American Tower vs Cushman & Wakefield
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KIRA’s take AI analyst
I put American Tower and Cushman & Wakefield side by side, using each one’s latest annual report. Here is what stands out:
- American Tower is the larger business, with $10.6B of revenue in fiscal 2025 against $10.3B for Cushman & Wakefield.
- Cushman & Wakefield grew revenue faster (8.9%, against 5.1%).
- American Tower kept more of each dollar of sales as operating profit (45.5% operating margin, against 4.4%).
- American Tower turned more of its sales into free cash flow (35.5% FCF margin, against 2.9%).
- American Tower earned a higher return on the capital invested in it (9.3%, against 8.8%).
- Investors pay more for each dollar of Cushman & Wakefield’s earnings: a P/E of 39.7x against 25.9x for American Tower.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
American Tower
AMT
7/10
5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityShare count change
Cushman & Wakefield
CWK
2/10
Revenue growthNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | AMT FY25 | CWK FY25 |
|---|---|---|
| Size | ||
| Market cap | $87.8B | $2.8B |
| Revenue | $10.6B | $10.3B |
| Free cash flow | $3.8B | $293M |
| Net income | $2.6B | $88.2M |
| Growth | ||
| Revenue growth | 5.1% | 8.9% |
| 5-year growth | 5.8% | 5.6% |
| Share count change | 0.1% | 0.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 45.5% | 4.4% |
| Net margin | 24.7% | 0.9% |
| FCF margin | 35.5% | 2.9% |
| Return on capital | 9.3% | 8.8% |
| Return on equity | 74.7% | 4.8% |
| Balance sheet | ||
| Net debt | $35.7B | $2.0B |
| Net debt / EBITDA | 5.2x | 3.6x |
| Dividends and buybacks | $3.5B | $0.0M |
| Valuation & quality | ||
| P/E | 25.9x | 39.7x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.