AMTNYSEReal Estate Investment TrustsFiscal year ends December 31
AMERICAN TOWER CORP /MA/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 28, 2026
$183.03−2.24 (-1.21%)
Close on Oct 19, 2026
- Market cap
- $85.34B
- P/E (TTM)
- 25.2
- Dividend yield
- 3.72%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
45.5%+9.6 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.1% | +3.3% | +5.8% | +8.4% | |
| Operating income | +7.3% | +21.0% | +10.9% | +11.6% | |
| EPS, diluted | +12.0% | +12.2% | +7.3% | +14.4% | |
| Free cash flow | +2.2% | +27.6% | +5.8% | +10.2% | |
| Dividend per share | +4.9% | +5.1% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.3% | 37.0% | – | |
| Return on assets | 3.3% | 3.8% | – | |
| Current ratio | 1.04 | 0.79 | 0.40 | |
| Debt to equity | 2.74 | 7.15 | 10.19 | |
| Net debt to EBITDA | 5.21× | 5.75× | 5.19× | |
| Interest coverage | – | 3.6× | 3.6× | |
| Capex to revenue | 11.8% | 12.8% | 15.8% | |
| Diluted shares | 429M | 446M | 469M |
Where the cash went
Fiscal 2021 to 2025, five years combined
American Tower generated $23.99B from operations and spent $22.90B on capital expenditure, dividends and share buybacks. 36% of that went back into the business.
Generated
$23.99B
Used
$22.90B
Capital expenditure$8.32B36%Dividends$14.20B62%Share buybacks$383.40M2%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin21.0%
×Asset turnover0.18×
×Equity multiplier9.84×
=Return on equity, FY202037.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2020 | 21.0% | 0.18× | 9.84× | 37.0% |
| FY2019 | 24.9% | 0.20× | 7.30× | 36.3% |
| FY2018 | 16.6% | 0.22× | 5.72× | 21.4% |
| FY2017 | 18.6% | 0.21× | 4.93× | 19.1% |
| FY2016 | 16.5% | 0.20× | 4.31× | 14.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$5.46B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$5.46B vs –
- Less leverageLong-term debt to assets fell53.7% → 53.5%
- Better liquidityCurrent ratio rose0.45 → 0.40
- No dilutionShare count did not rise468M → 469M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.15 → 0.17