American Tower

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

                    Revenue
                    FY2025
                
$10.6B
                    3y CAGR +3.3%
                    
                    P17
                    
                    +5.1%
                    
                    Net income
                    FY2025
                
$2.6B
                    Net margin +24.7%
                    
                    P59
                    
                    +15.3%
                    
                    Total assets
                    FY2025
                
$63.2B
                    ROA +4.2%
                    
                    P68
                    
                    +3.5%
                    
                    Operating cash flow
                    FY2025
                
$5.5B
                    FCF margin +31.3%
                    
                    P86
                    
                    +3.3%

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 · 10 years

Total assets $63.2B

Total liabilities $52.8B

Shareholders equity $3.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	2.5%	3.5%	2.8%	3.2%	3.4%	3.9%	3.7%	4.0%	2.9%	3.0%
Other Current Assets	1.8%	1.8%	2.8%	2.2%	2.0%	2.2%	2.3%	3.3%	3.3%	2.4%
Total Current Assets	4.3%	5.2%	5.6%	5.4%	5.3%	6.2%	6.0%	7.2%	6.1%	5.5%
Other Noncurrent Assets	95.7%	94.8%	94.4%	94.6%	94.7%	93.8%	94.0%	92.8%	93.9%	94.5%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Current Portion of Long Term Debt	5.4%	6.0%	4.6%	6.7%	6.5%	1.7%	6.8%	8.3%	2.3%	0.8%
Other Current Liabilities	5.6%	5.5%	6.3%	5.7%	6.4%	6.1%	6.0%	5.9%	5.2%	4.5%
Total Current Liabilities	10.9%	11.6%	11.0%	12.4%	13.0%	7.7%	12.8%	14.2%	7.6%	5.3%
Long Term Debt	53.5%	53.7%	54.1%	50.8%	55.4%	60.3%	49.4%	55.8%	58.5%	59.2%
Other Noncurrent Liabilities	19.1%	18.9%	18.4%	18.3%	18.7%	21.8%	22.4%	9.1%	10.0%	9.3%
Total Liabilities	83.6%	84.2%	83.5%	81.5%	87.0%	89.9%	84.6%	79.1%	76.1%	73.9%
Equity
Total Stockholders Equity	5.8%	5.5%	6.4%	8.3%	7.3%	8.7%	11.8%	16.2%	18.8%	21.9%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	24.1%	24.7%	22.5%	21.9%	17.5%	22.2%	23.6%	31.4%	30.9%	32.5%
Retained Earnings	-8.0%	-7.2%	-5.5%	-3.1%	-1.6%	-2.8%	-2.4%	-3.6%	-3.2%	-3.5%
Treasury Stock	2.6%	2.1%	2.0%	1.9%	1.8%	2.7%	2.9%	3.7%	2.9%	0.7%
Accumulated Other Comprehensive Income	-7.6%	-9.7%	-8.7%	-8.5%	-6.8%	-8.0%	-6.6%	-8.0%	-6.0%	-6.5%
Noncontrolling Interest	10.6%	10.3%	10.1%	10.2%	5.7%	1.0%	1.0%	1.7%	1.8%	0.7%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

14 accounts · 10 years

Revenue $10.6B

Operating income $4.8B

Net income $2.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	16.8%	16.6%	15.2%	14.4%	13.4%	17.0%	17.7%	22.5%	20.1%	18.7%
Expenses Property Operating Expenses	4.1%	4.1%	3.8%	3.7%	3.7%	4.6%	5.1%	6.4%	6.1%	5.7%
Expenses Selling,General and Administrative	1.5%	1.5%	1.4%	1.3%	1.2%	1.6%	1.7%	2.2%	1.9%	1.8%
Expenses Other Operating Expenses	3.3%	3.4%	5.1%	5.1%	0.6%	4.5%	4.5%	7.9%	6.0%	0.2%
Other Income Expense Operating Income	7.7%	7.4%	4.7%	4.1%	4.5%	6.1%	6.3%	5.8%	6.0%	6.0%
Other Income Expense Interest Expense	2.2%	2.3%	2.1%	1.7%	1.2%	1.7%	1.9%	2.5%	2.3%	—
Other Income Expense Other Income/expense	-0.7%	0.8%	-0.3%	0.7%	-2.5%	-0.6%	0.1%	0.2%	0.0%	-0.2%
Other Income Expense Income Before Tax	4.8%	5.9%	2.3%	3.1%	4.0%	3.9%	4.5%	3.5%	3.8%	3.6%
Income Tax Income Tax Expense	0.7%	0.6%	0.1%	0.2%	0.4%	0.3%	-0.0%	-0.3%	0.1%	0.5%
net Income Other Items Below Tax	4.0%	2.1%	2.1%	2.3%	—	-0.0%	-0.1%	-0.1%	-0.2%	-0.4%
net Income net Income	4.2%	3.7%	2.1%	2.5%	3.7%	3.6%	4.5%	3.7%	3.7%	3.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.7%	0.8%	0.7%	0.7%	0.6%	0.9%	1.0%	1.3%	1.3%	1.4%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 10 years

Operating cash flow $5.5B

Investing cash flow $-1.9B

Financing cash flow $-4.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Cash From Operating Activities	8.6%	8.7%	7.2%	5.5%	6.9%	8.2%	8.8%	11.4%	8.8%	8.7%
Operating Activities net Income	4.2%	3.7%	2.1%	2.5%	3.7%	3.6%	4.5%	3.8%	3.7%	3.1%
Operating Activities Depreciation and Amortization	3.2%	3.5%	4.7%	5.0%	3.3%	4.0%	4.2%	6.4%	5.2%	—
Operating Activities Stock Based Compensation	0.3%	0.3%	0.3%	0.3%	0.2%	0.3%	0.3%	0.4%	0.3%	0.3%
Operating Activities Other Non Cash Items	1.0%	1.1%	0.1%	-2.3%	-0.3%	0.4%	-0.1%	0.7%	-0.4%	0.4%
Investing Activities Capital Expenditures	-3.4%	-2.8%	-3.0%	-3.6%	-29.6%	-10.2%	-9.2%	-8.5%	-8.5%	-6.8%
Investing Activities Other Investing Activities	0.4%	3.5%	0.4%	0.1%	-0.0%	0.1%	-0.1%	0.1%	0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-2.9%	0.7%	-2.6%	-3.5%	-29.6%	-10.1%	-9.3%	-8.3%	-8.4%	-6.8%
Financing Activities Proceeds From Debt	14.4%	17.2%	20.1%	8.2%	38.6%	38.3%	27.9%	17.7%	24.2%	18.4%
Financing Activities Repayment of Debt	-15.0%	-20.4%	-20.0%	-14.3%	-19.0%	-29.5%	-21.6%	-14.8%	-19.7%	-16.5%
Financing Activities Dividends Paid	-5.4%	-5.7%	-4.5%	-3.9%	-3.6%	-4.1%	-3.8%	-4.1%	-3.5%	-3.2%
Financing Activities Repurchase of Common Stock	-0.6%	0.0%	0.0%	-0.0%	0.0%	-0.1%	-0.0%	-0.7%	-2.3%	0.0%
Financing Activities Other Financing Activities	-0.1%	-0.1%	-0.2%	8.0%	7.4%	-2.0%	-1.2%	0.1%	1.0%	1.0%
Financing Activities net Cash From Financing Activities	-6.7%	-8.9%	-4.7%	-2.1%	23.5%	2.6%	1.2%	-1.8%	-0.3%	-0.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	-0.4%	0.0%	-0.2%	-0.1%	-0.1%	-0.0%	-0.1%	0.0%	-0.1%
Cash Reconciliation net Change In Cash	-0.8%	0.0%	-0.1%	-0.3%	0.7%	0.6%	0.6%	1.1%	0.1%	1.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	+45.5%	+44.6%	+31.2%	+28.4%	+33.5%	+35.9%	+35.5%	+25.6%	+30.0%	+32.0%
Net margin	+24.7%	+22.5%	+13.7%	+17.6%	+27.4%	+21.0%	+25.3%	+16.6%	+18.6%	+16.5%
FCF margin	+31.3%	+35.3%	+27.5%	+13.2%	-169.5%	-11.8%	-2.6%	+12.8%	+1.7%	+10.4%
Growth
Revenue CAGR (3y)	+3.3%	+2.7%	+7.6%	+8.4%	+7.9%	+6.5%	+9.4%	+16.0%	+17.6%	+19.8%
Returns
ROE	+72.0%	+67.4%	+32.6%	+30.4%	+50.5%	+41.3%	+37.9%	+23.2%	+19.8%	+14.1%
ROA	+4.2%	+3.7%	+2.1%	+2.5%	+3.7%	+3.6%	+4.5%	+3.7%	+3.7%	+3.1%
ROIC	+10.7%	+10.7%	+7.1%	+6.2%	+6.2%	+8.5%	+9.8%	+7.6%	+7.6%	+6.6%
Liquidity
Current ratio	0.40x	0.45x	0.51x	0.44x	0.41x	0.79x	0.47x	0.51x	0.81x	1.04x
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	14.47x	15.21x	13.14x	9.83x	11.97x	10.37x	7.16x	4.89x	4.05x	3.37x
Interest coverage	3.56x	3.22x	2.25x	2.41x	3.60x	3.64x	3.30x	2.31x	2.67x	—
Efficiency
Asset turnover	0.17x	0.17x	0.15x	0.14x	0.13x	0.17x	0.18x	0.23x	0.20x	0.19x
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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