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

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	$1.6B -23.9%	$2.1B 12.5%	$1.9B -12.5%	$2.1B -8.6%	$2.3B
Other Current Assets	$1.1B 6.2%	$1.1B -41.7%	$1.8B 24.0%	$1.5B 6.9%	$1.4B
Total Current Assets	$2.7B -13.7%	$3.2B -14.3%	$3.7B 2.4%	$3.6B -2.9%	$3.7B
Other Noncurrent Assets	$60.4B 4.4%	$57.9B -7.1%	$62.3B -2.0%	$63.6B -3.9%	$66.2B
Total Assets	$63.2B 3.5%	$61.1B -7.5%	$66.0B -1.7%	$67.2B -3.9%	$69.9B
Liabilities
Current Portion of Long Term Debt	$3.4B -8.3%	$3.7B 20.4%	$3.1B -32.1%	$4.5B -1.2%	$4.6B
Other Current Liabilities	$3.5B 4.2%	$3.4B -19.1%	$4.2B 10.1%	$3.8B -15.6%	$4.5B
Total Current Liabilities	$6.9B -2.3%	$7.1B -2.4%	$7.2B -12.8%	$8.3B -8.3%	$9.1B
Long Term Debt	$33.8B 3.1%	$32.8B -8.2%	$35.7B 4.6%	$34.2B -11.7%	$38.7B
Other Noncurrent Liabilities	$12.1B 4.7%	$11.5B -5.2%	$12.2B -1.1%	$12.3B -5.7%	$13.1B
Total Liabilities	$52.8B 2.7%	$51.4B -6.8%	$55.2B 0.7%	$54.8B -9.9%	$60.8B
Equity
Total Stockholders Equity	$3.7B 8.0%	$3.4B -19.4%	$4.2B -24.7%	$5.6B 9.7%	$5.1B
Common Stock	$4.8M 0.0%	$4.8M 0.0%	$4.8M 0.0%	$4.8M 2.1%	$4.7M
Additional Paid In Capital	$15.2B 1.0%	$15.1B 1.2%	$14.9B 1.3%	$14.7B 20.0%	$12.2B
Retained Earnings	$-5.1B -15.0%	$-4.4B -21.6%	$-3.6B -73.1%	$-2.1B -84.0%	$-1.1B
Treasury Stock	$1.7B 28.0%	$1.3B 0.0%	$1.3B 0.0%	$1.3B 1.5%	$1.3B
Accumulated Other Comprehensive Income	$-4.8B 19.1%	$-6.0B -3.7%	$-5.7B -0.4%	$-5.7B -20.7%	$-4.7B
Noncontrolling Interest	$6.7B 7.0%	$6.3B -6.0%	$6.7B -2.5%	$6.8B 71.4%	$4.0B
Total Liabilitiesand Equity	$63.2B 3.5%	$61.1B -7.5%	$66.0B -1.7%	$67.2B -3.9%	$69.9B

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	$10.6B 5.1%	$10.1B 1.1%	$10.0B 3.8%	$9.6B 3.1%	$9.4B
Expenses Property Operating Expenses	$2.6B 3.7%	$2.5B -0.8%	$2.5B 1.6%	$2.5B -4.8%	$2.6B
Expenses Selling,General and Administrative	$940.7M 0.8%	$933.4M -1.3%	$946.0M 4.9%	$902.1M 11.2%	$811.6M
Expenses Other Operating Expenses	$2.1B 0.3%	$2.1B -37.8%	$3.4B -1.6%	$3.4B 761.7%	$398.7M
Other Income Expense Operating Income	$4.8B 7.3%	$4.5B 44.5%	$3.1B 14.1%	$2.7B -12.6%	$3.1B
Other Income Expense Interest Expense	$1.4B -3.2%	$1.4B 1.2%	$1.4B 22.2%	$1.1B 30.4%	$870.9M
Other Income Expense Other Income/expense	$-442.2M -186.2%	$512.8M 346.5%	$-208.0M -143.0%	$483.4M 127.4%	$-1.8B
Other Income Expense Income Before Tax	$3.0B -16.0%	$3.6B 137.0%	$1.5B -26.7%	$2.1B -26.3%	$2.8B
Income Tax Income Tax Expense	$415.7M 13.5%	$366.3M 303.4%	$90.8M -19.5%	$112.8M -56.9%	$261.8M
net Income Other Items Below Tax	$2.5B 98.1%	$1.3B -9.6%	$1.4B -9.4%	$1.6B	—
net Income net Income	$2.6B 15.3%	$2.3B 66.8%	$1.4B -19.4%	$1.7B -33.9%	$2.6B
Earnings Per Share Basic Eps	$5 12.0%	$5 51.9%	$3 -17.0%	$4 -32.7%	$6
Earnings Per Share Diluted Eps	$5 12.0%	$5 51.6%	$3 -16.8%	$4 -32.5%	$6
Earnings Per Share Weighted Average Shares Diluted	$468.8M 0.1%	$468.1M 0.2%	$467.2M 1.0%	$462.8M 2.1%	$453.3M

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	$5.5B 3.3%	$5.3B 12.0%	$4.7B 27.8%	$3.7B -23.3%	$4.8B
Operating Activities net Income	$2.6B 15.3%	$2.3B 66.8%	$1.4B -19.4%	$1.7B -33.9%	$2.6B
Operating Activities Depreciation and Amortization	$2.0B -3.9%	$2.1B -31.2%	$3.1B -8.0%	$3.4B 43.8%	$2.3B
Operating Activities Stock Based Compensation	$174.2M -14.4%	$203.6M 4.0%	$195.7M 15.6%	$169.3M 41.7%	$119.5M
Operating Activities Other Non Cash Items	$619.7M -9.1%	$681.9M 832.8%	$73.1M 104.8%	$-1.5B -663.2%	$-199.8M
Investing Activities Capital Expenditures	$-2.1B -24.6%	$-1.7B 12.9%	$-2.0B 18.8%	$-2.4B 88.3%	$-20.7B
Investing Activities Other Investing Activities	$274.8M -87.1%	$2.1B 684.8%	$270.6M 301.5%	$67.4M 681.0%	$-11.6M
Investing Activities net Cash From Investing Activities	$-1.9B -552.9%	$410.6M 124.2%	$-1.7B 28.0%	$-2.4B 88.6%	$-20.7B
Financing Activities Proceeds From Debt	$9.1B -13.6%	$10.5B -20.7%	$13.2B 140.3%	$5.5B -79.6%	$27.0B
Financing Activities Repayment of Debt	$-9.5B 24.0%	$-12.4B 6.1%	$-13.2B -37.5%	$-9.6B 27.4%	$-13.3B
Financing Activities Dividends Paid	$-3.4B 1.1%	$-3.5B -15.7%	$-3.0B -13.4%	$-2.6B -5.9%	$-2.5B
Financing Activities Repurchase of Common Stock	$-364.6M	$0	$0 100.0%	$-18.8M	$0
Financing Activities Other Financing Activities	$-43.7M 35.2%	$-67.4M 43.0%	$-118.3M -102.2%	$5.3B 2.8%	$5.2B
Financing Activities net Cash From Financing Activities	$-4.2B 22.8%	$-5.5B -76.0%	$-3.1B -117.6%	$-1.4B -108.7%	$16.4B
Cash Reconciliation Effect of Exchange Rate On Cash	$101.3M 143.3%	$-233.9M -1108.2%	$23.2M 119.3%	$-120.4M -71.3%	$-70.3M
Cash Reconciliation net Change In Cash	$-503.0M -3498.6%	$14.8M 131.3%	$-47.3M 76.7%	$-202.6M -142.0%	$481.9M

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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