Health score, competitive moat, risk signals, and key metrics at a glance.
American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a few other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. The Company's services operations primarily support the Company's site leasing business, including through the addition of new tenants and equipment on its sites. The Company's customers include its tenants, licensees and other payers. American Tower Corporation was incorporated in 1995 in Delaware and is based in Massachusetts, Boston.
Competitive analysis based on 68 quarters of fundamental data
Operating margins are positive at ~45.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 21.5% but has fluctuated — the competitive advantage may be cyclical or emerging.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 68 quarters
Margins are stable or improving at ~44.7% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio is 3.1 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
as of March 2026
Revenue, EBITDA, operating income, net income, EPS, and shares
Gross, EBITDA, operating, and net margin trends
P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield
Total assets, cash, debt, book value, and leverage
Operating cash flow, free cash flow, FCF margin, and earnings quality
