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 · 5 years

Total assets $63.2B

Total liabilities $52.8B

Shareholders equity $3.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	-9.0%	-3.5%	-10.6%	-8.6%	—
Other Current Assets	-4.8%	-8.2%	+15.1%	+6.9%	—
Total Current Assets	-7.4%	-5.2%	-0.3%	-2.9%	—
Other Noncurrent Assets	-2.2%	-4.3%	-2.9%	-3.9%	—
Total Assets	-2.5%	-4.4%	-2.8%	-3.9%	—
Liabilities
Current Portion of Long Term Debt	-7.2%	-6.8%	-18.1%	-1.2%	—
Other Current Liabilities	-5.9%	-9.1%	-3.6%	-15.6%	—
Total Current Liabilities	-6.6%	-7.9%	-10.6%	-8.3%	—
Long Term Debt	-3.3%	-5.3%	-3.9%	-11.7%	—
Other Noncurrent Liabilities	-1.9%	-4.0%	-3.5%	-5.7%	—
Total Liabilities	-3.5%	-5.4%	-4.8%	-9.9%	—
Equity
Total Stockholders Equity	-7.9%	-12.7%	-9.1%	+9.7%	—
Common Stock	+0.5%	+0.7%	+1.1%	+2.1%	—
Additional Paid In Capital	+5.6%	+7.1%	+10.2%	+20.0%	—
Retained Earnings	—	—	—	—	—
Treasury Stock	+6.8%	+0.5%	+0.7%	+1.5%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Noncontrolling Interest	+13.9%	+16.3%	+29.3%	+71.4%	—
Total Liabilitiesand Equity	-2.5%	-4.4%	-2.8%	-3.9%	—

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $10.6B

Operating income $4.8B

Net income $2.6B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+3.3%	+2.7%	+3.4%	+3.1%	—
Expenses Property Operating Expenses	-0.1%	-1.4%	-1.6%	-4.8%	—
Expenses Selling,General and Administrative	+3.8%	+4.8%	+8.0%	+11.2%	—
Expenses Other Operating Expenses	+51.7%	+74.1%	+191.1%	+761.7%	—
Other Income Expense Operating Income	+11.5%	+13.0%	-0.1%	-12.6%	—
Other Income Expense Interest Expense	+11.8%	+17.3%	+26.3%	+30.4%	—
Other Income Expense Other Income/expense	—	—	—	—	—
Other Income Expense Income Before Tax	+1.8%	+8.6%	-26.5%	-26.3%	—
Income Tax Income Tax Expense	+12.3%	+11.8%	-41.1%	-56.9%	—
net Income Other Items Below Tax	—	—	—	—	—
net Income net Income	+0.6%	-3.9%	-27.0%	-33.9%	—
Earnings Per Share Basic Eps	-1.3%	-5.3%	-25.2%	-32.7%	—
Earnings Per Share Diluted Eps	-1.2%	-5.2%	-25.0%	-32.5%	—
Earnings Per Share Weighted Average Shares Diluted	+0.8%	+1.1%	+1.5%	+2.1%	—

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 5 years

Operating cash flow $5.5B

Investing cash flow $-1.9B

Financing cash flow $-4.2B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	+3.2%	+3.2%	-1.0%	-23.3%	—
Operating Activities net Income	+0.6%	-3.9%	-27.0%	-33.9%	—
Operating Activities Depreciation and Amortization	-3.3%	-3.1%	+15.0%	+43.8%	—
Operating Activities Stock Based Compensation	+9.9%	+19.4%	+28.0%	+41.7%	—
Operating Activities Other Non Cash Items	—	—	—	—	—
Investing Activities Capital Expenditures	—	—	—	—	—
Investing Activities Other Investing Activities	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	-23.8%	-27.0%	-29.9%	-79.6%	—
Financing Activities Repayment of Debt	—	—	—	—	—
Financing Activities Dividends Paid	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	+2.8%	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	-68.7%	—	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+45.5%	+44.6%	+31.2%	+28.4%	+33.5%
Net margin	+24.7%	+22.5%	+13.7%	+17.6%	+27.4%
FCF margin	+31.3%	+35.3%	+27.5%	+13.2%	-169.5%
Growth
Revenue CAGR (3y)	+3.3%	+2.7%	+7.6%	+8.4%	+7.9%
Returns
ROE	+72.0%	+67.4%	+32.6%	+30.4%	+50.5%
ROA	+4.2%	+3.7%	+2.1%	+2.5%	+3.7%
ROIC	+10.7%	+10.7%	+7.1%	+6.2%	+6.2%
Liquidity
Current ratio	0.40x	0.45x	0.51x	0.44x	0.41x
Quick ratio	—	—	—	—	—
Leverage
D/E	14.47x	15.21x	13.14x	9.83x	11.97x
Interest coverage	3.56x	3.22x	2.25x	2.41x	3.60x
Efficiency
Asset turnover	0.17x	0.17x	0.15x	0.14x	0.13x
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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