American Tower vs Equinix
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The short version
- American Tower is the larger business, with $10.6B of revenue in fiscal 2025 against $9.2B for Equinix.
- American Tower kept more of each dollar of sales as operating profit (45.5% operating margin, against 20.1%).
- American Tower turned more of its sales into free cash flow (35.5% FCF margin, against −4.3%).
- American Tower earned a higher return on the capital invested in it (9.3%, against 5.6%).
- Investors pay more for each dollar of Equinix’s earnings: a P/E of 61.5x against 26.0x for American Tower.
| Latest fiscal year | AMT · FY25 | EQIX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $88.1B | $94.6B |
| Revenue | $10.6B | $9.2B |
| Free cash flow | $3.8B | −$400M |
| Net income | $2.6B | $1.4B |
| Growth | ||
| Revenue growth | 5.1% | 5.4% |
| 5-year growth | 5.8% | 9.0% |
| Share count change | 0.1% | 2.4% |
| Profitability | ||
| Gross margin | — | 51.1% |
| Operating margin | 45.5% | 20.1% |
| Net margin | 24.7% | 14.7% |
| FCF margin | 35.5% | −4.3% |
| Return on capital | 9.3% | 5.6% |
| Return on equity | 74.7% | 9.8% |
| Balance sheet | ||
| Net debt | $35.7B | $17.3B |
| Net debt / EBITDA | 5.2x | 4.5x |
| Dividends and buybacks | $3.5B | $1.9B |
| Valuation & quality | ||
| P/E | 26.0x | 61.5x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
AMT $5.8B
EQIX $3.6B
FY17
AMT $6.7B
EQIX $4.4B
FY18
AMT $7.4B
EQIX $5.1B
FY19
AMT $7.6B
EQIX $5.6B
FY20
AMT $8.0B
EQIX $6.0B
FY21
AMT $9.4B
EQIX $6.6B
FY22
AMT $9.6B
EQIX $7.3B
FY23
AMT $10.0B
EQIX $8.2B
FY24
AMT $10.1B
EQIX $8.7B
FY25
AMT $10.6B
EQIX $9.2B
AMT
EQIX
Operating margin
FY16
AMT 32.0%
EQIX 17.1%
FY17
AMT 30.0%
EQIX 18.5%
FY18
AMT 25.6%
EQIX 19.3%
FY19
AMT 35.5%
EQIX 21.0%
FY20
AMT 35.9%
EQIX 17.6%
FY21
AMT 33.5%
EQIX 16.7%
FY22
AMT 28.4%
EQIX 16.5%
FY23
AMT 31.2%
EQIX 17.6%
FY24
AMT 44.6%
EQIX 15.2%
FY25
AMT 45.5%
EQIX 20.1%
AMT
EQIX
Free cash flow
FY16
AMT $2.0B
EQIX −$94.0M
FY17
AMT $2.1B
EQIX $60.5M
FY18
AMT $2.8B
EQIX −$281M
FY19
AMT $2.8B
EQIX −$86.8M
FY20
AMT $2.8B
EQIX $27.3M
FY21
AMT $3.4B
EQIX −$204M
FY22
AMT $1.8B
EQIX $685M
FY23
AMT $2.9B
EQIX $436M
FY24
AMT $3.7B
EQIX $183M
FY25
AMT $3.8B
EQIX −$400M
AMT
EQIX
Return on capital
FY16
AMT 6.6%
EQIX 6.0%
FY17
AMT 7.7%
EQIX 5.8%
FY18
AMT 7.3%
EQIX 5.4%
FY19
AMT 10.0%
EQIX 4.8%
FY20
AMT 8.9%
EQIX 3.7%
FY21
AMT 6.9%
EQIX 4.1%
FY22
AMT 5.2%
EQIX 4.3%
FY23
AMT 6.0%
EQIX 4.9%
FY24
AMT 8.8%
EQIX 4.1%
FY25
AMT 9.3%
EQIX 5.6%
AMT
EQIX
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.