AMT
AMERICAN TOWER CORP /MA/
Real Estate • CIK: 0001053507
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Market Cap
$80.69B
P/E (TTM)
27.8x
Rev Growth (TTM)
+6.3%
Net Margin (TTM)
26.8%
FCF Yield (TTM)
4.7%
FCF Margin (TTM)
34.9%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$3.8B
Q1 '26
$951M+12%
Q4 '25
$848M-15%
FCF Margin
TTM34.9%
Q1 '2634.7%+12%
Sector: 0.0%Above Avg
OCF Margin51.5%
OCF/NI1.92x
CapEx Coverage3.1x
FCF Yield4.7%
FCF Growth (2Y)+21%
Cash Conversion Cycle
-458 days
DSO: 24+DIO: 0−DPO: 482
Capital Allocation & Returns
Total Shareholder YieldFY
FY0.0%
Div Yield0.0%
+Buyback (FY)0.4%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$3.8B
Stock Repurchases (FY)$364.6M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
—
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
—
Asset Turnover
0.17x
8Q: 0.17x
Leverage (1+D/E)
11.59x
D/E: 10.59x
Asset & CapEx Efficiency
Fixed Asset Turn
0.54x
8Q:0.54x
+3.1%
CapEx/Depreciation
0.87x
Depreciation Rate Trend
⚠ Declining -3.6%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $10.8B | $2.7B↓0.0% | $2.7B↑0.7% | $2.7B↑3.4% | $2.6B↑2.5% | $2.6B | $0↓100.0% | $2.5B↓0.9% | $2.5B |
Operating Income | $4.8B | $1.2B↑6.8% | $1.2B↓5.9% | $1.2B↑3.0% | $1.2B↓4.5% | $1.3B | $0↓100.0% | $1.1B↓1.5% | $1.2B |
Net Income | $2.9B | $859.5M↑4.7% | $820.7M↓3.8% | $853.3M↑132.6% | $366.8M↓24.9% | $488.7M | $0↑100.0% | $-792.3M↓188.0% | $900.3M |
Operating Cash Flow | $5.6B | $1.4B↓1.9% | $1.4B↓2.2% | $1.5B↑13.9% | $1.3B↓1.0% | $1.3B | $0↓100.0% | $1.5B↑9.8% | $1.3B |
Free Cash Flow | $3.8B | $951.1M↑12.1% | $848.3M↓14.7% | $994.5M↑1.8% | $976.9M↑1.3% | $963.9M | $0↓100.0% | $1.0B↑3.1% | $1.0B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
27.8x
Volatile
8Q: 100.2x+10985%
Valuation Lenses
Earnings
27.8x
vs – sector
Cash Flow
30.8x
EV/FCF vs –
Growth-Adj
0.5xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$80.69B
EV$115.98B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
100/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
78.1%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
1.92x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle-458 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
66/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
6.3%
OpInc Growth YoY
-1.2%
EPS Growth YoY
59.0%
FCF 3Y CAGR
20.5%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
26.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+8.0 pts
FCF: 34.9% | Net: 26.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $35.58B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
10.59x
Balance sheet risk & solvency analysis