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 · 3 years

Total assets $63.2B

Total liabilities $52.8B

Shareholders equity $3.7B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	2.3%	3.3%	2.7%
Accounts Receivable	1.0%	0.9%	1.0%
Prepaid Expenses	0.8%	0.9%	1.4%
Other Current Assets	0.1%	0.1%	0.1%
Total Current Assets	4.3%	5.2%	5.6%
Property,Plant and Equipment	32.2%	31.2%	30.0%
Operating Lease Assets	13.3%	13.2%	13.4%
Goodwill	19.4%	19.3%	18.3%
Intangible Assets	23.0%	23.7%	25.0%
Deferred Tax Assets	0.2%	0.2%	0.3%
Other Noncurrent Assets	1.4%	1.1%	1.2%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.4%	0.4%	0.4%
Accrued Liabilities	1.8%	1.8%	1.9%
Deferred Revenue	0.5%	0.5%	0.7%
Current Portion of Long Term Debt	5.4%	6.0%	4.8%
Operating Lease Liabilities	0.9%	0.9%	1.2%
Other Current Liabilities	0.4%	0.4%	0.5%
Total Current Liabilities	10.9%	11.6%	11.0%
Operating Lease Liabilities Noncurrent	11.3%	11.3%	11.3%
Deferred Tax Liabilities	2.3%	2.1%	2.1%
Other Noncurrent Liabilities	1.5%	1.7%	1.8%
Total Liabilities	83.6%	84.2%	83.5%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	24.1%	24.7%	22.5%
Retained Earnings	-8.0%	-7.2%	-5.5%
Treasury Stock	2.6%	2.1%	2.0%
Accumulated Other Comprehensive Income	-7.6%	-9.7%	-8.7%
Noncontrolling Interest	10.6%	10.3%	10.1%
Total Stockholders Equity	5.8%	5.5%	6.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $10.6B

Operating income $4.8B

Net income $2.6B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	16.8%	16.6%	15.2%
Expenses Cost of Revenue	9.2%	9.2%	10.4%
Expenses Selling,General and Administrative	1.5%	1.5%	1.4%
Expenses Depreciation and Amortization	1.4%	1.5%	2.1%
Expenses Share Based Compensation	0.3%	0.3%	0.3%
Expenses Restructuring and Asset Impairment	0.1%	0.2%	1.1%
Expenses Operating Expenses	9.2%	9.2%	10.4%
Other Income Expense Operating Income	7.7%	7.4%	4.7%
Other Income Expense Interest Income	0.2%	0.2%	0.2%
Other Income Expense Interest Expense	0.1%	0.0%	2.1%
Other Income Expense Other Income/expense	-0.9%	0.6%	-0.5%
Other Income Expense Income Before Tax	4.8%	5.9%	2.3%
Income Tax Income Tax Expense	0.7%	0.6%	0.1%
net Income net Income	4.2%	3.7%	2.1%
net Income Comprehensive Income	5.8%	3.3%	2.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.7%	0.8%	0.7%
Earnings Per Share Weighted Average Shares Diluted	0.7%	0.8%	0.7%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $5.5B

Investing cash flow $-1.9B

Financing cash flow $-4.2B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	4.2%	3.7%	2.1%
Operating Activities Depreciation and Amortization	3.2%	3.3%	4.4%
Operating Activities Stock Based Compensation	0.3%	0.3%	0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.1%	-0.0%	0.5%
Operating Activities net Cash From Operating Activities	8.6%	8.7%	7.2%
Investing Activities Capital Expenditures	2.7%	2.6%	2.7%
Investing Activities Business Acquisitions	0.7%	0.2%	0.3%
Investing Activities Other Investing Activities	0.0%	0.5%	-0.4%
Investing Activities net Cash From Investing Activities	-2.9%	0.7%	-2.6%
Financing Activities Proceeds From Debt	4.7%	5.8%	8.6%
Financing Activities Repurchase of Common Stock	0.6%	0.0%	0.0%
Financing Activities Dividends Paid	5.0%	5.0%	4.6%
Financing Activities Proceeds From Stock Issuance	0.0%	0.1%	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.4%	-0.4%	-0.2%
Financing Activities net Cash From Financing Activities	-6.7%	-8.9%	-4.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	-0.4%	0.0%
Cash Reconciliation net Change In Cash	-0.8%	0.0%	-0.1%
Cash Reconciliation Cash At Beginning of Period	2.5%	3.5%	3.2%
Cash Reconciliation Cash At End of Period	2.5%	3.5%	3.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+45.5%	+44.6%	+31.2%
Operating margin	+45.5%	+44.6%	+31.2%
Net margin	+24.7%	+22.5%	+13.7%
FCF margin	+35.5%	+36.5%	+29.2%
Growth
Revenue CAGR (3y)	+3.3%	+2.7%	+7.6%
Returns
ROE	+72.0%	+67.4%	+32.6%
ROA	+4.2%	+3.7%	+2.1%
ROIC	+75.2%	+80.0%	+52.2%
Liquidity
Current ratio	0.40x	0.45x	0.51x
Quick ratio	0.31x	0.36x	0.33x
Leverage
D/E	14.47x	15.21x	13.14x
Interest coverage	89.57x	4516.50x	2.24x
Efficiency
Asset turnover	0.17x	0.17x	0.15x
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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