American Tower is a global real estate investment trust that owns, operates and develops multitenant communications real estate. Its core activity is leasing space on communications sites—towers it owns or holds under long-term lease arrangements, plus distributed antenna system networks—to wireless carriers, radio and television broadcasters, wireless data providers, government agencies, municipalities and others. In the United States it also provides tower-related services such as site applications, zoning and permitting, structural and mount analyses, and construction management. It holds a portfolio of interconnected data centre facilities as well.
Revenue comes mainly from tenant leases, which typically run for five to ten years with periodic rent escalations; in many international markets tenants also reimburse costs such as ground rent, power and fuel. Its customers include tenants, licensees and other payers, with major carriers such as AT&T, T-Mobile, Verizon, Airtel, MTN and Telefónica.
The company reports in six segments: U.S. & Canada, Africa & APAC, Europe and Latin America property, plus Data Centers and Services. As of December 2025 it held 149,686 communications sites worldwide and 30 data centre facilities across eleven US markets.
Based on American Tower's 10-K filed February 24, 2026.
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~$150
Dividend discount (growing dividend)
Base case. Range ~$130–$190. Today's dividend growing 2.5% a year, discounted at the cost of equity.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
American Tower valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Model value +9.2%
Revenue for the twelve months to September 2026 was $11.0bn, up 5.3% on a year earlier, slower than the 6.6% growth a quarter earlier. Our model value rises from $177 to $193 a share, against a share price of $189.
Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation
Revenue for the twelve months to June 2026 reached $11.0bn, a gain of 5.3% on the prior year. That marks a slowdown from the 6.6% growth recorded a quarter earlier. Reflecting the softer top line, the fundamentals grade slips from B to C+. Our model value has moved lower as well, falling from $197 to $177 a share. The shares currently trade at $188, leaving them above our revised estimate. Growth is still positive, but the easing trend and the lower grade are the main shifts this quarter.
Revenue for the twelve months to June 2026 was $10.9bn, up 6.6% on a year earlier, about the same pace as a quarter earlier. Our valuation models combined value is $197 a share, against a share price of $186.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
American Tower's trailing-twelve-month revenue grew 5.3% year on year, with a free-cash-flow margin of 36.0%. Where it stands out: net margin of 30.1% ranks 33 of 167 real estate companies we cover.
Current signal Net margin expanding: TTM net margin reached 30.1%, up 2.0pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
American Tower's adjusted EPS of $1.64 beat the analysts' average estimate of $1.63 by 0.5%, and revenue rose 2.5% year on year to $2.8 billion.
American Tower's new 10-Q puts twelve-month revenue at $11.0 billion, up 5.3% on the year before.
The company also guided to u.s. & canada segment property revenue of $5,085.00m to $5,095.00m for the Full Year 2026; latin america segment property revenue of $1,813.00m to $1,833.00m for the Full Year 2026.
Tower stocks jumped on reports of SpaceX's carrier ambitions, but American Tower's own filings show free cash flow growing far slower than net income, a gap the rally headlines do not address.
We value American Tower as an equity reit, with every model that fits that kind of business. Cost of equity 7.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.51 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$150 ~$130–$190 | Primary model, counts double |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Combined value Weighted average of the models that apply: the primary model (dividend discount (growing dividend)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$150 ~$130–$190 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare American Tower with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Strong moat
How hard American Tower's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 4.1% of total assets over 10 years.
Operating margin has been a median 34.4%; its worst year was 26.3%.
Free cash flow was positive in 10 of 10 years, at a median 35.4% of revenue.
The diluted share count rose 3.6% over five years; stock-based pay has been a median 1.6% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $6.96 | +29% | $11.0bn | +4% |
| Next | $6.99 | +0% | $11.4bn | +4% |
Next year's EPS estimate has moved +0.6% in 90 days, across 8 analysts.
The consensus EPS forecast for the current fiscal year is −0.2% on 90 days ago. In the last 30 days, 7 analysts raised American Tower's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $6.98 | $6.95 |
| 60 days ago | $6.98 | $7.01 |
| 30 days ago | $6.98 | $7.01 |
| 7 days ago | $6.98 | $6.98 |
| Now | $6.96 | $6.99 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $1.63 | $1.64 | +0.5% |
| Jun 2026 | $1.55 | $1.87 | +20.6% |
| Mar 2026 | $1.57 | $1.84 | +17.0% |
| Dec 2025 | $1.47 | $1.75 | +19.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +9.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $10.3bn | $10.9bn | +6.6% |
| Net margin | 12.6% | 31.1% | +146.7% |
| P/E multiple | 62.3x | 25.9x | −58.5% |
| Share count | 469m | 468m | +0.2% |
Biggest factor: net margin.
Last 3 years +9.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $9.3bn | $10.9bn | +17.1% |
| Net margin | 10.4% | 31.1% | +200.3% |
| P/E multiple | 82.7x | 25.9x | −68.7% |
| Share count | 467m | 468m | −0.2% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| AMT | +33% | −26% | +5% | −12% | −1% | +11% |
| Industry peers (median) | — | — | — | — | — | — |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| AMT | 75% | 42% | 58% | 50% | 50% | 73% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| AMT | −16% | −36% | −31% | −26% | −25% | −16% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 45% from September 8, 2021 to October 4, 2023. Getting back needed a 83% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 27, 2026 | −2.4% | +0.9% | — | — |
| July 28, 2026 | +7.5% | −1.3% | +5.1% | +5.4% |
| April 28, 2026 | +1.6% | −0.5% | +1.6% | +6.5% |
| February 24, 2026 | −4.0% | +1.6% | +0.1% | −12.0% |
| October 28, 2025 | −5.6% | +0.3% | −4.9% | −4.5% |
| July 29, 2025 | −6.9% | −0.4% | −6.3% | −9.3% |
| April 29, 2025 | +6.7% | +0.7% | +5.9% | +1.1% |
| February 25, 2025 | +4.5% | −0.4% | +7.9% | +9.4% |
| October 29, 2024 | −3.9% | −0.1% | −3.8% | −5.8% |
| July 30, 2024 | +2.5% | +1.1% | +6.2% | +4.8% |
| April 30, 2024 | +1.1% | −1.9% | +3.6% | +9.0% |
| February 27, 2024 | +3.2% | +0.1% | +9.4% | +5.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $10B |
| FY24 Q1 | $10B |
| FY24 Q2 | $10B |
| FY24 Q3 | $10B |
| FY24 Q4 | $10.1B |
| FY25 Q1 | $10.2B |
| FY25 Q2 | $10.3B |
| FY25 Q3 | $10.5B |
| FY25 Q4 | $10.6B |
| FY26 Q1 | $10.8B |
| FY26 Q2 | $10.9B |
| FY26 Q3 | $11B |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 3.8% |
| FY24 Q1 | 5.2% |
| FY24 Q2 | 7.4% |
| FY24 Q3 | 9.1% |
| FY24 Q4 | 1.1% |
| FY25 Q1 | 1.7% |
| FY25 Q2 | 2.2% |
| FY25 Q3 | 4.2% |
| FY25 Q4 | 5.1% |
| FY26 Q1 | 6.3% |
| FY26 Q2 | 6.6% |
| FY26 Q3 | 5.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | 31.2% |
| FY24 Q1 | 35.2% |
| FY24 Q2 | 38.1% |
| FY24 Q3 | 40.3% |
| FY24 Q4 | 44.6% |
| FY25 Q1 | 45.5% |
| FY25 Q2 | 45.5% |
| FY25 Q3 | 45.6% |
| FY25 Q4 | 45.5% |
| FY26 Q1 | 44.7% |
| FY26 Q2 | 44.8% |
| FY26 Q3 | 44.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 29.2% |
| FY24 Q1 | 32.0% |
| FY24 Q2 | 34.2% |
| FY24 Q3 | 35.5% |
| FY24 Q4 | 36.5% |
| FY25 Q1 | 37.1% |
| FY25 Q2 | 36.5% |
| FY25 Q3 | 35.3% |
| FY25 Q4 | 35.5% |
| FY26 Q1 | 34.9% |
| FY26 Q2 | 36.2% |
| FY26 Q3 | 36.0% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 1.7 | 2.0 | 2.4 | 2.9 | 3.4 | 4.1 | 4.8 | 5.8 | 6.7 | 7.4 | 7.6 | 8.0 | 9.4 | 9.6 | 10.0 | 10.1 | 10.6 | 11.0 |
| Gross profit | — | — | — | — | — | — | — | — | 6.6 | 7.4 | 7.5 | — | — | — | — | — | — | — |
| EBITDA | 1.1 | 1.2 | 1.5 | 1.8 | 2.0 | 2.5 | 2.9 | 3.4 | 3.7 | 4.0 | 4.5 | 4.8 | 5.5 | 5.9 | 6.1 | 6.5 | 6.9 | 7.0 |
| Operating income | 0.7 | 0.8 | 0.9 | 1.1 | 1.2 | 1.5 | 1.6 | 1.9 | 2.0 | 1.9 | 2.7 | 2.9 | 3.1 | 2.7 | 3.1 | 4.5 | 4.8 | 4.9 |
| Net income | 0.2 | 0.4 | 0.4 | 0.6 | 0.6 | 0.8 | 0.7 | 1.0 | 1.2 | 1.2 | 1.9 | 1.7 | 2.6 | 1.8 | 1.5 | 2.3 | 2.5 | 3.3 |
| Diluted EPS | $0.61 | $0.92 | $0.99 | $1.60 | $1.38 | $2.00 | $1.41 | $1.98 | $2.67 | $2.77 | $4.24 | $3.79 | $5.66 | $3.82 | $3.18 | $4.82 | $5.40 | $7.10 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | +8.2% | +15.2% | +23.1% | +17.7% | +16.9% | +22.0% | +16.4% | +21.3% | +15.2% | +11.6% | +1.9% | +6.1% | +16.4% | +3.1% | +3.8% | +1.1% | +5.1% | +5.3% |
| EBITDA | +7.4% | +14.6% | +18.5% | +19.5% | +14.2% | +23.6% | +16.4% | +16.6% | +9.9% | +8.1% | +11.2% | +6.8% | +14.6% | +8.0% | +2.5% | +8.1% | +5.2% | +3.1% |
| Operating income | +10.8% | +16.7% | +17.3% | +21.7% | +8.4% | +22.5% | +8.5% | +14.9% | +7.8% | −4.7% | +41.1% | +7.4% | +8.5% | −12.6% | +14.1% | +44.5% | +7.3% | +3.6% |
| Net income | −29.0% | +51.2% | +6.3% | +60.7% | −13.5% | +49.6% | −16.9% | +39.6% | +29.5% | −0.2% | +52.7% | −10.4% | +51.9% | −31.2% | −16.0% | +52.0% | +12.2% | +12.8% |
| Diluted EPS | −27.4% | +50.8% | +7.6% | +61.6% | −13.8% | +44.9% | −29.5% | +40.4% | +34.8% | +3.7% | +53.1% | −10.6% | +49.3% | −32.5% | −16.8% | +51.6% | +12.0% | +13.2% |
| Margins | ||||||||||||||||||
| Gross margin | — | — | — | — | — | — | — | — | 99.5% | 99.3% | 99.4% | — | — | — | — | — | — | — |
| EBITDA margin | 63.0% | 62.7% | 60.4% | 61.3% | 59.9% | 60.7% | 60.7% | 58.4% | 55.7% | 54.0% | 58.9% | 59.3% | 58.4% | 61.2% | 60.5% | 64.6% | 64.7% | 63.6% |
| Operating margin | 39.0% | 39.5% | 37.7% | 38.9% | 36.1% | 36.3% | 33.8% | 32.0% | 30.0% | 25.6% | 35.5% | 35.9% | 33.5% | 28.4% | 31.2% | 44.6% | 45.5% | 44.8% |
| Net margin | 14.3% | 18.8% | 16.2% | 22.2% | 16.4% | 20.1% | 14.4% | 16.5% | 18.6% | 16.6% | 24.9% | 21.0% | 27.4% | 18.3% | 14.8% | 22.3% | 23.8% | 30.1% |
| Free-cash-flow margin | 34.3% | 34.0% | 26.3% | 29.4% | 26.0% | 28.3% | 30.1% | 34.9% | 31.8% | 38.1% | 36.4% | 35.4% | 36.8% | 18.9% | 29.2% | 36.5% | 35.5% | 36.0% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 0.8 | 1.0 | 1.2 | 1.4 | 1.6 | 2.1 | 2.2 | 2.7 | 2.9 | 3.7 | 3.8 | 3.9 | 4.8 | 3.7 | 4.7 | 5.3 | 5.5 | 5.7 |
| Capital spending | 0.3 | 0.3 | 0.5 | 0.6 | 0.7 | 1.0 | 0.7 | 0.7 | 0.8 | 0.9 | 1.0 | 1.0 | 1.4 | 1.9 | 1.8 | 1.6 | 1.7 | 1.7 |
| Free cash flow | 0.6 | 0.7 | 0.6 | 0.8 | 0.9 | 1.2 | 1.4 | 2.0 | 2.1 | 2.8 | 2.8 | 2.8 | 3.4 | 1.8 | 2.9 | 3.7 | 3.8 | 4.0 |
| Stock-based pay | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Free cash flow after stock pay | 0.5 | 0.6 | 0.6 | 0.8 | 0.8 | 1.1 | 1.3 | 1.9 | 2.0 | 2.7 | 2.6 | 2.7 | 3.3 | 1.7 | 2.7 | 3.5 | 3.6 | 3.8 |
| Balance sheet | ||||||||||||||||||
| Cash | 0.2 | 0.9 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.8 | 0.8 | 1.2 | 1.5 | 1.7 | 1.9 | 1.5 | 1.8 | 2.0 | 1.5 | 1.9 |
| Total debt | 4.2 | 5.6 | 7.2 | 8.8 | 14.5 | 14.6 | 17.1 | 18.5 | 20.2 | 21.2 | 24.1 | 29.3 | 43.5 | 38.9 | 38.8 | 36.5 | 37.2 | 37.6 |
| Net debt (negative = net cash) | 4.0 | 4.7 | 6.9 | 8.4 | 14.2 | 14.3 | 16.8 | 17.7 | 19.4 | 20.0 | 22.6 | 27.5 | 41.5 | 37.4 | 37.0 | 34.5 | 35.7 | 35.7 |
| Diluted shares | 407m | 404m | 400m | 399m | 399m | 400m | 423m | 429m | 432m | 443m | 446m | 446m | 453m | 463m | 467m | 468m | 469m | 467m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 0.0 | 0.0 | 0.1 | 0.4 | 0.4 | 0.4 | 0.7 | 0.9 | 1.1 | 1.3 | 1.6 | 1.9 | 2.3 | 2.7 | 3.0 | 3.0 | 3.2 | 3.3 |
| Buybacks | 0.2 | 0.4 | 0.4 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.8 | 0.2 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 0.9 |
| Total returned | 0.2 | 0.4 | 0.6 | 0.4 | 0.6 | 0.4 | 0.7 | 0.9 | 1.8 | 1.6 | 1.6 | 2.0 | 2.3 | 2.7 | 3.0 | 3.0 | 3.5 | 4.1 |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 2,548 | 2,563 | 2,627 | 2,717 | 2,738 | 2,738 | 2,749 | 2,785 |
| EBITDA | 1,581 | 1,747 | 1,708 | 1,756 | 1,677 | 1,757 | 1,783 | 1,788 |
| Operating income | 1,080 | 1,254 | 1,198 | 1,233 | 1,161 | 1,239 | 1,269 | 1,269 |
| Net income | 1,230 | 489 | 367 | 853 | 821 | 860 | 868 | 766 |
| Diluted EPS | $2.62 | $1.04 | $0.78 | $1.82 | $1.76 | $1.84 | $1.86 | $1.64 |
| Growth (year on year) | ||||||||
| Revenue | +3.7% | +2.0% | +3.2% | +7.7% | +7.5% | +6.8% | +4.7% | +2.5% |
| EBITDA | +18.2% | +5.9% | +1.9% | +7.2% | +6.0% | +0.6% | +4.4% | +1.8% |
| Operating income | +76.3% | +9.9% | +3.6% | +8.3% | +7.5% | −1.2% | +5.9% | +2.9% |
| Net income | +>999% | −46.7% | −59.3% | — | −33.3% | +75.9% | +136.5% | −10.3% |
| Diluted EPS | +>999% | −46.9% | −59.4% | — | −32.8% | +76.9% | +138.5% | −9.9% |
| Margins | ||||||||
| EBITDA margin | 62.1% | 68.2% | 65.0% | 64.6% | 61.2% | 64.2% | 64.9% | 64.2% |
| Operating margin | 42.4% | 48.9% | 45.6% | 45.4% | 42.4% | 45.3% | 46.2% | 45.6% |
| Net margin | 48.3% | 19.1% | 14.0% | 31.4% | 30.0% | 31.4% | 31.6% | 27.5% |
| Free-cash-flow margin | 29.7% | 37.6% | 37.2% | 36.6% | 31.0% | 34.7% | 42.4% | 35.7% |
| Cash flow | ||||||||
| Cash from operations | 1,199 | 1,295 | 1,282 | 1,460 | 1,428 | 1,401 | 1,487 | 1,393 |
| Capital spending | 443 | 331 | 305 | 466 | 579 | 450 | 321 | 397 |
| Free cash flow | 756 | 964 | 977 | 995 | 848 | 951 | 1,166 | 995 |
| Stock-based pay | 42 | 53 | 47 | 42 | 32 | 58 | 34 | 32 |
| Free cash flow after stock pay | 714 | 911 | 930 | 953 | 817 | 893 | 1,132 | 964 |
| Last 12 months unless stated | AMT | CCI | SBAC | Median |
|---|---|---|---|---|
| Revenue, last 12 months | $11.0bn | $4.2bn | $2.9bn | $4.2bn |
| Revenue growth, last 12 months | 5.3% | −4.6% | 5.4% | 5.3% |
| Revenue growth, 3-year average | 6.2% | −16.5% | 1.9% | 1.9% |
| Revenue growth, latest quarter | 2.5% | −4.9% | 2.3% | 2.3% |
| Gross margin | 99.5% | 97.5% | 75.2% | 97.5% |
| Operating margin | 44.8% | 47.7% | 47.6% | 47.6% |
| Operating margin, 3-year average | 43.6% | 50.4% | 47.5% | 47.5% |
| Net margin | 30.1% | 20.7% | 34.5% | 30.1% |
| Cash from operations / revenue | 51.8% | 63.1% | 44.7% | 51.8% |
| Free-cash-flow margin | 36.0% | 57.8% | 36.1% | 36.1% |
| Free-cash-flow margin, 3-year average | 35.6% | 73.0% | 29.4% | 35.6% |
| Stock pay / revenue | 1.4% | 2.0% | 3.0% | 2.0% |
| Change in share count | −0.4% | 0.4% | −1.2% | −0.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 5.3% | 5.3% | 84 of 168 |
| Change in growth rate Growth | -1.3pp | +0.1pp | 122 of 168 |
| Operating margin Profitability | 44.8% | 14.8% | 24 of 103 |
| Net margin Profitability | 30.1% | 7.8% | 33 of 167 |
| Stock pay as % of revenue Cash generation | 1.4% | 1.8% | 53 of 143 |
| Long-term debt as % of assets Balance sheet | 51.2% | 42.4% | 91 of 129 |
| Change in share count Balance sheet | -0.4% | 0.6% | 39 of 152 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Property US and Canada | $632M | ▲ 28.8% |
| Property Data Centers | $152M | ▲ 14.2% |
| Property Latin America | $118M | ▲ 7.7% |
| Property Africa APAC | $24M | ▼ 18.6% |
| Property Europe | $10.4M | ▼ 14.0% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Line of business | Revenue | YoY |
|---|---|---|
| Property Revenue | $10.3B | ▲ 3.7% |
| Non Lease Property Revenue | $596M | ▲ 2.7% |
| Services | $340M | ▲ 75.3% |
| Services Revenue | $340M | ▲ 75.3% |
These categories overlap or exclude eliminations, so shares aren't shown.
From American Tower's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $7.5B | 45.8M | 10.4% | ▲ 1.9% |
| Vanguard Capital Management LLC | $5B | 30.4M | 6.9% | ▲ 0.2% |
| Vanguard Portfolio Management LLC | $4.6B | 27.9M | 6.3% | ▲ 0.9% |
| State Street Corp | $3.6B | 22.1M | 5.1% | ▲ 2.9% |
| Geode Capital Management, LLC | $2.3B | 13.8M | 3.1% | ▼ 0.7% |
| Cohen & Steers, Inc. | $2.3B | 13.8M | 3.1% | ▲ 9.2% |
| FMR LLC | $1.9B | 11.4M | 2.6% | ▲ 0.5% |
| Morgan Stanley | $1.6B | 9.6M | 2.2% | ▲ 0.3% |
| Jpmorgan Chase & Co | $1.5B | 8.9M | 2.1% | ▼ 41.5% |
| Lazard Asset Management LLC | $1.4B | 8.4M | 1.9% | ▲ 14.7% |
| Invesco Ltd. | $1.2B | 7.1M | 1.6% | ▼ 2.8% |
| Deutsche Bank Ag\ | $1.1B | 6.7M | 1.5% | ▼ 13.7% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not American Tower's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | October 29, 2026 | Sell pre-set plan | 952 | $185.81 | $176,891 |
| Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | October 28, 2026 | Sell pre-set plan | 626 | $182.00 | $113,932 |
| Clarke Teresa Hillary Director | October 20, 2026 | Buy | 43 | $183.20 | $7,864 |
| Kalathur Rajesh Director | August 21, 2026 | Buy | 2,829 | $177.00 | $500,733 |
| Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | July 29, 2026 | Sell pre-set plan | 1,106 | $174.96 | $193,506 |
| Meyer Robert Joseph SVP & Advisor to the CFO | July 29, 2026 | Sell | 5,000 | $178.89 | $894,450 |
| Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | July 28, 2026 | Sell pre-set plan | 685 | $169.54 | $116,135 |
| Clarke Teresa Hillary Director | July 13, 2026 | Buy | 46 | $167.52 | $7,781 |
| Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | April 29, 2026 | Sell pre-set plan | 416 | $177.54 | $73,857 |
| Clarke Teresa Hillary Director | April 28, 2026 | Buy | 44 | $177.08 | $7,703 |
| Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | April 28, 2026 | Sell pre-set plan | 556 | $178.48 | $99,235 |
| Kalathur Rajesh Director | March 10, 2026 | Buy | 2,671 | $185.30 | $494,936 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 2 members of Congress disclosed 0 purchases and 2 sales of American Tower shares.
Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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