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

Running CAGR since the earliest displayed year.

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	+6.2%	+10.7%	+10.4%	+14.8%	+20.1%	+18.7%	+19.0%	+18.0%	+2.0%	—
Other Current Assets	+4.7%	+4.5%	+13.6%	+11.9%	+13.0%	+8.5%	+9.0%	+19.7%	+43.8%	—
Total Current Assets	+5.5%	+8.2%	+11.9%	+13.6%	+17.2%	+14.5%	+14.8%	+18.8%	+20.6%	—
Other Noncurrent Assets	+8.4%	+8.9%	+11.4%	+13.9%	+17.8%	+11.0%	+11.3%	+2.4%	+6.8%	—
Total Assets	+8.3%	+8.9%	+11.5%	+13.8%	+17.7%	+11.2%	+11.5%	+3.4%	+7.6%	—
Liabilities
Current Portion of Long Term Debt	+34.3%	+40.8%	+44.0%	+63.2%	+80.4%	+34.9%	+130.6%	+239.6%	+224.5%	—
Other Current Liabilities	+10.9%	+11.7%	+17.0%	+18.2%	+26.4%	+19.8%	+22.5%	+17.9%	+24.8%	—
Total Current Liabilities	+17.4%	+20.1%	+23.7%	+31.2%	+40.9%	+22.3%	+49.8%	+69.6%	+54.0%	—
Long Term Debt	+7.1%	+7.6%	+10.0%	+11.0%	+16.2%	+11.7%	+4.9%	+0.3%	+6.2%	—
Other Noncurrent Liabilities	+17.3%	+18.9%	+22.8%	+27.4%	+35.3%	+37.4%	+49.3%	+2.1%	+15.0%	—
Total Liabilities	+9.8%	+10.7%	+13.4%	+15.7%	+21.7%	+16.8%	+16.7%	+7.0%	+10.7%	—
Equity
Total Stockholders Equity	-6.6%	-8.3%	-6.6%	-3.2%	-5.6%	-11.8%	-9.2%	-11.2%	-7.7%	—
Common Stock	+1.2%	+1.4%	+1.6%	+1.9%	+1.8%	+1.7%	+1.5%	+2.3%	+2.3%	—
Additional Paid In Capital	+4.7%	+5.2%	+5.8%	+6.5%	+4.0%	+1.1%	+0.2%	+1.7%	+2.0%	—
Retained Earnings	—	—	—	—	—	—	—	—	—	—
Treasury Stock	+26.0%	+25.8%	+30.0%	+35.8%	+43.9%	+57.6%	+80.7%	+141.0%	+368.9%	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Noncontrolling Interest	+46.8%	+52.7%	+63.6%	+78.4%	+79.8%	+22.3%	+27.0%	+62.9%	+176.3%	—
Total Liabilitiesand Equity	+8.3%	+8.9%	+11.5%	+13.8%	+17.7%	+11.2%	+11.5%	+3.4%	+7.6%	—

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	+7.0%	+7.2%	+8.1%	+8.9%	+10.1%	+8.6%	+9.4%	+13.4%	+15.2%	—
Expenses Property Operating Expenses	+4.3%	+4.4%	+5.1%	+5.7%	+8.0%	+5.6%	+7.2%	+9.9%	+14.7%	—
Expenses Selling,General and Administrative	+6.3%	+7.0%	+8.2%	+8.8%	+8.4%	+9.4%	+10.4%	+16.2%	+17.2%	—
Expenses Other Operating Expenses	+45.3%	+52.1%	+72.9%	+89.9%	+40.3%	+132.7%	+198.3%	+498.3%	+2637.4%	—
Other Income Expense Operating Income	+11.3%	+11.8%	+7.8%	+6.7%	+11.1%	+11.7%	+13.2%	+1.4%	+7.8%	—
Other Income Expense Interest Expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	+11.7%	+15.7%	+4.5%	+10.8%	+20.2%	+12.8%	+19.4%	+1.3%	+11.6%	—
Income Tax Income Tax Expense	+11.5%	+11.3%	-7.4%	-5.2%	+11.0%	-4.5%	—	—	-80.3%	—
net Income Other Items Below Tax	—	—	—	—	—	—	—	—	—	—
net Income net Income	+11.9%	+11.5%	+5.2%	+10.0%	+21.8%	+15.3%	+26.1%	+13.7%	+29.5%	—
Earnings Per Share Basic Eps	+11.7%	+11.7%	+6.8%	+11.4%	+23.3%	+17.5%	+28.8%	+18.1%	+34.5%	—
Earnings Per Share Diluted Eps	+11.8%	+11.8%	+7.0%	+11.6%	+23.4%	+17.6%	+28.9%	+18.3%	+34.8%	—
Earnings Per Share Weighted Average Shares Diluted	+1.0%	+1.1%	+1.2%	+1.3%	+1.1%	+1.0%	+1.2%	+1.6%	+0.6%	—

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	+8.1%	+8.8%	+8.3%	+5.4%	+12.3%	+9.5%	+11.6%	+17.8%	+8.3%	—
Operating Activities net Income	+11.7%	+11.3%	+5.0%	+9.8%	+21.5%	+14.9%	+25.5%	+14.2%	+26.3%	—
Operating Activities Depreciation and Amortization	—	—	—	—	—	—	—	—	—	—
Operating Activities Stock Based Compensation	+7.6%	+10.8%	+11.8%	+11.1%	+5.9%	+7.7%	+7.4%	+23.7%	+20.7%	—
Operating Activities Other Non Cash Items	+20.5%	+24.8%	-6.4%	—	—	+12.7%	—	+42.5%	—	—
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	—	—	—
Investing Activities Other Investing Activities	—	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	+5.3%	+8.0%	+12.9%	-0.5%	+36.5%	+33.6%	+28.0%	+1.4%	+41.4%	—
Financing Activities Repayment of Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Dividends Paid	—	—	—	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	+61.2%	+76.4%	—	—	-73.2%	+13.0%	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	-35.2%	—	—	+0.3%	-12.0%	-16.8%	-14.0%	-96.1%	—

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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