American Tower Corp (AMT)
Real Estate · Telecom Tower REITs · US stock · S&P 500 component
$188.97
▲ +7.40 (4.08%)
Fair valueFair
$196 +3.9% to fair value
$98fair band $167–$238$295
Day's range
$185.45 – $202.13
52-week range
$160.06 – $202.13
About American Tower Corp
Wireless towers and other communications sites are owned and operated by American Tower, which leases space on them to mobile network operators. Carriers mount their antennas and equipment on the structures to provide coverage, and the company also operates data centre facilities. It is structured as a real estate investment trust, and its portfolio spans the United States and a range of international markets, including Latin America, Africa and Europe.
Revenue comes from rent paid by tenants under long-term leases, which usually include built-in annual increases. Revenue was $10.9 billion over the last twelve months, with growth of 3.3% a year over the last three years. The operating margin is 44.8%, and the business earns a profit of 9% on the capital invested in it. Net debt is 6.2 times EBITDA. It pays a dividend with a yield of 3.7%. On the site's X-Ray Score it receives 50 out of 100.
Price chart
52-wk range $160.06 – $202.13Volume 8,706,309Daily, split-adjusted
Vitals
Market cap$88.1B
52-week range$160.06 – $202.13
Volume (last day)8,706,309
P/E (TTM)25.1
EBIT / EV yield3.6%
Free-cash-flow yield4.5%
Dividend yield3.7%
Revenue (TTM)$10.9B
Net income (TTM)$3.5B
Operating margin44.8%
Return on capital9.3%
Debt incl. leases$45.0B
Cash & securities$1.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$196middle half of models $187 – $204
Fair
+3.9% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $189
Undervalued < $167Fair $167 – $238Overvalued > $238
P/B multiple
$177
P/S multiple
$220
P/FFO multiple
$199
P/AFFO multiple
$191
Dividend discount, stable · not used
$395
Dividend discount, multi-stage · not used
$783
A model estimate, not a price target or recommendation. Inputs: risk-free 4.96%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
49/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.6%
Free-cash-flow yield4.5%
Fair value vs price1.0×
Growth
Weak
46/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)3.3%
EPS growth (3y)12.2%
Growth consistency80%
Profitability
Fair
58/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital9.3%
Operating margin44.8%
Financial health
Weak
45/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA6.2×
Interest cover3.5×
Dividends
Weak
45/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield3.7%
Dividends vs free cash flow83%
Dividend growth5.4%
Quarterly results: last 6 quarters
+2.0%
Mar '25
+3.2%
Jun '25
+7.7%
Sep '25
+7.5%
Dec '25
+6.8%
Mar '26
+4.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.7B, diluted EPS $1.86.
Compare with peers
SBAC Sba Communications Cor...57 CCI Crown Castle Inc.45Other Telecom Tower REITs companies by X-Ray Score.
SWOT analysis: American Tower Corp
Strengthsinside the company
- Operating margin of 44.8% is well above the 32.5% median of sector peers, a sign of pricing power or lower costs.
- Earnings per share have compounded at 12.2% a year over three years.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Net debt is 6.2x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- Trades at 25.1x earnings, 22% below the 32.0x median of sector peers.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare AMT with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 55, PLD 44, EQIX 54, SPG 42, DLR 38, PSA 43.
| Metric | AMT | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 50 | 53 | 53 |
| Valuation | 49 | 51 | 51 |
| Growth | 46 | 56 | 56 |
| Profitability | 58 | 50 | 50 |
| Financial health | 45 | 56 | 56 |
| Dividends | 45 | 48 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
AMT ranks #16 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for AMT
Each factor is rated by where AMT stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 8 Average · 6 Bad of 21
Growth: 0 · 2 · 1
Profitability: 3 · 1 · 0
Financial strength: 1 · 1 · 2
Valuation: 1 · 2 · 2
Cash flow: 1 · 2 · 1
Efficiency: 1 · 0 · 0
| Factor | AMT | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +3.3% | Bad beats 19% | +6.8% | – | – |
| Revenue growth, last year | +5.1% | Average beats 53% | +5.1% | +3.8% | ≈ In line |
| EPS growth, 3 years a year | +12.2% | Average beats 60% | −1.9% | – | – |
| Profitability | |||||
| Operating margin | 44.8% | Good beats 73% | 34.3% | 33.5% | ▲ Better |
| Net margin | 32.1% | Good beats 78% | 21.5% | 22.5% | ▲ Better |
| Return on invested capital | 9.3% | Average beats 65% | 7.5% | – | – |
| Return on equity | 94.5% | Good beats 94% | 7.3% | 50.5% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 6.2x | Bad beats 19% | 4.6x | 6.1x | ≈ In line |
| Interest cover | 3.5x | Average beats 52% | 3.4x | 3.2x | ≈ In line |
| Current ratio | 0.35 | Bad beats 1% | 1.22 | 0.44 | ≈ In line |
| Piotroski F-score | 7 / 9 | Good beats 69% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 25.1x | Good beats 73% | 31.9x | 51.6x | ▲ Better |
| Price / book | 23.7x | Bad beats 2% | 2.6x | 24.0x | ≈ In line |
| Price / sales | 8.1x | Average beats 36% | 6.9x | 10.1x | ▲ Better |
| EV / EBITDA | 19.8x | Bad beats 31% | 18.8x | 22.8x | ▲ Better |
| Free cash flow yield | 4.5% | Average beats 57% | 4.1% | 2.9% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 36.2% | Bad beats 29% | 44.6% | 35.5% | ≈ In line |
| Cash from operations / net income | 1.64 | Average beats 34% | 1.91 | 2.18 | ▼ Worse |
| Free cash flow growth, 3 years a year | +27.6% | Good beats 76% | +11.7% | – | – |
| Accruals (lower is better) | −3.6% | Average beats 47% | −3.7% | – | – |
| Efficiency | |||||
| Days sales outstanding | 22 days | Good beats 84% | 53 days | 22 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 8 Average · ● 4 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 49/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $9.4B | $9.6B | $10.0B | $10.1B | $10.6B |
| Operating income | $3.1B | $2.7B | $3.1B | $4.5B | $4.8B |
| Net income | $2.6B | $1.7B | $1.4B | $2.3B | $2.6B |
| Operating cash flow | $4.8B | $3.7B | $4.7B | $5.3B | $5.5B |
| Operating margin | 33.5% | 28.4% | 31.2% | 44.6% | 45.5% |
| Free cash flow | $3.4B | $1.8B | $2.9B | $3.7B | $3.8B |
| Diluted EPS | $5.66 | $3.82 | $3.18 | $4.82 | $5.40 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 3 neutral · 1 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 182.3 | Bullish |
| EMA 10 | 181.1 | Bullish |
| SMA 20 | 174.2 | Bullish |
| EMA 20 | 177.6 | Bullish |
| SMA 50 | 173.5 | Bullish |
| EMA 50 | 174.2 | Bullish |
| SMA 100 | 172.6 | Bullish |
| EMA 100 | 173.5 | Bullish |
| SMA 200 | 173.9 | Bullish |
| EMA 200 | 175.0 | Bullish |
Oscillators (daily)
| RSI (14) | 66.53 | Neutral |
| MACD (12, 26) | 3.82 | Bullish |
| Momentum (12) | 13.71 | Bullish |
| Stochastic %K (14) | 66.86 | Neutral |
| Williams %R (14) | -33.14 | Neutral |
| CCI (20) | 133.0 | Bearish |
Pivot points (classic, last session)
S3 165.6 | S2 175.5 | S1 182.2 | Pivot 192.2 | R1 198.9 | R2 208.9 | R3 215.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
7.07 USD
Yield on today's price
3.74%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.7900 | |
| 1.7900 | |
| 1.7900 | |
| 1.7000 | |
| 1.7000 | |
| 1.7000 | |
| 1.7000 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.7000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold AMT
| ETF | Share of the fund |
|---|---|
| DTCR Global X Data Center & Digital Infrast... | 9.63% |
| ICF iShares Cohen & Steers REIT | 6.95% |
| XLRE The Real Estate Select Sector SPDR | 5.23% |
| SCHH Schwab U.S. REIT | 4.34% |
| DFAR DFA Investment Dimensions Group Inc. | 4.32% |
| VNQ Vanguard Real Estate | 4.20% |
| DFGR Dimensional Gloabl Real Estate | 3.96% |
| IYR iShares U.S. Real Estate | 3.85% |
The eight funds with the largest weight in AMT among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
AMT SEC filings
8-KSEC EDGAR
Director or officer change; Other events
8-KSEC EDGAR
Entered a material agreement
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.