American Tower

Real Estate Telecom Tower REITs Boston, Massachusetts Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$10.6B
                    3y CAGR +3.3%
                    
                    P17
                    
                    n/a
                    
                    Net income
                    FY2025
                
$2.6B
                    Net margin +24.7%
                    
                    P60
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$63.2B
                    ROA +4.2%
                    
                    P68
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$5.5B
                    FCF margin +35.5%
                    
                    P53
                    
                    n/a

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

32 accounts · 1 year

Total assets $63.2B

Total liabilities $52.8B

Shareholders equity $3.7B

Account	2025	Trend
Assets
Cash and Cash Equivalents	$1.5B
Accounts Receivable	$650.3M
Prepaid Expenses	$486.3M
Other Current Assets	$80.7M
Total Current Assets	$2.7B
Property,Plant and Equipment	$20.4B
Operating Lease Assets	$8.4B
Goodwill	$12.3B
Intangible Assets	$14.5B
Deferred Tax Assets	$151.4M
Other Noncurrent Assets	$876.9M
Total Assets	$63.2B
Liabilities
Accounts Payable	$259.8M
Accrued Liabilities	$1.1B
Deferred Revenue	$325.0M
Current Portion of Long Term Debt	$3.4B
Operating Lease Liabilities	$584.9M
Other Current Liabilities	$279.3M
Total Current Liabilities	$6.9B
Operating Lease Liabilities Noncurrent	$7.2B
Deferred Tax Liabilities	$1.4B
Other Noncurrent Liabilities	$976.9M
Total Liabilities	$52.8B
Equity
Preferred Stock	$0
Common Stock	$4.8M
Additional Paid In Capital	$15.2B
Retained Earnings	$-5.1B
Treasury Stock	$1.7B
Accumulated Other Comprehensive Income	$-4.8B
Noncontrolling Interest	$6.7B
Total Stockholders Equity	$3.7B
Total Liabilitiesand Equity	$63.2B

Income Statement

Revenue, expense, and profitability

19 accounts · 1 year

Revenue $10.6B

Operating income $4.8B

Net income $2.6B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	$10.6B
Expenses Cost of Revenue	$5.8B
Expenses Selling,General and Administrative	$940.7M
Expenses Depreciation and Amortization	$879.7M
Expenses Share Based Compensation	$174.2M
Expenses Restructuring and Asset Impairment	$83.0M
Expenses Operating Expenses	$5.8B
Other Income Expense Operating Income	$4.8B
Other Income Expense Interest Income	$134.0M
Other Income Expense Interest Expense	$54.1M
Other Income Expense Other Income/expense	$-576.2M
Other Income Expense Income Before Tax	$3.0B
Income Tax Income Tax Expense	$415.7M
net Income net Income	$2.6B
net Income Comprehensive Income	$3.7B
Earnings Per Share Basic Eps	$5
Earnings Per Share Diluted Eps	$5
Earnings Per Share Weighted Average Shares Basic	$467.9M
Earnings Per Share Weighted Average Shares Diluted	$468.8M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 1 year

Operating cash flow $5.5B

Investing cash flow $-1.9B

Financing cash flow $-4.2B

Account	2025	Trend
CashFlow
Operating Activities net Income	$2.6B
Operating Activities Depreciation and Amortization	$2.0B
Operating Activities Stock Based Compensation	$174.2M
Operating Activities Changes In Operating Assets and Liabilities	$32.2M
Operating Activities net Cash From Operating Activities	$5.5B
Investing Activities Capital Expenditures	$1.7B
Investing Activities Business Acquisitions	$454.2M
Investing Activities Other Investing Activities	$19.8M
Investing Activities net Cash From Investing Activities	$-1.9B
Financing Activities Proceeds From Debt	$3.0B
Financing Activities Repurchase of Common Stock	$364.6M
Financing Activities Dividends Paid	$3.2B
Financing Activities Proceeds From Stock Issuance	$26.8M
Financing Activities Tax Withholding On Stock Based Compensation	$3.6M
Financing Activities Other Financing Activities	$-233.5M
Financing Activities net Cash From Financing Activities	$-4.2B
Cash Reconciliation Effect of Exchange Rate On Cash	$101.3M
Cash Reconciliation net Change In Cash	$-503.0M
Cash Reconciliation Cash At Beginning of Period	$1.6B
Cash Reconciliation Cash At End of Period	$1.6B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+45.5%
Operating margin	+45.5%
Net margin	+24.7%
FCF margin	+35.5%
Growth
Revenue CAGR (3y)	+3.3%
Returns
ROE	+72.0%
ROA	+4.2%
ROIC	+75.2%
Liquidity
Current ratio	0.40x
Quick ratio	0.31x
Leverage
D/E	14.47x
Interest coverage	89.57x
Efficiency
Asset turnover	0.17x
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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