American Tower CorporationAMT
NYSE•Real Estate•REIT - Specialty
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 and is based in Boston, United States.
American Tower Corporation (REI (AMT) reported trailing twelve months revenue of $10.82B as of March 2026, a 9.8% increase year-over-year. Quarterly revenue reached $2.74B, reflecting continued top-line momentum.
American Tower Corporation (REI generated $3.01B in TTM net income, with quarterly EBITDA of $1.24B. The operating margin contracted from 48.9% to 45.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (45.3%) and net margin (32.1%) indicates moderate non-operating costs. Net margin has improved from 19.5% a year ago, signaling stronger bottom-line efficiency.
AMT trades at a P/E of 26.4x (in line with broad market averages) and a P/S of 7.3x. The price-to-book ratio of 7.8x indicates a significant premium over book value.
The company generated $951.10M in free cash flow over the trailing twelve months, a 1.3% decrease year-over-year, indicating cash generation ability. The balance sheet shows $63.23B in total assets with $31.20B in long-term debt against $10.15B in stockholders equity for a debt-to-equity ratio of 3.1, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation