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

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

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	13.9%	19.7%	17.5%
Accounts Receivable	6.1%	5.3%	6.7%
Prepaid Expenses	4.6%	5.2%	9.5%
Other Current Assets	0.8%	0.8%	0.9%
Total Current Assets	25.8%	31.4%	37.1%
Property,Plant and Equipment	191.2%	188.2%	197.6%
Operating Lease Assets	79.2%	79.9%	88.7%
Goodwill	115.1%	116.2%	120.7%
Intangible Assets	136.5%	142.9%	165.0%
Deferred Tax Assets	1.4%	1.2%	1.8%
Other Noncurrent Assets	8.2%	6.7%	7.9%
Total Assets	593.6%	603.1%	659.5%
Liabilities
Accounts Payable	2.4%	2.4%	2.6%
Accrued Liabilities	10.5%	10.7%	12.8%
Deferred Revenue	3.1%	3.3%	4.3%
Current Portion of Long Term Debt	31.8%	36.5%	31.8%
Operating Lease Liabilities	5.5%	5.7%	7.9%
Other Current Liabilities	2.6%	2.7%	3.5%
Total Current Liabilities	65.0%	69.9%	72.4%
Operating Lease Liabilities Noncurrent	67.3%	67.9%	74.3%
Deferred Tax Liabilities	13.5%	12.5%	13.6%
Other Noncurrent Liabilities	9.2%	10.0%	12.2%
Total Liabilities	496.4%	507.8%	550.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	142.9%	148.7%	148.5%
Retained Earnings	-47.8%	-43.7%	-36.3%
Treasury Stock	15.6%	12.8%	13.0%
Accumulated Other Comprehensive Income	-45.2%	-58.8%	-57.3%
Noncontrolling Interest	63.0%	61.9%	66.6%
Total Stockholders Equity	34.3%	33.4%	41.9%
Total Liabilitiesand Equity	593.6%	603.1%	659.5%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	54.5%	55.4%	68.8%
Expenses Selling,General and Administrative	8.8%	9.2%	9.4%
Expenses Depreciation and Amortization	8.3%	8.8%	14.0%
Expenses Share Based Compensation	1.6%	2.0%	2.0%
Expenses Restructuring and Asset Impairment	0.8%	1.0%	7.4%
Expenses Operating Expenses	54.5%	55.4%	68.8%
Other Income Expense Operating Income	45.5%	44.6%	31.2%
Other Income Expense Interest Income	1.3%	1.3%	1.2%
Other Income Expense Interest Expense	0.5%	0.0%	14.0%
Other Income Expense Other Income/expense	-5.4%	3.7%	-3.3%
Other Income Expense Income Before Tax	28.6%	35.8%	15.3%
Income Tax Income Tax Expense	3.9%	3.6%	0.9%
net Income net Income	24.7%	22.5%	13.7%
net Income Comprehensive Income	34.5%	20.1%	14.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.4%	4.6%	4.7%
Earnings Per Share Weighted Average Shares Diluted	4.4%	4.6%	4.7%

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	24.7%	22.5%	13.7%
Operating Activities Depreciation and Amortization	19.2%	20.0%	29.2%
Operating Activities Stock Based Compensation	1.6%	2.0%	2.0%
Operating Activities Changes In Operating Assets and Liabilities	0.3%	-0.1%	3.3%
Operating Activities net Cash From Operating Activities	51.3%	52.2%	47.2%
Investing Activities Capital Expenditures	15.8%	15.7%	18.0%
Investing Activities Business Acquisitions	4.3%	1.2%	1.7%
Investing Activities Other Investing Activities	0.2%	2.8%	-2.5%
Investing Activities net Cash From Investing Activities	-17.5%	4.1%	-16.9%
Financing Activities Proceeds From Debt	28.2%	35.2%	56.7%
Financing Activities Repurchase of Common Stock	3.4%	0.0%	0.0%
Financing Activities Dividends Paid	29.9%	29.9%	30.0%
Financing Activities Proceeds From Stock Issuance	0.3%	0.3%	0.1%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-2.2%	-2.2%	-1.4%
Financing Activities net Cash From Financing Activities	-39.5%	-53.8%	-30.9%
Cash Reconciliation Effect of Exchange Rate On Cash	1.0%	-2.3%	0.2%
Cash Reconciliation net Change In Cash	-4.7%	0.1%	-0.5%
Cash Reconciliation Cash At Beginning of Period	15.1%	20.8%	20.9%
Cash Reconciliation Cash At End of Period	15.1%	20.8%	20.9%

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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