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American Tower

AMT NYSE Telecom Tower REITs Financials FY2016–FY2025

American Tower's revenue rose 5.1% to $10.6 billion in fiscal 2025. Its operating margin was 45.5%, up from 44.6% a year earlier. Free cash flow was $3.8 billion, up 2.2%. It paid out $3.5 billion in dividends and buybacks, 94% of free cash flow. The diluted share count rose 0.1%.

Last close · Oct 23, 2026

$188.97

4.1%
Value it Compare
Revenue Total sales reported in the income statement.
$10.6B
5.1% vs prior year
Operating margin Operating income as a share of revenue.
45.5%
0.9 pts
Net income Profit after all expenses, interest and tax.
$2.6B
15.3%
Free cash flow Cash from operations minus capital spending.
$3.8B
2.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.3%
0.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$88.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
26.0x
On $7.28 EPS (TTM)

About these figures. American Tower's 2020 10-K tags US$2 million as its 2019 long-term debt, so from 2018 debt is its total long-term obligations (debt and finance leases) as its balance sheet shows them.

What American Tower does

No business description yet.

Legal name
AMERICAN TOWER CORP /MA/
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001053507-26-000035
0001053507

Revenue and margins

American Tower had $10.6B of revenue in fiscal 2025, up 5.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 11.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.8B in fiscal 2025, 35.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

American Tower returned $3.5B to shareholders in fiscal 2025, 94% of free cash flow. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value American Tower yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$35.7B and divides by 468.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 26.0x · peers 41.5x · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably American Tower can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.9B$1.5B$1.8B$2.0B$1.5B
Debt incl. finance leases $43.3B$38.7B$38.8B$36.5B$37.2B
Net debt / EBITDA 7.6x6.3x6.1x5.3x5.2x
Debt / equity 8.5x6.9x9.2x10.8x10.2x
Interest coverage 3.6x2.4x2.2x3.2x3.6x
Current ratio 0.4x0.4x0.5x0.5x0.4x
Quick ratio 0.4x0.4x0.5x0.5x0.4x
Total assets $69.9B$67.2B$66.0B$61.1B$63.2B
Total liabilities $60.8B$54.8B$55.2B$51.4B$52.8B
Shareholders' equity $5.1B$5.6B$4.2B$3.4B$3.7B
Net debt (− = net cash) $41.3B$37.1B$37.0B$34.5B$35.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

2 insiders

Sold, 12 months

$7.8M

3 insiders

Of sales under plans

89%

$6.9M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Teresa Hillary ClarkeDirector Bought 43 $183.20 $0.0M Form 4
Aug 21, 2026 Rajesh KalathurDirector Bought 2,829 $177.00 $0.5M Form 4
Jul 29, 2026 Robert Joseph MeyerSVP & Advisor to the CFO Sold 5,000 $178.89 $0.9M Form 4
Jul 29, 2026 Ruth T DowlingEVP, Chief Admin Ofr, GC & Sec Sold plan 1,106 $174.96 $0.2M Form 4
Jul 28, 2026 Ruth T DowlingEVP, Chief Admin Ofr, GC & Sec Sold plan 685 $169.54 $0.1M Form 4
Jul 13, 2026 Teresa Hillary ClarkeDirector Bought 46 $167.52 $0.0M Form 4
Apr 29, 2026 Ruth T DowlingEVP, Chief Admin Ofr, GC & Sec Sold plan 416 $177.54 $0.1M Form 4
Apr 28, 2026 Ruth T DowlingEVP, Chief Admin Ofr, GC & Sec Sold plan 556 $178.48 $0.1M Form 4
Apr 28, 2026 Teresa Hillary ClarkeDirector Bought 44 $177.08 $0.0M Form 4
Mar 10, 2026 Rajesh KalathurDirector Bought 2,671 $185.30 $0.5M Form 4
Mar 4, 2026 Ruth T DowlingEVP, Chief Admin Ofr, GC & Sec Sold plan 682 $188.51 $0.1M Form 4
Mar 4, 2026 Steven O VondranPresident and CEO, Director Sold plan 33,482 $188.46 $6.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 86 / 85 / 8
Accruals ratio −5.0%−4.7%−4.6%
Altman Z'' −0.010.040.03

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
American Tower AMT $88.1B 5.1% 45.5% 35.5% 9.3% 26.0x 5
Crown Castle CCI $37.3B −4.4% 48.7% — 8.8% 43.6x 5 Compare →
SBA Communications SBAC $19.6B 5.1% 47.7% 37.9% 14.4% 19.9x 6 Compare →
Welltower WELL $172.4B 35.6% — — 3.0% 118.1x — Compare →
Cushman & Wakefield CWK $2.8B 8.9% 4.4% 2.9% 8.8% 39.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.8B $6.7B $7.4B $7.6B $8.0B $9.4B $9.6B $10.0B $10.1B $10.6B
Gross profit $5.8B $6.6B $7.4B $7.5B — — — — — —
Operating income $1.9B $2.0B $1.9B $2.7B $2.9B $3.1B $2.7B $3.1B $4.5B $4.8B
Interest expense $645M $750M $826M $814M $794M $871M $1.1B $1.4B $1.4B $1.4B
Pretax income $1.1B $1.3B $1.2B $1.9B $1.8B $2.8B $2.1B $1.5B $3.6B $3.0B
Income tax $156M $30.7M −$110M −$0.2M $130M $262M $113M $90.8M $366M $416M
Net income $956M $1.2B $1.2B $1.9B $1.7B $2.6B $1.7B $1.4B $2.3B $2.6B
Diluted EPS $1.98 $2.67 $2.77 $4.24 $3.79 $5.66 $3.82 $3.18 $4.82 $5.40
Diluted shares 0.43B 0.43B 0.44B 0.45B 0.45B 0.45B 0.46B 0.47B 0.47B 0.47B
Cash flow
Cash from operations $2.7B $2.9B $3.7B $3.8B $3.9B $4.8B $3.7B $4.7B $5.3B $5.5B
Capital expenditure $683M $804M $913M $991M $1.0B $1.4B $1.9B $1.8B $1.6B $1.7B
Free cash flow $2.0B $2.1B $2.8B $2.8B $2.8B $3.4B $1.8B $2.9B $3.7B $3.8B
Depreciation and amortization $1.5B $1.7B $2.1B $1.8B $1.9B $2.3B $3.2B $2.9B $2.0B $2.0B
Stock-based compensation $89.9M $109M $138M $111M $121M $120M $169M $196M $204M $174M
Acquisitions $1.4B $2.0B $1.9B $3.0B $3.8B $19.3B $549M $168M $123M $454M
Share buybacks $0.0M $766M $233M $19.6M $56.0M $0.0M $18.8M $0.0M $0.0M $365M
Dividends paid $886M $1.1B $1.3B $1.6B $1.9B $2.3B $2.7B $3.0B $3.0B $3.2B
Dividends and buybacks $886M $1.8B $1.6B $1.6B $2.0B $2.3B $2.7B $3.0B $3.0B $3.5B
Balance sheet
Cash and short-term investments $791M $803M $1.2B $1.5B $1.7B $1.9B $1.5B $1.8B $2.0B $1.5B
Total debt $18.5B $20.2B $21.2B $24.1B $29.3B $43.3B $38.7B $38.8B $36.5B $37.2B
Finance lease liabilities $0.0M $0.0M $0.0M $30.7M $27.9M $31.6M $27.8M $20.6M $16.6M $15.9M
Current assets $1.7B $2.0B $2.4B $2.6B $2.9B $3.7B $3.6B $3.7B $3.2B $2.7B
Current liabilities $1.6B $2.5B $4.7B $5.5B $3.7B $9.1B $8.3B $7.2B $7.1B $6.9B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $10.5B $11.1B $11.2B $12.1B $12.8B $19.8B $20.0B $18.9B $19.1B $20.4B
Total assets $30.9B $33.2B $33.0B $42.8B $47.2B $69.9B $67.2B $66.0B $61.1B $63.2B
Total liabilities $22.8B $25.3B $26.1B $36.2B $42.5B $60.8B $54.8B $55.2B $51.4B $52.8B
Shareholders' equity $6.8B $6.2B $5.3B $5.1B $4.1B $5.1B $5.6B $4.2B $3.4B $3.7B
Margins
Gross margin 99.5% 99.5% 99.3% 99.4% — — — — — —
Operating margin 32.0% 30.0% 25.6% 35.5% 35.9% 33.5% 28.4% 31.2% 44.6% 45.5%
EBITDA margin 58.4% 55.7% 54.0% 58.9% 59.3% 58.4% 61.2% 60.5% 64.6% 64.7%
Net margin 16.5% 18.6% 16.6% 24.9% 21.0% 27.4% 17.6% 13.7% 22.5% 24.7%
FCF margin 34.9% 31.8% 38.1% 36.4% 35.4% 36.8% 18.9% 29.2% 36.5% 35.5%
Returns
Return on capital 6.6% 7.7% 7.3% 10.0% 8.9% 6.9% 5.2% 6.0% 8.8% 9.3%
Return on capital employed 6.7% 6.7% 6.5% 8.2% 7.1% 6.0% 4.6% 5.3% 8.0% 8.8%
Return on equity 14.3% 19.1% 21.4% 36.3% 37.0% 56.0% 31.9% 28.0% 60.2% 74.7%
Return on assets 3.3% 3.9% 3.7% 5.0% 3.8% 4.4% 2.5% 2.1% 3.6% 4.2%
Growth
Revenue growth 21.3% 15.2% 11.7% 1.9% 6.1% 16.4% 3.1% 3.8% 1.2% 5.1%
Net income growth 39.6% 29.5% −0.2% 52.7% −10.5% 51.9% −33.9% −19.4% 66.8% 15.3%
EPS growth 40.4% 34.9% 3.8% 53.1% −10.6% 49.3% −32.5% −16.8% 51.6% 12.0%
FCF growth 40.4% 5.1% 33.6% −2.6% 3.2% 20.8% −47.1% 60.5% 26.5% 2.3%
Share count change 1.5% 0.6% 2.6% 0.6% 0.1% 1.6% 2.1% 1.0% 0.2% 0.1%
Financial health
Net debt / EBITDA 5.3x 5.2x 5.0x 5.1x 5.8x 7.6x 6.3x 6.1x 5.3x 5.2x
Debt / equity 2.7x 3.2x 4.0x 4.8x 7.2x 8.5x 6.9x 9.2x 10.8x 10.2x
Interest coverage 2.9x 2.7x 2.3x 3.3x 3.6x 3.6x 2.4x 2.2x 3.2x 3.6x
Current ratio 1.0x 0.8x 0.5x 0.5x 0.8x 0.4x 0.4x 0.5x 0.5x 0.4x
Quick ratio 1.0x 0.8x 0.5x 0.5x 0.8x 0.4x 0.4x 0.5x 0.5x 0.4x
Capital allocation
Capex / revenue 11.8% 12.1% 12.3% 13.1% 12.8% 14.7% 19.4% 18.0% 15.7% 15.8%
Stock comp / revenue 1.6% 1.6% 1.9% 1.5% 1.5% 1.3% 1.8% 2.0% 2.0% 1.6%
Payouts / FCF 43.9% 86.7% 54.9% 58.8% 69.6% 66.0% 150.0% 102.8% 81.8% 93.7%
Quality scores
Piotroski F-score 7.0 6.0 4.0 7.0 4.0 5.0 5.0 5.0 6.0 5.0
Altman Z'' 0.6 0.5 0.1 0.1 0.3 −0.1 −0.1 −0.0 0.0 0.0
Accruals ratio −6.0% −5.3% −7.6% −4.9% −4.9% −3.9% −2.9% −5.0% −4.7% −4.6%

Source: SEC EDGAR XBRL filings (CIK 0001053507). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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