American Tower Corp (AMT) stock analysis
Close on Nov 12, 2026Market cap $88.02BP/E 26.8Yield 3.58%
StockData Score
Prices as of Nov 11, 2026How the score works
Weak7 of 30 checks passed
American Tower passes 7 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 2/6
- Past performance
- 1/6
- Financial health
- 0/6
- Dividend
- 2/6
What stands out
Return on capital over 10%
Return on invested capital was 10.9%, above the 10% that usually covers the cost of capital.
EPS growing 10%+ a year
Diluted EPS grew 12.2% a year over the last three fiscal years.
P/E below its 5-year median
American Tower's P/E of 26.8 is below its own 5-year median of 45.2.
Covered by free cash flow
Dividends take 82.2% of free cash flow.
What to watch
Margin of safety under 20%
The price is 4.9% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $190.24 is above our fair value estimate of $181.34.
High debt
Debt is 1069% of shareholders' equity, above the 40% we consider low.
Revenue growing under 10% a year
Revenue grew 3.3% a year over the last three fiscal years, short of the 10% we look for.
Valuation2/6
P/E below its 5-year median
American Tower's P/E of 26.8 is below its own 5-year median of 45.2.
P/E above the industry
American Tower's P/E of 26.8 is above the Miscellaneous Investing median of 26.3.
EV/EBITDA below its 5-year median
American Tower's EV/EBITDA of 18.6 is below its 5-year median of 22.0.
P/B above the industry
American Tower's price-to-book of 25.09 is above the Miscellaneous Investing median of 1.20.
Trading above fair value
The share price of $190.24 is above our fair value estimate of $181.34.
Margin of safety under 20%
The price is 4.9% above fair value, so there is no margin of safety.
Growth2/6
Revenue growing under 10% a year
Revenue grew 3.3% a year over the last three fiscal years, short of the 10% we look for.
EPS growing 10%+ a year
Diluted EPS grew 12.2% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 5.3% over the last twelve months; the Miscellaneous Investing median is 4.6%.
Guidance lowered
American Tower lowered its Full Year 2026 Net income attributable to AMT common stockholders outlook on Oct 27, 2026.
Gross margin trend
This company does not report gross profit.
Past performance1/6
Return on equity
Needs positive equity and five years of results.
Return on capital over 10%
Return on invested capital was 10.9%, above the 10% that usually covers the cost of capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health0/6
High debt
Debt is 1069% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 715% five years ago to 1069%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 15.2% of total debt; we look for at least 20%.
Interest not well covered
Operating income covers interest expense 3.5 times; we look for at least 5.
Short-term assets don't cover short-term debts
Current assets are 0.35 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is 1.20; above 3 is the safe zone and below 1.8 the distress zone.
Dividend2/6
Pays a dividend
American Tower paid dividends worth 3.7% of the share price over the last twelve months.
Yield below Treasuries
The 3.7% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; American Tower yields 3.7%.
Dividend stability
Fewer than five years of dividend history.
Earnings cover
Needs dividends paid and net income.
Covered by free cash flow
Dividends take 82.2% of free cash flow.
Fair value
How we estimate itOur estimate per share
$181.34
The share price is 5% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 35.8× | 45.2× | 26.3× | $254.13 | 40% |
| EV/EBITDA | 15.8× | 22.0× | 9.5× | $161.30 | 35% |
| P/B | 11.7× | 22.0× | 1.2× | $88.71 | 10% |
| Earnings power | 7.8% cost of equity | – | – | $95.73 | 15% |
| Fair value | $181.34 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 45.2
- Miscellaneous Investing median 26.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $617.23M
- Value traded per 1% price move
- $411.28M
Downside
Low risk
- Typical loss in a bad month
- 12.4%
- Volatility (annualized)
- 29%
- Sharpe ratio, 1 year
- 0.05
- Beta to the S&P 500 (5Y)
- 0.59
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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