American Tower Corp

AMT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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American Tower Is Poised to Return More Cash to Shareholders

Michael Hodel

Mar 4, 2026

Business Strategy and Outlook

American Tower is a geographically diversified wireless tower company, complemented by a small US datacenter business attached. We expect the tower business will see steady demand over time, but we don't believe growth will exceed the mid-single-digit range absent acquisitions. We like that the firm has pulled back on acquisitions over the past three years, as opportunities to invest at good returns have been limited. If the market opens up, American Tower has the balance sheet strength to buy assets, but we expect it to remain focused on internal growth and share repurchases for the time being.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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American Tower Corp

American Tower Is Poised to Return More Cash to Shareholders

Business Strategy and Outlook

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