American Tower vs Welltower
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The short version
- Welltower is the larger business, with $10.8B of revenue in fiscal 2025 against $10.6B for American Tower.
- Welltower grew revenue faster (35.6%, against 5.1%).
- American Tower earned a higher return on the capital invested in it (9.3%, against 3.0%).
- Investors pay more for each dollar of Welltower’s earnings: a P/E of 118.1x against 26.0x for American Tower.
| Latest fiscal year | AMT · FY25 | WELL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $88.1B | $172.4B |
| Revenue | $10.6B | $10.8B |
| Free cash flow | $3.8B | — |
| Net income | $2.6B | $962M |
| Growth | ||
| Revenue growth | 5.1% | 35.6% |
| 5-year growth | 5.8% | 18.7% |
| Share count change | 0.1% | 11.6% |
| Profitability | ||
| Gross margin | — | 40.1% |
| Operating margin | 45.5% | — |
| Net margin | 24.7% | 8.9% |
| FCF margin | 35.5% | — |
| Return on capital | 9.3% | 3.0% |
| Return on equity | 74.7% | 2.6% |
| Balance sheet | ||
| Net debt | $35.7B | $14.7B |
| Net debt / EBITDA | 5.2x | 4.1x |
| Dividends and buybacks | $3.5B | $1.9B |
| Valuation & quality | ||
| P/E | 26.0x | 118.1x |
| Piotroski F-score | 5 | — |
Revenue
FY16
AMT $5.8B
WELL $4.3B
FY17
AMT $6.7B
WELL $4.3B
FY18
AMT $7.4B
WELL $4.7B
FY19
AMT $7.6B
WELL $5.1B
FY20
AMT $8.0B
WELL $4.6B
FY21
AMT $9.4B
WELL $4.7B
FY22
AMT $9.6B
WELL $5.9B
FY23
AMT $10.0B
WELL $6.6B
FY24
AMT $10.1B
WELL $8.0B
FY25
AMT $10.6B
WELL $10.8B
AMT
WELL
Operating margin
FY16
AMT 32.0%
WELL —
FY17
AMT 30.0%
WELL —
FY18
AMT 25.6%
WELL —
FY19
AMT 35.5%
WELL —
FY20
AMT 35.9%
WELL —
FY21
AMT 33.5%
WELL —
FY22
AMT 28.4%
WELL —
FY23
AMT 31.2%
WELL —
FY24
AMT 44.6%
WELL —
FY25
AMT 45.5%
WELL —
AMT
WELL
Free cash flow
FY16
AMT $2.0B
WELL —
FY17
AMT $2.1B
WELL —
FY18
AMT $2.8B
WELL —
FY19
AMT $2.8B
WELL —
FY20
AMT $2.8B
WELL —
FY21
AMT $3.4B
WELL —
FY22
AMT $1.8B
WELL —
FY23
AMT $2.9B
WELL —
FY24
AMT $3.7B
WELL —
FY25
AMT $3.8B
WELL —
AMT
WELL
Return on capital
FY16
AMT 6.6%
WELL 4.6%
FY17
AMT 7.7%
WELL 2.8%
FY18
AMT 7.3%
WELL 3.5%
FY19
AMT 10.0%
WELL 3.8%
FY20
AMT 8.9%
WELL 1.3%
FY21
AMT 6.9%
WELL 2.0%
FY22
AMT 5.2%
WELL 2.0%
FY23
AMT 6.0%
WELL 2.5%
FY24
AMT 8.8%
WELL 2.6%
FY25
AMT 9.3%
WELL 3.0%
AMT
WELL
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.