American Tower Corporation

AMT · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$82,193	$85,706	$100,636	$98,643	$133,209	$102,222	$104,663	$72,042	$64,974	$48,128	$44,152	$39,140	$31,532	$30,504	$23,747	$20,715	$17,214	$11,609	$17,601	$15,826	$8,198	$4,128	$2,252	$690	$1,814	$6,391	$4,576	$2,358	$4,758
Enterprise value	$132,384	$133,927	$151,856	$150,981	$187,256	$137,663	$134,657	$92,557	$84,962	$66,083	$61,012	$53,529	$45,754	$38,994	$30,753	$25,376	$21,171	$15,800	$21,849	$15,780	$11,709	$7,212	$5,526	$4,043	$5,354	$8,793	$5,301	$2,458	$4,845
P/E (TTM) at period end	32.49×	38.01×	67.85×	55.86×	51.88×	60.47×	55.44×	58.71×	56.43×	56.67×	74.22×	48.86×	57.19×	47.87×	59.90×	55.55×	71.68×	48.07×	312.54×	575.84×	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	7.72×	8.46×	10.05×	10.23×	14.24×	12.71×	13.81×	9.68×	9.75×	8.32×	9.25×	9.55×	9.38×	10.61×	9.72×	10.43×	9.98×	7.29×	12.08×	12.01×	8.68×	5.84×	3.15×	0.88×	1.60×	8.69×	17.73×	22.78×	271.77×
P/B at period end	22.50×	25.34×	23.97×	17.70×	26.22×	24.97×	20.70×	13.50×	10.41×	7.12×	6.64×	9.90×	8.92×	8.54×	7.22×	5.92×	5.19×	3.88×	5.82×	3.61×	1.81×	2.81×	1.32×	0.40×	0.63×	2.22×	2.13×	2.16×	31.06×
EV / EBITDA (TTM)	19.22×	20.46×	25.08×	25.57×	34.27×	28.86×	30.15×	23.05×	22.87×	19.56×	21.05×	21.49×	22.71×	22.11×	20.84×	20.38×	19.48×	15.61×	24.24×	19.14×	18.47×	15.28×	12.63×	16.16×	19.81×	44.55×	55.45×	95.21×	650.56×
EV / Sales (TTM)	12.44×	13.22×	15.17×	15.65×	20.01×	17.12×	17.76×	12.44×	12.75×	11.42×	12.79×	13.06×	13.61×	13.56×	12.59×	12.78×	12.28×	9.92×	15.00×	11.98×	12.39×	10.21×	7.73×	5.13×	4.72×	11.96×	20.54×	23.73×	276.70×
Returns
Return on equity	69.3%	66.7%	35.3%	31.7%	50.5%	41.3%	37.3%	23.0%	18.4%	12.6%	8.9%	20.3%	15.6%	17.8%	12.1%	10.7%	7.2%	8.1%	1.9%	0.6%	(3.8%)	(16.8%)	(17.7%)	(65.6%)	(15.7%)	(6.8%)	(2.4%)	(4.3%)	(1.5%)
Return on invested capital	7.8%	7.9%	5.3%	4.5%	4.8%	6.8%	7.7%	7.4%	7.4%	6.5%	5.6%	7.5%	6.1%	7.9%	6.7%	6.4%	5.2%	5.4%	3.2%	2.7%	2.2%	1.1%	0.5%	(1.6%)	(2.3%)	(1.5%)	(1.4%)	(2.1%)	0.3%
Dividend yield	3.9%	3.5%	3.0%	2.8%	1.7%	1.9%	1.5%	1.8%	1.7%	1.8%	1.6%	1.0%	1.4%	1.2%	0.6%	–	–	–	–	–	–	–	–	–	–	0.0%	0.0%	0.0%	–
Financial health
Current ratio	0.40×	0.45×	0.51×	0.44×	0.41×	0.79×	0.47×	0.51×	0.81×	1.04×	0.83×	0.50×	1.06×	1.32×	0.99×	2.61×	1.67×	1.57×	0.77×	0.85×	0.50×	0.93×	1.41×	0.88×	1.52×	1.58×	1.04×	1.80×	0.79×
Debt / equity	10.19×	10.79×	9.24×	6.94×	8.51×	7.15×	4.76×	3.97×	3.24×	2.74×	2.57×	3.68×	4.10×	2.45×	2.20×	1.60×	1.27×	1.45×	1.42×	0.06×	0.11×	2.24×	1.96×	1.98×	1.24×	0.86×	0.35×	0.26×	0.59×
Effective tax rate	13.7%	10.1%	5.9%	5.4%	9.3%	7.1%	(0.0%)	(9.5%)	2.4%	13.8%	19.0%	7.2%	11.0%	15.3%	24.7%	32.8%	43.3%	36.4%	39.1%	58.9%	(3.1%)	25.5%	21.4%	17.0%	20.6%	23.9%	(0.4%)	10.6%	23.1%
Share count
Diluted shares outstanding	469	468	467	463	453	446	446	443	432	429	423	400	399	399	400	404	407	418	426	436	303	224	208	195	192	169	150	80	275

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$10,942	$10,645	$10,127	$10,012	$9,645	$9,357	$8,042	$7,580	$7,440	$6,664	$5,786	$4,772	$4,100	$3,361	$2,876	$2,444	$1,985	$1,724	$1,594	$1,457	$1,317	$945	$707	$715	$788	$1,134	$735	$258	$104	$18
Cost of revenue	($2,870)	($2,748)	($2,574)	($2,562)	($2,569)	($2,682)	($2,227)	($43)	($49)	($35)	($28)	($33)	($38)	($31)	($36)	($31)	($27)	($32)	($27)	($16)	($344)	($318)	($256)	($312)	($446)	($848)	($524)	($156)	($62)	($9)
Gross profit	$8,072	$7,896	$7,553	$7,451	$7,076	$6,675	$5,814	$7,537	$7,391	$6,629	$5,758	$4,738	$4,062	$3,330	$2,840	$2,413	$1,958	$1,692	$1,567	$1,440	$974	$627	$451	$403	$342	$286	$211	$102	$42	$9
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($6)	($9)	($15)	($2)	–	–
Selling, general and administrative	($961)	($941)	($933)	($946)	($902)	($812)	($779)	($730)	($733)	($637)	($543)	($498)	($447)	($416)	($327)	($289)	($230)	($202)	($180)	($186)	($159)	($38)	($27)	($27)	($24)	($26)	($15)	($9)	($18)	($2)
Total operating expenses	($3,170)	($3,051)	($3,036)	($4,325)	($4,338)	($3,543)	($2,927)	($4,849)	($5,486)	($4,631)	($3,905)	($3,125)	($2,575)	($2,116)	($1,720)	($1,493)	($1,174)	($1,019)	($960)	($1,062)	($687)	($449)	($381)	($372)	($438)	($475)	($313)	($143)	($70)	($8)
Total costs and expenses	($6,040)	($5,799)	($5,611)	($6,887)	($6,907)	($6,225)	($5,154)	($4,892)	($5,535)	($4,666)	($3,933)	($3,159)	($2,613)	($2,147)	($1,756)	($1,523)	($1,201)	($1,052)	($987)	($1,078)	($1,031)	($767)	($637)	($684)	($884)	($1,324)	($837)	($299)	($132)	($17)
Operating income	$4,902	$4,846	$4,516	$3,126	$2,739	$3,132	$2,888	$2,688	$1,905	$1,998	$1,853	$1,613	$1,487	$1,214	$1,120	$920	$784	$672	$607	$378	$286	$177	$70	$31	($96)	($189)	($102)	($41)	($28)	$1
Earnings
EBITDA	$6,973	$6,887	$6,545	$6,054	$5,904	$5,465	$4,770	$4,467	$4,016	$3,714	$3,379	$2,898	$2,491	$2,014	$1,764	$1,476	$1,245	$1,087	$1,012	$901	$824	$634	$472	$437	$250	$270	$197	$96	$26	$7
Interest income	$157	$134	$135	$119	$49	$40	$40	$47	$55	$35	$38	$16	$14	$10	$8	$7	$5	$2	$3	$11	$9	$4	–	–	–	–	–	–	–	–
Interest expense	($1,393)	($1,359)	($1,404)	($1,398)	($1,136)	($871)	($794)	($814)	($826)	($750)	($718)	($585)	($580)	($458)	($402)	($312)	($246)	($250)	($254)	($236)	($14)	($14)	–	–	–	–	–	–	–	–
Pre-tax income	$3,942	$3,044	$3,625	$1,529	$2,086	$2,829	$1,821	$1,916	$1,155	$1,256	$1,126	$830	$866	$542	$701	$507	$556	$421	$372	$153	$71	($127)	($314)	($309)	($379)	($567)	($250)	($49)	($42)	($2)
Income tax expense	($427)	($416)	($366)	($91)	($113)	($262)	($130)	$0	$110	($31)	($156)	($158)	($63)	($60)	($107)	($125)	($182)	($183)	($136)	($60)	($42)	($4)	$80	$66	$65	$117	$60	($0)	$4	$0
Net income	$3,401	$2,530	$2,255	$1,483	$1,766	$2,568	$1,691	$1,888	$1,236	$1,239	$956	$685	$825	$551	$637	$396	$373	$247	$347	$56	$27	($172)	($248)	($303)	($1,142)	($450)	($195)	($51)	($47)	($2)
Per share
Diluted EPS (GAAP)	$7.27	$5.40	$4.82	$3.18	$3.82	$5.66	$3.79	$4.24	$2.77	$2.67	$1.98	$1.41	$2.00	$1.38	$1.60	$0.99	$0.92	$0.61	$0.84	$0.13	$0.06	($0.57)	($1.10)	($1.46)	($5.84)	($2.35)	($1.15)	($0.34)	($0.59)	($0.0082)
Basic EPS (GAAP)	$7.27	$5.41	$4.83	$3.18	$3.83	$5.69	$3.81	$4.27	$2.79	$2.69	$2.00	$1.42	$2.02	$1.40	$1.61	$1.00	$0.93	$0.62	$0.88	$0.14	$0.06	($0.57)	($1.10)	($1.46)	($5.84)	($2.35)	($1.15)	($0.34)	($0.59)	($0.0083)
Basic shares outstanding	467	468	467	466	462	451	444	442	440	428	425	419	396	395	395	396	401	398	396	413	425	303	224	208	195	192	169	150	80	274
Margins
Gross margin	73.8%	74.2%	74.6%	74.4%	73.4%	71.3%	72.3%	99.4%	99.3%	99.5%	99.5%	99.3%	99.1%	99.1%	98.8%	98.7%	98.6%	98.1%	98.3%	98.9%	73.9%	66.3%	63.8%	56.4%	43.4%	25.2%	28.7%	39.6%	40.4%	50.2%
Operating margin	44.8%	45.5%	44.6%	31.2%	28.4%	33.5%	35.9%	35.5%	25.6%	30.0%	32.0%	33.8%	36.3%	36.1%	38.9%	37.7%	39.5%	39.0%	38.1%	26.0%	21.7%	18.8%	9.9%	4.4%	(12.1%)	(16.7%)	(13.8%)	(15.9%)	(27.2%)	5.3%
Net margin	31.1%	23.8%	22.3%	14.8%	18.3%	27.4%	21.0%	24.9%	16.6%	18.6%	16.5%	14.4%	20.1%	16.4%	22.2%	16.2%	18.8%	14.3%	21.8%	3.9%	2.1%	(18.2%)	(35.0%)	(42.4%)	(144.8%)	(39.7%)	(26.5%)	(19.7%)	(45.2%)	(13.0%)

Analyst consensus

Buy50 analysts

Bearish · 0 · Hold · 9 · Bullish · 41

Earnings history

	EPS	Estimate
Q3 2024	$1.69	$1.57	Beat
Q4 2024	$2.62	$1.74	Beat
Q1 2025	$1.05	$1.61	Miss
Q2 2025	$0.78	$1.67	Miss
Q3 2025	$1.82	$1.65	Beat
Q4 2025	$1.75	$1.48	Beat
Q1 2026	$1.84	$1.60	Beat
Q2 2026	$1.86	$1.57	Beat

Peers

Company overview

IPO dateFeb 27, 1998

CEOSteven O. Vondran

Employees4,866

SectorReal Estate

IndustryREIT - Specialty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.americantower.com

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.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.