Tearsheet

American Tower (AMT)


Market Price (10/9/2025): $185.86 | Market Cap: $87.0 Bil
Sector: Real Estate | Industry: Telecom Tower REITs

American Tower (AMT)


Market Price (10/9/2025): $185.86
Market Cap: $87.0 Bil
Sector: Real Estate
Industry: Telecom Tower REITs

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%, Dividend Yield is 3.5%
Weak multi-year price returns
2Y Excs Rtn is -31%, 3Y Excs Rtn is -89%
Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 67x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 5.2 Bil, FCF LTM is 3.7 Bil
  Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%
2 Low stock price volatility
Vol 12M is 27%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%, Dividend Yield is 3.5%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 5.2 Bil, FCF LTM is 3.7 Bil
2 Low stock price volatility
Vol 12M is 27%
3 Weak multi-year price returns
2Y Excs Rtn is -31%, 3Y Excs Rtn is -89%
4 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 67x
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%

Market Valuation & Key Metrics

AMT Stock


Price Returns Compared

 202020212022202320242025Total [1]
Returns
AMT Return-0%33%-26%5%-12%4%-3%
Peers Return12%26%-27%7%-8%-5%-4%
S&P 500 Return16%27%-19%24%23%15%108%

Monthly Win Rates [3]
AMT Win Rate50%75%42%58%50%56% 
Peers Win Rate50%68%40%57%43%49% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
AMT Max Drawdown-22%-11%-36%-24%-20%-5% 
Peers Max Drawdown-18%-14%-38%-23%-19%-16% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: DLR, CCI, SBAC, COLD, AMT. See AMT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/8/2025 (YTD)

Downturns Compared

Unique KeyEventAMTS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-48.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven92.6%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-30.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven43.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven17 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-14.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven17.2%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven95 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-56.5%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven130.1%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven594 days1480 days


How Low Can It Go?

American Tower's stock fell -48.1% during the 2022 Inflation Shock from a high on 9/8/2021. A -48.1% loss requires a 92.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About American Tower (AMT)

American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the “Earnings Materials” and “Investor Presentations” sections of our investor relations website at www.americantower.com.

Better Bets than American Tower (AMT)

Trade Ideas

Select past trade ideas related to AMT and Telecom Tower REITs.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_4302025_Short_Squeeze04302025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
1.8%1.8%-26.6%
AMT_2292020_Quality_Momentum_RoomToRun_10%02292020AMTAmerican TowerQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
11.0%-2.9%-21.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_4302025_Short_Squeeze04302025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
1.8%1.8%-26.6%
AMT_2292020_Quality_Momentum_RoomToRun_10%02292020AMTAmerican TowerQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
11.0%-2.9%-21.0%

See Trefis Trade Ideas for more.

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for American Tower

Financials

AMTDLRCCISBACCOLDMedian
NameAmerican.Digital .Crown Ca.SBA Comm.Americol. 
Mkt Price185.59174.2096.42187.6113.52174.20
Mkt Cap86.958.841.920.23.941.9
Rev LTM10,2605,7685,4222,7252,6205,422
Op Inc LTM4,7588412,2201,5682131,568
FCF LTM3,7412,3761,8331,062-1271,833
FCF 3Y Avg3,1881,9371,8771,160101,877
CFO LTM5,2452,3763,0491,2843642,376
CFO 3Y Avg4,9021,9373,0281,3903651,937

Growth & Margins

AMTDLRCCISBACCOLDMedian
NameAmerican.Digital .Crown Ca.SBA Comm.Americol. 
Rev Chg LTM2.2%5.6%-2.5%1.8%-2.0%1.8%
Rev Chg 3Y Avg0.1%8.6%-6.3%3.6%-2.9%0.1%
Rev Chg Q3.2%10.1%-4.2%5.8%-1.5%3.2%
QoQ Delta Rev Chg LTM0.8%2.4%-0.9%1.4%-0.4%0.8%
Op Mgn LTM46.4%14.6%40.9%57.5%8.1%40.9%
Op Mgn 3Y Avg39.9%13.9%38.7%48.9%7.5%38.7%
QoQ Delta Op Mgn LTM0.0%0.2%0.2%-1.1%-0.4%0.0%
CFO/Rev LTM51.1%41.2%56.2%47.1%13.9%47.1%
CFO/Rev 3Y Avg48.7%35.4%50.6%51.4%13.6%48.7%
FCF/Rev LTM36.5%41.2%33.8%39.0%-4.8%36.5%
FCF/Rev 3Y Avg31.7%35.4%31.6%42.9%0.4%31.7%

Valuation

AMTDLRCCISBACCOLDMedian
NameAmerican.Digital .Crown Ca.SBA Comm.Americol. 
Mkt Cap86.958.841.920.23.941.9
P/S8.510.27.77.41.57.7
P/EBIT20.131.6-14.114.145.020.1
P/E67.242.5-9.023.0-70.523.0
P/CFO16.624.713.815.710.615.7
Total Yield5.0%2.4%-5.1%6.6%5.2%5.0%
Dividend Yield3.5%0.0%6.0%2.2%6.6%3.5%
FCF Yield 3Y Avg3.3%4.2%4.1%4.9%-0.1%4.1%
D/E0.50.30.70.71.10.7
Net D/E0.50.30.70.71.10.7

Returns

AMTDLRCCISBACCOLDMedian
NameAmerican.Digital .Crown Ca.SBA Comm.Americol. 
1M Rtn-3.3%8.8%2.7%-2.0%1.8%1.8%
3M Rtn-15.6%2.5%-5.7%-19.5%-15.3%-15.3%
6M Rtn-8.3%21.2%3.2%-10.7%-28.4%-8.3%
12M Rtn-13.8%13.3%-9.2%-19.8%-46.9%-13.8%
3Y Rtn5.3%109.5%-15.4%-24.8%-37.2%-15.4%
1M Excs Rtn-7.5%3.3%-1.7%-5.7%-1.5%-1.7%
3M Excs Rtn-22.8%-4.6%-13.8%-26.5%-24.4%-22.8%
6M Excs Rtn-42.6%-5.8%-31.6%-44.7%-55.7%-42.6%
12M Excs Rtn-31.0%-3.2%-26.1%-36.2%-65.7%-31.0%
3Y Excs Rtn-88.6%9.2%-106.7%-115.3%-124.0%-106.7%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Property9,8699,4049,1107,9547,465
Services14324124788115
Total10,0129,6459,3578,0427,580


Operating Income by Segment
$ Mil20242023202220212020
Property6,8706,4496,0505,2964,840
Services601111343761
Total6,9306,5606,1845,3324,901


Assets by Segment
$ Mil20242023202220212020
Property61,841  46,74242,304
Other4,131  452470
Services55  3927
Total66,028  47,23442,802


Price Behavior

Short Interest

Short Interest: As Of Date9152025
Short Interest: Shares Quantity5,577,255
Short Interest: % Change Since 8312025-3.2%
Average Daily Volume3,443,976
Days-to-Cover Short Interest1.62
Basic Shares Quantity468,178,000
Short % of Basic Shares1.2%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2025-4.2%-5.0%-7.5%
2/25/20256.1%9.2%9.1%
10/29/2024-4.2%-4.5%-6.4%
7/30/20243.8%5.2%5.2%
2/27/2024-0.6%9.8%3.4%
10/26/20238.1%10.2%23.1%
7/27/20231.7%0.3%-6.8%
2/23/20231.3%-2.2%-3.8%
...
SUMMARY STATS   
# Positive1299
# Negative699
Median Positive1.5%4.2%3.9%
Median Negative-2.0%-4.3%-6.8%
Max Positive8.1%10.2%23.1%
Max Negative-4.2%-9.7%-22.4%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025729202510-Q 6/30/2025
3312025429202510-Q 3/31/2025
12312024225202510-K 12/31/2024
93020241029202410-Q 9/30/2024
6302024730202410-Q 6/30/2024
3312024430202410-Q 3/31/2024
12312023227202410-K 12/31/2023
93020231026202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023426202310-Q 3/31/2023
12312022223202310-K 12/31/2022
93020221027202210-Q 9/30/2022
6302022728202210-Q 6/30/2022
3312022427202210-Q 3/31/2022
12312021225202210-K 12/31/2021
93020211028202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Goel SanjayEVP & President, Asia-Pacific3192025Sell215.924,000863,6805,486,095Form
1Meyer Robert Joseph JRSVP & Chief Accounting Officer2282025Sell201.122,724547,8515,862,447Form