American Tower vs SBA Communications
American Tower is the larger business, with $10.64bn of revenue in fiscal 2025 against $2.82bn for SBA Communications (3.8 times as much). American Tower grew faster (5.1% against 5.1%). SBA Communications kept more of each dollar of sales as profit: a net margin of 37.4% against 23.8%.
| Latest fiscal year | American TowerAMT, 2025 | SBA CommunicationsSBAC, 2025 |
|---|---|---|
| Revenue | $10.64bn | $2.82bn |
| Revenue growth | 5.1% | 5.1% |
| Net income | $2.53bn | $1.05bn |
| Operating margin | 45.5% | 47.7% |
| Net margin | 23.8% | 37.4% |
| Return on equity | 71.9% | — |
| Free cash flow | $3.78bn | $1.07bn |
| Cash | $1.47bn | $265m |
| Total debt | $37.22bn | $12.90bn |
| Debt to equity | 1019.0% | — |
| Dividend per share | $6.72 | — |
| Dividend yield | 3.7% | 2.6% |
| Share buybacks | $365m | $498m |
| Employees | 2,589 | 1,844 |
| Market value | $86.74bn | $19.44bn |
| Price vs our value range | — | — |
| Moat score | 75 (Strong) | 97 (Strong) |
| Insider trades, 12 months | 6 buys, 22 sales | 0 buys, 1 sales |