Real Estate · Telecom Tower REITs · US stock · price as of 16 Oct 2026
Key indicators
Price
$185.27
52-week range
$158.35 – $192.15
Market cap
$86.4B
P/E (trailing)
24.7×
EV / EBITDA
17.5×
Free-cash-flow yield
4.6%
Dividend yield
3.8%
Revenue (last 12 months)
$10.9B
Revenue growth (3y a year)
3.3%
Operating margin
44.8%
Return on invested capital
9.3%
Net debt / EBITDA
6.2×
Fair value
Fair value is not shown for this company.
X-Ray Score
49/ 100 · Medium confidence · ahead of 45% of sector peers
Valuation46
Growth46
Profitability58
Financial health45
Dividends45
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Wireless towers and other communications sites are owned and operated by American Tower, which leases space on them to mobile network operators. Carriers mount their antennas and equipment on the structures to provide coverage, and the company also operates data centre facilities. It is structured as a real estate investment trust, and its portfolio spans the United States and a range of international markets, including Latin America, Africa and Europe.
Revenue comes from rent paid by tenants under long-term leases, which usually include built-in annual increases. Revenue was $10.9 billion over the last twelve months, with growth of 3.3% a year over the last three years. The operating margin is 44.8%, and the business earns a profit of 9% on the capital invested in it. Net debt is 6.2 times EBITDA. It pays a dividend with a yield of 3.8%.
StocksXray gives American Tower Corp an X-Ray Score of 49 out of 100 (medium confidence), ahead of 45% of the S&P 500 stocks in its sector. Its strongest lens is profitability (58) and its weakest is dividends (45).
XStocksXray
American Tower Corp (AMT)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$249.86
$185.72
$195.73
$171.92
$170.35
$185.27
Market cap
$113.3B
$85.9B
$91.4B
$80.5B
$79.9B
$86.4B
P/E
44.1×
48.6×
61.6×
35.7×
31.5×
24.7×
EV / revenue
16.9×
13.5×
13.5×
12.0×
11.5×
11.7×
EV / EBITDA
29.0×
22.0×
22.3×
18.5×
17.8×
18.4×
Price / free cash flow
32.9×
47.2×
31.3×
21.7×
21.1×
21.8×
Free-cash-flow yield
3.0%
2.1%
3.2%
4.6%
4.7%
4.6%
Price / book
22.3×
15.4×
21.8×
23.8×
21.9×
23.2×
Dividend yield
–
2.32%
3.22%
3.82%
3.94%
3.82%
Fundamentals checklist ● 3 Good · ● 7 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.6%Average
Free-cash-flow yield4.6%Average
Risk models
Altman Z score-0.3×Average
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)12.2%Average
Free-cash-flow growth (3y)27.6%Good
Revenue growth (3y)3.3%Bad
Growth consistency80%Bad
Balance sheet
Current ratio0.4×Bad
Net debt / EBITDA6.2×Bad
Interest cover3.5×Average
Valuation
EBIT / EV yield3.6%Average
Profitability
Return on invested capital9.3%Average
Operating margin44.8%Good
XStocksXray
American Tower Corp (AMT)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
9,357
9,645
10,012
10,127
10,645
10,942
Gross profit
–
–
–
–
–
–
Operating income
3,132
2,739
3,126
4,517
4,846
4,902
Net income
2,568
1,697
1,367
2,280
2,629
3,515
Diluted EPS ($)
5.66
3.82
3.18
4.82
5.40
7.52
Free cash flow
3,443
1,823
2,924
3,701
3,784
3,960
Gross margin
–
–
–
–
–
–
Operating margin
33.5%
28.4%
31.2%
44.6%
45.5%
44.8%
Net margin
27.4%
17.6%
13.7%
22.5%
24.7%
32.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
69,888
67,195
66,028
61,077
63,190
63,300
Cash
1,950
1,549
1,754
2,000
1,475
1,763
Total debt
43,254
38,670
38,801
36,502
37,220
37,190
Equity
5,081
5,572
4,198
3,382
3,653
3,720
Dividend per share ($)
–
4.30
6.31
6.56
6.72
6.89
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.