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

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

Balance Sheet

Assets, liabilities, and equity

32 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	-26.2%	+14.0%	-13.5%	+4.0%	—
Accounts Receivable	+20.4%	-19.4%	-11.7%	+4.0%	—
Prepaid Expenses	-8.3%	-44.0%	+30.9%	+10.1%	—
Other Current Assets	-2.3%	-11.6%	-7.2%	+6.6%	—
Total Current Assets	-13.7%	-14.3%	+2.4%	-2.9%	—
Property,Plant and Equipment	+6.8%	-3.7%	-1.0%	+1.1%	—
Operating Lease Assets	+4.2%	-8.9%	-0.4%	-3.3%	—
Goodwill	+4.1%	-2.6%	-6.7%	-2.9%	—
Intangible Assets	+0.4%	-12.4%	-8.1%	-13.2%	—
Deferred Tax Assets	+23.4%	-31.5%	+38.6%	-1.8%	—
Other Noncurrent Assets	+29.5%	-14.3%	+44.4%	+36.4%	—
Total Assets	+3.5%	-7.5%	-1.7%	-3.9%	—
Liabilities
Accounts Payable	+7.9%	-6.9%	+18.3%	-19.8%	—
Accrued Liabilities	+2.8%	-15.5%	-4.7%	-4.9%	—
Deferred Revenue	-1.3%	-24.3%	-1.1%	-63.5%	—
Current Portion of Long Term Debt	-8.3%	+15.9%	-29.4%	-1.2%	—
Operating Lease Liabilities	+1.4%	-27.4%	+0.7%	+10.7%	—
Other Current Liabilities	+2.2%	-21.8%	-3.0%	-10.9%	—
Total Current Liabilities	-2.3%	-2.4%	-12.8%	-8.3%	—
Operating Lease Liabilities Noncurrent	+4.1%	-7.6%	-2.0%	-5.6%	—
Deferred Tax Liabilities	+14.1%	-7.3%	-8.8%	-18.5%	—
Other Noncurrent Liabilities	-3.6%	-17.0%	+2.8%	-0.3%	—
Total Liabilities	+2.7%	-6.8%	+0.7%	-9.9%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+2.1%	—
Additional Paid In Capital	+1.0%	+1.2%	+1.3%	+20.0%	—
Retained Earnings	-15.0%	-21.6%	-73.1%	-84.0%	—
Treasury Stock	+28.0%	+0.0%	+0.0%	+1.5%	—
Accumulated Other Comprehensive Income	+19.1%	-3.7%	-0.4%	-20.7%	—
Noncontrolling Interest	+7.0%	-6.0%	-2.5%	+71.4%	—
Total Stockholders Equity	+8.0%	-19.4%	-24.7%	+9.7%	—
Total Liabilitiesand Equity	+3.5%	-7.5%	-1.7%	-3.9%	—

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $10.6B

Operating income $4.8B

Net income $2.6B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+5.1%	+1.1%	+3.8%	+3.1%	—
Expenses Cost of Revenue	+3.4%	-18.5%	-0.3%	+11.0%	—
Expenses Selling,General and Administrative	+0.8%	-1.3%	+4.9%	+11.2%	—
Expenses Depreciation and Amortization	-1.4%	-36.3%	-12.5%	+33.3%	—
Expenses Share Based Compensation	-14.4%	+4.0%	+15.6%	+41.7%	—
Expenses Restructuring and Asset Impairment	-14.1%	-86.9%	+8.1%	+248.4%	—
Expenses Operating Expenses	+3.4%	-18.5%	-0.3%	+11.0%	—
Other Income Expense Operating Income	+7.3%	+44.5%	+14.1%	-12.6%	—
Other Income Expense Interest Income	-0.9%	+14.0%	+141.5%	+21.5%	—
Other Income Expense Interest Expense	+5310.0%	-99.9%	+23.0%	+30.5%	—
Other Income Expense Other Income/expense	-252.6%	+215.7%	-175.1%	-23.2%	—
Other Income Expense Income Before Tax	-16.0%	+137.0%	-26.7%	-26.3%	—
Income Tax Income Tax Expense	+13.5%	+303.4%	-19.5%	-56.9%	—
net Income net Income	+15.3%	+66.8%	-19.4%	-33.9%	—
net Income Comprehensive Income	+79.8%	+39.5%	+85.9%	-50.5%	—
Earnings Per Share Basic Eps	+12.0%	+51.9%	-17.0%	-32.7%	—
Earnings Per Share Diluted Eps	+12.0%	+51.6%	-16.8%	-32.5%	—
Earnings Per Share Weighted Average Shares Basic	+0.2%	+0.2%	+1.0%	+2.2%	—
Earnings Per Share Weighted Average Shares Diluted	+0.1%	+0.2%	+1.0%	+2.1%	—

Cash Flow Statement

Operating, investing, and financing flows

20 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 Income	+15.3%	+66.8%	-19.4%	-33.9%	—
Operating Activities Depreciation and Amortization	+0.6%	-30.7%	-7.5%	+35.7%	—
Operating Activities Stock Based Compensation	-14.4%	+4.0%	+15.6%	+41.7%	—
Operating Activities Changes In Operating Assets and Liabilities	+470.1%	-102.6%	+161.3%	-156.2%	—
Operating Activities net Cash From Operating Activities	+3.3%	+12.0%	+27.8%	-23.3%	—
Investing Activities Capital Expenditures	+5.7%	-11.6%	-4.0%	+36.1%	—
Investing Activities Business Acquisitions	+269.3%	-26.8%	-69.4%	-97.2%	—
Investing Activities Other Investing Activities	-93.1%	+213.9%	-429.9%	-5411.1%	—
Investing Activities net Cash From Investing Activities	-552.9%	+124.2%	+28.0%	+88.6%	—
Financing Activities Proceeds From Debt	-15.9%	-37.2%	+339.0%	-80.9%	—
Financing Activities Repurchase of Common Stock	—	—	-100.0%	—	—
Financing Activities Dividends Paid	+5.1%	+0.7%	+10.7%	+19.6%	—
Financing Activities Proceeds From Stock Issuance	-14.4%	+306.5%	-55.0%	-79.3%	—
Financing Activities Tax Withholding On Stock Based Compensation	+9.1%	+10.0%	+7.1%	+7.7%	—
Financing Activities Other Financing Activities	-6.9%	-51.2%	-52.3%	+39.1%	—
Financing Activities net Cash From Financing Activities	+22.8%	-76.0%	-117.6%	-108.7%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+143.3%	-1108.2%	+119.3%	-71.3%	—
Cash Reconciliation net Change In Cash	-3498.6%	+131.3%	+76.7%	-142.0%	—
Cash Reconciliation Cash At Beginning of Period	-23.9%	+0.7%	-2.2%	-8.6%	—
Cash Reconciliation Cash At End of Period	-23.9%	+0.7%	-2.2%	-8.6%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+45.5%	+44.6%	+31.2%	+28.4%	+33.5%
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	+35.5%	+36.5%	+29.2%	+18.9%	+36.8%
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	+75.2%	+80.0%	+52.2%	+32.1%	+36.9%
Liquidity
Current ratio	0.40x	0.45x	0.51x	0.44x	0.41x
Quick ratio	0.31x	0.36x	0.33x	0.34x	0.30x
Leverage
D/E	14.47x	15.21x	13.14x	9.83x	11.97x
Interest coverage	89.57x	4516.50x	2.24x	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 · 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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