American Tower vs Cushman & Wakefield
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The short version
- 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 39.4x against 26.0x for American Tower.
| Latest fiscal year | AMT · FY25 | CWK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $88.1B | $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 | 26.0x | 39.4x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
AMT $5.8B
CWK $6.2B
FY17
AMT $6.7B
CWK $6.9B
FY18
AMT $7.4B
CWK $8.2B
FY19
AMT $7.6B
CWK $8.8B
FY20
AMT $8.0B
CWK $7.8B
FY21
AMT $9.4B
CWK $9.4B
FY22
AMT $9.6B
CWK $10.1B
FY23
AMT $10.0B
CWK $9.5B
FY24
AMT $10.1B
CWK $9.4B
FY25
AMT $10.6B
CWK $10.3B
AMT
CWK
Operating margin
FY16
AMT 32.0%
CWK −4.8%
FY17
AMT 30.0%
CWK −2.5%
FY18
AMT 25.6%
CWK 0.2%
FY19
AMT 35.5%
CWK 2.1%
FY20
AMT 35.9%
CWK −0.7%
FY21
AMT 33.5%
CWK 5.3%
FY22
AMT 28.4%
CWK 5.3%
FY23
AMT 31.2%
CWK 2.2%
FY24
AMT 44.6%
CWK 3.6%
FY25
AMT 45.5%
CWK 4.4%
AMT
CWK
Free cash flow
FY16
AMT $2.0B
CWK −$412M
FY17
AMT $2.1B
CWK −$125M
FY18
AMT $2.8B
CWK −$86.4M
FY19
AMT $2.8B
CWK $189M
FY20
AMT $2.8B
CWK −$79.2M
FY21
AMT $3.4B
CWK $496M
FY22
AMT $1.8B
CWK −$1.6M
FY23
AMT $2.9B
CWK $101M
FY24
AMT $3.7B
CWK $167M
FY25
AMT $3.8B
CWK $293M
AMT
CWK
Return on capital
FY16
AMT 6.6%
CWK —
FY17
AMT 7.7%
CWK —
FY18
AMT 7.3%
CWK 0.3%
FY19
AMT 10.0%
CWK 3.0%
FY20
AMT 8.9%
CWK −1.3%
FY21
AMT 6.9%
CWK 10.1%
FY22
AMT 5.2%
CWK 7.6%
FY23
AMT 6.0%
CWK 3.8%
FY24
AMT 8.8%
CWK 6.2%
FY25
AMT 9.3%
CWK 8.8%
AMT
CWK
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.