Stocktoria

AMERICAN TOWER CORP /MA/ AMT

NYSE · reit · Real Estate Investment Trusts · website · IPO 1998-06-05

AMERICAN TOWER CORP /MA/ statistics & valuation

Market cap$78.6B
P / S7.4×
P / B7.6×
P / FCF20.8×
Dividend yield4.05%
FCF margin35.5%
Return on capital8.6%
Graham number -70.3%$51.81

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($51.81); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
32.00% 30.00% 25.60% 35.50% 35.90% 33.50% 28.40% 31.20% 44.60% 45.50% 2016201720182019202020212022202320242025
Return on equity (%)
13.70% 18.10% 21.00% 34.40% 37.00% 2016201720182019202020212022202320242025
Shares outstanding
429.3M 431.7M 443.0M 445.5M 446.1M 455.8M 465.6M 467.2M 468.1M 468.8M 2016201720182019202020212022202320242025
Net debt ($)
$17.75B $19.40B $19.95B -$1.50B $41.55B $37.35B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
3.10% 3.70% 3.70% 4.40% 3.60% 2016201720182019202020212022202320242025
Free cash flow margin (%)
34.90% 31.80% 38.10% 36.40% 35.40% 36.80% 18.90% 29.20% 36.50% 35.50% 2016201720182019202020212022202320242025
Debt / equity (×)
2.66× 2.96× 3.59× 0.00× 4.80× 3.14× 2016201720182019202020212022202320242025
EPS ($)
$1.98 $2.67 $2.77 $4.24 $3.79 $5.66 $3.82 $3.18 $4.82 $5.40 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

AMERICAN TOWER CORP /MA/ trades at about 32.3× earnings — below its 10-year norm (10-year range 33.2×–62.4×, median 55.3×).

32.3× 62.4×

Shaded band = 10-year range (33.2×–62.4×); dot = today's 32.3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin45.5%44.6%31.2%28.4%33.5%35.9%35.5%25.6%30.0%32.0%
Net margin—————21.0%24.9%16.6%18.6%16.5%
FCF margin35.5%36.5%29.2%18.9%36.8%35.4%36.4%38.1%31.8%34.9%
Return on assets—————3.6%4.4%3.7%3.7%3.1%
Return on equity—————37.0%34.4%21.0%18.1%13.7%
Debt / equity———3.14×4.80×—0.00×3.59×2.96×2.66×
Current ratio0.400.450.510.440.410.790.470.510.811.04

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.