American Tower Corporation (AMT)

NYSE: AMT · USD

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StockMarketAgent Research · Analyzed 2026-09-27

Our latest published analysis: AMT rated Reduce

American Tower Corporation's published Reduce conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$148 / share

Potential value

$164 / share

Upside to FV

-12.2%

Moat

8/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$78.8B
P/E (forward)	24.6x

Market data

Price

Recent price action with selectable time range.

Financial snapshot

P/E (forward): 24.6x
Market cap: $78.8B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$717.2M	$840.7M	$747.3M	$774.6M	$935.9M	+6.9%
Gross profit	$6.67B	$7.08B	$7.45B	$7.55B	$7.84B	+4.1%
Operating income	$3.13B	$2.74B	$3.13B	$4.52B	$4.85B	+11.5%
Net income	$2.57B	$1.77B	$1.48B	$2.26B	$2.53B	-0.4%
EPS (diluted)	$5.66	$3.82	$3.18	$4.82	$5.40	-1.2%
EBITDA	$6.03B	$6.58B	$6.00B	$7.15B	$6.12B	+0.4%
R&D	$0	$0	$0	—	—	-31.7%
SG&A	$811.6M	$902.1M	$946.0M	$933.4M	$940.7M	+3.8%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ARE	Alexandria Real Estate Equities Inc.	—	—	—	—	—	—	ホールド
CCI	Crown Castle Inc.	—	—	—	—	—	—	売り
CPT	Camden Property Trust	—	—	—	—	—	—	買い
DLR	Digital Realty Trust, Inc.	—	—	—	—	—	—	売り
DOC	Healthpeak Properties, Inc.	—	—	—	—	—	—	強い買い
EQIX	Equinix Inc.	—	—	—	—	—	—	縮小

Base and Bull scenarios

Base60%

Price target

$148.44

-12.2% from spot

The Base scenario represents the modal expected path for American Tower. U.S. and Canadian macro towers deliver stable organic tenant billings growth of ~4.5%, but consolidated property revenue growth in 2026 is muted at 0% on an FX-neutral basis due to DISH network churn (~400 bps headwind). CoreSite maintains ~15% organic growth, though Stonepeak's conversion to ~36% equity ownership dilutes retained economics. Refinancing debt at 6.35% imposes an ongoing 150 bps drag, anchoring fair value at $148.44.

Domestic organic tenant billings grow at ~4.5%, offset by DISH churn headwind of ~400 bps.
CoreSite data center revenue compounds at approximately 15%.
Refinancing creates an ongoing 150 bps drag on AFFO growth on $44,963.9 million in debt.
Capital returns equal approximately $3.3 billion (~5% growth).

Bull15%

Price target

$164.25

-2.8% from spot

In the Bull scenario, CoreSite data center expansion accelerates organic revenue growth beyond 15%, leveraging its highly interconnected ecosystem and capacity expansion runway. Simultaneously, domestic wireless carriers transition from initial 5G coverage into intensive network densification, deploying mid-band C-band spectrum onto existing macro towers. Operating leverage expands tower operating margins by 200 to 300 basis points by 2030, supporting intrinsic value toward the high end of our fair value range ($164.25).

CoreSite data center organic revenue growth accelerates to 17%+, supported by pipeline to triple capacity.
Carrier C-band densification drives colocation additions, expanding tower operating margins by 200-300 bps by 2030.
DISH churn and refinancing headwinds subside post-2026, allowing FX-neutral attributable AFFO per share growth to re-accelerate toward 7%.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($148.44). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
7.6%	$171	$173	$174	$177	$179
8.1%	$157	$159	$160	$162	$164
8.6%	$146	$147	$148	$150	$151
9.1%	$137	$138	$139	$140	$142
9.6%	$129	$130	$131	$132	$133

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Forward P/E24.6

P25 n/aP50 n/aP75 n/a

Trailing P/E23.2

P25 n/aP50 n/aP75 n/a

ROEn/a

P25 n/aP50 n/aP75 n/a

ROICn/a

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

Deeper analysis on AMT

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

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Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

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Sensitivity

Cost-of-equity and terminal-growth stress table.

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Risks

Kill scenarios, soft-pass flags, and downside catalysts.

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Earnings

Next earnings setup and beat / inline / miss thresholds.

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Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

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Financials

Revenue, margins, cash flow, and balance-sheet context.

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Peers

Relative valuation and profitability against the cohort.

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Moat

Economic-profit evidence and competitive advantage risk.

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Industry cycle

Sector phase, capital cycle, and secular tailwinds.

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Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this AMT report

What is the latest published AMT stock rating?

American Tower Corporation is shown with Reduce in the latest published report, analyzed 2026-09-27. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full AMT analysis?

The full latest published report, analyzed 2026-09-27, lives at /stocks/AMT/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for AMT?

The latest published report analyzed 2026-09-27 gives AMT a fair value of USD 148 and a potential value of USD 164. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the AMT page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-27). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

ReduceAMT · Fair value $148-12.2%

Read full analysis →

Category	Score	Reading
Valuation	3.0
Management	8.5
Balance Sheet	1.5
Profitability	8.5
Revenue Growth	4.5
Risk Assessment	2.5
Competitive Moat	8.0
Earnings Quality	9.0
Capital Efficiency	5.5

American Tower Corporation (AMT)

Our latest published analysis: AMT rated Reduce

Price

Financial snapshot

Fair-value bridge

Latest news · AMT

Valuation

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

Deeper analysis on AMT

Frequently asked questions

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