Morningstar

American Tower Corp AMT

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Stock XNYS Rating as of
$170.06 +1.14 (0.67%)
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As of Delayed Price Closed

Company Report

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American Tower Should Deliver Consistent Growth While Increasing Shareholder Returns

Michael Hodel

American Tower is a geographically diversified wireless tower company, complemented by a small US datacenter business. 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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Price vs Fair Value

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AMT is trading at a LOCK|!%%njH@ premium.
Price
$170.06
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Wireless carrier investment must continue, both domestically and internationally, to support ongoing data consumption growth, fueling demand for tower space.

Bears

American Tower continues to invest in its international tower business, diluting hefty US margins and introducing new risks to revenue.

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Trading Information

Previous Close Price
$168.92
Day Range
$168.90–172.68
52-Week Range
$160.06–234.33
Bid/Ask
$169.07 / $171.00
Shares Outstanding
465.89M
Market Cap
$79.23B
Volume/Avg
3M / 3M

Key Statistics

Price/Earnings (Normalized)
23.77
Price/Sales
7.36
Dividend Yield (Trailing)
4.10%
Dividend Yield (Forward)
4.10%
Total Yield
4.56%

Company Profile

American Tower owns and operates about 150,000 wireless towers throughout the US, Asia, Latin America, Europe, and Africa. It also owns and/or operates 30 data centers in 11 US markets through its CoreSite segment. The company's customer base in the tower business is very concentrated, with most revenue in each market generated by the top three or four mobile carriers. The company operates 42,000 towers in the US, which accounted for about half of total revenue in 2025. Outside the US, American Tower operates about 47,000 towers in Latin America (dominated by Brazil), 33,000 towers in Europe, and 28,000 towers in Africa. American Tower operates as a REIT.
Sector
Real Estate
Industry
REIT - Specialty
Stock Style Box
Mid Core
Total Number of Employees
4,866
Website
https://www.americantower.com

Competitors

Valuation

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Metric
AMT
CLNX
SBAC
Price/Earnings (Normalized)
 23.7749.8221.12
Price/Book Value
 22.501.39—
Price/Sales
 7.364.026.96
Price/Cash Flow
 13.897.6013.69
Price/Earnings
AMT
CLNX
SBAC

Financial Strength

Metric
AMT
CLNX
SBAC
Quick Ratio
 0.260.900.19
Current Ratio
 0.300.910.23
Interest Coverage
 3.39−0.003.42
Quick Ratio
AMT
CLNX
SBAC

Profitability

Metric
AMT
CLNX
SBAC
Return on Assets (Normalized)
 5.12%−0.49%9.58%
Return on Equity (Normalized)
 88.10%−1.64%—
Return on Invested Capital (Normalized)
 7.81%0.37%14.29%
Return on Assets
AMT
CLNX
SBAC

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