American Tower vs Equinix
American Tower is the larger business, with $10.64bn of revenue in fiscal 2025 against $9.22bn for Equinix (1.2 times as much). Equinix grew faster (5.4% against 5.1%). American Tower kept more of each dollar of sales as profit: a net margin of 23.8% against 14.6%. Equinix carries less debt relative to equity (134.7% against 1019.0%).
| Latest fiscal year | American TowerAMT, 2025 | EquinixEQIX, 2025 |
|---|---|---|
| Revenue | $10.64bn | $9.22bn |
| Revenue growth | 5.1% | 5.4% |
| Net income | $2.53bn | $1.35bn |
| Operating margin | 45.5% | 20.0% |
| Net margin | 23.8% | 14.6% |
| Return on equity | 71.9% | 9.8% |
| Free cash flow | $3.78bn | −$400m |
| Cash | $1.47bn | $1.73bn |
| Total debt | $37.22bn | $19.06bn |
| Debt to equity | 1019.0% | 134.7% |
| Dividend per share | $6.72 | $18.76 |
| Dividend yield | 3.7% | 2.0% |
| Share buybacks | $365m | — |
| Employees | 2,589 | 13,716 |
| Market value | $86.74bn | $100.25bn |
| Price vs our value range | — | — |
| Moat score | 75 (Strong) | 49 (Moderate) |
| Insider trades, 12 months | 6 buys, 22 sales | 0 buys, 383 sales |