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%
                    
                    P60
                    
                    +15.3%
                    
                    Total assets
                    FY2025
                
$63.2B
                    ROA +4.2%
                    
                    P68
                    
                    +3.5%
                    
                    Operating cash flow
                    FY2025
                
$5.5B
                    FCF margin +35.5%
                    
                    P53
                    
                    +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

32 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	2.3%	3.3%	2.7%	3.0%	2.8%	3.7%	3.5%	3.7%	2.4%	2.5%
Accounts Receivable	1.0%	0.9%	1.0%	1.1%	1.0%	1.1%	1.1%	1.4%	1.5%	1.0%
Prepaid Expenses	0.8%	0.9%	1.4%	1.1%	0.9%	1.1%	1.2%	1.9%	1.7%	1.4%
Other Current Assets	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Total Current Assets	4.3%	5.2%	5.6%	5.4%	5.3%	6.2%	6.0%	7.2%	6.1%	5.5%
Property,Plant and Equipment	32.2%	31.2%	30.0%	29.8%	28.3%	27.1%	0.0%	34.1%	33.4%	34.1%
Operating Lease Assets	13.3%	13.2%	13.4%	13.3%	13.2%	16.5%	17.2%	—	—	—
Goodwill	19.4%	19.3%	18.3%	19.3%	19.1%	15.4%	14.4%	16.7%	17.0%	16.4%
Intangible Assets	23.0%	23.7%	25.0%	26.8%	29.7%	29.3%	28.8%	33.9%	35.5%	36.5%
Deferred Tax Assets	0.2%	0.2%	0.3%	0.2%	0.2%	0.3%	0.3%	0.5%	0.6%	0.6%
Other Noncurrent Assets	1.4%	1.1%	1.2%	0.8%	0.6%	0.8%	0.9%	2.9%	2.9%	2.7%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.4%	0.4%	0.4%	0.3%	0.4%	0.3%	0.3%	0.4%	0.4%	0.4%
Accrued Liabilities	1.8%	1.8%	1.9%	2.0%	2.0%	2.2%	2.2%	2.9%	2.6%	2.0%
Deferred Revenue	0.5%	0.5%	0.7%	0.7%	1.7%	0.8%	0.7%	0.9%	0.8%	0.8%
Current Portion of Long Term Debt	5.4%	6.0%	4.8%	6.7%	6.5%	1.7%	6.8%	8.3%	2.3%	0.8%
Operating Lease Liabilities	0.9%	0.9%	1.2%	1.2%	1.0%	1.1%	1.2%	—	—	—
Other Current Liabilities	0.4%	0.4%	0.5%	0.5%	0.6%	0.8%	0.8%	1.1%	1.1%	0.9%
Total Current Liabilities	10.9%	11.6%	11.0%	12.4%	13.0%	7.7%	12.8%	14.2%	7.6%	5.3%
Operating Lease Liabilities Noncurrent	11.3%	11.3%	11.3%	11.3%	11.5%	14.6%	15.2%	—	—	—
Deferred Tax Liabilities	2.3%	2.1%	2.1%	2.2%	2.6%	1.8%	1.8%	1.6%	2.7%	2.5%
Other Noncurrent Liabilities	1.5%	1.7%	1.8%	1.8%	1.7%	2.1%	2.2%	3.8%	3.7%	3.7%
Total Liabilities	83.6%	84.2%	83.5%	81.5%	87.0%	89.9%	84.6%	79.1%	76.1%	73.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
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 Stockholders Equity	5.8%	5.5%	6.4%	8.3%	7.3%	8.7%	11.8%	16.2%	18.8%	21.9%
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

19 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 Cost of Revenue	9.2%	9.2%	10.4%	10.3%	8.9%	10.9%	0.1%	0.1%	0.1%	12.7%
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 Depreciation and Amortization	1.4%	1.5%	2.1%	2.4%	1.7%	1.9%	1.8%	3.5%	2.4%	2.3%
Expenses Share Based Compensation	0.3%	0.3%	0.3%	0.3%	0.2%	0.3%	0.3%	0.4%	0.3%	0.3%
Expenses Restructuring and Asset Impairment	0.1%	0.2%	1.1%	1.0%	0.3%	0.5%	0.3%	1.5%	0.7%	0.2%
Expenses Operating Expenses	9.2%	9.2%	10.4%	10.3%	8.9%	10.9%	11.4%	16.8%	14.0%	12.7%
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 Income	0.2%	0.2%	0.2%	0.1%	0.1%	0.1%	0.1%	0.2%	0.1%	—
Other Income Expense Interest Expense	0.1%	0.0%	2.1%	1.7%	1.2%	1.7%	1.9%	2.5%	2.3%	0.1%
Other Income Expense Other Income/expense	-0.9%	0.6%	-0.5%	0.6%	0.8%	-0.5%	0.0%	0.1%	0.1%	-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 net Income	4.2%	3.7%	2.1%	2.5%	3.7%	3.6%	4.4%	3.7%	3.7%	3.1%
net Income Comprehensive Income	5.8%	3.3%	2.2%	1.2%	2.3%	1.6%	4.0%	1.7%	3.8%	2.5%
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 Basic	0.7%	0.8%	0.7%	0.7%	0.6%	0.9%	1.0%	1.3%	1.3%	1.4%
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

20 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 Income	4.2%	3.7%	2.1%	2.5%	3.7%	3.6%	4.4%	3.7%	3.7%	3.1%
Operating Activities Depreciation and Amortization	3.2%	3.3%	4.4%	4.7%	3.3%	4.0%	4.2%	6.4%	5.2%	4.9%
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 Changes In Operating Assets and Liabilities	0.1%	-0.0%	0.5%	-0.8%	1.4%	0.3%	0.1%	0.7%	1.5%	0.3%
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%
Investing Activities Capital Expenditures	2.7%	2.6%	2.7%	2.8%	2.0%	2.2%	2.3%	2.8%	2.4%	2.2%
Investing Activities Business Acquisitions	0.7%	0.2%	0.3%	0.8%	27.6%	8.0%	6.9%	5.7%	6.0%	4.6%
Investing Activities Other Investing Activities	0.0%	0.5%	-0.4%	-0.1%	0.0%	-0.1%	0.1%	0.2%	0.0%	0.1%
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	4.7%	5.8%	8.6%	1.9%	9.7%	16.8%	11.4%	1.8%	0.0%	0.0%
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 Dividends Paid	5.0%	5.0%	4.6%	4.0%	3.2%	4.1%	3.7%	4.0%	3.2%	2.9%
Financing Activities Proceeds From Stock Issuance	0.0%	0.1%	0.0%	0.0%	0.1%	0.2%	0.2%	—	0.0%	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.4%	-0.4%	-0.2%	-0.1%	-0.2%	-0.4%	-0.3%	-0.2%	-0.1%	-0.1%
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%
Cash Reconciliation Cash At Beginning of Period	2.5%	3.5%	3.2%	3.2%	3.4%	3.9%	3.7%	4.0%	2.9%	3.0%
Cash Reconciliation Cash At End of Period	2.5%	3.5%	3.2%	3.2%	3.4%	3.9%	3.7%	4.0%	2.9%	3.0%

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	+45.5%	+44.6%	+31.2%	+28.4%	+33.5%	+35.9%	+99.4%	+99.3%	+99.5%	+32.0%
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%	+24.9%	+16.6%	+18.6%	+16.5%
FCF margin	+35.5%	+36.5%	+29.2%	+18.9%	+36.8%	+35.4%	+36.4%	+38.1%	+31.8%	+34.9%
Growth
Revenue CAGR (3y)	+3.3%	+2.7%	+7.6%	+8.4%	+7.9%	+6.5%	+9.4%	+16.7%	+18.5%	+20.7%
Returns
ROE	+72.0%	+67.4%	+32.6%	+30.4%	+50.5%	+41.3%	+37.3%	+23.2%	+19.8%	+14.1%
ROA	+4.2%	+3.7%	+2.1%	+2.5%	+3.7%	+3.6%	+4.4%	+3.7%	+3.7%	+3.1%
ROIC	+75.2%	+80.0%	+52.2%	+32.1%	+36.9%	+85.5%	+41.5%	+27.7%	+7.6%	+6.5%
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	0.31x	0.36x	0.33x	0.34x	0.30x	0.62x	0.36x	0.36x	0.52x	0.67x
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	89.57x	4516.50x	2.24x	2.41x	3.60x	3.64x	3.30x	2.31x	2.67x	104.69x
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 · 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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