AMT
SP100NYSEAmerican Tower Corporation
Real Estate · REIT - Specialty · United States
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 and is based in Massachusetts, Boston.
www.americantower.com ↗Shares trade at a premium 26.8× trailing earnings, easing to 24.2× on forward estimates. Profitability shows a net margin of 26.8% and return on equity of 30.0%. Leverage is high at 6.2× net debt/EBITDA. Revenue grew 6.8% year-on-year. It yields 4.2% in dividends. The mean analyst target of USD216.82 sits 30.6% above the current price (Buy, 22 analysts).
business model
American Tower is a real estate investment trust (REIT) that owns and operates wireless communications towers and other real estate, leasing space on its towers to mobile carriers and other tenants under long-term contracts. Revenue is recurring, contractual, and often includes built-in escalators; adding multiple tenants per tower drives high incremental margins.
revenue segments
Primarily property leasing revenue from towers, split geographically across the US and Canada, plus large international operations in Latin America, Africa, Europe, and Asia; it also owns a US data-center business (CoreSite). International markets historically carried higher growth but greater FX and credit risk.
key dependencies
Depends on the capital spending and network expansion of a concentrated set of large wireless carriers, on interest rates (as a capital-intensive, debt-financed REIT), on carrier consolidation, and on data traffic growth driving demand for tower space.
competitors
Competes with other tower operators including Crown Castle, SBA Communications, Cellnex (in Europe), Indus Towers, and IHS Towers, as well as carrier-owned tower assets.
moat
Strong moat from irreplaceable tower locations, long-term leases with escalators, high tenant switching costs, zoning barriers to new construction, and the operating leverage of co-locating multiple tenants on a single tower.
risks
Risks include high sensitivity to interest rates and its large debt load, tenant concentration and carrier consolidation (e.g., Sprint/T-Mobile churn), FX and sovereign risk in emerging markets, and slowing carrier capex.
Financials & metrics
as of 26 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $10.64B | $10.13B | $10.01B | $9.65B | — |
| Cost of revenue | $2.75B | $2.57B | $2.56B | $2.57B | — |
| Gross profit | $7.90B | $7.55B | $7.45B | $7.08B | — |
| Operating expense | $2.97B | $2.95B | $3.91B | $4.15B | — |
| Operating income | $4.93B | $4.60B | $3.54B | $2.92B | — |
| Interest expense | $1.36B | $1.40B | $1.39B | $1.14B | — |
| Pretax income | $3.04B | $3.62B | $1.53B | $2.09B | — |
| Tax provision | $415.70M | $366.30M | $90.80M | $112.80M | — |
| Net income | $2.53B | $2.25B | $1.48B | $1.77B | — |
| EBITDA | $6.45B | $7.15B | $6.00B | $6.58B | — |
| Diluted EPS | $5.40 | $4.82 | $3.18 | $3.82 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $63.19B | $61.08B | $66.03B | $67.19B | — |
| Current assets | $2.74B | $3.18B | $3.71B | $3.62B | — |
| Cash & equivalents | $1.47B | $2.00B | $1.75B | $2.03B | — |
| Total liabilities | $52.84B | $51.43B | $55.16B | $54.79B | — |
| Current liabilities | $6.91B | $7.08B | $7.25B | $8.31B | — |
| Total debt | $44.96B | $43.95B | $46.31B | $47.05B | — |
| Long-term debt | $33.83B | $32.81B | $35.73B | $34.16B | — |
| Shareholders' equity | $3.65B | $3.38B | $4.20B | $5.57B | — |
| Retained earnings | -$5.09B | -$4.42B | -$3.64B | -$2.10B | — |
| Working capital | -$4.17B | -$3.90B | -$3.54B | -$4.69B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $5.46B | $5.29B | $4.72B | $3.70B | — |
| Investing cash flow | -$1.86B | $410.60M | -$1.70B | -$2.36B | — |
| Financing cash flow | -$4.21B | -$5.45B | -$3.10B | -$1.42B | — |
| Capital expenditure | -$1.68B | -$1.59B | -$1.80B | -$1.87B | — |
| Free cash flow | $3.78B | $3.70B | $2.92B | $1.82B | — |
| Dividends paid | -$3.16B | -$3.07B | -$2.95B | -$2.63B | — |
| Share buybacks | -$364.60M | $0.00 | $0.00 | -$18.80M | — |
| End cash position | $1.61B | $2.11B | $2.09B | $2.14B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 25 Aug 2026News
Sector peers
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