AMT

AMERICAN TOWER CORP /MA/

Real Estate • CIK: 0001053507

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Market Cap
$82.15B
P/E (TTM)
32.5x
Rev Growth (TTM)
+5.1%
Net Margin (TTM)
23.8%
FCF Yield (TTM)
4.6%
FCF Margin (TTM)
35.5%

Filing Intelligence

4.0/10
10-K filed Feb 24, 2026 • FY 2025

Executive Summary

Significant potential exposure from Verizon and AT&T transactions, with substantial purchase option prices and ongoing lease agreements.. Significant operating losses reported across all geographic...

Key Concerns

  • ●Significant risks exist from customer disputes with AT&T Mexico and default by DISH, impacting a portion of revenue.
  • ●Goodwill impairment charge of $6.5 million in Bangladesh reporting unit.
  • ●Significant increase in acquired tenant-related intangibles from $7.6B to $18.6B.

Key Strengths

  • ●Revenue is predominantly recurring, supported by long-term leases with contractual escalations, providing strong visibility.
  • ●Global growth in wireless services and industry trends like 5G deployment are expected to drive future revenue opportunities.
  • ●The Data Centers segment showed a notable turnaround, moving from a negative gross margin to a positive one year-over-year.
View Full Quarterly Insights →

LATEST EARNINGS

•
Q4 2025
•
about 1 month ago
•View source
Revenue
$2.74B
—
Net Income
$836.80M
—
EPS
$1.75
-33.2%
Gross
74.7%↓ -0.3%
Operating
42.4%↓ 0.0%
Net
30.6%↓ -17.7%
  • •Total revenue increased 7.5% to $2,738 million in Q4 2025 and 5.1% to $10,645 million for the full year 2025.
  • •Adjusted EBITDA increased 7.5% to $1,819 million in Q4 2025 and 4.7% to $7,130 million for the full year 2025.
  • •AFFO attributable to AMT common stockholders per Share, as adjusted, increased 13.4% to $2.63 in Q4 2025 and 8.0% to $10.76 for the full year 2025.
  • •Cash provided by operating activities increased 19.1% to $1,428 million in Q4 2025 and 3.3% to $5,464 million for the full year 2025.
View Full Earnings →

Cash Flow Health

Free Cash Flow7/8 positive
TTM$3.8B
Q4 '25
$848M-15%
Q3 '25
$995M+2%
FCF Margin
TTM35.5%
Q4 '2531.0%-15%
Sector: 0.2%Above Avg
OCF Margin51.3%
OCF/NI2.16x
CapEx Coverage3.3x
FCF Yield4.6%
FCF Growth (2Y)+28%
Cash Conversion Cycle
-458 days
DSO: 24+DIO: 0−DPO: 482
View Insights from Latest Filing →View Full Cash Flow Statement →

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)
11.19x
D/E: 10.19x
Asset & CapEx Efficiency
Fixed Asset Turn
0.54x
8Q:0.53x
+4.2%
CapEx/Depreciation
0.82x
Depreciation Rate Trend
⚠ Declining -5.0%
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$10.6B
$2.7B↑0.7%
$2.7B↑3.4%
$2.6B↑2.5%
$2.6B
$0↓100.0%
$2.5B↓0.9%
$2.5B↑1.3%
$2.5B
Operating Income
$4.8B
$1.2B↓5.9%
$1.2B↑3.0%
$1.2B↓4.5%
$1.3B
$0↓100.0%
$1.1B↓1.5%
$1.2B↑1.3%
$1.1B
Net Income
$2.5B
$820.7M↓3.8%
$853.3M↑132.6%
$366.8M↓24.9%
$488.7M
$0↑100.0%
$-792.3M↓188.0%
$900.3M↓1.9%
$917.4M
Operating Cash Flow
$5.5B
$1.4B↓2.2%
$1.5B↑13.9%
$1.3B↓1.0%
$1.3B
$0↓100.0%
$1.5B↑9.8%
$1.3B↑4.3%
$1.3B
Free Cash Flow
$3.8B
$848.3M↓14.7%
$994.5M↑1.8%
$976.9M↑1.3%
$963.9M
$0↓100.0%
$1.0B↑3.1%
$1.0B↑14.3%
$886.9M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
32.5x
Volatile
8Q: 100.5x+11825%
Valuation Lenses
Earnings
32.5x
vs – sector
Cash Flow
31.0x
EV/FCF vs –
Growth-Adj
2.7xPEG
Expensive for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$82.15B
EV$117.16B
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%
68.7%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%

Earnings Quality

Cash Conversion

2.16x

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
65/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
5.1%
OpInc Growth YoY
N/A
EPS Growth YoY
12.0%
FCF 3Y CAGR
27.6%

Growth Quality Analysis

✓Efficient Growth: Free cash flow growing faster than revenue

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
23.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+11.8 pts
FCF: 35.5% | Net: 23.8%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Leveraged
Net Debt / EBITDA
–Net Debt: $35.62B
Interest Coverage
–
Balance sheet risk & solvency analysis

Research

All research