to $10.6B (FY2025), a 3.3% CAGR.

Valuation

P/E (TTM)25.4x
EV / EBITDA18.5x
Price / sales7.89x
Price / FCF21.8x
FCF yield4.59%
Buyback yield0.42%
SBC / revenue1.5%
Price / book23.21x
Forward P/E FY202626.6x
Forward P/E FY202726.3x
Forward P/E FY202823.6x
Forward multiples divide today's price by Street EPS estimates. Street mean target $205.80 across 5 analysts last quarter is theirs, not ours.

AMT vs industry median

28 companies in REIT - Specialty
Gross margin 73.2% 64.8% Operating margin 44.4% 33.7% Net margin 30.9% 25.8% ROIC 7.2% 5.2%
AMT (TTM)Industry median Asset turnover 0.17 vs industry 0.13 · financial leverage 17.02

Earnings delivery

Next report 2026-10-27 · consensus EPS $1.64
92%
beat rate, 11 of 12 quarters
+7.9%
median EPS surprise
8
longest beat streak
+4+10+5+10+10+4+30+6+0+6+18+15
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-27 to 2026-04-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
AMT American Tower Corporation $86.3B25.4x91.0%30.9%+5.1% −3.2%
EQIX Equinix, Inc. $97.3B63.2x10.8%18.2%+9.9% +22.0%
DLR Digital Realty Trust, Inc. $65.3B81.1x3.2%23.6%+18.7% +2.0%
CCI Crown Castle Inc. $35.9B33.3x-46.2%30.5%−23.2% −15.1%
IRM Iron Mountain Incorporated $33.5B80.4x-40.9%5.0%+17.4% +9.9%
SBAC SBA Communications Corporati $19.8B20.1x-20.7%27.8%+5.4% —
LAMR Lamar Advertising Company $15.2B27.3x58.5%26.1%+4.4% —
WY Weyerhaeuser Company $14.1B29.7x5.0%8.7%−1.9% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2026-09-18Officer/Director Change; Other Events; Exhibits
2026-09-14Material Agreement; Financial Obligation; Exhibits
2026-09-09Other Events; Exhibits
2026-07-28Earnings Release; Exhibits
2026-06-04Other Events
2026-06-02Other Events

Context

Shares outstanding465,960,000
Free float99.7%
Institutional ownership95.5%
Beta0.90
Dividend yield3.82%
Last dividend$1.79 on 2026-09-30
50 / 200-day average$173.22 / $176.82
Large-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where AMT sits among 17 scored companies in REIT - Specialty (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAMTIndustry medianIndustry percentileSector median
P/E (TTM) 25.6x 26.5x
46th		 24.1x
PEG (P/E ÷ 3-yr EPS CAGR) 0.49 1.79
0th		 1.55
Price / sales 7.9x 6.9x
62nd		 3.7x
Price / book 23.2x 2.1x
100th		 1.3x
Price / tangible book —
Price / free cash flow 21.8x 21.4x
57th		 15.1x
Price / operating cash flow 14.9x 16.8x
31st		 12.3x
Enterprise value $129.5B $19.0B
100th		 $7.5B
EV / sales 11.8x 11.8x
56th		 9.4x
EV / EBITDA 18.4x 18.4x
50th		 15.7x
EV / EBIT 26.2x 29.3x
31st		 27.2x
EV / free cash flow 32.7x 33.2x
36th		 29.4x
Earnings yield 3.9% 3.3%
62nd		 3.2%
FCF yield 4.6% 4.6%
50th		 5.6%
Operating cash flow yield 6.7% 5.9%
69th		 7.9%
Graham number (per share) $36.04 $34.74
60th		 $22.48

Profitability (TTM)

MeasureAMTIndustry medianIndustry percentileSector median
Gross margin 73.2% 34.9%
94th		 51.4%
EBITDA margin 64.2% 53.5%
73rd		 54.9%
Operating margin 44.4% 24.0%
69th		 29.0%
EBIT margin 45.1% 20.6%
69th		 31.7%
Net margin 30.9% 15.6%
75th		 12.2%
NOPAT margin 39.7% 19.5%
69th		 25.5%
FCF margin 36.2% 28.0%
81st		 21.8%
Operating cash flow margin 52.8% 34.6%
88th		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 8.6% 7.9%
56th		 6.6%
Stock comp / revenue 1.5% 1.5%
50th		 1.2%
Effective tax rate 10.7% 2.4%
75th		 1.9%

Returns on capital

MeasureAMTIndustry medianIndustry percentileSector median
ROE (on average equity) 90.9% 5.5%
100th		 5.3%
ROA 5.3% 3.8%
75th		 1.6%
ROIC 9.2% 5.4%
75th		 3.7%
ROCE 9.1% 6.2%
75th		 4.4%
Return on tangible assets 7.8% 5.8%
81st		 3.8%
Cash ROIC (OCF / invested capital) 12.3% 6.8%
81st		 5.7%
Gross profitability (GP / assets) 12.7% 7.6%
81st		 5.3%
ROIC, 3-yr average 5.5% 4.6%
75th		 2.4%
ROIC, 5-yr average 5.0% 3.9%
64th		 2.6%
ROE, 5-yr average 49.8% 7.9%
100th		 4.4%
Incremental ROIC -1,406.7% 4.6%
0th		 6.5%

Growth

MeasureAMTIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.7% 7.6%
44th		 8.4%
Revenue growth (QoQ) 0.4% 2.5%
38th		 2.2%
Revenue CAGR, 3 yr 0.1% 3.9%
31st		 5.8%
Revenue CAGR, 5 yr 5.0% 7.4%
27th		 9.5%
Gross profit CAGR, 3 yr 1.6% -3.9%
85th		 -0.8%
Operating income CAGR, 3 yr 24.9% 5.5%
87th		 3.0%
Net income growth (TTM YoY) 161.3% 46.5%
83rd		 21.3%
Net income CAGR, 3 yr 51.7% 12.3%
100th		 8.5%
EPS growth (TTM YoY) 162.5% 45.7%
83rd		 17.6%
EPS CAGR, 3 yr 51.8% 13.2%
100th		 5.7%
EPS CAGR, 5 yr 8.1% 7.8%
55th		 5.6%
FCF growth (TTM YoY) 5.8% 5.1%
54th		 3.0%
FCF CAGR, 3 yr 18.2% 2.5%
83rd		 5.6%
Operating cash flow CAGR, 3 yr 9.5% 8.0%
62nd		 3.7%
Book value CAGR, 3 yr -10.3% -2.9%
0th		 -2.0%
Dividend CAGR, 3 yr 1.7% -0.1%
62nd		 -1.2%
Sustainable growth rate 3.9% -1.3%
78th		 -1.4%

Margin history & stability

MeasureAMTIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 73.3% 59.3%
81st		 59.1%
Operating margin, 3-yr average 42.5% 29.4%
69th		 28.6%
Net margin, 3-yr average 22.0% 13.0%
62nd		 12.3%
FCF margin, 3-yr average 34.6% 24.6%
75th		 27.4%
Revenue stability (0-1) 0.54 0.76
38th		 0.82
Earnings stability (0-1) 0.03 0.36
6th		 0.36
Margin stability (0-1) 0.98 0.75
100th		 0.83

Liquidity (latest quarter)

MeasureAMTIndustry medianIndustry percentileSector median
Cash & short-term investments $1.8B $319.0M
88th		 $141.2M
Net cash (− = net debt) −$43.2B −$4.9B
0th		 −$3.3B
Working capital −$5.7B $17.8M
0th		 $19.5M
Current ratio 0.35 1.13
7th		 1.02
Quick ratio 0.35 1.13
7th		 1.02
Cash ratio (cash + ST investments / current liabilities) 0.20 0.58
29th		 0.36
Defensive interval (days) 307 days 673 days
9th		 554 days

Leverage & solvency (latest quarter)

MeasureAMTIndustry medianIndustry percentileSector median
Total debt $45.0B $5.4B
100th		 $3.5B
Debt / equity 12.09 1.13
92nd		 1.33
Net debt / equity 11.62 1.08
92nd		 1.26
Debt / assets 71.1% 58.2%
62nd		 51.3%
Debt / capital 92.4% 51.3%
92nd		 57.1%
Debt / EBITDA 6.40 6.98
44th		 6.47
Net debt / EBITDA 6.15 6.15
50th		 6.15
Interest coverage (EBIT / interest) 4.7x 2.4x
94th		 1.5x
Cash interest coverage 5.5x 2.0x
75th		 2.1x
Debt payback (years of OCF) 7.8 yrs 10.6 yrs
31st		 8.9 yrs
Liabilities / assets 83.8% 62.0%
62nd		 60.0%
IS credit model rating B- — —
Implied credit spread (bps) 900 650
69th		 650

Efficiency

MeasureAMTIndustry medianIndustry percentileSector median
Asset turnover 0.17 0.17
50th		 0.12
Fixed asset turnover 0.38 0.39
38th		 0.90
Inventory turnover —
Receivables turnover 15.4 8.2
67th		 7.6
Days sales outstanding 24 days 26 days
47th		 37 days
Days inventory outstanding —
Days payables outstanding 27 days 23 days
56th		 53 days
Cash conversion cycle (days) −3 days −3 days
44th		 −6 days
Capex / revenue 16.6% 7.0%
75th		 4.4%
Capex / depreciation 0.87 0.45
75th		 0.32
Operating expense ratio 26.9% 23.2%
55th		 30.9%

Cash flow & earnings quality

MeasureAMTIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.71 1.61
62nd		 1.83
FCF / net income 1.17 1.12
54th		 1.43
FCF / operating cash flow 68.6% 81.8%
31st		 82.5%
Capex / operating cash flow 31.4% 18.2%
69th		 17.9%
Accruals ratio -3.8% -2.8%
38th		 -3.1%
Sloan accruals ratio -8.8% -3.8%
12th		 -3.3%
Earnings quality score (0-1) 1.00 0.88
54th		 1.00

Dividends & buybacks

MeasureAMTIndustry medianIndustry percentileSector median
Dividend yield 3.8% 4.4%
31st		 5.2%
Dividend per share (TTM) $7.07 $3.20
94th		 $1.21
Payout ratio (dividends / net income) 95.7% 114.9%
38th		 110.2%
Dividends / FCF 81.7% 111.5%
31st		 79.1%
Dividend growth (YoY) 5.5% -0.0%
67th		 2.3%
Buyback yield 0.7% 0.4%
56th		 0.1%
Shareholder yield (dividends + buybacks) 4.4% 4.7%
31st		 5.9%
Share count change (YoY) -0.5% 1.1%
19th		 0.5%
Buybacks, last 5 years $1.5B $42.7M
94th		 $15.9M

Scores & forensic checks

MeasureAMTIndustry medianIndustry percentileSector median
IS score 57 43
88th		 43
IS profitability 85 57
94th		 44
IS growth 72 62
88th		 58
IS value 47 50
44th		 53
IS momentum 89 80
81st		 77
IS risk (safety) 15 15
6th		 15
IS quality 64 65
44th		 59
IS balance sheet 18 36
19th		 35
IS earnings quality 84 76
81st		 72
IS cash flow 73 68
75th		 61
Piotroski F-score (0-9) 6 6
44th		 6
Altman Z-score 1.1 1.1
50th		 0.8
Beneish M-score −2.79 −2.63
38th		 −2.71
Ohlson O-score −6.60 −6.76
69th		 −6.91
IS credit score 25 33
31st		 34

Per share

MeasureAMTIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.24 $2.21
88th		 $0.78
Book value per share $7.97 $13.10
31st		 $15.91
Tangible book per share −$34.14 $13.11
6th		 $16.11
Revenue per share $23.45 $9.59
81st		 $6.28
FCF per share $8.49 $1.67
88th		 $1.49
Operating cash flow per share $12.38 $3.04
94th		 $1.95
Cash per share $3.78 $0.73
88th		 $0.95

Size (TTM)

MeasureAMTIndustry medianIndustry percentileSector median
Market cap $86.3B $11.4B
94th		 $2.5B
Revenue $10.9B $2.3B
100th		 $956.7M
EBITDA $7.0B $1.2B
100th		 $399.5M
Net income $3.4B $472.0M
100th		 $109.6M
Free cash flow $4.0B $264.1M
100th		 $157.8M
Total assets $63.3B $11.7B
100th		 $6.6B
Shareholders' equity $3.7B $693.3M
69th		 $1.8B
Employees 4,866 1,844
75th		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Blanchett Paul
SVP & Chief Accounting Officer
 Award / grant 16,299——16,299
2026-08-21Kalathur Rajesh
Director
 Open-market buy 2,829$177.00$500,7337,765
2026-07-29Meyer Robert Joseph
SVP & Advisor to the CFO
 Open-market sale 5,000$178.89$894,45021,428
2026-07-29Dowling Ruth T
EVP, Chief Admin Ofr, GC & Sec
 Open-market sale 1,106$174.96$193,50627,711
2026-07-28Dowling Ruth T
EVP, Chief Admin Ofr, GC & Sec
 Open-market sale 685$169.54$116,13528,817
2026-05-28Reeve Pamela D A
Director
 Gift 810——21,089
2026-04-29Dowling Ruth T
EVP, Chief Admin Ofr, GC & Sec
 Open-market sale 416$177.54$73,85729,461
2026-04-28Dowling Ruth T
EVP, Chief Admin Ofr, GC & Sec
 Open-market sale 556$178.48$99,23529,877

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired116,299—
GiftDisposed1810—
Open-market buyAcquired12,829$500,733
Open-market saleDisposed57,763$1.4M
—Disposed30—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 8 notices · 140,252 shares · $26.5M
FiledFilerShares proposedEst. proceeds
2026-07-29Robert Meyer5,000$894,426
2026-07-28Ruth T Dowling1,791$298,631
2026-03-04Steven O Vondran33,482$6.3M
2026-03-02Eugene Noel41,209$7.9M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 16 trades (6 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-10Ro KhannaHouseSale$1,001 - $15,0002026-09-07
2026-06-05Ro KhannaHousePurchase$1,001 - $15,0002026-07-08
2023-05-10John W. HickenlooperSenateSale (Full)$100,001 - $250,0002023-06-15
2023-05-10John W. HickenlooperSenateSale (Full)$100,001 - $250,0002023-06-14
2023-05-10John Wright HickenlooperSenateSale (Full)$100,001 - $250,0002023-06-14
2023-04-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002023-05-12
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.45,796,561$7.5B9.83%
VANGUARD CAPITAL MANAGEMENT LLC30,437,771$5.0B6.53%
VANGUARD PORTFOLIO MANAGEMENT LLC27,851,812$4.6B5.98%
STATE STREET CORP22,066,202$3.6B4.74%
GEODE CAPITAL MANAGEMENT, LLC13,838,970$2.3B2.97%
COHEN & STEERS, INC.13,777,789$2.3B2.96%
FMR LLC11,376,427$1.9B2.44%
JPMORGAN CHASE & CO7,887,919$1.3B1.69%
Invesco Ltd.7,068,996$1.2B1.52%
DEUTSCHE BANK AG\6,657,876$1.1B1.43%
Capital World Investors6,554,891$1.1B1.41%
NORGES BANK6,366,685$1.0B1.37%
DIMENSIONAL FUND ADVISORS LP5,875,655$961.2M1.26%
PRINCIPAL FINANCIAL GROUP INC5,742,438$939.3M1.23%
Sixth Street Partners Management Company, L.P.5,607,273$917.2M1.20%

Institutional ownership by quarter

2023-092026-0695.5%
% of shares held by 13F filers
2023-092026-061,754
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,75495.5%177689668149
2026-03-311,75192.4%156722645147
2025-12-311,776101.9%212569812173
2025-09-301,78491.9%133643746161
2025-06-301,84193.6%142736710110
2025-03-311,83493.7%200689727117
2024-12-311,78093.0%207603777219
2024-09-301,82991.9%20467370696
2024-06-301,74592.3%152695693130
2024-03-311,74792.3%147746650161
2023-12-311,78292.9%295608716100
2023-09-301,61190.6%119652648148

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-28SCHEDULE 13GVanguard Portfolio Management5.9%27,718,958
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-02-05SCHEDULE 13G/ABlackRock, Inc.9.2%43,047,962
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VNQ4.32%$2.9B
VGSLX4.32%$2.9B
VGSNX4.32%$2.9B
VITSX0.10%$2.4B
VSMPX0.10%$2.4B
VTI0.10%$2.4B

Share structure

Shares outstanding465,960,000
Float464,450,337
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$9.4B$9.6B$10.0B$10.1B$10.6B
Cost of revenue$2.7B$2.6B$2.6B$2.6B$2.8B
Gross profit$6.7B$7.1B$7.5B$7.6B$7.8B
R&D$0$0$0$0$0
SG&A$811.6M$902.1M$946.0M$933.4M$944.2M
Operating income$3.1B$2.7B$3.1B$4.5B$4.9B
EBITDA$6.0B$6.6B$6.0B$7.2B$6.1B
Pretax income$2.8B$2.1B$1.5B$3.6B$3.0B
Income tax$261.8M$112.8M$90.8M$366.3M$415.7M
Net income$2.6B$1.8B$1.5B$2.3B$2.5B
EPS, diluted$5.66$3.82$3.18$4.82$5.39
Diluted shares453.3M462.8M467.2M468.1M469.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.9B$2.0B$1.8B$2.0B$1.5B
Receivables$1.1B$1.1B$813.2M$784.8M$650.3M
Inventory$0$0$0$0$0
Total current assets$3.7B$3.6B$3.7B$3.2B$2.5B
PP&E, net$29.0B$28.9B$19.8B$27.1B$28.8B
Goodwill & intangibles$34.1B$30.9B$29.2B$26.2B$26.8B
Total assets$69.9B$67.2B$66.0B$61.1B$63.2B
Accounts payable$272.4M$218.6M$251.3M$240.8M$0
Total current liabilities$9.1B$8.3B$7.2B$7.1B$4.0B
Long-term debt$38.7B$34.2B$35.7B$32.8B$33.8B
Total liabilities$60.8B$54.8B$55.2B$51.4B$52.8B
Shareholders' equity$9.1B$12.4B$10.9B$9.6B$10.4B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.6B$1.7B$1.4B$2.3B$2.6B
Depreciation & amortization$2.3B$3.4B$3.1B$2.1B$2.0B
Stock-based compensation$119.5M$169.3M$195.7M$203.6M$174.2M
Change in working capital$102.1M−$1.6B−$813.9M−$386.5M−$166.6M
Operating cash flow$4.8B$3.7B$4.7B$5.3B$5.5B
Capital expenditure−$1.4B−$1.9B−$1.8B−$1.6B−$1.7B
Free cash flow$3.4B$1.8B$2.9B$3.7B$3.8B
Investing cash flow−$20.7B−$2.4B−$1.7B$410.6M−$1.7B
Net debt issued / repaid$13.8B−$4.1B−$1.3B−$1.9B−$372.2M
Buybacks$0−$18.8M$0$0−$364.6M
Dividends paid−$2.3B−$2.6B−$2.9B−$3.1B−$3.2B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin71.3%69.5%71.6%73.0%73.7%
Operating margin33.5%22.0%30.2%43.9%45.8%
Net margin27.4%16.5%13.7%20.9%23.8%
FCF margin36.8%17.0%27.0%34.3%35.5%
ROE56.0%33.1%30.4%59.5%71.9%
ROIC5.2%4.6%6.2%9.3%8.9%
ROA4.4%2.6%2.2%3.5%4.1%
Debt / equity10.248.4411.0313.0012.31
Interest coverage4.2x2.5x2.2x3.8x4.3x
Current ratio0.410.440.510.450.63
Revenue growth+16.4%+14.5%+1.3%−0.4%−1.5%
EPS growth+48.3%−32.6%−16.1%+51.7%+12.0%
P/E at year end46.3x51.1x64.2x37.2x32.6x
EV / EBITDA at year end28.0x21.8x22.6x16.9x19.5x
FCF yield at year end2.90%2.02%3.07%4.42%4.59%
Dividend payout88.4%149.0%198.8%136.4%124.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Property$9.1B$10.5B$11.0B$9.9B$10.3B
Services Revenue$247.3M$241.1M$143.0M$193.7M$339.6M

Revenue by region · FY2025

UNITED STATES$5.6B · 51%
Property, Latin America$1.6B · 15%
Property, Africa$1.4B · 13%
Property, Data Centers$1.1B · 10%
Property, Europe$937.7M · 9%
Services Segment$339.6M · 3%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $1.64 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$11.0B$11.0B – $11.1B$6.97$6.95 – $6.99826.6x
2027$11.4B$11.3B – $11.5B$7.04$6.88 – $7.161026.3x
2028$12.1B$11.6B – $12.5B$7.85$7.26 – $8.711223.6x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-28$1.60$1.84+15.0%$2.7B$2.7B+3.1%
2026-02-24$1.48$1.75+18.2%$2.7B$2.7B+1.9%
2025-10-28$2.62$2.78+6.1%$2.7B$2.7B+0.9%
2025-07-29$2.60$2.600.0%$2.7B$2.6B−1.2%
2025-04-29$2.60$2.75+5.8%$2.6B$2.6B−0.2%
2025-02-25$1.79$2.32+29.6%$2.5B$2.5B+0.0%
2024-10-29$2.54$2.64+3.9%$2.5B$2.5B−0.1%
2024-07-30$2.53$2.79+10.3%$2.8B$2.9B+2.7%
2024-04-30$1.78$1.96+10.1%$2.8B$2.8B+1.4%
2024-02-27$2.18$2.29+5.0%$2.7B$2.8B+1.6%
2023-10-26$2.35$2.58+9.8%$2.8B$2.8B+2.0%
2023-07-27$2.36$2.46+4.2%$2.7B$2.8B+1.6%
2023-04-26$2.38$2.54+6.7%$2.7B$2.8B+1.0%
2023-02-23$2.23$2.34+4.9%$2.7B$2.7B+0.9%
2022-10-27$1.13$1.80+59.3%$2.6B$2.7B+1.0%
2022-07-28$0.96$1.95+103.1%$2.7B$2.7B+0.9%
2022-04-27$2.54$2.55+0.4%$2.6B$2.7B+2.1%
2022-02-24$2.17$2.18+0.5%$2.4B$2.4B+1.4%
2021-10-28$2.33$2.49+6.9%$2.4B$2.5B+1.6%
2021-07-29$2.34$2.42+3.4%$2.2B$2.3B+4.2%
2021-04-29$2.32$2.46+6.0%$2.2B$2.2B−0.3%
2021-02-25$2.08$2.07−0.5%$2.1B$2.1B+3.0%
2020-10-29$2.08$2.23+7.2%$2.1B$2.0B−5.5%
2020-07-30$2.05$2.07+1.0%$2.0B$1.9B−2.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.606-150.906-220.806-290.807-060.507-130.707-201.107-270.708-030.408-100.408-170.308-240.508-31
Week ofNotionalSharesTrades
2026-08-31$469.0M2,674,70566,321
2026-08-24$339.9M1,923,54055,715
2026-08-17$379.4M2,175,76956,095
2026-08-10$364.0M2,120,84662,566
2026-08-03$739.2M4,342,92586,034
2026-07-27$1.1B6,178,873116,119

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1539.8%
DateShort shareShort volumeTotal volume
2026-10-1539.8%332,082834,443
2026-10-1438.1%392,0621,028,110
2026-10-1333.2%404,3121,219,495
2026-10-1234.2%446,5401,305,270
2026-10-0943.3%1,503,8723,473,467
2026-10-0837.5%521,0891,388,118
2026-10-0738.3%320,725836,468
2026-10-0624.8%233,638940,354
2026-10-0526.4%231,683876,779
2026-10-0223.5%256,8631,094,991
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.2Jan-0.2Feb+2.5Mar+2.1Apr+2.2May+1.5Jun+2.2Jul-0.4Aug-1.5Sep+2.1Oct+1.1Nov+1.3Dec
MonthAvg returnUp yearsYears
Jan−0.2%55%20
Feb−0.2%45%20
Mar+2.5%57%21
Apr+2.1%65%20
May+2.2%65%20
Jun+1.5%50%20
Jul+2.2%70%20
Aug−0.4%35%20
Sep−1.5%40%20
Oct+2.1%65%20
Nov+1.1%55%20
Dec+1.3%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1468.6
MFI54.1
ADX26.4
Stochastic %K / %D87.3 / 84.2
Williams %R-2.3
CCI133
TSI / signal16.0 / -1.7
Chaikin money flow0.08
ATR$4.54
Bollinger width18.2%
Volume vs 20-day avg0.55x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$170.83 (+8.5%)
SMA 50$173.14 (+7.0%)
SMA 200$176.61 (+4.9%)
EMA 21$173.98 (+6.5%)
EMA 50$173.07 (+7.0%)
EMA 200$177.48 (+4.4%)
Bollinger upper$186.38 (−0.6%)
Bollinger lower$155.29 (+19.3%)
Parabolic SAR$167.66 (+10.5%)
Open the live chart, 110+ indicators

About American Tower Corporation

American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's 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 few other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its 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 scoping through construction. The Company's services operations primarily support the Company's site leasing business, including through the addition of new tenants and equipment on its sites. The Company's customers include its tenants, licensees and other payers. American Tower Corporation was incorporated in 1995 in Delaware and is based in Massachusetts, Boston.

https://www.americantower.com

Key executives

NameTitlePayBorn
Steven O. VondranPresident, Chief Executive Officer & Director$3.3M1971
Rodney SmithExecutive Vice President, Chief Financial Officer & Treasurer$1.6M1966
Eugene NoelExecutive Vice President & Chief Operating Officer$1.6M1969
Ruth T. DowlingExecutive Vice President, Chief Administrative Officer, General Counsel & Secretary$1.5M1970
Colleen Richards PowellSenior Vice President & Chief Diversity, Equity and Inclusion Officer——
Juan A. FontSenior VP and President & CEO of Coresite—1969
Julian PlumsteadSenior Vice President of M&A and Business Development - Europe, Africa and Latin America——
Richard C. Rossi Jr.Executive VP & President of U.S. Tower——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Steven O. Vondran President and CEO2025$1.0M$11.5M$2.3M$14.9M
Olivier Puech Executive Vice President and President, International2025$640,341$4.7M$912,486$6.5M
Rodney M. Smith Executive Vice President, Chief Financial Officer and Treasurer2025$660,000$4.7M$940,500$6.3M
Ruth T. Dowling Executive Vice President, Chief Administrative Officer, General Counsel and Secretary2025$620,000$3.3M$883,500$4.9M
Eugene M. Noel Executive Vice President and Chief Operating Officer2025$628,269$3.1M$897,750$4.7M

Employees

5k20185k20196k20206k20216k20226k20235k20245k2025

Dividends

Ex-dateAmountPaid
2026-09-30$1.792026-10-20
2026-06-12$1.792026-07-13
2026-04-14$1.792026-04-28
2025-12-29$1.72026-02-02
2025-09-30$1.72025-10-20
2025-06-13$1.72025-07-11
2025-04-11$1.72025-04-28
2024-12-27$1.622025-02-03

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage60
Intangibles55
Switching costs33
Network effect45
Efficient scale70
Our component scores (0-100) and overall 51.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms