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

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	$1.6B -23.9%	$2.1B 12.5%	$1.9B -12.5%	$2.1B -8.6%	$2.3B 25.9%	$1.9B 18.0%	$1.6B 20.9%	$1.3B 36.7%	$954.9M 2.0%	$936.5M
Other Current Assets	$1.1B 6.2%	$1.1B -41.7%	$1.8B 24.0%	$1.5B 6.9%	$1.4B 32.7%	$1.0B 7.0%	$975.8M -9.7%	$1.1B -0.3%	$1.1B 43.8%	$753.4M
Total Current Assets	$2.7B -13.7%	$3.2B -14.3%	$3.7B 2.4%	$3.6B -2.9%	$3.7B 28.4%	$2.9B 13.8%	$2.6B 7.1%	$2.4B 17.0%	$2.0B 20.6%	$1.7B
Other Noncurrent Assets	$60.4B 4.4%	$57.9B -7.1%	$62.3B -2.0%	$63.6B -3.9%	$66.2B 49.2%	$44.3B 10.1%	$40.2B 31.4%	$30.6B -1.8%	$31.2B 6.8%	$29.2B
Total Assets	$63.2B 3.5%	$61.1B -7.5%	$66.0B -1.7%	$67.2B -3.9%	$69.9B 48.0%	$47.2B 10.4%	$42.8B 29.7%	$33.0B -0.6%	$33.2B 7.6%	$30.9B
Liabilities
Current Portion of Long Term Debt	$3.4B -8.3%	$3.7B 20.4%	$3.1B -32.1%	$4.5B -1.2%	$4.6B 478.5%	$789.8M -73.0%	$2.9B 6.3%	$2.8B 255.5%	$774.8M 224.5%	$238.8M
Other Current Liabilities	$3.5B 4.2%	$3.4B -19.1%	$4.2B 10.1%	$3.8B -15.6%	$4.5B 57.0%	$2.9B 12.0%	$2.6B 32.3%	$1.9B 11.4%	$1.7B 24.8%	$1.4B
Total Current Liabilities	$6.9B -2.3%	$7.1B -2.4%	$7.2B -12.8%	$8.3B -8.3%	$9.1B 148.0%	$3.7B -33.4%	$5.5B 17.0%	$4.7B 86.7%	$2.5B 54.0%	$1.6B
Long Term Debt	$33.8B 3.1%	$32.8B -8.2%	$35.7B 4.6%	$34.2B -11.7%	$38.7B 35.7%	$28.5B 34.9%	$21.1B 14.8%	$18.4B -5.3%	$19.4B 6.2%	$18.3B
Other Noncurrent Liabilities	$12.1B 4.7%	$11.5B -5.2%	$12.2B -1.1%	$12.3B -5.7%	$13.1B 26.9%	$10.3B 7.3%	$9.6B 218.8%	$3.0B -9.2%	$3.3B 15.0%	$2.9B
Total Liabilities	$52.8B 2.7%	$51.4B -6.8%	$55.2B 0.7%	$54.8B -9.9%	$60.8B 43.3%	$42.5B 17.2%	$36.2B 38.7%	$26.1B 3.3%	$25.3B 10.7%	$22.8B
Equity
Total Stockholders Equity	$3.7B 8.0%	$3.4B -19.4%	$4.2B -24.7%	$5.6B 9.7%	$5.1B 24.1%	$4.1B -19.0%	$5.1B -5.3%	$5.3B -14.5%	$6.2B -7.7%	$6.8B
Common Stock	$4.8M 0.0%	$4.8M 0.0%	$4.8M 0.0%	$4.8M 2.1%	$4.7M 2.2%	$4.6M 2.2%	$4.5M 0.0%	$4.5M 2.3%	$4.4M 2.3%	$4.3M
Additional Paid In Capital	$15.2B 1.0%	$15.1B 1.2%	$14.9B 1.3%	$14.7B 20.0%	$12.2B 16.9%	$10.5B 3.5%	$10.1B -2.5%	$10.4B 1.3%	$10.2B 2.0%	$10.0B
Retained Earnings	$-5.1B -15.0%	$-4.4B -21.6%	$-3.6B -73.1%	$-2.1B -84.0%	$-1.1B 14.9%	$-1.3B -32.1%	$-1.0B 15.2%	$-1.2B -13.4%	$-1.1B 1.8%	$-1.1B
Treasury Stock	$1.7B 28.0%	$1.3B 0.0%	$1.3B 0.0%	$1.3B 1.5%	$1.3B 0.0%	$1.3B 4.6%	$1.2B 1.6%	$1.2B 23.9%	$974.0M 368.9%	$207.7M
Accumulated Other Comprehensive Income	$-4.8B 19.1%	$-6.0B -3.7%	$-5.7B -0.4%	$-5.7B -20.7%	$-4.7B -26.1%	$-3.8B -33.1%	$-2.8B -6.8%	$-2.6B -33.6%	$-2.0B 1.1%	$-2.0B
Noncontrolling Interest	$6.7B 7.0%	$6.3B -6.0%	$6.7B -2.5%	$6.8B 71.4%	$4.0B 739.8%	$474.9M 9.2%	$435.0M -22.8%	$563.5M -3.9%	$586.6M 176.3%	$212.3M
Total Liabilitiesand Equity	$63.2B 3.5%	$61.1B -7.5%	$66.0B -1.7%	$67.2B -3.9%	$69.9B 48.0%	$47.2B 10.4%	$42.8B 29.7%	$33.0B -0.6%	$33.2B 7.6%	$30.9B

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	$10.6B 5.1%	$10.1B 1.1%	$10.0B 3.8%	$9.6B 3.1%	$9.4B 16.4%	$8.0B 6.1%	$7.6B 1.9%	$7.4B 11.6%	$6.7B 15.2%	$5.8B
Expenses Property Operating Expenses	$2.6B 3.7%	$2.5B -0.8%	$2.5B 1.6%	$2.5B -4.8%	$2.6B 18.1%	$2.2B 0.7%	$2.2B 2.1%	$2.1B 5.3%	$2.0B 14.7%	$1.8B
Expenses Selling,General and Administrative	$940.7M 0.8%	$933.4M -1.3%	$946.0M 4.9%	$902.1M 11.2%	$811.6M 4.2%	$778.7M 6.6%	$730.4M -0.4%	$733.2M 15.1%	$637.0M 17.2%	$543.4M
Expenses Other Operating Expenses	$2.1B 0.3%	$2.1B -37.8%	$3.4B -1.6%	$3.4B 761.7%	$398.7M -81.4%	$2.1B 10.5%	$1.9B -25.9%	$2.6B 30.8%	$2.0B 2637.4%	$73.3M
Other Income Expense Operating Income	$4.8B 7.3%	$4.5B 44.5%	$3.1B 14.1%	$2.7B -12.6%	$3.1B 8.5%	$2.9B 7.4%	$2.7B 41.1%	$1.9B -4.7%	$2.0B 7.8%	$1.9B
Other Income Expense Interest Expense	$1.4B -3.2%	$1.4B 1.2%	$1.4B 22.2%	$1.1B 30.4%	$870.9M 9.8%	$793.5M -2.5%	$814.2M -1.4%	$825.5M 10.1%	$749.6M	—
Other Income Expense Other Income/expense	$-442.2M -186.2%	$512.8M 346.5%	$-208.0M -143.0%	$483.4M 127.4%	$-1.8B -546.5%	$-272.9M -746.7%	$42.2M -43.8%	$75.1M 928.8%	$7.3M 115.7%	$-46.5M
Other Income Expense Income Before Tax	$3.0B -16.0%	$3.6B 137.0%	$1.5B -26.7%	$2.1B -26.3%	$2.8B 55.4%	$1.8B -5.0%	$1.9B 66.0%	$1.2B -8.1%	$1.3B 11.6%	$1.1B
Income Tax Income Tax Expense	$415.7M 13.5%	$366.3M 303.4%	$90.8M -19.5%	$112.8M -56.9%	$261.8M 102.0%	$129.6M 64900.0%	$-200.0K 99.8%	$-110.1M -458.6%	$30.7M -80.3%	$155.5M
net Income Other Items Below Tax	$2.5B 98.1%	$1.3B -9.6%	$1.4B -9.4%	$1.6B	—	$-900.0K 96.9%	$-28.8M 23.6%	$-37.7M 49.0%	$-73.9M 39.0%	$-121.1M
net Income net Income	$2.6B 15.3%	$2.3B 66.8%	$1.4B -19.4%	$1.7B -33.9%	$2.6B 51.8%	$1.7B -11.7%	$1.9B 55.0%	$1.2B -0.2%	$1.2B 29.5%	$956.4M
Earnings Per Share Basic Eps	$5 12.0%	$5 51.9%	$3 -17.0%	$4 -32.7%	$6 49.3%	$4 -10.8%	$4 53.0%	$3 3.7%	$3 34.5%	$2
Earnings Per Share Diluted Eps	$5 12.0%	$5 51.6%	$3 -16.8%	$4 -32.5%	$6 49.3%	$4 -10.6%	$4 53.1%	$3 3.7%	$3 34.8%	$2
Earnings Per Share Weighted Average Shares Diluted	$468.8M 0.1%	$468.1M 0.2%	$467.2M 1.0%	$462.8M 2.1%	$453.3M 1.6%	$446.1M 0.1%	$445.5M 0.6%	$443.0M 2.6%	$431.7M 0.6%	$429.3M

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	$5.5B 3.3%	$5.3B 12.0%	$4.7B 27.8%	$3.7B -23.3%	$4.8B 24.2%	$3.9B 3.4%	$3.8B 0.1%	$3.7B 28.1%	$2.9B 8.3%	$2.7B
Operating Activities net Income	$2.6B 15.3%	$2.3B 66.8%	$1.4B -19.4%	$1.7B -33.9%	$2.6B 51.8%	$1.7B -11.7%	$1.9B 51.5%	$1.3B 3.2%	$1.2B 26.3%	$970.4M
Operating Activities Depreciation and Amortization	$2.0B -3.9%	$2.1B -31.2%	$3.1B -8.0%	$3.4B 43.8%	$2.3B 23.9%	$1.9B 5.8%	$1.8B -15.7%	$2.1B 23.0%	$1.7B	—
Operating Activities Stock Based Compensation	$174.2M -14.4%	$203.6M 4.0%	$195.7M 15.6%	$169.3M 41.7%	$119.5M -1.1%	$120.8M 8.4%	$111.4M -19.0%	$137.5M 26.7%	$108.5M 20.7%	$89.9M
Operating Activities Other Non Cash Items	$619.7M -9.1%	$681.9M 832.8%	$73.1M 104.8%	$-1.5B -663.2%	$-199.8M -207.0%	$186.8M 447.2%	$-53.8M -122.9%	$235.3M 289.5%	$-124.2M -207.3%	$115.8M
Investing Activities Capital Expenditures	$-2.1B -24.6%	$-1.7B 12.9%	$-2.0B 18.8%	$-2.4B 88.3%	$-20.7B -328.1%	$-4.8B -22.3%	$-4.0B -41.4%	$-2.8B 0.6%	$-2.8B -33.9%	$-2.1B
Investing Activities Other Investing Activities	$274.8M -87.1%	$2.1B 684.8%	$270.6M 301.5%	$67.4M 681.0%	$-11.6M -125.1%	$46.2M 226.2%	$-36.6M -181.2%	$45.1M 364.9%	$9.7M 355.3%	$-3.8M
Investing Activities net Cash From Investing Activities	$-1.9B -552.9%	$410.6M 124.2%	$-1.7B 28.0%	$-2.4B 88.6%	$-20.7B -332.5%	$-4.8B -20.0%	$-4.0B -45.0%	$-2.7B 1.8%	$-2.8B -33.2%	$-2.1B
Financing Activities Proceeds From Debt	$9.1B -13.6%	$10.5B -20.7%	$13.2B 140.3%	$5.5B -79.6%	$27.0B 49.0%	$18.1B 51.7%	$11.9B 103.9%	$5.8B -27.2%	$8.0B 41.4%	$5.7B
Financing Activities Repayment of Debt	$-9.5B 24.0%	$-12.4B 6.1%	$-13.2B -37.5%	$-9.6B 27.4%	$-13.3B 5.0%	$-13.9B -50.8%	$-9.2B -89.2%	$-4.9B 25.5%	$-6.6B -28.8%	$-5.1B
Financing Activities Dividends Paid	$-3.4B 1.1%	$-3.5B -15.7%	$-3.0B -13.4%	$-2.6B -5.9%	$-2.5B -28.5%	$-1.9B -20.2%	$-1.6B -19.0%	$-1.4B -16.5%	$-1.2B -17.2%	$-993.2M
Financing Activities Repurchase of Common Stock	$-364.6M	$0	$0 100.0%	$-18.8M	$0 100.0%	$-56.0M -185.7%	$-19.6M 91.6%	$-232.8M 69.6%	$-766.3M	$0
Financing Activities Other Financing Activities	$-43.7M 35.2%	$-67.4M 43.0%	$-118.3M -102.2%	$5.3B 2.8%	$5.2B 653.7%	$-940.1M -79.3%	$-524.3M -2505.0%	$21.8M -93.7%	$344.0M 13.0%	$304.5M
Financing Activities net Cash From Financing Activities	$-4.2B 22.8%	$-5.5B -76.0%	$-3.1B -117.6%	$-1.4B -108.7%	$16.4B 1251.5%	$1.2B 132.9%	$521.7M 185.8%	$-607.7M -437.8%	$-113.0M -13.8%	$-99.3M
Cash Reconciliation Effect of Exchange Rate On Cash	$101.3M 143.3%	$-233.9M -1108.2%	$23.2M 119.3%	$-120.4M -71.3%	$-70.3M -144.9%	$-28.7M -109.5%	$-13.7M 66.7%	$-41.1M -713.4%	$6.7M 125.3%	$-26.5M
Cash Reconciliation net Change In Cash	$-503.0M -3498.6%	$14.8M 131.3%	$-47.3M 76.7%	$-202.6M -142.0%	$481.9M 70.0%	$283.4M 3.8%	$273.1M -22.0%	$350.0M 1802.2%	$18.4M -96.1%	$473.6M

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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