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

Year-over-year change per cell; first column has no prior.

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	-23.9%	+12.5%	-12.5%	-8.6%	+25.9%	+18.0%	+20.9%	+36.7%	+2.0%	—
Other Current Assets	+6.2%	-41.7%	+24.0%	+6.9%	+32.7%	+7.0%	-9.7%	-0.3%	+43.8%	—
Total Current Assets	-13.7%	-14.3%	+2.4%	-2.9%	+28.4%	+13.8%	+7.1%	+17.0%	+20.6%	—
Other Noncurrent Assets	+4.4%	-7.1%	-2.0%	-3.9%	+49.2%	+10.1%	+31.4%	-1.8%	+6.8%	—
Total Assets	+3.5%	-7.5%	-1.7%	-3.9%	+48.0%	+10.4%	+29.7%	-0.6%	+7.6%	—
Liabilities
Current Portion of Long Term Debt	-8.3%	+20.4%	-32.1%	-1.2%	+478.5%	-73.0%	+6.3%	+255.5%	+224.5%	—
Other Current Liabilities	+4.2%	-19.1%	+10.1%	-15.6%	+57.0%	+12.0%	+32.3%	+11.4%	+24.8%	—
Total Current Liabilities	-2.3%	-2.4%	-12.8%	-8.3%	+148.0%	-33.4%	+17.0%	+86.7%	+54.0%	—
Long Term Debt	+3.1%	-8.2%	+4.6%	-11.7%	+35.7%	+34.9%	+14.8%	-5.3%	+6.2%	—
Other Noncurrent Liabilities	+4.7%	-5.2%	-1.1%	-5.7%	+26.9%	+7.3%	+218.8%	-9.2%	+15.0%	—
Total Liabilities	+2.7%	-6.8%	+0.7%	-9.9%	+43.3%	+17.2%	+38.7%	+3.3%	+10.7%	—
Equity
Total Stockholders Equity	+8.0%	-19.4%	-24.7%	+9.7%	+24.1%	-19.0%	-5.3%	-14.5%	-7.7%	—
Common Stock	+0.0%	+0.0%	+0.0%	+2.1%	+2.2%	+2.2%	+0.0%	+2.3%	+2.3%	—
Additional Paid In Capital	+1.0%	+1.2%	+1.3%	+20.0%	+16.9%	+3.5%	-2.5%	+1.3%	+2.0%	—
Retained Earnings	-15.0%	-21.6%	-73.1%	-84.0%	+14.9%	-32.1%	+15.2%	-13.4%	+1.8%	—
Treasury Stock	+28.0%	+0.0%	+0.0%	+1.5%	+0.0%	+4.6%	+1.6%	+23.9%	+368.9%	—
Accumulated Other Comprehensive Income	+19.1%	-3.7%	-0.4%	-20.7%	-26.1%	-33.1%	-6.8%	-33.6%	+1.1%	—
Noncontrolling Interest	+7.0%	-6.0%	-2.5%	+71.4%	+739.8%	+9.2%	-22.8%	-3.9%	+176.3%	—
Total Liabilitiesand Equity	+3.5%	-7.5%	-1.7%	-3.9%	+48.0%	+10.4%	+29.7%	-0.6%	+7.6%	—

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	+5.1%	+1.1%	+3.8%	+3.1%	+16.4%	+6.1%	+1.9%	+11.6%	+15.2%	—
Expenses Property Operating Expenses	+3.7%	-0.8%	+1.6%	-4.8%	+18.1%	+0.7%	+2.1%	+5.3%	+14.7%	—
Expenses Selling,General and Administrative	+0.8%	-1.3%	+4.9%	+11.2%	+4.2%	+6.6%	-0.4%	+15.1%	+17.2%	—
Expenses Other Operating Expenses	+0.3%	-37.8%	-1.6%	+761.7%	-81.4%	+10.5%	-25.9%	+30.8%	+2637.4%	—
Other Income Expense Operating Income	+7.3%	+44.5%	+14.1%	-12.6%	+8.5%	+7.4%	+41.1%	-4.7%	+7.8%	—
Other Income Expense Interest Expense	-3.2%	+1.2%	+22.2%	+30.4%	+9.8%	-2.5%	-1.4%	+10.1%	—	—
Other Income Expense Other Income/expense	-186.2%	+346.5%	-143.0%	+127.4%	-546.5%	-746.7%	-43.8%	+928.8%	+115.7%	—
Other Income Expense Income Before Tax	-16.0%	+137.0%	-26.7%	-26.3%	+55.4%	-5.0%	+66.0%	-8.1%	+11.6%	—
Income Tax Income Tax Expense	+13.5%	+303.4%	-19.5%	-56.9%	+102.0%	+64900.0%	+99.8%	-458.6%	-80.3%	—
net Income Other Items Below Tax	+98.1%	-9.6%	-9.4%	—	—	+96.9%	+23.6%	+49.0%	+39.0%	—
net Income net Income	+15.3%	+66.8%	-19.4%	-33.9%	+51.8%	-11.7%	+55.0%	-0.2%	+29.5%	—
Earnings Per Share Basic Eps	+12.0%	+51.9%	-17.0%	-32.7%	+49.3%	-10.8%	+53.0%	+3.7%	+34.5%	—
Earnings Per Share Diluted Eps	+12.0%	+51.6%	-16.8%	-32.5%	+49.3%	-10.6%	+53.1%	+3.7%	+34.8%	—
Earnings Per Share Weighted Average Shares Diluted	+0.1%	+0.2%	+1.0%	+2.1%	+1.6%	+0.1%	+0.6%	+2.6%	+0.6%	—

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	+3.3%	+12.0%	+27.8%	-23.3%	+24.2%	+3.4%	+0.1%	+28.1%	+8.3%	—
Operating Activities net Income	+15.3%	+66.8%	-19.4%	-33.9%	+51.8%	-11.7%	+51.5%	+3.2%	+26.3%	—
Operating Activities Depreciation and Amortization	-3.9%	-31.2%	-8.0%	+43.8%	+23.9%	+5.8%	-15.7%	+23.0%	—	—
Operating Activities Stock Based Compensation	-14.4%	+4.0%	+15.6%	+41.7%	-1.1%	+8.4%	-19.0%	+26.7%	+20.7%	—
Operating Activities Other Non Cash Items	-9.1%	+832.8%	+104.8%	-663.2%	-207.0%	+447.2%	-122.9%	+289.5%	-207.3%	—
Investing Activities Capital Expenditures	-24.6%	+12.9%	+18.8%	+88.3%	-328.1%	-22.3%	-41.4%	+0.6%	-33.9%	—
Investing Activities Other Investing Activities	-87.1%	+684.8%	+301.5%	+681.0%	-125.1%	+226.2%	-181.2%	+364.9%	+355.3%	—
Investing Activities net Cash From Investing Activities	-552.9%	+124.2%	+28.0%	+88.6%	-332.5%	-20.0%	-45.0%	+1.8%	-33.2%	—
Financing Activities Proceeds From Debt	-13.6%	-20.7%	+140.3%	-79.6%	+49.0%	+51.7%	+103.9%	-27.2%	+41.4%	—
Financing Activities Repayment of Debt	+24.0%	+6.1%	-37.5%	+27.4%	+5.0%	-50.8%	-89.2%	+25.5%	-28.8%	—
Financing Activities Dividends Paid	+1.1%	-15.7%	-13.4%	-5.9%	-28.5%	-20.2%	-19.0%	-16.5%	-17.2%	—
Financing Activities Repurchase of Common Stock	—	—	+100.0%	—	+100.0%	-185.7%	+91.6%	+69.6%	—	—
Financing Activities Other Financing Activities	+35.2%	+43.0%	-102.2%	+2.8%	+653.7%	-79.3%	-2505.0%	-93.7%	+13.0%	—
Financing Activities net Cash From Financing Activities	+22.8%	-76.0%	-117.6%	-108.7%	+1251.5%	+132.9%	+185.8%	-437.8%	-13.8%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+143.3%	-1108.2%	+119.3%	-71.3%	-144.9%	-109.5%	+66.7%	-713.4%	+125.3%	—
Cash Reconciliation net Change In Cash	-3498.6%	+131.3%	+76.7%	-142.0%	+70.0%	+3.8%	-22.0%	+1802.2%	-96.1%	—

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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