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

Each cell as a share of that year’s revenue.

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	15.1%	20.8%	18.7%	22.2%	25.0%	23.1%	20.8%	17.5%	14.3%	16.2%
Other Current Assets	10.7%	10.6%	18.3%	15.4%	14.8%	13.0%	12.9%	14.5%	16.3%	13.0%
Total Current Assets	25.8%	31.4%	37.1%	37.6%	39.9%	36.1%	33.7%	32.1%	30.6%	29.2%
Other Noncurrent Assets	567.9%	571.7%	622.4%	659.1%	707.1%	551.2%	531.0%	411.6%	467.8%	504.5%
Total Assets	593.6%	603.1%	659.5%	696.6%	746.9%	587.4%	564.6%	443.7%	498.4%	533.7%
Liabilities
Current Portion of Long Term Debt	31.8%	36.5%	30.6%	46.8%	48.8%	9.8%	38.6%	37.0%	11.6%	4.1%
Other Current Liabilities	33.1%	33.4%	41.8%	39.4%	48.1%	35.6%	33.8%	26.0%	26.1%	24.1%
Total Current Liabilities	65.0%	69.9%	72.4%	86.2%	96.9%	45.5%	72.4%	63.0%	37.7%	28.2%
Long Term Debt	317.8%	324.0%	356.9%	354.1%	413.4%	354.4%	278.7%	247.4%	291.6%	316.2%
Other Noncurrent Liabilities	113.6%	114.0%	121.6%	127.7%	139.6%	128.1%	126.6%	40.5%	49.8%	49.9%
Total Liabilities	496.4%	507.8%	550.9%	568.0%	650.0%	527.9%	477.7%	350.9%	379.1%	394.3%
Equity
Total Stockholders Equity	34.3%	33.4%	41.9%	57.8%	54.3%	50.9%	66.7%	71.7%	93.7%	116.9%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Additional Paid In Capital	142.9%	148.7%	148.5%	152.3%	130.8%	130.2%	133.5%	139.5%	153.8%	173.6%
Retained Earnings	-47.8%	-43.7%	-36.3%	-21.8%	-12.2%	-16.7%	-13.4%	-16.1%	-15.9%	-18.6%
Treasury Stock	15.6%	12.8%	13.0%	13.5%	13.7%	15.9%	16.2%	16.2%	14.6%	3.6%
Accumulated Other Comprehensive Income	-45.2%	-58.8%	-57.3%	-59.3%	-50.6%	-46.7%	-37.2%	-35.5%	-29.7%	-34.6%
Noncontrolling Interest	63.0%	61.9%	66.6%	70.9%	42.6%	5.9%	5.7%	7.6%	8.8%	3.7%
Total Liabilitiesand Equity	593.6%	603.1%	659.5%	696.6%	746.9%	587.4%	564.6%	443.7%	498.4%	533.7%

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	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Property Operating Expenses	24.2%	24.5%	25.0%	25.5%	27.6%	27.2%	28.7%	28.6%	30.3%	30.5%
Expenses Selling,General and Administrative	8.8%	9.2%	9.4%	9.4%	8.7%	9.7%	9.6%	9.9%	9.6%	9.4%
Expenses Other Operating Expenses	19.8%	20.8%	33.8%	35.6%	4.3%	26.7%	25.7%	35.3%	30.1%	1.3%
Other Income Expense Operating Income	45.5%	44.6%	31.2%	28.4%	33.5%	35.9%	35.5%	25.6%	30.0%	32.0%
Other Income Expense Interest Expense	12.8%	13.9%	13.9%	11.8%	9.3%	9.9%	10.7%	11.1%	11.2%	—
Other Income Expense Other Income/expense	-4.2%	5.1%	-2.1%	5.0%	-18.9%	-3.4%	0.6%	1.0%	0.1%	-0.8%
Other Income Expense Income Before Tax	28.6%	35.8%	15.3%	21.6%	30.2%	22.6%	25.3%	15.5%	18.8%	19.5%
Income Tax Income Tax Expense	3.9%	3.6%	0.9%	1.2%	2.8%	1.6%	-0.0%	-1.5%	0.5%	2.7%
net Income Other Items Below Tax	23.8%	12.6%	14.1%	16.2%	—	-0.0%	-0.4%	-0.5%	-1.1%	-2.1%
net Income net Income	24.7%	22.5%	13.7%	17.6%	27.4%	21.0%	25.3%	16.6%	18.6%	16.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	4.4%	4.6%	4.7%	4.8%	4.8%	5.5%	5.9%	6.0%	6.5%	7.4%

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	51.3%	52.2%	47.2%	38.3%	51.5%	48.3%	49.5%	50.4%	43.9%	46.7%
Operating Activities net Income	24.7%	22.5%	13.7%	17.6%	27.4%	21.0%	25.3%	17.0%	18.4%	16.8%
Operating Activities Depreciation and Amortization	19.2%	21.0%	30.8%	34.8%	24.9%	23.4%	23.5%	28.4%	25.7%	—
Operating Activities Stock Based Compensation	1.6%	2.0%	2.0%	1.8%	1.3%	1.5%	1.5%	1.8%	1.6%	1.6%
Operating Activities Other Non Cash Items	5.8%	6.7%	0.7%	-15.8%	-2.1%	2.3%	-0.7%	3.2%	-1.9%	2.0%
Investing Activities Capital Expenditures	-20.1%	-16.9%	-19.6%	-25.1%	-221.0%	-60.1%	-52.1%	-37.6%	-42.2%	-36.3%
Investing Activities Other Investing Activities	2.6%	21.0%	2.7%	0.7%	-0.1%	0.6%	-0.5%	0.6%	0.1%	-0.1%
Investing Activities net Cash From Investing Activities	-17.5%	4.1%	-16.9%	-24.4%	-221.1%	-59.5%	-52.6%	-37.0%	-42.0%	-36.3%
Financing Activities Proceeds From Debt	85.3%	103.8%	132.3%	57.2%	288.2%	225.0%	157.3%	78.6%	120.6%	98.2%
Financing Activities Repayment of Debt	-88.8%	-122.7%	-132.1%	-99.8%	-141.6%	-173.4%	-122.0%	-65.7%	-98.4%	-88.0%
Financing Activities Dividends Paid	-32.2%	-34.2%	-29.9%	-27.4%	-26.7%	-24.1%	-21.3%	-18.2%	-17.5%	-17.2%
Financing Activities Repurchase of Common Stock	-3.4%	0.0%	0.0%	-0.2%	0.0%	-0.7%	-0.3%	-3.1%	-11.5%	0.0%
Financing Activities Other Financing Activities	-0.4%	-0.7%	-1.2%	55.5%	55.6%	-11.7%	-6.9%	0.3%	5.2%	5.3%
Financing Activities net Cash From Financing Activities	-39.5%	-53.8%	-30.9%	-14.8%	175.5%	15.1%	6.9%	-8.2%	-1.7%	-1.7%
Cash Reconciliation Effect of Exchange Rate On Cash	1.0%	-2.3%	0.2%	-1.2%	-0.8%	-0.4%	-0.2%	-0.6%	0.1%	-0.5%
Cash Reconciliation net Change In Cash	-4.7%	0.1%	-0.5%	-2.1%	5.2%	3.5%	3.6%	4.7%	0.3%	8.2%

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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