AMT
AMERICAN TOWER CORP /MA/
Real Estate • CIK: 0001053507
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Market Cap
$89.98B
P/E (TTM)
30.6x
Rev Growth (TTM)
+4.2%
Net Margin (TTM)
28.1%
FCF Yield (TTM)
4.1%
FCF Margin (TTM)
35.3%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$3.7B
Q3 '25
$995M+2%
Q2 '25
$977M+1%
FCF Margin
TTM35.3%
Q3 '2536.6%-2%
Sector: 32.2%Above Avg
OCF Margin50.1%
OCF/NI1.78x
CapEx Coverage3.4x
FCF Yield4.1%
FCF Growth (2Y)+35%
Cash Conversion Cycle
-10 days
DSO: 23+DIO: 0−DPO: 33
Capital Allocation & Returns
Balanced
Total Shareholder Yield
TTM3.5%
Div Yield3.5%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)3.5%
FCF Payout Ratio84.2%
Free Cash Flow (TTM)$3.7B
Stock Repurchases ()$0
Capital Return / FCF84.2%
Est. Dividends Paid (TTM)$3.1B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
11.1%
Stable
+0.3% YoY+4.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
40.7%
8Q: 39.7%
Asset Turnover
0.17x
8Q: 0.16x
Leverage (1+D/E)
10.42x
D/E: 9.42x
DuPont: 70.9% ≈ 11.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.54x
8Q:0.52x
+4.6%
Invested Cap Turn
0.27x
8Q:0.26x
+3.9%
CapEx Intensity
4.0%
8Q:4.1%
CapEx/Depreciation
0.76x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $10.5B | $2.7B↑3.4% | $2.6B↑2.5% | $2.6B↑0.6% | $2.5B↑1.0% | $2.5B↓0.9% | $2.5B↑1.3% | $2.5B↑2.3% | $2.5B |
Operating Income | $4.8B | $1.2B↑3.0% | $1.2B↓4.5% | $1.3B↑16.1% | $1.1B↓5.2% | $1.1B↓1.5% | $1.2B↑1.3% | $1.1B↑86.2% | $612.8M |
Net Income | $2.9B | $853.3M↑132.6% | $366.8M↓24.9% | $488.7M↓60.3% | $1.2B↑255.2% | $-792.3M↓188.0% | $900.3M↓1.9% | $917.4M↑980.6% | $84.9M |
Operating Cash Flow | $5.2B | $1.5B↑13.9% | $1.3B↓1.0% | $1.3B↑8.0% | $1.2B↓18.4% | $1.5B↑9.8% | $1.3B↑4.3% | $1.3B↑12.4% | $1.1B |
Free Cash Flow | $3.7B | $994.5M↑1.8% | $976.9M↑1.3% | $963.9M↑27.6% | $755.6M↓27.7% | $1.0B↑3.1% | $1.0B↑14.3% | $886.9M↑43.7% | $617.3M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
30.6x
Valuation Lenses
Earnings
30.6x
vs – sector
Cash Flow
35.9x
EV/FCF vs –
Growth-Adj
0.2xPEG
Undervalued for growth
Quality-Adj
2.8P/E per %ROIC
ROIC: 11.1%
Shareholder Returns
Dividend
3.5%
Buyback
–
Total Yield
3.5%
Market Cap$89.98B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
98/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
81.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
11.1%
8Q:–
+4.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 40.7%
Asset Turnover: 0.17x
Earnings Quality
Cash Conversion
1.78x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin75.9%
Capital Efficiency
Invested Capital Turnover0.27x
Working Capital
Cash Conversion Cycle-10 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
64/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
4.2%
OpInc Growth YoY
8.3%
EPS Growth YoY
164.1%
FCF 3Y CAGR
34.6%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
75.9%
Operating
45.6%
Above Avg in sector
Net
28.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+7.2 pts
FCF: 35.3% | Net: 28.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $35.14B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
9.42x
Balance sheet risk & solvency analysis