American Tower Corporation

AMT

Real EstateLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a few other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. The Company's services operations primarily support the Company's site leasing business, including through the addition of new tenants and equipment on its sites. The Company's customers include its tenants, licensees and other payers. American Tower Corporation was incorporated in 1995 in Delaware, USA.

Valuation

Market Cap$90.3B

Current Price$178.60as of Jun 23, 2026

P/E Ratio35.72

P/B Ratio24.73

EV / EBITDA20.76

EV / Sales12.57

Profitability

Operating Margin46.3%

Net Profit Margin23.8%

EBITDA Margin60.5%

Returns

ROE69.3%

ROCE8.8%

ROIC %-

ROA4.0%

Solvency

Current Ratio0.40

Debt / Equity12.31

Debt / Assets0.71

CFO / Net Profit2.16

Price History▼ 19.42% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$10.6B▲ 5.1%

EBITDA$6.4B▼ 9.9%

Net Profit$2.5B▲ 12.2%

Cash from Ops (CFO)$5.5B▲ 3.3%

Free Cash Flow (FCF)$3.8B▲ 2.2%

Revenue CAGR 3Y3.3%

Revenue CAGR 5Y-

Net Profit CAGR 3Y12.7%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$10.6B	$6.4B	$2.5B	$3.8B	69.3%	5.1%	12.2%
2024	$10.1B	$7.2B	$2.3B	$3.7B	66.7%	1.1%	52.0%
2023	$10.0B	$6.0B	$1.5B	$2.9B	35.3%	3.8%	-16.0%
2022	$9.6B	$6.6B	$1.8B	$1.8B	31.7%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	9,645.40	10,012.20	10,127.20	10,644.60
Operating Revenue	-	9,645.40	10,012.20	10,127.20	10,644.60
Cost Of Revenue	-	2,569.20	2,561.50	2,574.40	2,748.10
Gross Profit	-	7,076.20	7,450.70	7,552.80	7,896.50
Operating Expense	-	4,153.50	3,913.90	2,949.80	2,967.30
Selling General And Administration	-	902.10	946	933.40	940.70
Total Expenses	-	6,722.70	6,475.40	5,524.20	5,715.40
Operating Income	-	2,922.70	3,536.80	4,603	4,929.20
Total Operating Income As Reported	-	2,738.60	3,125.50	4,516.50	4,845.80
EBITDA	-	6,577.10	6,004	7,154.10	6,445.20
Normalized EBITDA	-	6,310.20	6,746.20	6,932.30	7,338
EBIT	-	3,222	2,917.50	5,029.30	4,403.60
Interest Income	-	49.10	118.60	135.20	134
Interest Expense	-	1,136	1,388.20	1,404.50	1,359.40
Net Interest Income	-	-1,086.90	-1,269.60	-1,269.30	-1,225.40
Other Non Operating Income Expenses	-	-16.70	4.30	69.30	233.20
Other Income Expense	-	250.20	-737.90	291.10	-659.60
Interest Income Non Operating	-	49.10	118.60	135.20	134
Interest Expense Non Operating	-	1,136	1,388.20	1,404.50	1,359.40
Net Non Operating Interest Income Expense	-	-1,086.90	-1,269.60	-1,269.30	-1,225.40
Pretax Income	-	2,086	1,529.30	3,624.80	3,044.20
Tax Provision	-	112.80	90.80	366.30	415.70
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	13.34	-44.53	22.40	-122.31
Net Income Continuous Operations	-	1,973.20	1,438.50	3,258.50	2,628.50
Net Income From Continuing And Discontinued Operation	-	1,765.80	1,483.30	2,255	2,529.50
Net Income From Continuing Operation Net Minority Interest	-	2,042.30	1,554.70	3,233.30	2,529.50
Net Income	-	1,765.80	1,483.30	2,255	2,529.50
Net Income Common Stockholders	-	1,765.80	1,483.30	2,255	2,529.50
Net Income Including Noncontrolling Interests	-	1,696.70	1,367.10	2,280.20	2,628.50
Normalized Income	-	1,788.74	2,252.37	3,033.90	3,299.99
Diluted NI Availto Com Stockholders	-	1,765.80	1,483.30	2,255	2,529.50
Diluted Average Shares	-	462.75	467.16	468.12	468.76
Reconciled Depreciation	-	3,355.10	3,086.50	2,124.80	2,041.60
Reconciled Cost Of Revenue	-	2,379	2,403.50	2,478.40	2,748.10
Total Unusual Items	-	266.90	-742.20	221.80	-892.80
Total Unusual Items Excluding Goodwill	-	266.90	-742.20	221.80	-892.80
Minority Interests	-	69.10	116.20	-25.20	-99
Net Income Discontinuous Operations	-	-276.50	-71.40	-978.30	0
Special Income Charges	-	-184.50	-411.60	-86.50	-83.40
Other Special Charges	38.20	0.40	0.30	-	-
Impairment Of Capital Assets	-	147.30	280	68.60	100.70
Restructuring And Mergern Acquisition	-	-	21.80	-	-
Gain On Sale Of Security	-	451.40	-330.60	308.30	-809.40
Depreciation Amortization Depletion Income Statement	-	3,164.90	2,928.50	2,028.80	2,041.60
Depreciation And Amortization In Income Statement	-	3,164.90	2,928.50	2,028.80	2,041.60
General And Administrative Expense	811.60	-	-	-	-
Other Gand A	692.10	-	-	-	-
Salaries And Wages	119.50	-	-	-	-
Gain On Sale Of Ppe	-	-36.80	-131.30	-17.90	17.30
Other Operating Expenses	-	86.50	39.40	-12.40	-15

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
American Tower Corporationthis co.	AMT	$90.3B	35.72↓ discount	24.73	69.3%	20.76
Welltower Inc.	WELL	$141.8B	151.34	3.37	2.2%	68.44
Prologis, Inc.	PLD	$134.7B	40.48	2.54	6.3%	22.98
Equinix, Inc.	EQIX	$107.4B	79.57	7.59	9.5%	31.31
Simon Property Group, Inc.	SPG	$78.4B

Learn while you research

Hand-picked academy chapters to deepen your understanding of American Tower Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$10.6B

$6.4B

$2.5B

$3.8B

69.3%

5.1%

12.2%

2024

$10.1B

$7.2B

$2.3B

$3.7B

66.7%

1.1%

52.0%

2023

$10.0B

$6.0B

$1.5B

$2.9B

35.3%

3.8%

-16.0%

2022

$9.6B

$6.6B

$1.8B

31.7%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

9,645.40

10,012.20

10,127.20

10,644.60

Operating Revenue

9,645.40

10,012.20

10,127.20

10,644.60

Cost Of Revenue

2,569.20

2,561.50

2,574.40

2,748.10

Gross Profit

7,076.20

7,450.70

7,552.80

7,896.50

Operating Expense

4,153.50

3,913.90

2,949.80

2,967.30

Selling General And Administration

902.10

946

933.40

940.70

Total Expenses

6,722.70

6,475.40

5,524.20

5,715.40

Operating Income

2,922.70

3,536.80

4,603

4,929.20

Total Operating Income As Reported

2,738.60

3,125.50

4,516.50

4,845.80

EBITDA

6,577.10

6,004

7,154.10

6,445.20

Normalized EBITDA

6,310.20

6,746.20

6,932.30

7,338

EBIT

3,222

2,917.50

5,029.30

4,403.60

Interest Income

49.10

118.60

135.20

134

Interest Expense

1,136

1,388.20

1,404.50

1,359.40

Net Interest Income

-1,086.90

-1,269.60

-1,269.30

-1,225.40

Other Non Operating Income Expenses

-16.70

4.30

69.30

233.20

Other Income Expense

250.20

-737.90

291.10

-659.60

Interest Income Non Operating

49.10

118.60

135.20

134

Interest Expense Non Operating

1,136

1,388.20

1,404.50

1,359.40

Net Non Operating Interest Income Expense

-1,086.90

-1,269.60

-1,269.30

-1,225.40

Pretax Income

2,086

1,529.30

3,624.80

3,044.20

Tax Provision

112.80

90.80

366.30

415.70

Tax Rate For Calcs

Tax Effect Of Unusual Items

13.34

-44.53

22.40

-122.31

Net Income Continuous Operations

1,973.20

1,438.50

3,258.50

2,628.50

Net Income From Continuing And Discontinued Operation

1,765.80

1,483.30

2,255

2,529.50

Net Income From Continuing Operation Net Minority Interest

2,042.30

1,554.70

3,233.30

2,529.50

Net Income

1,765.80

1,483.30

2,255

2,529.50

Net Income Common Stockholders

1,765.80

1,483.30

2,255

2,529.50

Net Income Including Noncontrolling Interests

1,696.70

1,367.10

2,280.20

2,628.50

Normalized Income

1,788.74

2,252.37

3,033.90

3,299.99

Diluted NI Availto Com Stockholders

1,765.80

1,483.30

2,255

2,529.50

Diluted Average Shares

462.75

467.16

468.12

468.76

Reconciled Depreciation

3,355.10

3,086.50

2,124.80

2,041.60

Reconciled Cost Of Revenue

2,379

2,403.50

2,478.40

2,748.10

Total Unusual Items

266.90

-742.20

221.80

-892.80

Total Unusual Items Excluding Goodwill

266.90

-742.20

221.80

-892.80

Minority Interests

69.10

116.20

-25.20

-99

Net Income Discontinuous Operations

-276.50

-71.40

-978.30

Special Income Charges

-184.50

-411.60

-86.50

-83.40

Other Special Charges

38.20

0.40

0.30

Impairment Of Capital Assets

147.30

280

68.60

100.70

Restructuring And Mergern Acquisition

21.80

Gain On Sale Of Security

451.40

-330.60

308.30

-809.40

Depreciation Amortization Depletion Income Statement

3,164.90

2,928.50

2,028.80

2,041.60

Depreciation And Amortization In Income Statement

3,164.90

2,928.50

2,028.80

2,041.60

General And Administrative Expense

811.60

Other Gand A

692.10

Salaries And Wages

119.50

Gain On Sale Of Ppe

-36.80

-131.30

-17.90

17.30

Other Operating Expenses

86.50

39.40

-12.40

-15

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

American Tower Corporationthis co.

AMT

$90.3B

35.72↓ discount

24.73

69.3%

20.76

Welltower Inc.

WELL

$141.8B

151.34

3.37

2.2%

68.44

Prologis, Inc.

PLD

$134.7B

40.48

2.54

6.3%

22.98

Equinix, Inc.

EQIX

$107.4B

79.57

7.59

9.5%

31.31

Simon Property Group, Inc.

SPG

$78.4B

American Tower Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

American Tower Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on