American Tower Corporation (AMT)

NYSE: AMT · USD

$184

-0.31 (-0.2%)· Recorded snapshot

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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%

from $184

Moat

8/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$78.8B
Revenue (ttm)	11B
Net income (ttm)	3.3B
EPS (ttm)	$7.11
Shares out	463.8M
P/E (trailing)	25.8x
P/E (forward)	24.6x
Dividend	$7.16 (3.92%)
Volume	3,202,711
Beta	0.88

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 11B
Net income (ttm): 3.3B
EPS (ttm): $7.11
P/E (trailing): 25.8x
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.	6.9B	—	2.4x	0.9%	+6.6%	-45.8%	보유
CCI	Crown Castle Inc.	37.4B	46.3x	9.1x	5.1%	-7.9%	-6.2%	매도
CPT	Camden Property Trust	10.3B	32.3x	6.6x	3.2%	+7.7%	-0.6%	매수
DLR	Digital Realty Trust, Inc.	68B	86.6x	10.0x	2.4%	+9.3%	+3.7%	매도
DOC	Healthpeak Properties, Inc.	13B	53.8x	4.4x	2.5%	+10.5%	+3.0%	적극 매수
EQIX	Equinix Inc.	99.7B	65.0x	10.1x	5.6%	+11.2%	+21.2%	비중 축소

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

Refreshed 2026-10-28 19:55 UTC

Forward P/E24.6

P25 n/aP50 n/aP75 n/a

Trailing P/E23.2

P25 n/aP50 n/aP75 n/a

ROE33

P25 n/aP50 n/aP75 n/a

ROIC7.8

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All AMT indicators

Market & fundamental data

Available fields

270

Groups with data

Currency

USD

Showing 270 of 270 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001053507
Company name	American Tower Corporation
Country	United States
Country code	US
CUSIP number	03027X100
Earnings date	2026-10-27
Earnings time	bmo
Employees	4,866
Employees change	175
Employees growth	3.73%
Enterprise value	$128.5B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1995
In index	SP500
Industry	REIT - Specialty
IPO date	1998-06-05
Is primary listing	Yes
Is SPAC	No
ISIN number	US03027X1000
Last 10-K release date	2026-02-24
Last earnings date	2026-10-27
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$85.1B
Market cap category	Large-Cap
Next earnings date	2027-02-23
Options	Yes
Price	$183.51
Price currency	USD
Sector	Real Estate
SIC code	6798
Stock price date	2026-10-28
Symbol	AMT
U.S. state	Massachusetts
Website	https://www.americantower.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	25.86x
Average P/E ratio (10Y)	54.35x
Average P/E ratio (3Y)	46.4x
Average P/E ratio (5Y)	52.72x
Earnings yield	3.87%
EV/Earnings	37.95x
EV/EBIT	25.36x
EV/EBITDA	17.9x
EV/FCF	31.75x
EV/Sales	11.42x
FCF / EV yield	3.15%
FCF yield	4.81%
Forward EV/Sales	11.09x
Forward P/E	26.75x
Forward P/S	7.26x
Graham number	34.76209
Graham upside	-80.42%
Industry forward P/E	37.13x
Industry P/E	37.98x
Lynch fair value	$42.44
Lynch upside	-76.1%
P/(FCF - SBC) ratio	21.64x
P/(OCF - SBC) ratio	14.83x
P/B ratio	24.32x
P/E ratio	25.82x
P/FCF ratio	20.79x
P/OCF ratio	14.43x
P/S ratio	7.48x
PEG ratio	4.86x
Price/EBITDA ratio	11.72x
Sector forward P/E	29.99x
Sector P/E	40.99x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	45.03%
EBITDA margin	63.82%
Effective tax rate	13.03%
FCF margin	35.98%
Gross margin	73.52%
Operating margin	45.03%
Pretax margin	35.34%
Profit margin	30.1%
Profit per employee	$680,949
Profitable quarters	8
Profitable years	20
Revenue per employee	$2.3M
ROA	4.88%
ROA (5Y)	3.82%
ROCE	9.17%
ROE	32.96%
ROE (5Y)	25.17%
ROIC	7.82%
ROIC (5Y)	6.33%
SBC / revenue	1.41%
Tax / revenue	4.61%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	13.19%
EPS growth (Q)	-9.89%
EPS growth (QoQ)	-11.83%
EPS growth 10Y	13.53%
EPS growth 3Y	66.71%
EPS growth 5Y	5.23%
EPS growth years	2
Net income growth	12.77%
Net income growth (Q)	-10.25%
Net income growth (QoQ)	-11.72%
Net income growth 3Y	66.75%
Net income growth 5Y	5.97%
Net income growth years	2
OCF growth	9.02%
OCF growth (Q)	-4.6%
OCF growth (QoQ)	-6.32%
OCF growth 10Y	8.11%
OCF growth 3Y	6.2%
OCF growth 5Y	1.6%
Revenue growth	5.31%
Revenue growth (Q)	2.5%
Revenue growth (QoQ)	1.32%
Revenue growth 10Y	7.14%
Revenue growth 3Y	2.37%
Revenue growth 5Y	4.03%
Revenue growth quarters	9
Revenue growth years	23

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-1.7B
Depreciation and amortization	$2.1B
EBIT	$5B
EBITDA	$7B
EPS	$7.11
FCF per share	$8.54
Financing cash flow	$-4B
Free cash flow	$4B
Free cash flow minus SBC	$3.8B
Funds from operations (FFO)	$4.2B
Gross profit	$8.1B
Income taxes	$507.1M
Investing cash flow	$-1.8B
Net cash flow	$-93.5M
Net income	$3.3B
Operating cash flow minus SBC	$5.6B
Operating income	$5B
Revenue	$11B
Stock-based compensation	$155.7M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$7.56
Debt / EBITDA	5.29
Debt / equity	4.64
Debt / FCF	11.44
Goodwill	$12.1B
Interest coverage	3.51
Net cash (debt)	$-43.4B
Net cash / market cap	-52.74%
Net debt / EBITDA	6.18
Net debt / equity	4.45
Net debt / FCF	10.96
Piotroski F-Score	5
Property, plant and equipment	$29.1B
Shareholders' equity	$9.8B
Tangible book value	$-22.3B
Tangible book value per share	$-47.98
Total assets	$63B
Total cash	$1.9B
Total debt	$45.3B
Total liabilities	$53.2B
WACC	6.84%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.17
Current ratio	0.35
Net working capital	$-1.6B
Quick ratio	0.28
Working capital	$-5.8B

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	0.4%
Dividend growth	5.21%
Dividend growth (10Y)	13.01%
Dividend growth (3Y)	3.86%
Dividend growth (5Y)	7.05%
Dividend growth years	14
Dividend payment date	2026-10-20
Dividend payment years	16
Dividend payout frequency	Quarterly
Dividend per share	$7.16
Dividend yield	3.92%
Ex-dividend date	2026-09-30
FCF payout ratio	83.84%
Last dividend	$1.79
Payout ratio	100.75%
Shareholder yield	4.43%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	59.16%
10Y return CAGR	7.52%
10Y total return	106.53%
150-day SMA	$175.82
15Y price change	223.42%
15Y return CAGR	10.64%
15Y total return	355.89%
1D price change	-0.17%
1M price change	8.66%
1M total return	9.84%
1W price change	0.06%
1W total return	0.06%
1Y price change	-3.19%
1Y return CAGR	0.75%
1Y total return	0.74%
20-day SMA	$177.20
200-day SMA	$177.30
20Y price change	398.29%
20Y return CAGR	10.24%
20Y total return	602.38%
3M price change	10.15%
3M total return	11.34%
3Y price change	6.79%
3Y return CAGR	5.89%
3Y total return	18.72%
50-day SMA	$175.40
50-day SMA vs 200-day SMA	50under200
52-week high	$202.50
52-week high date	2026-10-23
52-week low	$160.06
52-week low date	2026-07-06
5Y price change	-35.65%
5Y return CAGR	-5.42%
5Y total return	-24.3%
6M price change	4.78%
6M total return	6.92%
All-time high	$303.72
All-time high date	2021-09-08
All-time low	$0.60
All-time low date	2002-10-22
Average true range (ATR)	$5.93
Average volume	3.6M
Beta (1Y)	0.13
Beta (2Y)	0.03
Beta (5Y)	0.88
Change from 52-week high	-9.38%
Change from 52-week low	14.65%
Change from all-time high	-39.53%
Change from all-time low	30,511.67%
Change from open	0.47%
Day's gap	-0.64%
Dollar volume	$587.7M
High price	$183.93
Low price	$176.20
Monthly RSI	48.28
Open price	$182.65
Position in 52-week range	94.57%
Premarket change	-0.88%
Premarket close	$183.83
Premarket price	$182.21
Premarket volume	218
Previous close	$183.83
Price vs 150-day SMA	4.47%
Price vs 20-day SMA	3.65%
Price vs 200-day SMA	3.59%
Price vs 50-day SMA	4.72%
Relative volume	0.88
RSI	57.36
Sharpe ratio	0.03
Sharpe ratio (3Y)	0.29
Sharpe ratio (5Y)	-0.19
Sortino ratio	0.25
Sortino ratio (3Y)	0.66
Sortino ratio (5Y)	-0.06
Volume	3.2M
Weekly RSI	53.73
YTD price change	4.61%
YTD total return	7.82%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	464.5M
Float percentage	100.15%
Shares change (QoQ)	-0.11%
Shares change (YoY)	-0.4%
Shares held by insiders	0.18%
Shares held by institutions	96.59%
Shares outstanding	463.8M
Short % of float	1.58%
Short % of shares	1.58%
Short ratio	2.8 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	169

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.

→

Valuation

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

→

Sensitivity

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

→

Risks

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

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

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

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

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

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All AMT indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on AMT

Frequently asked questions

등급 이력