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

Running CAGR since the earliest displayed year.

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	-8.3%	+14.0%	—
Accounts Receivable	-1.5%	-19.4%	—
Prepaid Expenses	-28.3%	-44.0%	—
Other Current Assets	-7.0%	-11.6%	—
Total Current Assets	-14.0%	-14.3%	—
Property,Plant and Equipment	+1.4%	-3.7%	—
Operating Lease Assets	-2.6%	-8.9%	—
Goodwill	+0.7%	-2.6%	—
Intangible Assets	-6.2%	-12.4%	—
Deferred Tax Assets	-8.1%	-31.5%	—
Other Noncurrent Assets	+5.4%	-14.3%	—
Total Assets	-2.2%	-7.5%	—
Liabilities
Accounts Payable	+0.2%	-6.9%	—
Accrued Liabilities	-6.8%	-15.5%	—
Deferred Revenue	-13.5%	-24.3%	—
Current Portion of Long Term Debt	+3.1%	+15.9%	—
Operating Lease Liabilities	-14.2%	-27.4%	—
Other Current Liabilities	-10.6%	-21.8%	—
Total Current Liabilities	-2.3%	-2.4%	—
Operating Lease Liabilities Noncurrent	-1.9%	-7.6%	—
Deferred Tax Liabilities	+2.9%	-7.3%	—
Other Noncurrent Liabilities	-10.5%	-17.0%	—
Total Liabilities	-2.1%	-6.8%	—
Equity
Preferred Stock	—	—	—
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	+1.1%	+1.2%	—
Retained Earnings	—	—	—
Treasury Stock	+13.1%	+0.0%	—
Accumulated Other Comprehensive Income	—	—	—
Noncontrolling Interest	+0.3%	-6.0%	—
Total Stockholders Equity	-6.7%	-19.4%	—
Total Liabilitiesand Equity	-2.2%	-7.5%	—

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	+3.1%	+1.1%	—
Expenses Cost of Revenue	-8.2%	-18.5%	—
Expenses Selling,General and Administrative	-0.3%	-1.3%	—
Expenses Depreciation and Amortization	-20.7%	-36.3%	—
Expenses Share Based Compensation	-5.7%	+4.0%	—
Expenses Restructuring and Asset Impairment	-66.5%	-86.9%	—
Expenses Operating Expenses	-8.2%	-18.5%	—
Other Income Expense Operating Income	+24.5%	+44.5%	—
Other Income Expense Interest Income	+6.3%	+14.0%	—
Other Income Expense Interest Expense	-80.3%	-99.9%	—
Other Income Expense Other Income/expense	—	—	—
Other Income Expense Income Before Tax	+41.1%	+137.0%	—
Income Tax Income Tax Expense	+114.0%	+303.4%	—
net Income net Income	+38.7%	+66.8%	—
net Income Comprehensive Income	+58.4%	+39.5%	—
Earnings Per Share Basic Eps	+30.4%	+51.9%	—
Earnings Per Share Diluted Eps	+30.3%	+51.6%	—
Earnings Per Share Weighted Average Shares Basic	+0.2%	+0.2%	—
Earnings Per Share Weighted Average Shares Diluted	+0.2%	+0.2%	—

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	+38.7%	+66.8%	—
Operating Activities Depreciation and Amortization	-16.5%	-30.7%	—
Operating Activities Stock Based Compensation	-5.7%	+4.0%	—
Operating Activities Changes In Operating Assets and Liabilities	-68.9%	—	—
Operating Activities net Cash From Operating Activities	+7.6%	+12.0%	—
Investing Activities Capital Expenditures	-3.3%	-11.6%	—
Investing Activities Business Acquisitions	+64.4%	-26.8%	—
Investing Activities Other Investing Activities	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Proceeds From Debt	-27.3%	-37.2%	—
Financing Activities Repurchase of Common Stock	—	—	—
Financing Activities Dividends Paid	+2.9%	+0.7%	—
Financing Activities Proceeds From Stock Issuance	+86.6%	+306.5%	—
Financing Activities Tax Withholding On Stock Based Compensation	+9.5%	+10.0%	—
Financing Activities Other Financing Activities	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	+109.0%	—	—
Cash Reconciliation net Change In Cash	—	—	—
Cash Reconciliation Cash At Beginning of Period	-12.4%	+0.7%	—
Cash Reconciliation Cash At End of Period	-12.4%	+0.7%	—

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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