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
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 |
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% | |
Low stock price volatility Vol 12M is 27% |
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% |
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 |
Low stock price volatility Vol 12M is 27% |
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 |
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
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
---|---|---|---|---|---|---|---|
Returns | |||||||
AMT Return | -0% | 33% | -26% | 5% | -12% | 4% | -3% |
Peers Return | 12% | 26% | -27% | 7% | -8% | -5% | -4% |
S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 15% | 108% |
Monthly Win Rates [3] | |||||||
AMT Win Rate | 50% | 75% | 42% | 58% | 50% | 56% | |
Peers Win Rate | 50% | 68% | 40% | 57% | 43% | 49% | |
S&P 500 Win Rate | 58% | 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
Event | AMT | S&P 500 |
---|---|---|
2022 Inflation Shock | ||
% Loss | -48.1% | -25.4% |
% Gain to Breakeven | 92.6% | 34.1% |
Time to Breakeven | Not Fully Recovered days | 464 days |
2020 Covid Pandemic | ||
% Loss | -30.3% | -33.9% |
% Gain to Breakeven | 43.4% | 51.3% |
Time to Breakeven | 17 days | 148 days |
2018 Correction | ||
% Loss | -14.7% | -19.8% |
% Gain to Breakeven | 17.2% | 24.7% |
Time to Breakeven | 95 days | 120 days |
2008 Global Financial Crisis | ||
% Loss | -56.5% | -56.8% |
% Gain to Breakeven | 130.1% | 131.3% |
Time to Breakeven | 594 days | 1480 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.
Latest Trefis Analyses
Trade Ideas
Select past trade ideas related to AMT and Telecom Tower REITs.
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
04302025 | MPW | Medical Properties Trust | Special | Short 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% |
02292020 | AMT | American Tower | Quality | Q | 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% |
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
04302025 | MPW | Medical Properties Trust | Special | Short 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% |
02292020 | AMT | American Tower | Quality | Q | 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.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for American Tower
Financials
Median | |
---|---|
Name | |
Mkt Price | 174.20 |
Mkt Cap | 41.9 |
Rev LTM | 5,422 |
Op Inc LTM | 1,568 |
FCF LTM | 1,833 |
FCF 3Y Avg | 1,877 |
CFO LTM | 2,376 |
CFO 3Y Avg | 1,937 |
Growth & Margins
Median | |
---|---|
Name | |
Rev Chg LTM | 1.8% |
Rev Chg 3Y Avg | 0.1% |
Rev Chg Q | 3.2% |
QoQ Delta Rev Chg LTM | 0.8% |
Op Mgn LTM | 40.9% |
Op Mgn 3Y Avg | 38.7% |
QoQ Delta Op Mgn LTM | 0.0% |
CFO/Rev LTM | 47.1% |
CFO/Rev 3Y Avg | 48.7% |
FCF/Rev LTM | 36.5% |
FCF/Rev 3Y Avg | 31.7% |
Valuation
Median | |
---|---|
Name | |
Mkt Cap | 41.9 |
P/S | 7.7 |
P/EBIT | 20.1 |
P/E | 23.0 |
P/CFO | 15.7 |
Total Yield | 5.0% |
Dividend Yield | 3.5% |
FCF Yield 3Y Avg | 4.1% |
D/E | 0.7 |
Net D/E | 0.7 |
Returns
Median | |
---|---|
Name | |
1M Rtn | 1.8% |
3M Rtn | -15.3% |
6M Rtn | -8.3% |
12M Rtn | -13.8% |
3Y Rtn | -15.4% |
1M Excs Rtn | -1.7% |
3M Excs Rtn | -22.8% |
6M Excs Rtn | -42.6% |
12M Excs Rtn | -31.0% |
3Y Excs Rtn | -106.7% |
Segment Financials
Revenue by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Property | 9,869 | 9,404 | 9,110 | 7,954 | 7,465 |
Services | 143 | 241 | 247 | 88 | 115 |
Total | 10,012 | 9,645 | 9,357 | 8,042 | 7,580 |
Operating Income by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Property | 6,870 | 6,449 | 6,050 | 5,296 | 4,840 |
Services | 60 | 111 | 134 | 37 | 61 |
Total | 6,930 | 6,560 | 6,184 | 5,332 | 4,901 |
Assets by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Property | 61,841 | 46,742 | 42,304 | ||
Other | 4,131 | 452 | 470 | ||
Services | 55 | 39 | 27 | ||
Total | 66,028 | 47,234 | 42,802 |
Returns Analyses
Earnings Returns History
Expand for MoreForward Returns | |||
---|---|---|---|
Earnings Date | 1D Returns | 5D Returns | 21D Returns |
7/29/2025 | -4.2% | -5.0% | -7.5% |
2/25/2025 | 6.1% | 9.2% | 9.1% |
10/29/2024 | -4.2% | -4.5% | -6.4% |
7/30/2024 | 3.8% | 5.2% | 5.2% |
2/27/2024 | -0.6% | 9.8% | 3.4% |
10/26/2023 | 8.1% | 10.2% | 23.1% |
7/27/2023 | 1.7% | 0.3% | -6.8% |
2/23/2023 | 1.3% | -2.2% | -3.8% |
... | |||
SUMMARY STATS | |||
# Positive | 12 | 9 | 9 |
# Negative | 6 | 9 | 9 |
Median Positive | 1.5% | 4.2% | 3.9% |
Median Negative | -2.0% | -4.3% | -6.8% |
Max Positive | 8.1% | 10.2% | 23.1% |
Max Negative | -4.2% | -9.7% | -22.4% |
SEC Filings
Expand for MoreReport Date | Filing Date | Filing |
---|---|---|
6302025 | 7292025 | 10-Q 6/30/2025 |
3312025 | 4292025 | 10-Q 3/31/2025 |
12312024 | 2252025 | 10-K 12/31/2024 |
9302024 | 10292024 | 10-Q 9/30/2024 |
6302024 | 7302024 | 10-Q 6/30/2024 |
3312024 | 4302024 | 10-Q 3/31/2024 |
12312023 | 2272024 | 10-K 12/31/2023 |
9302023 | 10262023 | 10-Q 9/30/2023 |
6302023 | 7272023 | 10-Q 6/30/2023 |
3312023 | 4262023 | 10-Q 3/31/2023 |
12312022 | 2232023 | 10-K 12/31/2022 |
9302022 | 10272022 | 10-Q 9/30/2022 |
6302022 | 7282022 | 10-Q 6/30/2022 |
3312022 | 4272022 | 10-Q 3/31/2022 |
12312021 | 2252022 | 10-K 12/31/2021 |
9302021 | 10282021 | 10-Q 9/30/2021 |
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