American Tower

Real Estate Telecom Tower REITs Boston, Massachusetts Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$10.6B
                    3y CAGR +3.3%
                    
                    P17
                    
                    n/a
                    
                    Net income
                    FY2025
                
$2.6B
                    Net margin +24.7%
                    
                    P60
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$63.2B
                    ROA +4.2%
                    
                    P68
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$5.5B
                    FCF margin +35.5%
                    
                    P53
                    
                    n/a

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 1 year

Total assets $63.2B

Total liabilities $52.8B

Shareholders equity $3.7B

Account	2025	Trend
Assets
Cash and Cash Equivalents	2.3%
Accounts Receivable	1.0%
Prepaid Expenses	0.8%
Other Current Assets	0.1%
Total Current Assets	4.3%
Property,Plant and Equipment	32.2%
Operating Lease Assets	13.3%
Goodwill	19.4%
Intangible Assets	23.0%
Deferred Tax Assets	0.2%
Other Noncurrent Assets	1.4%
Total Assets	100.0%
Liabilities
Accounts Payable	0.4%
Accrued Liabilities	1.8%
Deferred Revenue	0.5%
Current Portion of Long Term Debt	5.4%
Operating Lease Liabilities	0.9%
Other Current Liabilities	0.4%
Total Current Liabilities	10.9%
Operating Lease Liabilities Noncurrent	11.3%
Deferred Tax Liabilities	2.3%
Other Noncurrent Liabilities	1.5%
Total Liabilities	83.6%
Equity
Preferred Stock	0.0%
Common Stock	0.0%
Additional Paid In Capital	24.1%
Retained Earnings	-8.0%
Treasury Stock	2.6%
Accumulated Other Comprehensive Income	-7.6%
Noncontrolling Interest	10.6%
Total Stockholders Equity	5.8%
Total Liabilitiesand Equity	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 1 year

Revenue $10.6B

Operating income $4.8B

Net income $2.6B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	16.8%
Expenses Cost of Revenue	9.2%
Expenses Selling,General and Administrative	1.5%
Expenses Depreciation and Amortization	1.4%
Expenses Share Based Compensation	0.3%
Expenses Restructuring and Asset Impairment	0.1%
Expenses Operating Expenses	9.2%
Other Income Expense Operating Income	7.7%
Other Income Expense Interest Income	0.2%
Other Income Expense Interest Expense	0.1%
Other Income Expense Other Income/expense	-0.9%
Other Income Expense Income Before Tax	4.8%
Income Tax Income Tax Expense	0.7%
net Income net Income	4.2%
net Income Comprehensive Income	5.8%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	0.7%
Earnings Per Share Weighted Average Shares Diluted	0.7%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 1 year

Operating cash flow $5.5B

Investing cash flow $-1.9B

Financing cash flow $-4.2B

Account	2025	Trend
CashFlow
Operating Activities net Income	4.2%
Operating Activities Depreciation and Amortization	3.2%
Operating Activities Stock Based Compensation	0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.1%
Operating Activities net Cash From Operating Activities	8.6%
Investing Activities Capital Expenditures	2.7%
Investing Activities Business Acquisitions	0.7%
Investing Activities Other Investing Activities	0.0%
Investing Activities net Cash From Investing Activities	-2.9%
Financing Activities Proceeds From Debt	4.7%
Financing Activities Repurchase of Common Stock	0.6%
Financing Activities Dividends Paid	5.0%
Financing Activities Proceeds From Stock Issuance	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%
Financing Activities Other Financing Activities	-0.4%
Financing Activities net Cash From Financing Activities	-6.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%
Cash Reconciliation net Change In Cash	-0.8%
Cash Reconciliation Cash At Beginning of Period	2.5%
Cash Reconciliation Cash At End of Period	2.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+45.5%
Operating margin	+45.5%
Net margin	+24.7%
FCF margin	+35.5%
Growth
Revenue CAGR (3y)	+3.3%
Returns
ROE	+72.0%
ROA	+4.2%
ROIC	+75.2%
Liquidity
Current ratio	0.40x
Quick ratio	0.31x
Leverage
D/E	14.47x
Interest coverage	89.57x
Efficiency
Asset turnover	0.17x
Cash conversion cycle	—

Valuation

Price against fundamentals

AMT $195 · 2025-09-29 · 351d old · FY2025

Market cap $91.2B

P/E 34.70x

P/S 8.57x

P/B 24.97x

EV $93.1B

EV/EBITDA 16.26x

FCF yield +4.1%

Dividend yield +3.5%

Notes

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