American Tower vs Welltower
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KIRA’s take AI analyst
I put American Tower and Welltower side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
American Tower
AMT
4/7
Net marginReturn on capitalReturn on equityShare count change
Welltower
WELL
3/7
Revenue growth5-year growthNet debt / EBITDA
Side by side
Best in the row
| 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 | — |
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.