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%
                    
                    P59
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$63.2B
                    ROA +4.2%
                    
                    P68
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$5.5B
                    FCF margin +31.3%
                    
                    P86
                    
                    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

19 accounts · 1 year

Total assets $63.2B

Total liabilities $52.8B

Shareholders equity $3.7B

Account	2025	Trend
Assets
Cash and Cash Equivalents	2.5%
Other Current Assets	1.8%
Total Current Assets	4.3%
Other Noncurrent Assets	95.7%
Total Assets	100.0%
Liabilities
Current Portion of Long Term Debt	5.4%
Other Current Liabilities	5.6%
Total Current Liabilities	10.9%
Long Term Debt	53.5%
Other Noncurrent Liabilities	19.1%
Total Liabilities	83.6%
Equity
Total Stockholders Equity	5.8%
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 Liabilitiesand Equity	100.0%

Income Statement

Revenue, expense, and profitability

14 accounts · 1 year

Revenue $10.6B

Operating income $4.8B

Net income $2.6B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	16.8%
Expenses Property Operating Expenses	4.1%
Expenses Selling,General and Administrative	1.5%
Expenses Other Operating Expenses	3.3%
Other Income Expense Operating Income	7.7%
Other Income Expense Interest Expense	2.2%
Other Income Expense Other Income/expense	-0.7%
Other Income Expense Income Before Tax	4.8%
Income Tax Income Tax Expense	0.7%
net Income Other Items Below Tax	4.0%
net Income net Income	4.2%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.7%

Cash Flow Statement

Operating, investing, and financing flows

16 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 Cash From Operating Activities	8.6%
Operating Activities net Income	4.2%
Operating Activities Depreciation and Amortization	3.2%
Operating Activities Stock Based Compensation	0.3%
Operating Activities Other Non Cash Items	1.0%
Investing Activities Capital Expenditures	-3.4%
Investing Activities Other Investing Activities	0.4%
Investing Activities net Cash From Investing Activities	-2.9%
Financing Activities Proceeds From Debt	14.4%
Financing Activities Repayment of Debt	-15.0%
Financing Activities Dividends Paid	-5.4%
Financing Activities Repurchase of Common Stock	-0.6%
Financing Activities Other Financing Activities	-0.1%
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%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	—
Operating margin	+45.5%
Net margin	+24.7%
FCF margin	+31.3%
Growth
Revenue CAGR (3y)	+3.3%
Returns
ROE	+72.0%
ROA	+4.2%
ROIC	+10.7%
Liquidity
Current ratio	0.40x
Quick ratio	—
Leverage
D/E	14.47x
Interest coverage	3.56x
Efficiency
Asset turnover	0.17x
Cash conversion cycle	—

Valuation

Price against fundamentals

AMT $195 · 2025-09-29 · 397d old · FY2025

Market cap $91.2B

P/E 34.70x

P/S 8.57x

P/B 24.97x

EV $126.8B

EV/EBITDA —

FCF yield +3.7%

Dividend yield +3.8%

Notes

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